Document:

Bank Loan Agreement, dated July 30, 2007

 EXHIBIT 10.9 

EXECUTION VERSION 
  

					
		 	 Dated 30 July 2007
	  	

  

					
		  	MIMOSA FINANCE C.V.	  	(1)
		  	as Borrower	  	
			
		  	The Banks and Financial Institutions named herein	  	(2)
		  	as Banks	  	
			
		  	ING BANK N.V.	  	(3)
		  	as Bank Agent	  	
			
		  	and	  	
			
		  	ING BANK N.V.	  	(4)
		  	as Bank Trustee	  	

  
  

BANK LOAN AGREEMENT 
 in respect of a Loan Facility of 
 up to US$810,167,850 

 
  

 
 

 

 Contents 

 

							
	Clause	  	Page	 
			
	 1
	 	 Purpose and definitions
	  	 	1	  
			
	 2
	 	 The facility
	  	 	22	  
			
	 3
	 	 Conditions
	  	 	23	  
			
	 4
	 	 Advances
	  	 	28	  
			
	 5
	 	 Interest and Interest Periods; alternative interest rates
	  	 	30	  
			
	 6
	 	 Reduction, prepayment
	  	 	33	  
			
	 7
	 	 Fees and expenses
	  	 	36	  
			
	 8
	 	 Payments and Taxes; accounts and calculations
	  	 	37	  
			
	 9
	 	 Representations and warranties
	  	 	41	  
			
	 10
	 	 Covenants and Undertakings
	  	 	45	  
			
	 11
	 	 Events of Default
	  	 	50	  
			
	 12
	 	 Indemnities
	  	 	53	  
			
	 13
	 	 Unlawfulness and increased costs; mitigation
	  	 	55	  
			
	 14
	 	 Set-off and pro rata payments
	  	 	59	  
			
	 15
	 	 Assignment, substitution and lending offices
	  	 	60	  
			
	 16
	 	 Bank Agent, Bank Trustee and Reference Banks
	  	 	63	  
			
	 17
	 	 Notices
	  	 	72	  
			
	 18
	 	 Miscellaneous
	  	 	72	  
			
	 19
	 	 Limited Recourse
	  	 	73	  
			
	 20
	 	 Governing law and jurisdiction
	  	 	74	  
		
	 Schedule 1 The Banks and their Commitments
	  	 	75	  
		
	 Schedule 2 Form of Drawdown Notice for Principal Advances/Intercompany Interest Advances/Swap
Advances
	  	 	77	  
		
	 Schedule 3 Conditions Precedent
	  	 	78	  
		
	 Schedule 4 Form of Transfer Certificate
	  	 	83	  
		
	 Schedule 5 Schedule of Minimum Repayment Amounts
	  	 	87	  
		
	 Schedule 6 Mandatory Costs Formula
	  	 	88	  

 THIS AGREEMENT is dated 30 July 2007, and made BETWEEN:  

 

	(1)	 	MIMOSA FINANCE C.V., a limited liability partnership formed under the laws of The Netherlands, with its registered office at Bijlmerplein 888, P.O. Box 1800,
1000 BV, Amsterdam, The Netherlands and represented by Stichting Mimosa Finance, its managing partner, as borrower; 

  

	(2)	 	THE BANKS AND FINANCIAL INSTITUTIONS whose names and addresses are set out in schedule 1, as banks; 

 

	(3)	 	ING BANK N.V., a banking institution incorporated under the laws of The Netherlands acting for the purposes of this Agreement through its office at Bijlmerplein
888, P.O. Box 1800, 1000 BV Amsterdam, The Netherlands as bank agent; and 

  

	(4)	 	ING BANK N.V., a banking institution incorporated under the laws of The Netherlands acting for the purposes of this Agreement through its office at Bijlmerplein
888, P.O. Box 1800, 1000 BV Amsterdam, The Netherlands as bank trustee. 

 IT IS AGREED as follows: 

 

	1	 	Purpose and definitions 

  

	1.1	 	Purpose 

  

	1.1.1	 	This Agreement sets out the terms and conditions upon and subject to which the Banks agree, according to their several obligations, to make available to the Borrower a
loan facility of up to eight hundred and ten million one hundred and sixty seven thousand eight hundred and fifty Dollars ($810,167,850) to be used for the sole purpose of financing investments in preference shares in Mimosa;

  

	1.1.2	 	by the Mimosa Shareholder Agreement, the Borrower has agreed to invest certain amounts in preference shares of Mimosa; 

 

	1.1.3	 	no Bank Beneficiary is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 

 

	1.2	 	Definitions 

 In this
Agreement, unless the context otherwise requires: 
 “Account Bank” means ING Bank N.V. acting for this purpose
through its office at Bijlmerplein 888, P.O. Box 1800, 1000 BV Amsterdam, The Netherlands; 
 “Account Pledges”
means the Funding CV Account Pledge and the Mimosa Account Pledge; 
 “Accounting Principles” means, in
relation to any person other than the Borrower, generally accepted accounting principles in Brazil and, in relation to the Borrower generally accepted accounting principles in The Netherlands; 

“Accounting Reference Date” means 31 December; 
 “Accounts” means the Funding Account, the Revenue Account, the Payment Account and the Receivables Account; 
 “Accounts Repledge” means the Dutch deed of pledge (“eerst pandrecht”) in relation to the Security Trustee’s rights, benefit and interest in and to the Project Loan
Accounts in the Agreed Form, executed or, as the context may require, to be executed by the Account Bank, the Security Trustee, the Rig Owners and the Project Borrower in favour of the Bank Trustee as pledgee; 

  
 1 

 “Additional Cost Rate” has the meaning given to it in schedule 6;

 “Advance” means in relation to the A Facility, the Facility A Principal Advances, the Facility A
Intercompany Interest Advance, the Facility A Swap Advances and the Facility A Interest Advances, and in relation to the B Facility, the Facility B Principal Advances, the Facility B Intercompany Interest Advance, the Facility B Swap Advances and
the Facility B Interest Advances (each an “Advance”); 
 “A Facility” means the loan facility
available to the Borrower referred to in clause 2.1.1(a) up to the A Facility Limit; 
 “A Facility Limit”
means an amount of three hundred and thirty-two million thirty six thousand and four Dollars ($332,036,004) as the same may be reduced in accordance with any provision of this Agreement; 

“AFS” means the Act on the Financial Supervision (wet op het financieel toezicht); 

“Agent” means either the Bank Agent or the Bank Trustee as applicable (together the “Agents”);

 “Agreed Form” in relation to any document, means that document in form, substance and terms approved in
writing by the Bank Agent (acting on the instructions of the Banks) or otherwise in accordance with any such other approval procedure detailed in any relevant provision of this Agreement and any Facility Document; 

“Allocation Period” means, in respect of a Facility, (i) the period commencing on the Initial Charter Hire Date
relating to the Rig relating to that Facility and ending on the first Application Date relating to that Facility, and (ii) each subsequent period commencing on the last day of the previous Allocation Period relating to that Facility and ending
on the next following Application Date relating to that Facility; 
 “Application Dates” means, in relation to
a Facility (i) the Quarter Date falling at the end of the first full Quarter Period following the Charter Date of Acceptance of the Rig related to that Facility, (ii) each Quarter Date (in each case subject to clause 8.3) falling
subsequently to the Quarter Date referred to in paragraph (i) above within the Security Period and (iii) the Final Maturity Date of that Facility, and “Application Date” means any of them; 

“Assigned Account Documents” means, in relation to any Account, all certificates of deposit, deposit receipts and other
instruments and securities relating to that Account, and the Assigned Monies in relation to that Account or any of them, and means together all certificates of deposit, deposit receipts and other instruments and securities relating to each of the
Accounts and all of the Assigned Monies; 
 “Assigned Monies” means, in relation to any Account, all monies
from time to time credited to, and for the time being standing to the credit of, that Account and all interest and other amounts from time to time payable in respect of, or accruing to, that Account, and means together all monies from time to time
credited to, and for the time being standing to the credit of, each of the Accounts; 
 “Assigned Property”
means, in relation to any Security Party, all of that Security Party’s rights, title, interest and benefit (present and future, actual and contingent), in and to any of the Collateral including that Security Party’s rights to receive
monies and make claims for damages, and any termination rights of that Security Party, in, to, under and pursuant to: 
 any
Account in which that Security Party has an interest; 
 any Assigned Monies in relation to any Account pledged by that Security
Party; 
 the Assigned Account Documents relating to that Account; 

  
 2 

 “Authorisation” means, when required by applicable law or contract in
relation to any Assigned Property or a party to the Transaction Documents or otherwise required by the terms of, or to ensure the validity, enforceability or effectiveness of, any of the Transaction Documents, an authorisation, consent, approval,
resolution, licence, exemption, filing, notarisation or registration; 
 “Availability Period” means in
relation to the A Facility, the Facility A Availability Period and in relation to the B Facility, the Facility B Availability Period; 
 “Bank Agent” means ING Bank N.V. of Bijlmerplein 888, P.O. Box 1800, 1000 BV Amsterdam, The Netherlands or such other person as may be appointed agent for the Banks pursuant to clause
16.15.1 (Retirement of Agents), and includes its successors in title; 
 “Bank Beneficiaries” means together
the Bank Agent, the Bank Trustee and the Banks and “Bank Beneficiary” means any of them; 
 “Banking
Day” means a day (other than Saturday or Sunday) on which banks are open for normal banking business in London, New York City, Amsterdam and Rio de Janeiro; 
 “Banks” means together: 
  

	 	(a)	as of the date of this Agreement, the banks and financial institutions listed in schedule 1; 

 

	 	(b)	any Transferee of any of the banks and financial institutions referred to in (a) above (in accordance with clause 15.3 (Transfer); and

  

	 	(c)	any Transferee of any such Transferee referred to in (b) above, 

 and in each case includes their successors in title; 
 “Bank Security
Assignment” means the security assignment made between the Lenders, the Facility Agent, the Security Trustee and the Bank Trustee whereby the Lenders assign to the Bank Trustee (acting as trustee for and on behalf of the Banks) all of the
Lenders’ rights, title and interest under the Project Facility Documents and all proceeds thereof; 
 “Bank
Trustee” means ING Bank N.V. of Bijlmerplein 888, P.O. Box 1800, 1000 BV Amsterdam, The Netherlands in its capacity as security trustee for the purposes of the Facility Documents or such other person as may be appointed security trustee
pursuant to clause 16.15.2, and includes its successors in title; 
 “Bareboat Charters” has the meaning given
to that term in the Project Loan Agreement; 
 “Becrux” means Becrux B.V., a company incorporated under the
laws of The Netherlands with company number 34278801 and with its registered office at Parnassustoren, Locatellikade 1, 1076 AZ Amsterdam, P.O. Box 75215, 1070AE Amsterdam, The Netherlands; 

“B Facility” means the loan facility available to the Borrower referred to in clause 2.2.1(b) up to the B Facility
Limit; 
 “B Facility Limit” means an amount of four hundred and seventy-eight million, one hundred and thirty
one thousand eight hundred and forty six Dollars ($478,131,846) as the same may be reduced in accordance with any provision of this Agreement; 
 “Borrowed Money” means Indebtedness in respect of (i) money borrowed or raised and debit balances at banks, (ii) any bond, note, loan stock, debenture or similar debt
instrument, (iii) acceptance or documentary credit facilities, (iv) receivables sold or discounted (otherwise than on a non-recourse basis), (v) deferred payments for assets or services acquired (but not ordinary trade credit),
(vi) finance leases and hire purchase contracts, (vii) Derivatives Contracts, (viii) any other transaction (including without limitation forward sale or purchase agreements) having the commercial effect of a borrowing or raising of
money or of any of (ii) to (vii) above and (ix) guarantees in respect of Indebtedness of any person falling within any of (i) to (viii) above; 

  
 3 

 “Borrower” means Mimosa Finance C.V., a limited partnership organised
under the laws of the Netherlands represented by Stichting Mimosa Finance and having its registered office at Bijlmerplein 888, P.O. Box 1800, 1000 BV Amsterdam, The Netherlands; 

“Borrower Partnership Agreement” means the deed of limited partnership of the Borrower dated 11 July 2007 between
Limited Partner and Stichting; 
 “Break Costs” means the amount (if any) by which: 

 

	 	(a)	the interest which a Bank should have received for the period from the date of receipt of all or any part of its participation in an Advance or Loan to the last day of
the current Interest Period in respect of that Advance or Loan, had the principal amount received been paid on the last day of that Interest Period; 

 exceeds: 
  

	 	(b)	the amount which that Bank would be able to obtain by placing an amount equal to the principal amount received by it on deposit with a leading bank in the London
Interbank Market for a period starting on the Banking Day following receipt or recovery and ending on the last day of the current Interest Period. 

 “BVI Companies” means Timbauba, Guararapes and Skycrest, and “BVI Company” means any of them; 
 “Centaurus” means Centaurus S.à.r.l, a company incorporated under the laws of Luxembourg with its registered office at 1, allée Scheffer, L-2520, Luxembourg; 

“Charter Date of Acceptance” has the meaning given to that term in the Project Loan Agreement; 

“Charterer” means Petroléo Brasileiro S.A. - Petrobras, a mixed capital company incorporated under the laws of
Brazil with its head office at Avenida Republica do Chile - 65, City of Rio de Janeiro, State of Rio de Janeiro, Federal Republic of Brazil; 
 “Closing” means the time at which the first First Advance is made; 
 “Closing Date” means the date on which Closing occurs; 

“Collateral” means any and all assets over or in respect of which any Encumbrance is created or expressed to be created
by any Security Party in favour of the Bank Beneficiaries or any of them; 
 “Collateral Instruments” means
notes, bills of exchange, certificates of deposit and other negotiable and non-negotiable instruments, guarantees, indemnities and other assurances against financial loss and any other documents or instruments which contain or evidence an obligation
(with or without security) to pay, discharge or be responsible directly or indirectly for any indebtedness or liabilities of any person and includes any documents or instruments creating or evidencing an Encumbrance; 

“Commitment” means in relation to any Bank and the A Facility, the Facility A Commitment and, in relation to any Bank
and the B Facility, the Facility B Commitment; 
 “Commitment Fee” means the commitment commission payable by
the Borrower pursuant to clause 7.1; 
 “Commitment Fee Date” subject always to clause 8.3, means, in relation
to a Facility, each of (a) the first Quarter Date after the date of this Agreement, (b) each Quarter Date thereafter during the Availability Period relating to that Facility, and (c) the last day of the Availability Period relating to
that Facility; 

  
 4 

 “Completion Date” has the meaning given to that term in the Project Loan
Agreement; 
 “Constellation” means Constellation Overseas Ltd., a company organised under the laws of the
British Virgin Islands, with company number 1020641, and with its registered office at Vanterpool Plaza, Wickhams Cay I, 2nd Floor, Road Town, Tortola, British Virgin Islands; 
 “Constitutive Documents” in relation to any English company, means that company’s certificate of incorporation and memorandum and articles of association or, in relation to an
English partnership, the partnership deed governing the internal management and constitution of that partnership and, in relation to any overseas incorporated body or, as the case may be, an overseas partnership or other unincorporated entity, means
the documents having equivalent status and effect in the relevant jurisdiction in each case; 
 “Contribution”
means in relation to a Bank and a Loan, the principal amount of that Loan owing to that Bank at any relevant time; 

“Co-ordination Deed” means the deed of co-ordination in the Agreed Form entered into or, as the context may require to
be entered into between the Banks, the Bank Trustee, the Bank Agent, Mimosa Finance C.V., Centaurus, Becrux, Mimosa, the Project Borrower, each of the Rig Owners, the Security Trustee, the Facility Agent and the Account Bank and referring to this
Agreement and the Project Loan Agreement; 
 “Deed of Proceeds and Priorities” has the meaning given to that
term in the Project Loan Agreement; 
 “Default” means any Event of Default or any event or circumstance which
is, with the giving of a notice by the Bank Agent and/or the expiry of the relevant period and/or the fulfilment of any other condition (in each case as specified in clause 11.1), likely in the opinion of the Bank Agent (acting in accordance with
the instructions of the Majority Banks, acting reasonably) to become an Event of Default; 
 “Default Rate”
means the interest rate specified in clause 5.3.2 or, as the case may be, clause 5.3.3; 
 “Derivatives
Contract” means a contract, agreement or transaction which is: 
  

	 	(a)	a rate swap, basis swap, commodity swap, forward rate transaction, commodity option, equity (or equity or other index) swap or option, bond option, interest rate
option, foreign exchange transaction, cap, collar or floor, currency swap, currency option or any other similar transaction; and/or 

  

	 	(b)	any combination of such transactions, 

 in each case, whether on-exchange or otherwise; 
 “Determination
Notice” shall have the meaning given to that term in clause 5.6.1; 
 “Dollars” and
“$” mean the lawful currency of the United States of America and in respect of all payments to be made under this Agreement and the other Transaction Documents in Dollars mean funds which are for same day settlement in the New York
Clearing House Interbank Payments System (or such other US dollar funds as may at the relevant time be customary for the settlement of international banking transactions denominated in US dollars); 

“Drawdown Date” means, in relation to each Advance, the date, being a Banking Day within the Availability Period
relating to that Advance or, as the case may be, the Facility of which that Advance is a part, on which that Advance is, or is to be, drawn down or made (or deemed to be drawn down or made) pursuant to clause 4 (Advances); 

  
 5 

 “Drawdown Notice” means a notice in the form or substantially in the form
of schedule 2, duly completed with particulars of the relevant Principal Advance, Swap Advance or, as the case may be, the relevant Intercompany Interest Advance; 
 “Dutch Security Pledge” means the Netherlands law pledge agreement between the Lenders and the Bank Trustee whereby the Lenders pledge to the Bank Trustee all of the Lenders’ rights,
title and interest under the Project Facility Documents and all proceeds thereof; 
 “Encumbrance” means any
mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment by way of security, trust arrangement for the purpose of providing security or other security interest of any kind securing any obligation of any person or any
other arrangement having the effect of conferring rights of retention or set-off (but excluding any right of set-off arising in favour of a banker prior to such right becoming exercisable) or other disposal rights over an asset (including without
limitation title transfer and/or retention arrangements having a similar effect) and includes any agreement to create any of the foregoing but does not include liens arising in the ordinary course of trading by operation of law and not by way of
contract; 
 “Environment” means all or any of the following media: air (including air within buildings or
other structures and whether below or above ground); land (including buildings and any other structures or erections in, on or under it and any soil and anything below the surface of the land); land covered with water; and water (including sea,
ground and surface water and any living organism supported by such media); 
 “Environmental Claim” means any
claim, notice, prosecution, demand, action, official warning, abatement or other order (conditional or otherwise) relating to Environmental Matters or in response to a Spill or any notification or order requiring compliance with the terms of any
Environmental Licence or Environmental Law; 
 “Environmental Law” includes all or any applicable law, statute,
rule, regulation, treaty, by-law, code of practice, order, notice, demand, decision of the courts or of any governmental authority or agency or any other regulatory or other body in any jurisdiction relating to Environmental Matters, or relating to
any environmental, social, labour, health and safety or security risks of the type contemplated by the Performance Standards; 

“Environmental Licence” includes any applicable permit, licence, authorisation, consent or other approval required at
any time by any Environmental Law; 
 “Environmental Matters” includes (a) the generation, deposit,
disposal, keeping, treatment, transportation, transmission, handling, importation, exportation, processing, collection, sorting, presence or manufacture of any waste (as defined in the Environmental Protection Act 1990) of any Relevant Substance;
(b) nuisance, noise, defective premises, health and safety at work or elsewhere; and (c) the pollution, conservation or protection of the Environment (both natural and built) or of man or any living organisms supported by the Environment
or any other matter whatsoever affecting the Environment or any part of it; 
 “Euro” and
“€” means the lawful currency of the Euro Zone; 
 “Euro Zone” means the territory under
the control of the following states: Austria, Belgium, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, The Netherlands, Portugal, Spain and any other state that at any time adopts the Euro as its official currency; 

“Event of Default” means any of the events or circumstances described in clause 11.1 (Events of Default); 

“Exchange Rate” means, as the context requires: 

 

	 	(a)	in relation to any amount which is to be converted into, or out of, Dollars on any date, the spot rate of exchange at which the Bank Agent could in the ordinary course
of business purchase or, as the case may be, sell Dollars with or, as the case may be, for that amount in the London foreign exchange market at or about 11.00 a.m. on that date for delivery two (2) Banking Days after that date; or

  
 6 

	 	(b)	in relation to any amount which is to be converted into, or out of, Euros on any date, the European Central Bank spot rate of exchange for the purchase or, as the case
may be, sale of Euros with, or for, that amount as fixed by the European Central Bank at, or about, 14:15 on the date which is one (1) Banking Day prior to the date on which the rate is to be set; 

“Expenses” means: 
  

	 	(a)	all Losses suffered, incurred or paid by any Bank Beneficiary or any Insolvency Official after notice thereof to the Borrower or at any time an Event of Default has
occurred and is continuing in connection with the exercise of the rights, remedies and powers granted by, referred to in, or otherwise contemplated by the Facility Documents; and 

 

	 	(b)	interest on those Losses at the Default Rate, from the date of demand by the relevant Bank Beneficiary or Insolvency Official to the date of payment (after as well as
before judgment); 

 “Facility” means the A Facility and the B Facility, and
“Facilities” means either of them; 
 “Facility A Advances” means Facility A Principal
Advances, Facility A Interest Advances, Facility A Swap Advances and the Facility A Intercompany Interest Advances; 

“Facility A Availability Period” means the period commencing on the date on which all the conditions precedent set out
in clause 3.1 and Part 1 of Schedule 3 are satisfied and ending on the earliest to occur of: 
  

	 	(a)	in the case of the A Facility: 

  

	 	(i)	31 December, 2010; 

  

	 	(ii)	the date falling ninety (90) days after the Rig A Charter Date of Acceptance; 

 

	 	(iii)	the Rig A Completion Date; 

  

	 	(b)	in the case of the Facility A Intercompany Principal Advance and the Facility A Intercompany Interest Advance, 15 October, 2007; and 

 

	 	(c)	in the case of the Facility A Interest Advance and any Facility A Swap Advance, the Initial Charter Hire Date relating to Rig A, 

unless extended in writing by the Bank Agent (with consent of all Banks) pursuant to clause 16.13.2; 

“Facility A Commitment” means in relation to a Bank and at any relevant time the amount set out opposite its name in
column “A Facility” of Schedule 1 and/or, in the case of a Transferee, the amount specified in the relevant Transfer Certificate, as reduced, in each case, by any relevant term of this Agreement; 

“Facility A Final Maturity Date” means the date falling seven (7) years after the earlier of (a) the Rig A
Charter Date of Acceptance and (b) the last day of the Facility A Availability Period; 
 “Facility A First
Advance” means the first Facility A Principal Advance drawn down or to be drawn down by the Borrower after the date of this Agreement in accordance with clauses 3 and 4; 

“Facility Agent” means ING Bank N.V. of Bijlmerplein 888, P.O. Box 1800, 1000 BV Amsterdam, The Netherlands or such
other person as may be appointed agent for the Lenders pursuant to clause 16.15.1 (Retirement of Agents) of the Project Loan Agreement, and includes its successors in title; 

  
 7 

 “Facility A Hedging Agreements” has the meaning given to the term
“Rig A Hedging Agreements” in the Project Loan Agreement; 
 “Facility A Intercompany Interest
Advance” means the Advance, up to a maximum amount of eight million Dollars ($8,000,000), as permitted in accordance with and made pursuant to clause 4.1 as an Intercompany Interest Advance and as part of the A Facility; 

“Facility A Intercompany Principal Advance” means the Facility A Principal Advance drawn down or to be drawn down by the
Borrower on or after the Intercompany Loan Repayment Date of the Intercompany Loan made to the Rig A Owner referred to in clause 4.1.2(a); 
 “Facility A Interest Advance” means each advance in respect of interest and/or Commitment Fee made to the Borrower in respect of and as part of the A Facility, as permitted in accordance
with, and deemed made pursuant to, clause 4.2; 
 “Facility A Interest Facility Limit” means an amount of forty
four million, five hundred and thirty six thousand and four Dollars ($44,536,004), as the same may be reduced in accordance with any provision of this Agreement; 
 “Facility A Loan” at any time, means the aggregate of the Advances drawn down or made or deemed to be drawn down or made under the A Facility which remain outstanding at that time;

 “Facility A Margin Reduction Date” has the meaning given to the term “Rig A Margin Reduction
Date” in the Project Loan Agreement; 
 “Facility A Principal Advance” means each Advance made under
the A Facility, other than a Facility A Interest Advance, a Facility A Swap Advance and the Facility A Intercompany Interest Advance; 
 “Facility A Principal Facility Limit” means an amount of two hundred and eighty seven million and five hundred thousand Dollars ($287,500,000), as the same may be reduced pursuant to any
provision of this Agreement; 
 “Facility A Subsequent Advance” means any Facility A Principal Advance drawn
down or to be drawn down by the Borrower after the Drawdown Date for the Facility A First Advance in accordance with clauses 3 and 4 (and includes the Facility A Intercompany Principal Advance); 

“Facility A Swap Advance” means each Facility A Advance corresponding to a Swap Payment under the Facility A Hedging
Agreements permitted in accordance with, and made pursuant to, clause 4.1 as a Facility A Swap Advance and as part of the A Facility; 
 “Facility A Total Commitments” means at any relevant time the total of the Facility A Commitments of all the Banks at such time; 

“Facility B Advances” means Facility B Principal Advances, Facility B Interest Advances, Facility B Swap Advances and
the Facility B Intercompany Interest Advances; 
 “Facility B Availability Period” means the period commencing
on the date on which all the conditions precedent set out in clause 3.1 and Part 1 of Schedule 3 are satisfied and ending on the earliest to occur of: 
  

	 	(a)	in the case of the B Facility: 

  

	 	(i)	31 December, 2009; 

  

	 	(ii)	the date falling ninety (90) Banking Days after the Rig B Charter Date of Acceptance; 

 

	 	(iii)	the Rig B Completion Date; 

  
 8 

	 	(b)	in the case of the Facility B Intercompany Principal Advance and the Facility B Intercompany Interest Advance, 15 October, 2007; and 

 

	 	(c)	in the case of any Facility B Interest Advance and any Facility B Swap Advance, the Initial Charter Hire Date relating to Rig B, 

unless extended in writing by the Bank Agent (with consent of all Banks) pursuant to clause 16.13.2; 

“Facility B Commitment” means in relation to a Bank at any relevant time the amount set out opposite its name in column
“Facility B” of Schedule 1 and/or, in the case of a Transferee, the amount specified in the relevant Transfer Certificate, as reduced, in each case, by any relevant term of this Agreement; 

“Facility B Final Maturity Date” means the date falling five (5) years after the earlier of (a) the Rig B
Charter Date of Acceptance and (b) the last day of the Facility B Availability Period; 
 “Facility B First
Advance” means the first Facility B Principal Advance drawn down or to be drawn down by the Borrower after the date of this Agreement in accordance with clauses 3 and 4; 

“Facility B Hedging Agreements” has the meaning given to the term “Rig B Hedging Agreements” in the
Project Loan Agreement; 
 “Facility B Intercompany Interest Advance” means the Advance, up to a maximum amount
of eight million Dollars ($8,000,000), as permitted in accordance with and made pursuant to clause 4.1 as an Intercompany Interest Advance and as part of the B Facility; 
 “Facility B Intercompany Principal Advance” means the Facility B Principal Advance drawn down or to be drawn down by the Borrower on or after the Intercompany Loan Repayment Date of the
Intercompany Loan made to the Rig B Owner referred to in clause 4.1.2(b); 
 “Facility B Interest Advance”
means each advance in respect of interest and/or Commitment Fee made to the Borrower in respect of and as part of the B Facility, as permitted in accordance with, and deemed made pursuant to, clause 4.2; 

“Facility B Interest Facility Limit” means an amount of sixty four million, one hundred and thirty one thousand eight
hundred and forty six Dollars ($64,131,846), as the same may be reduced in accordance with any provision of this Agreement; 

“Facility B Loan” at any time, means the aggregate of the Advances drawn down or made or deemed to be drawn down or made
under the B Facility which remain outstanding at that time; 
 “Facility B Margin Reduction Date” has the
meaning given to the term “Rig B Margin Reduction Date” in the Project Loan Agreement; 
 “Facility B
Principal Advance” means each Advance made under the B Facility, other than a Facility B Interest Advance, Facility B Swap Advance and the Facility B Intercompany Interest Advance; 

“Facility B Principal Facility Limit” means an amount of four hundred and fourteen million Dollars ($414,000,000), as
the same may be reduced pursuant to any provision of this Agreement; 
 “Facility B Subsequent Advance” means
any Facility B Principal Advance drawn down or to be drawn down by the Borrower after the Drawdown Date for the Facility B First Advance in accordance with clauses 3 and 4 (and includes the Facility B Intercompany Principal Advance); 

  
 9 

 “Facility B Swap Advance” means each Facility B Advance corresponding to a
Swap Payment under the Facility B Hedging Agreements permitted in accordance with, and made pursuant to, clause 4.1 as a Facility B Swap Advance as part of the B Facility; 
 “Facility B Total Commitments” means at any relevant time the total of the Facility B Commitments of all the Banks at such time; 

“Facility Documents” means this Agreement, the IFC Agreement and the Security Documents; 

“Facility Limit” means in relation to the A Facility, the A Facility Limit, and in relation to the B Facility, the B
Facility Limit; 
 “Facility Obligations” means all monies, obligations and liabilities from time to time owing
or payable, undertaken, incurred or assumed by the Borrower, to, or in favour of, the Bank Beneficiaries (or any of them), under, or pursuant to this Agreement and the other Facility Documents, disregarding for this purpose the provisions of clause
19 (and any analogous provision of any other Facility Document); 
 “Facility Office” means the office or
offices notified by a Bank to the Bank Agent in writing on or before the date it becomes a Bank (or, following that date, by not less than five (5) Banking Days’ written notice) as the office or offices through which it will perform its
obligations under this Agreement; 
 “Final Maturity Date” means, in relation to the A Facility, the Facility A
Final Maturity Date and, in relation to the B Facility, the Facility B Final Maturity Date and “Final Maturity Date” means either of them; 
 “Final Payment” means, in relation to a Facility or a Loan, seventy five million Dollars ($75,000,000), as that amount may have been reduced by any term of the Facility Documents;

 “First Advance” means in relation to the A Facility, the Facility A First Advance and in relation to the B
Facility, the Facility B First Advance; 
 “First Option Agreement” means the put and call option agreement
dated on or about the date hereof and made between Mimosa and Mimosa Finance C.V. in the Agreed Form; 
 “Funding
Account” means the interest bearing Dollar account of the Borrower opened or, as the context may require, to be opened by the Borrower with the Account Bank, designated “Funding Account”, with account number 02 00 34 717 and
includes any redesignation and sub-accounts thereof; 
 “Funding CV Account Pledge” means the Dutch deed of
pledge (“eerst pandrecht”) in relation to the Funding Account and Revenue Account in the Agreed Form, executed or, as the context may require, to be executed by the Account Bank and the Borrower in favour of the Bank Trustee as pledgee;

 “Government Entity” means and includes (whether having a distinct legal personality or not) any national or
local government authority, board, commission, department, division, organ, instrumentality, court or agency and any association, organisation or institution of which any of the foregoing is a member or to whose jurisdiction any of the foregoing is
subject or in whose activities any of the foregoing is a participant; 
 “Group” means the Parent Sponsor, the
Sponsor, Constellation, Centaurus, Becrux, each of the Rig Owners, the Project Borrower and the BVI Companies; 

“Guararapes” means Guararapes International Limited, a company incorporated under the laws of the British Virgin Islands
with company number 491849 and with its registered office at Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, British Virgin Islands; 

  
 10 

 “Holding Company” means any holding company within the meaning of section
736 Companies Act 1985; 
 “IFC” means International Finance Corporation, an international organisation
established by the Articles of Agreement among its member countries with its address at 2121 Pennsylvania Avenue, N.W., Washington D.C. 20433, United States of America; 
 “IFC Agreement” means the agreement entered into or to be entered into between the Sponsor, Constellation and IFC referring to the Rigs and this Agreement; 

“Incapacity” means, in relation to any person, any Insolvency Event, amalgamation, reconstruction or other incapacity of
that person whatsoever (and, in the case of a partnership, includes the termination or change in the composition of that partnership); 
 “Indebtedness” means any obligation for the payment or repayment of money, whether as principal or as surety and whether present or future, actual or contingent; 

“Indemnified Persons” shall have the meaning given to that term in clause 12.3 (General operating indemnity);

 “Information Memorandum” has the meaning given to that term in the Project Loan Agreement; 

“Initial Charter Hire Date” has the meaning given to that term in the Project Loan Agreement; 

“Insolvency Event” means, in relation to any person, the occurrence of any of the following events: 

 

	 	(a)	Insolvency: that person is unable to pay its debts as they fall due or admits its inability to pay its debts as they mature or suspends or threatens to suspend making
payment of all or a substantial part of its Indebtedness or makes a general assignment for the benefit of creditors or is subject to or applies for winding-up or liquidation proceedings or is successfully put into forced or voluntary liquidation
(except for the purposes of a voluntary reorganisation not involving the insolvency of that person and previously agreed in writing by the Bank Agent acting in accordance with the instructions of the Majority Banks); or 

 

	 	(b)	Winding up: any order is made, petition is presented, resolution is passed or other act or action is taken for the winding-up, liquidation, administration or other
formal insolvency of that person under any applicable law, whether now or hereafter in effect (save where the petition presented is frivolous or vexatious and is dismissed within a period of twenty two (22) Banking Days);

  

	 	(c)	Appointment of receivers and managers: any administrative or other receiver is appointed of that person or any substantial part of its assets or any other steps (except
for any frivolous or vexatious steps which are dismissed within a period of twenty two (22) Banking Days) are taken to enforce any Encumbrance over all or any material part of the assets of that person; 

 

	 	(d)	Seizure: all or a substantial part of the assets of that person are seized, nationalised, expropriated or compulsorily acquired by or under the authority of any
Government Entity; 

  

	 	(e)	Analogous proceedings: there occurs, in relation to that person in any jurisdiction, any event which corresponds with, or has an effect equivalent or similar to, any of
the events mentioned in the foregoing paragraphs; 

 “Insolvency Official” in respect of any
person, means any liquidator, receiver, administrator and/or manager or administrative receiver, trustee or similar officer appointed in respect of that person, whether appointed by a creditor, pursuant to any statute, by a court or other tribunal
or otherwise, for the purpose of recovering, realising, distributing or disposing of any of the assets or undertaking of that person; 

  
 11 

 “Intercompany Interest Advances” means the Facility A Intercompany
Interest Advance and the Facility B Intercompany Interest Advance and “Intercompany Interest Advance” means either of them; 
 “Intercompany Loan” has the meaning given to that term in the Project Loan Agreement; 
 “Intercompany Loan Repayment Date” has the meaning given to that term in the Project Loan Agreement; 
 “Intercompany Principal Advances” means the Facility A Intercompany Principal Advance and the Facility B Intercompany Principal Advance, and “Intercompany Principal
Advance” means either of them; 
 “Interest Advance” means, in relation to the A Facility, each and
any Facility A Interest Advance and, in relation to the B Facility, each and any Facility B Interest Advance; 

“Interest Facility Limits” means the Facility A Interest Facility Limit and the Facility B Interest Facility Limit and
“Interest Facility Limit” means either of them; 
 “Interest Payment Date” means the last day
of an Interest Period; 
 “Interest Period” in relation to any Advance or a Loan, means each period for the
calculation of interest in respect of that Advance or that Loan ascertained in accordance with clause 5.2; 
 “Legal
Reservations” means: 
  

	 	(a)	the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency,
reorganisation and other laws generally affecting the rights of creditors; and 

  

	 	(b)	any other matters which are set out as qualifications or reservations as to matters of law of general application in any of the legal opinions provided pursuant to
clause 3; 

 “Lenders” means together: 

 

	 	(a)	as of the date of this Agreement, the companies and entities listed in schedule 1 of the Project Loan Agreement; 

 

	 	(b)	any Transferee of any of the companies and entities referred to in (a) above (in accordance with clause 15.3 (Transfer) of the Project Loan Agreement); and

  

	 	(c)	any Transferee of any such Transferee referred to in (b) above, 

 and in each case includes their successors in title; 
 “LIBOR”
means, in relation to a particular period: 
  

	 	(a)	the offered rate for deposits of the relevant currency for a period approximately equivalent to such a period at or about 11.00 a.m. (London time) on the second
Quotation Day before the first day of such period as displayed on Reuters page LIBOR01 (British Bankers’ Association Interest Settlement Rates) (or such other page as may replace such page LIBOR01 on such system or on any other system of the
information vendor for the time being designated by the British Bankers’ Association to calculate the British Bankers’ Association Interest Settlement Rate (as defined in the British Bankers’ Association Recommended Terms and
Conditions dated August, 1985)); or 

  

	 	(b)	 if on such date no such rate as is mentioned in paragraph (a) above is displayed, LIBOR for such period shall be the arithmetic mean (expressed as
a percentage rounded upwards, if necessary, to five decimal places) of the rates respectively quoted to the Bank Agent by each of the Reference Banks at the request of the Bank Agent (or, if not all the

  
 12 

	 	
Reference Banks provide a quotation when requested, the arithmetic mean of the rates which are quoted) as such Reference Bank’s offered rate for deposits of the relevant currency in an
amount approximately equal to the amount in respect of which LIBOR is to be determined for a period approximately equivalent to such period to prime banks in the London Interbank Market at or about 11.00 a.m. (London time) on the second Quotation
Day before the first day of such period; 

 “Limited Partner” means ING Bank N.V. of Amstelveen
500, 1081 KL, Amsterdam, The Netherlands; 
 “Loans” at any time, means the Facility A Loan at that time and
the Facility B Loan at that time, and “Loan” means either of them; 
 “Losses” means all
losses, liabilities, costs, charges, expenses, damages and outgoings of whatsoever nature (including without limitation, Taxes (but excluding taxes levied on the overall income or profits of any Bank Beneficiary in the jurisdiction in which its
principal or Facility Office under this Agreement is located), stamp duties and other duties or charges, registration fees, repair costs, insurance premiums, fees of insurance advisors and technical consultants, printing costs, out-of-pocket
expenses and fees and disbursements of legal counsel, together with any value added or similar tax payable in respect thereof); 

“Majority Banks” means at any relevant time (a) Banks the aggregate of whose Contributions equal or exceed
sixty-six and two-thirds per cent. (66.66%) of the Loans at that time or (b) if no Advance has been made, Banks the aggregate of whose Commitments at that time equal or exceed sixty-six and two-thirds per cent. (66.66%) of the Total
Commitments at that time or, if all of the Commitments have been reduced to zero at or prior to that time, Banks the aggregate of whose Commitments immediately prior to that reduction equalled or exceeded sixty-six and two-thirds per cent.
(66.66%) of the Total Commitments as at that time; 
 “Mandatory Cost” means the percentage rate per annum
calculated by the Bank Agent in accordance with schedule 6 to this Agreement; 
 “Margin” means

  

	 	(a)	in relation to the A Facility: 

  

	 	(i)	two point one five per cent. (2.15%) per annum up to the Facility A Margin Reduction Date; 

 

	 	(ii)	thereafter up to the fifth anniversary of the Facility A Margin Reduction Date, one point one five per cent. (1.15%) per annum; and 

 

	 	(iii)	thereafter one point three five per cent. (1.35%) per annum; 

  

	 	(b)	in relation to the B Facility: 

  

	 	(iv)	two point one five per cent. (2.15%) per annum up to the Facility B Margin Reduction Date; 

 

	 	(v)	thereafter, one point one five per cent. (1.15%) per annum; 

 “Material Adverse Effect” means any event or circumstance (or combination of events or circumstances) the effect of which is or could reasonably be expected to be materially adverse to:

  

	 	(a)	the ability of any Security Party to perform any of its material obligations under or otherwise to comply with the terms of the Transaction Documents at the time and in
the manner stipulated therein; or 

  
 13 

	 	(b)	the validity or enforceability of, or the effectiveness or ranking of any security granted or purporting to be granted pursuant to any of, the Facility Documents or the
rights or remedies of any Bank Beneficiary under any of the Facility Documents; 

 “Mimosa” means
Mimosa Finance B.V., a company incorporated under the laws of The Netherlands with company number 34279330 and with its registered office at Parnassustoren, Locatellikade 1, 1075 AZ Amsterdam, P.O. Box 75215, 1070AE Amsterdam, The Netherlands;

 “Mimosa Account Pledge” means the Dutch deed of pledge (“eerst pandrecht”) in relation to the
Payment Account and the Receivables Account in the Agreed Form, executed or, as the context may require, to be executed by the Account Bank and Mimosa in favour of the Bank Trustee as pledgee; 

“Mimosa Shareholder Agreement” means the shareholder agreement in the Agreed Form entered into or to be entered into
between the Borrower, Centaurus and Mimosa; 
 “month” means a period beginning in one calendar month and
ending in the relevant later calendar month on the day numerically corresponding to the day of the calendar month in which it started, provided that (i) if the period started on the last Banking Day in a calendar month or if there is no such
numerically corresponding day, it shall end on the last Banking Day in such later calendar month and (ii) if such numerically corresponding day is not a Banking Day, the period shall end on the next following Banking Day in such later calendar
month but if there is no such Banking Day it shall end on the preceding Banking Day and “months” and “monthly” shall be construed accordingly; 

“NCC” means the Netherlands Civil Code (Burgerlijk Wetboek); 

“Notice of Assignment” means, as the context may require, a notice of assignment in the form set out in the relevant
Part of Schedule 1 to the Bank Security Assignment or a notice of assignment in such form and terms as the Bank Agent may reasonably require (which may incorporate an acknowledgement thereof); 

“Option Agreements” means the First Option Agreement and the Second Option Agreement, and “Option
Agreement” means either of them; 
 “Original Schedule of Minimum Repayment Amounts” means Schedule 5
of this Agreement; 
 “Parent Sponsor” means Queiroz Galvão S.A., a company organised under the laws of
Brazil, with its registered office at Av Rio Branco, 156, room 3001-part, Rio de Janeiro, RJ; 
 “Participating Member
State” means any member state of the European Communities that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union; 

“Partnership Interest Option Agreement” means the call option agreement dated on or about the date hereof between
Constellation, Funding CV, Mimosa, Becrux and Centaurus, in the Agreed Form; 
 “Payment Account” means the
interest bearing Dollar account of Mimosa, in its capacity as Lender, opened or, as the context may require, to be opened by Mimosa with the Account Bank, designated “Payment Account”, with account number 02 00 36 639 and includes any
redesignation and sub-accounts thereof; 
 “Performance Standards” means IFC’s Performance Standards on
Social & Environmental Sustainability, dated April 30, 2006, copies of which have been delivered to and receipt of which have been acknowledged by the Sponsor; 
 “Permitted Encumbrance” means: any Encumbrance in favour of the Bank Trustee and/or any of the Beneficiaries created pursuant to the Security Documents; 

  
 14 

 “Principal Advance” means each Advance, other than an Interest Advance,
Swap Advance or an Intercompany Interest Advance; 
 “Principal Balance” has the meaning given to that term in
the Project Loan Agreement; 
 “Principal Facility Limits” means the Facility A Principal Facility Limit and
the Facility B Principal Facility Limit and “Principal Facility Limit” means either of them; 

“Professional Market Party” means a professional market party (“professionele marktpartij”) within the
meaning of the AFS and any regulation promulgated thereunder from time to time; 
 “Project Borrower” means
Eiffel Ridge Group C.V., a limited partnership organised under the laws of The Netherlands represented by Becrux B.V., its managing partner and having its registered office at Prof. J.A. Bavincklaan, T-1183 AT, Amstelveen, The Netherlands;

 “Project Documents” has the meaning given to that term in the Project Loan Agreement; 

“Project Facility Documents” has the meaning given to the term “Facility Documents” in the Project Loan
Agreement; 
 “Project Loan Accounts” has the meaning given to the term “Accounts” in the
Project Loan Agreement; 
 “Project Loan Agreement” means the loan agreement dated on or about the date thereof
and made between (1) the Project Borrower, as borrower, (ii) the companies and entities named in Schedule 1 thereof, as lenders, (iii) ING Bank N.V. as arranger (iv) ING Bank N.V. as facility agent, and (v) ING Bank
Nederland N.V. as security trustee in respect of a loan facility of up to $810,167,850; 
 “Project Transaction
Documents” has the meaning given to the term “Transaction Documents” in the Project Loan Agreement; 

“Quarter Date” means each 31 January, 30 April, 31 July and 31 October; 

“Quarter Period” means each period commencing upon the day following a Quarter Date up to and including the next
following Quarter Date; 
 “Quotation Day” means a day (other than Saturday or Sunday) on which banks are open
for normal banking business in London; 
 “Receivables Account” means the interest bearing Dollar account of
Mimosa, in its capacity as Lender, opened or, as the context may require, to be opened by Mimosa with the Account Bank, designated “Receivables Account”, with account number 02 00 36 930 and includes any redesignation and sub-accounts
thereof; 
 “Reference Banks” means, in relation to LIBOR, the head offices of ING Bank N.V., Calyon and
Bayerische Hypo-und Vereinsbank AG and, in relation to the Mandatory Cost, means the principal London offices of ING Bank N.V., Calyon and Bayerische Hypo-und Vereinsbank AG; 
 “Related Company” in relation to any person means (i) any Subsidiary for the time being of such person, (ii) any company or other entity of which such person is for the time
being a Subsidiary and (iii) any Subsidiary for the time being of any such person referred to in (ii) above; 

“Relevant Jurisdiction” means any jurisdiction in which or where any Security Party is incorporated, resident, domiciled
or has a permanent establishment; 
 “Relevant Obligations” (i) of the Borrower, means all monies,
obligations and liabilities from time to time owing or payable, undertaken, incurred or assumed by the Borrower to or in favour of the Bank Beneficiaries (or any of them) under or pursuant to this Agreement and all other monies, obligations and
liabilities from time to time owing or payable, undertaken, incurred or 

  
 15 

 
assumed by the Borrower or by any other Security Party to or in favour of the Bank Beneficiaries (or any of them) or to the Bank Trustee on their behalf under or pursuant to any other Transaction
Document, and (ii) of any other Security Party, means all monies, obligations and liabilities from time to time owing or payable, undertaken, incurred or assumed by that Security Party or by any other Security Party (including the Borrower)
under or pursuant to any other Transaction Document; 
 “Relevant Substance” means and includes oil and its
products and any other substance whatsoever (whether in a solid or liquid form or in the form of a gas or vapour and whether alone or in combination with any other substance) or waste (as defined in the Environmental Protection Act 1990) which is
capable of causing harm to man or any other living organism supported by the Environment, or damaging the Environment or public health or welfare and whose release into the Environment is regulated or prohibited by Environmental Law; 

“Repeating Representations” means, for the purposes of this Agreement, clauses 9.1, 9.2, 9.3.2, 9.3.3, 9.4, 9.5, 9.6,
9.11, 9.13, 9.17, 9.18, 9.19, 9.20, 9.21, 9.22, 9.24, 9.25, 9.26, 9.27 and 9.28 of this Agreement; 
 “Replacement
Schedule of Minimum Repayment Amounts” means any replacement Schedule of Minimum Repayment Amounts calculated by the Bank Agent in accordance with clause 6.8; 
 “Required Amount” for any Application Date relating to a Facility means the amount set out opposite that Application Date in the column referring to that Facility in the Schedule of
Minimum Repayment Amounts applicable to that Facility and “Required Amounts” means any or all of them; 

“Revenue Account” means the interest bearing Dollar Account of the Borrower opened or, as the context may require, to be
opened by the Borrower with the Account Bank, designated “Revenue Account”, with account number 02 00 34 873 and includes any redesignation and sub-accounts thereof; 
 “Rig” has the meaning given to that term in the Project Loan Agreement; 
 “Rig A” has the meaning given to that term in the Project Loan Agreement; 
 “Rig A Charter Date of Acceptance” has the meaning given to that term in the Project Loan Agreement; 
 “Rig A Completion Date” has the meaning given to that term in the Project Loan Agreement; 
 “Rig A Facility” has the meaning given to that term in the Project Loan Agreement; 
 “Rig A Intercompany Interest Advance” has the meaning given to that term in the Project Loan Agreement; 
 “Rig A Intercompany Loan” has the meaning given to that term in the Project Loan Agreement; 
 “Rig A Loan” has the meaning given to that term in the Project Loan Agreement; 
 “Rig A Owner” means Gold Star Equities Ltd., a company incorporated under the laws of the British Virgin Islands, with company number 1031368, and with its principal office at Vanterpool
Plaza, Wickhams Cay I, 2nd Floor, Road Town, Tortola, British Virgin Islands; 
 “Rig A Principal Advances” has
the meaning given to that term in the Project Loan Agreement; 
 “Rig A Project Costs” has the meaning given to
that term in the Project Loan Agreement; 
 “Rig A Swap Advances” has the meaning given to that term in the
Project Loan Agreement; 

  
 16 

 “Rig B” has the meaning given to that term in the Project Loan Agreement;

 “Rig B Charter Date of Acceptance” has the meaning given to that term in the Project Loan Agreement;

 “Rig B Completion Date” has the meaning given to that term in the Project Loan Agreement; 

“Rig B Facility” has the meaning given to that term in the Project Loan Agreement; 

“Rig B Intercompany Interest Advance” has the meaning given to that term in the Project Loan Agreement; 

“Rig B Intercompany Loan” has the meaning given to that term in the Project Loan Agreement; 

“Rig B Loan” has the meaning given to that term in the Project Loan Agreement; 

“Rig B Owner” means Lone Star Offshore Ltd., a company incorporated under the laws of the British Virgin Islands, with
company number 1039322, and with its registered office at Vanterpool Plaza, Wickhams Cay I, 2nd Floor, Road Town, Tortola, British Virgin Islands; 
 “Rig B Principal Advances” has the meaning given to that term in the Project Loan Agreement; 
 “Rig B Project Costs” has the meaning given to that term in the Project Loan Agreement; 
 “Rig B Swap Advances” has the meaning given to that term in the Project Loan Agreement; 
 “Rig Loans” means the Rig A Loan and the Rig B Loan and “Rig Loan” means either of them; 
 “Rig Owners” means the Rig A Owner and the Rig B Owner, and “Rig Owner” means either of them; 
 “Rigs” means Rig A and Rig B, and “Rig” means either of them; 
 “Schedule of Minimum Repayment Amounts” means at any time and in relation to a Facility the Original Schedule of Minimum Repayment Amounts relating to that Facility or, if at such time a
Replacement Schedule of Minimum Repayment Amounts has been substituted therefor pursuant to and in accordance with clause 6.8 (Replacement of Schedule of Minimum Repayment Amounts), the latest Replacement Schedule of Minimum Repayment Amounts
relating to that Facility; 
 “Second Option Agreement” means the put and call option agreement dated on or
about the date hereof and made between Mimosa Finance C.V. and the Bank Trustee in the Agreed Form; 
 “Secured
Obligations” means the obligations of the Borrower and each other Security Party to the Bank Beneficiaries or any of them under this Agreement and the other Facility Documents and includes such obligations in respect of all sums of money
(including, without limitation, the aggregate of the Loans and interest accrued and accruing thereon) from time to time owing to the Bank Beneficiaries or any of them, whether actually or contingently and whether or not due and payable, under this
Agreement and the other Facility Documents or any of them (disregarding for this purpose the provisions of clause 19 and any analogous provision of any other Facility Document); 

“Secured Property” means (i) the security, powers, rights, titles, benefits and interests (both present and future,
actual or contingent) constituted by and conferred upon the Beneficiaries or any of them under or pursuant to the Security Documents and any notices or acknowledgements or undertakings given in respect of or in connection with any of the Security
Documents (including, without limitation, the benefit of all covenants, undertakings, representations, warranties and obligations given, made or undertaken to any Bank Beneficiary in the Security Documents and any notices or acknowledgements or
undertakings given in 

  
 17 

 
respect of or in connection with any of the Security Documents), (ii) all moneys and other assets paid or transferred to or vested in any Bank Beneficiary or any agent of any Bank
Beneficiary or any Insolvency Official or received or recovered by any Bank Beneficiary or any agent of any Bank Beneficiary or any Insolvency Official pursuant to, or in connection with, any of the Security Documents and any notices, or
acknowledgements or undertakings given in respect of or in connection with any of the Security Documents, whether from any Security Party or any other person and (iii) all moneys, investments, and other assets at any time representing or
deriving from any of the foregoing, including all interest, income and other sums at any time received or receivable by any Bank Beneficiary or any agent of any Bank Beneficiary or any Insolvency Official in respect of the same (or any part
thereof); 
 “Security” means a mortgage, charge, pledge, lien or other security interest securing any
obligation of any person or any other agreement or arrangement having a similar effect; 
 “Security Documents”
means the Co-ordination Deed, the Account Pledges, the Accounts Repledge, the Bank Security Assignment, the Dutch Security Pledge, the Notices of Assignment and any other deed, document, agreement or instrument executed by any party as security for,
or in relation to, its or any other party’s obligations to any of the Beneficiaries including any deed, document, agreement or other instrument amending, varying, supplementing, ratifying, confirming, extending, acceding to or renewing any of
the foregoing documents or any of the terms and conditions thereof or consenting to the amendment or variation of the terms and conditions thereof; 
 “Security Parties” means, at any time, each party (including the Borrower) to any Facility Document which at that time has not been released and discharged by the Bank Trustee other than
the Bank Beneficiaries, the Facility Agent, the Security Trustee and the Account Bank; 
 “Security Period”
means the period commencing on the date of this Agreement and, in relation to the Facilities, terminating on the date on which all the Secured Obligations have been paid, repaid, satisfied, performed and discharged in full; 

“Security Trustee” means ING Bank Nederland N.V. of Amstelveenseweg 500, 1081 KL, Amsterdam, The Netherlands, in its
capacity as security trustee for the purposes of the Project Facility Documents or such other person as may be appointed security trustee pursuant to clause 16.15.2 of the Project Loan Agreement, and includes its successors in title; 

“Share” in relation to a Bank, means the proportion which that Bank’s Commitments bears to the Total Commitments;

 “Skycrest” means Skycrest Overseas Inc., a company incorporated under the laws of the British Virgin Islands
with company number 493925 and with its registered office at Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, British Virgin Islands; 
 “Spill” means any actual or threatened emission, spill, release or discharge of any Relevant Substance into the Environment; 

“Sponsor” means Queiroz Galvão Óleo e Gás S.A., a company organised under the laws of Brazil,
registered under the Tax Roll number 30.521.090/001-27 and its registered office at Avenue Presidente Antônio Carlos, 51-7th Floor, Rio de Janeiro, RJ, CEP, 20030-010, Brazil; 

“Stichting” means Stichting Mimosa Finance, a Dutch foundation with its office at Bijlmerplein 888, P.O. Box 1800, 1000
BV Amsterdam, The Netherlands; 
 “Subsequent Advance” means in relation to the A Facility, any Facility A
Subsequent Advance, and in relation to the B Facility, any Facility B Subsequent Advance; 
 “Subsidiary” of
(a) a person incorporated or formed outside England and Wales means any company or entity directly or indirectly controlled by such person, for which purpose “control” means either ownership of more than fifty (50) per
cent of the voting share capital (or equivalent right of ownership) of such company or entity or power to direct its policies and management whether by contract or otherwise; and (b) a person incorporated in England and Wales means a subsidiary
within the meaning of section 736 of the Companies Act 1985; 

  
 18 

 “Substitute Basis” shall have the meaning given to that term in clause
5.6.2; 
 “Swap Advances” means the Facility A Swap Advances and the Facility B Swap Advances and “Swap
Advance” means any of them; 
 “Swap Payment” has the meaning given to that term in the Project Loan
Agreement; 
 “Swap Rebate” has the meaning given to that term in the Project Loan Agreement; 

“Taxes” includes all present and future taxes, levies, imposts, duties, fees or charges of a similar nature together
with interest thereon and penalties in respect thereof and “Tax” and “Taxation” shall be construed accordingly; 
 “Termination Date” means, in relation to a Facility, the earliest to occur of: 
  

	 	(a)	the Total Loss Date relating to the Rig relating to that Facility; 

  

	 	(b)	the date stipulated by the Bank Agent in any notice relating to that Facility issued pursuant to clause 11.3 (Acceleration) or, where such notice either declares the
Loan outstanding under that Facility to be repayable on demand or does not stipulate a date, the date of that notice; 

  

	 	(c)	the date on which the Total Commitments relating to that Facility are reduced to zero pursuant to clause 6.3 (Additional voluntary prepayment);

  

	 	(d)	the date on which the Borrower is required to make prepayment of the Loan outstanding under that Facility (i) pursuant to clause 6.4 (Mandatory prepayment) (other
than any partial mandatory prepayment in accordance with clause 6.4.3) or (ii) pursuant to clause 6.5 (Prepayment on Total Loss); or 

  

	 	(e)	the date specified in any notice relating to that Facility given by the Bank Agent pursuant to clause 13.1 (unlawfulness); 

“Timbauba” means Timbauba International Ltd., a company incorporated under the laws of the British Virgin Islands with
company number 491980 and with its registered office at Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, British Virgin Islands; 
 “Total Commitment” means at any relevant time in relation to the A Facility, the Facility A Total Commitment and in relation to the B Facility, the Facility B Total Commitment, and
“Total Commitments” means each of the Facility A Total Commitment and the Facility B Total Commitment; 

“Total Loss Date” has the meaning given to that term in the Project Loan Agreement; 

“Transaction Documents” means and includes the Facility Documents, the Option Agreements, the Partnership Interest
Option Agreement, the Mimosa Shareholder Agreement, the Borrower Partnership Agreement, and shall include any other deed, document, agreement or instrument executed under pursuant to or in connection with any of the foregoing documents, including
any deed, document, agreement or instrument amending, varying, confirming, extending or renewing any of the foregoing documents or any terms and conditions thereof or consenting to the amendment or variation of the terms or conditions thereof;

 “Transfer Certificate” means a certificate substantially in the terms of Schedule 4; 

“Transferee” has the meaning given to that term in clause 15.3 (Transfer); 

“USA” means the United States of America; 

  
 19 

 “Value Added Tax” or “VAT” means value added tax as
provided for in VATA and legislation (whether delegated or otherwise) supplemental thereto or in any primary or subordinate legislation promulgated by the European Union or any body or agency thereof and Belasting over Toegevoegde Waarde imposed in
The Netherlands and any Tax similar or equivalent to value added tax imposed by any country other than the United Kingdom and any similar or turnover Tax replacing or introduced in addition to any of the same; and 

“VATA” means the Value Added Tax Act 1994. 

 

	1.3	 	Headings 

 Clause
headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement. 
  

	1.4	 	Construction of certain terms 

 In this Agreement, unless the context otherwise requires: 
  

	1.4.1	 	references to an “Agent”, any “Bank Beneficiary”, any “Bank”, any “Security Party”, any
“Party”, the “Borrower”, the “Bank Agent”, the “Bank Trustee” or any other person shall be construed so as to include its successors in title, permitted assigns and permitted
transferees and, in the case of the Bank Agent and Bank Trustee, any person for the time being appointed as Bank Agent or, as the case may be, Bank Trustee or Bank Trustees in accordance with the Transaction Documents; 

 

	1.4.2	 	references to clauses, paragraphs or schedules are to be construed as references to the clauses and paragraphs of, and schedules to, this Agreement and references to
this Agreement include its schedules; 

  

	1.4.3	 	references to (or to any specified provision of) this Agreement or any other document shall be construed as references to this Agreement, that provision or that
document as in force for the time being and as from time to time amended, varied, supplemented, extended, novated or substituted in accordance with its terms, or, as the case may be, with the agreement of the relevant parties and (where such consent
is, by the terms of this Agreement or the relevant document, required to be obtained as a condition to such amendment being permitted) the prior written consent of the relevant Agent or the Majority Banks or the Banks, as the case may be and, for
the avoidance of doubt, where such consent is required, if any such agreement or other document is amended, varied, supplemented, extended, novated or substituted otherwise than with the consent of the relevant Agent or the Majority Banks or the
Banks, as the case may be, each reference to that agreement or document (including references to a class of agreements, such as the “Transaction Documents”) shall be references to or include reference to that agreement or document as it
existed prior to the relevant amendment, variation, supplement, extension, novation or substitution and, until the due execution and delivery of any Agreed Form document, references to the provisions of, and terms and expressions defined in, any
such document shall be construed as references to the provisions of and terms and expressions defined in the Agreed Form of such document; 

  

	1.4.4	 	references to a “regulation” include any present or future regulation, rule, official directive, requirement, request or guideline (whether or not
having the force of law) of any governmental, intergovernmental or supranational body, agency, authority, department or central bank or any regulatory, self-regulatory or other authority or organisation; 

 

	1.4.5	 	words importing the plural shall include the singular and vice versa; 

  

	1.4.6	 	unless otherwise specified, references to a time of day are to Amsterdam time; 

 

	1.4.7	 	references to a “person” shall be construed as including references to an individual, partnership, joint venture, firm, company, corporation,
association, trust, unincorporated body of persons or any state or any of its agencies, departments or political sub-divisions (whether having distinct legal personality or not); 

  
 20 

	1.4.8	 	“assignee” or “assignees” of a person shall include any person who has assumed all or some of the rights and/or obligations of the
relevant person, whether by assignment or novation or otherwise; 

  

	1.4.9	 	references to “assets” include all or part of any present and future business, undertaking, real property, personal property, uncalled capital, revenue
and any rights of any description (whether actual or contingent, present or future) to receive, or require delivery of, any of the foregoing; 

  

	1.4.10	 	“guarantee” means any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or
contingent, to purchase or assume any Indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such
person to meet its Indebtedness and “guaranteed” shall be construed accordingly; 

  

	1.4.11	 	references to the “equivalent” of an amount specified in a particular currency (the “specified currency amount”) shall be construed as
a reference to the amount of the other relevant currency which can be purchased with the specified currency amount in the London foreign exchange market at or about 11 a.m. London time on the day on which the calculation falls to be made for spot
delivery as determined by the Bank Agent; 

  

	1.4.12	 	a “law” (1) includes any common law, statue, decree, constitution, regulation, order, judgment or directive of any governmental entity;
(2) includes any treaty, pact, compact or other agreement to which any government entity is a signatory or party; (3) includes any judicial or administrative interpretation or application thereof and (4) is a reference to that
provision as amended, substituted or re-enacted; and 

  

	1.4.13	 	references to any enactment shall be deemed to include references to such enactment as re-enacted, modified, amended or extended. 

 

	1.5	 	Rights of third parties 

  

	1.5.1	 	Unless expressly provided to the contrary in this Agreement, any person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third
Parties) Act 1999 to enforce its terms. 

  

	1.5.2	 	Notwithstanding any term of this Agreement, the consent of any person who is not a party to this Agreement is not at any time required to rescind or amend this
Agreement. 

  

	1.5.3	 	Subject always to the provisions of clause 16.18, each of the Bank Beneficiaries shall have the right to enjoy and enforce the benefit of any term of this Agreement
which is expressed to be for its benefit or expressly purports to confer a benefit on such person. 

  

	1.6	 	Instructions of Banks 

Where this Agreement or any other Facility Document provides for (i) any matter to be determined by reference to the opinion of the
Majority Banks or, as the case may be, all of the Banks, (ii) any matter to be subject to the consent or request of the Majority Banks or, as the case may be, all of the Banks, or (iii) any action to be taken on the instructions of the
Majority Banks or, as the case may be, all of the Banks, that opinion, consent, request or instructions shall (as between the Banks) only be regarded as having been validly given or issued by the Majority Banks or, as the case may be, all of the
Banks if all of the Banks shall have received prior notice of the matter or action in respect of which that opinion, consent, request or instructions is or are required and the Majority Banks or, as the case may be, all of the Banks shall have given
or issued (or, if expressly contemplated by the relevant provision of this Agreement or any other Facility Document, be deemed to have been given or issued) that opinion, consent, request or instructions, but so that each party hereto other than the
Bank Agent shall be entitled (and bound) to assume that that notice shall have been duly received by all of the Banks and that the relevant number shall have been obtained to constitute Majority Banks or, as the case may be, all of the Banks whether
or not this is in fact the case unless the Bank Agent shall have notified that party that that relevant number has not been obtained. 

  
 21 

	1.7	 	Instructions of Bank Agent 

 Where this Agreement or any other Facility Document provides for any action to be taken by the Bank Trustee on the instructions of the Bank Agent, each party hereto other than the Bank Agent and the Bank
Trustee shall be entitled (and bound) to assume that those instructions have been validly given or issued whether or not this is in fact the case unless the Bank Agent or the Bank Trustee shall have notified that party that those instructions have
not been given or issued. 
  

	1.8	 	Co-ordination Deed 

 This
Agreement shall be read together with the Co-ordination Deed. In the event of any conflict between any provision of this Agreement, on the one hand, and any provision of the Co-ordination Deed, on the other hand, the provisions of the Co-ordination
Deed shall prevail. 
  

	1.9	 	Dutch terms 

 In this
Agreement, where it relates to a Dutch person, a reference to: 
  

	1.9.1	 	a necessary action to authorise where applicable, includes without limitation: 

 

	 	(a)	any action required to comply with the Dutch Works Councils Act (Wet op de ondernemingsraden); and 

 

	 	(b)	obtaining a positive advice (positief advise) from the competent works council(s); 

 

	1.9.2	 	a winding up, administration or dissolution includes a Dutch person being declared bankrupt (failliet verklaard) or dissolved (ontbonden);

  

	1.9.3	 	a moratorium includes surseance van betaling and granted a moratorium includes surseance verleend;  

 

	1.9.4	 	any step or procedure taken in connection with the insolvency proceedings includes a Dutch person having filed a notice under section 36 of the Tax Collection Act of
the Netherlands (Invorderingswet 1990); 

  

	1.9.5	 	a trustee in bankruptcy includes a bankruptcy; 

  

	1.9.6	 	an administrator includes a bewindvoerder; 

  

	1.9.7	 	an attachment includes a beslag.  

  

	2	 	The facility 

  

	2.1	 	Amount 

  

	2.1.1	 	The Banks, relying upon each of the representations and warranties in clause 9, agree to make available upon and subject to the terms of this Agreement:

  

	 	(a)	a principal sum up to the A Facility Limit in relation to the Borrower’s obligations under the Mimosa Shareholder Agreement to invest in preference shares of
Mimosa in order to fund Mimosa’s obligations to make Rig A Principal Advances, Rig A Swap Advances, Rig A Interest Advances and the Rig A Intercompany Interest Advance under the Project Loan Agreement; and 

  
 22 

	 	(b)	a principal sum up to the B Facility Limit in relation to the Borrower’s obligations under the Mimosa Shareholder Agreement to invest in preference shares of
Mimosa in order to fund Mimosa’s obligations to make Rig B Principal Advances, Rig B Swap Advances, Rig B Interest Advances and the Rig B Intercompany Interest Advance under the Project Loan Agreement. 

 

	2.1.2	 	The obligation of each Bank under this Agreement shall be to contribute that proportion of each Advance which, as at the Drawdown Date of such Advance, its Commitment
to the Facility of which such Advance forms a part bears to the Total Commitment relating to that Facility. No Bank shall be obliged to contribute to any Advance any amount in excess of its Commitment to the Facility of which such Advance forms a
part. 

  

	2.2	 	Reduction of the Facility Limit 

  

	2.2.1	 	The Borrower acknowledges and agrees that the Facility Limits and the Commitments have been calculated on the basis that they equal the Facility Limits and Commitments
(as each term is defined in the Project Loan Agreement) respectively. Accordingly, if pursuant to clause 2.2 of the Project Loan Agreement the Facility Limits and/or Commitments (as each term is defined in the Project Loan Agreement) are
recalculated, the Facility Limits and Commitments under this Agreement shall be amended so as to be equal thereto, provided however, for the avoidance of doubt, no such amendment will result in an increase in the Facility Limits or Commitments under
this Agreement applicable as at the date of this Agreement. 

  

	2.2.2	 	Any reduction of the Facility Limit applicable to a Facility shall reduce the Total Commitment to that Facility by the amount of such reduction and the Commitment of
each Bank to that Facility shall be reduced in the proportion which that Bank’s Commitment to that Facility bears to the Total Commitment to that Facility. 

 

	2.3	 	Obligations several 

 The
obligations of each Bank under this Agreement are several; the failure of any Bank to perform such obligations shall not relieve any other Bank, the Bank Agent, the Bank Trustee or the Borrower of any of their respective obligations or liabilities
under this Agreement nor shall the Bank Agent or the Bank Trustee be responsible for the obligations of any Bank (except for its own obligations, if any, as a Bank) nor shall any Bank be responsible for the obligations of any other Bank under this
Agreement. 
  

	2.4	 	Interests several 

Notwithstanding any other term of this Agreement (but without prejudice to the provisions of this Agreement relating to or requiring
action by the Majority Banks) the interests of the Bank Agent, the Bank Trustee and the Banks are several and the amount due to the Bank Agent (for its own account), to the Bank Trustee and to each Bank is a separate and independent debt. The Bank
Agent, the Bank Trustee and each Bank shall (subject to the express provisions of this Agreement (including clause 16.18) and the other Facility Documents) have the right to protect and enforce their respective rights arising out of this Agreement
and it shall not be necessary for the Bank Agent, the Bank Trustee or any Bank (as the case may be) to be joined as an additional party in any proceedings for this purpose, provided however that no Bank acting alone in its capacity as a Bank shall
be entitled to declare an Event of Default. 
  

	3	 	Conditions 

  

	3.1	 	General Conditions 

 The
obligation of each Bank to make its Commitment to either Facility available under this Agreement shall be subject to the condition that (a) the Agents, or their duly authorised representative, shall have received not later than three
(3) Banking Days or such shorter period as the Bank Agent may agree before the date on which any Drawdown Notice in respect of a First Advance of either Facility is given, the documents and evidence specified in schedule 3 part 1 of this
Agreement and schedule 3 part 1 of the Project Loan Agreement, in each case, in 

  
 23 

 
form and substance satisfactory to the Agents (and, in the case of the documents and evidence specified in paragraph 4 of part 1 of Schedule 3 of this Agreement and/or paragraphs 4 and 10 of part
1 of schedule 3 of the Project Loan Agreement, in form and substance satisfactory to the Banks) and (b) the Bank Agent shall have notified the Banks of the receipt of such documents and evidence, which the Bank Agent agrees to do promptly after
receipt thereof. 
  

	3.2	 	Conditions precedent to making of an Advance 

 The obligation of each Bank to contribute to any Advance is subject to the further conditions that at the date of the relevant Drawdown Notice (in the case of Principal Advances, Swap Advances and
Intercompany Interest Advances) and on the Drawdown Date of that Advance (in the case of Principal Advances, Intercompany Interest Advances, Swap Advances or Interest Advances): 

 

	3.2.1	 	no Default shall have occurred and be continuing or would result from the making of such Advance; 

 

	3.2.2	 	the proposed Drawdown Date is a Banking Day within (a) the Availability Period relating to the Facility of which that Advance would form a part and/or, as the case
may be, (b) the Availability Period relating to that Advance; and 

  

	3.2.3	 	     

  

	 	(a)	in relation to any Facility A Principal Advance: (i) the amount of that Facility A Principal Advance shall be not less than twelve million five hundred thousand
Dollars ($12,500,000), (ii) the amount of that Facility A Principal Advance, when aggregated with all other Facility A Principal Advances made or to be made on or prior to the Drawdown Date of that Facility A Principal Advance, will not exceed
the Facility A Principal Facility Limit and (iii) the Bank Agent is satisfied that the requirements of clause 3.2.3(a)(iii) of the Project Loan Agreement will be complied with; 

 

	 	(b)	in relation to any Facility B Principal Advance: (i) the amount of that Facility B Principal Advance shall be not less than twelve million five hundred thousand
Dollars ($12,500,000), (ii) the amount of that Facility B Principal Advance, when aggregated with all other Facility B Principal Advances made or to be made on or prior to the Drawdown Date of that Facility B Principal Advance, will not exceed
the Facility B Principal Facility Limit and (iii) the Bank Agent is satisfied that the requirements of clause 3.2.3(b)(iii) of the Project Loan Agreement will be complied with; 

 

	 	(c)	in relation to any Facility A Interest Advance, the amount of that Facility A Interest Advance, when aggregated with all Facility A Interest Advances, all Facility A
Swap Advances and any Facility A Intercompany Interest Advance advanced or to be advanced on or prior to that Drawdown Date, shall not exceed the Facility A Interest Facility Limit; 

 

	 	(d)	in relation to any Facility B Interest Advance, the amount of that Facility B Interest Advance, when aggregated with all Facility B Interest Advances, all Facility B
Swap Advances and any Facility B Intercompany Interest Advance advanced or to be advanced on or prior to that Drawdown Date, shall not exceed the Facility B Interest Facility Limit; 

 

	 	(e)	in relation to the Facility A Intercompany Interest Advance, the amount of the Facility A Intercompany Interest Advance shall not exceed eight million Dollars
($8,000,000) and shall not, when aggregated with all Facility A Interest Advances and all Facility A Swap Advances advanced or to be advanced on or prior to that Drawdown Date, exceed the Facility A Interest Facility Limit; 

 

	 	(f)	in relation to the Facility B Intercompany Interest Advance, the amount of the Facility B Intercompany Interest Advance shall not exceed eight million Dollars
($8,000,000) and shall not, when aggregated with all Facility B Interest Advances and all Facility B Swap Advances advanced or to be advanced on or prior to that Drawdown Date, exceed the Facility B Interest Facility Limit; 

  
 24 

	 	(g)	in relation to any Facility A Swap Advance, the amount of that Facility A Swap Advance, when aggregated with all Facility A Swap Advances, all Facility A Interest
Advances and any Facility A Intercompany Interest Advance advanced or to be advanced on or prior to that Drawdown Date, shall not exceed the Facility A Interest Facility Limit; and 

 

	 	(h)	in relation to any Facility B Swap Advance, the amount of that Facility B Swap Advance, when aggregated with all Facility B Swap Advances, all Facility B Interest
Advances and any Facility B Intercompany Interest Advance advanced or to be advanced on or prior to that Drawdown Date, shall not exceed the Facility B Interest Facility Limit. 

 

	3.3	 	Conditions Precedent to a First Advance 

 The obligation of each Bank to contribute to a First Advance shall be subject to the further conditions that: 
  

	3.3.1	 	     

  

	 	(a)	in respect of the Facility A First Advance: (i) the Agents, or their duly authorised representative, shall have received, no later than four (4) Banking Days
or such shorter period as the Agents may agree before the date on which the Drawdown Notice for the Facility A First Advance is given, the documents and evidence specified in schedule 3 part 2 of this Agreement or schedule 3 part 2 of the Project
Loan Agreement (other than those relating exclusively to the Rig B Owner and/or Rig B) in form and substance satisfactory to the Agents (and, in the case of the documents and evidence specified in paragraph 3 of schedule 3 part 2 of this Agreement
and/or paragraph 3 and 15(f) of schedule 3 part 2 of the Project Loan Agreement, in form and substance satisfactory to the Banks) and (ii) the Bank Agent shall have notified the Banks of the receipt of such documents and evidence which the Bank
Agent agrees to do promptly after receipt thereof, provided that if (A) the Drawdown Date of the Facility A First Advance will be on or prior to the date falling ten (10) Banking Days after the date of this Agreement, and (B) the Bank
Agent (acting on the instructions of the Majority Banks, each Bank acting reasonably) believes that during the period commencing on the date of this Agreement and ending on that Drawdown Date there has been no change in circumstances or law which
may adversely affect any right, title or interest of any Bank Beneficiary, any of the documents or evidence which has been provided pursuant to and in accordance with clause 3.1 shall not be required to be provided again under this clause 3.3.1;

  

	 	(b)	in respect of the Facility B First Advance: (i) the Agents, or their duly authorised representative, shall have received, no later than four (4) Banking Days
or such shorter period as the Agents may agree before the date on which the Drawdown Notice for the Facility B First Advance is given, the documents and evidence specified in schedule 3 part 2 of this Agreement or schedule 3 part 2 of the Project
Loan Agreement (other than those relating exclusively to the Rig A Owner and/or Rig A) in form and substance satisfactory to the Agents (and, in the case of the documents and evidence specified in paragraph 3 of schedule 3 part 2 of this Agreement
and/or paragraph 3 and 15(f) of schedule 3 part 2 of the Project Loan Agreement, in form and substance satisfactory to the Banks) and (ii) the Bank Agent shall have notified the Banks of the receipt of such documents and evidence which the Bank
Agent agrees to do promptly after receipt thereof, provided that if (A) the Drawdown Date of the Facility B First Advance will be on or prior to the date falling ten (10) Banking Days after the date of this Agreement, and (B) the
Facility Agent (acting on the instructions of the Majority Banks, each Bank acting reasonably) believes that during the period commencing on the date of this Agreement and ending on that Drawdown Date there has been no change in circumstances or law
which may adversely affect any right, title or interest of any Bank Beneficiary, any of the documents or evidence which has been provided pursuant to and in accordance with clause 3.1 shall not be required to be provided again under this clause
3.3.1; 

  
 25 

	3.3.2	 	The Parent Sponsor and the Sponsor and Constellation have each complied with their obligations referred to in clause 3.3.2 or, as the case may be, clause 3.9 of the
Project Loan Agreement. 

  

	3.4	 	Conditions precedent to a Subsequent Advance 

 The obligation of each Bank to contribute to a Subsequent Advance shall be subject to the further conditions that: 
  

	3.4.1	 	in respect of a Facility A Subsequent Advance: 

  

	 	(a)	the Agents, or their duly authorised representative, shall have received, no later than three (3) Banking Days or such shorter period as the Agents may agree
before the date on which the Drawdown Notice for that Facility A Subsequent Advance is given, the documents and evidence specified in part 3 of Schedule 3 of this Agreement or part 3 of schedule 3 of the Project Loan Agreement (other than those
relating exclusively to the Rig B Owner and/or Rig B) in form and substance satisfactory to the Agents (and, where paragraph 3 of part 3 of Schedule 3 of this Agreement and/or paragraph 4 of part 3 of schedule 3 of the Project Loan Agreement apply,
the documents specified therein in form and substance satisfactory to the Banks); 

  

	 	(b)	the Bank Agent shall have notified the Banks of the receipt of such documents and evidence, which the Bank Agent agrees to do promptly after receipt thereof; and

  

	 	(c)	in the case of the Facility A Intercompany Principal Advance, the Bank Agent is satisfied that the requirements of clause 3.4.1(c) of the Project Loan Agreement will be
complied with. 

  

	3.4.2	 	in respect of a Facility B Subsequent Advance: 

  

	 	(a)	the Agents, or their duly authorised representative, shall have received, no later than three (3) Banking Days or such shorter period as the Agents may agree
before the date on which the Drawdown Notice for that Facility B Subsequent Advance is given, the documents and evidence specified in part 3 of Schedule 3 of this Agreement or part 3 of schedule 3 of the Project Loan Agreement (other than those
relating exclusively to the Rig A Owner and/or Rig A) in form and substance satisfactory to the Agents (and, where paragraph 3 of part 3 of Schedule 3 of this Agreement and/or paragraph 4 of part 3 of schedule 3 of the Project Loan Agreement apply,
the documents specified therein in form and substance satisfactory to the Banks); 

  

	 	(b)	the Bank Agent shall have notified the Banks of the receipt of such documents and evidence, which the Bank Agent agrees to do promptly after receipt thereof; and

  

	 	(c)	in the case of the Facility B Intercompany Principal Advance, the Bank Agent is satisfied that the requirements of clause 3.4.2(c) of the Project Loan Agreement will be
complied with. 

  

	3.5	 	Conditions precedent to an Intercompany Interest Advance 

 The obligation of each Bank to contribute to an Intercompany Interest Advance shall be subject to the further conditions that: 

 

	3.5.1	 	in respect of the Facility A Intercompany Interest Advance: 

  

	 	(a)	the Agents, or their duly authorised representative, shall have received, no later than three (3) Banking Days or such shorter period as the Agents may agree
before the date on which the Drawdown Notice for the Facility A Intercompany Interest Advance is given, evidence satisfactory to the Bank Agent that the Rig A Intercompany Loan has become repayable and that accrued interest thereunder is at least
equal to the amount of the Facility A Intercompany Interest Advance; 

  
 26 

	 	(b)	the Bank Agent shall have notified the Banks of the receipt of such evidence, which the Bank Agent agrees to do promptly after receipt thereof;

  

	 	(c)	the Facility A First Advance shall have been made; and 

  

	 	(d)	the Borrower has satisfied all relevant conditions to the making of the Facility A Intercompany Principal Advance, and that the Facility A Intercompany Principal
Advance is made simultaneously with the Facility A Intercompany Interest Advance. 

  

	3.5.2	 	in respect of the Facility B Intercompany Interest Advance: 

  

	 	(a)	the Agents, or their duly authorised representative, shall have received, no later than three (3) Banking Days or such shorter period as the Agents may agree
before the date on which the Drawdown Notice for the Facility B Intercompany Interest Advance is given, evidence satisfactory to the Bank Agent that the Rig B Intercompany Loan has become repayable and that accrued interest thereunder is at least
equal to the amount of the Facility B Intercompany Interest Advance; 

  

	 	(b)	the Bank Agent shall have notified the Banks of the receipt of such evidence, which the Bank Agent agrees to do promptly after receipt thereof;

  

	 	(c)	the Facility B First Advance shall have been made; and 

  

	 	(d)	the Borrower has satisfied all relevant conditions to the making of the Facility B Intercompany Principal Advance, and that the Facility B Intercompany Principal
Advance is made simultaneously with the Facility B Intercompany Interest Advance. 

 Conditions Precedent to a Swap Advance

 The obligation of each Bank to contribute to a Swap Advance shall be subject to the further conditions that: 

 

	3.5.3	 	in respect of a Facility A Swap Advance, the Bank Agent is satisfied that the requirements of clause 3.6.1 of the Project Loan Agreement will be complied with;

  

	3.5.4	 	in respect of a Facility B Swap Advance, the Bank Agent is satisfied that the requirements of clause 3.6.2 of the Project Loan Agreement will be complied with.

  

	3.6	 	Waiver of conditions precedent 

 The conditions specified in this clause 3 are inserted solely for the benefit of the Banks and may be waived on their behalf in whole or in part and with or without conditions by the Bank Agent, acting on
the instructions of the Majority Banks; and 
  

	3.6.1	 	(in the case of a First Advance) without prejudicing the right of the Bank Agent acting on such instructions to require fulfilment of such conditions in whole or in
part in respect of a Subsequent Advance, Intercompany Interest Advance or a Swap Advance; and 

  

	3.6.2	 	(in the case of a Subsequent Advance, Swap Advance or an Intercompany Interest Advance) without prejudicing the rights of the Bank Agent acting on such instructions to
require fulfilment of such conditions in whole or in part in respect of any other Subsequent Advance, Swap Advance and/or, as the case may be, an Intercompany Interest Advance, 

apart from the conditions specified in paragraphs 3, 4 and 7 of part 1 of Schedule 3 of this Agreement and paragraphs 3, 4, 7 and 10 of
part 1 of Schedule 3 of the Project Loan Agreement, paragraphs 2, 3 and 5 of part 2 of Schedule 3 of this Agreement and paragraphs 2, 3, 7, 8 11, 12 and 15 of part 2 of schedule 3 of the Project Loan Agreement, and paragraphs 3, 4 and 6 of part 3 of
Schedule 3 of this Agreement and paragraphs 3, 4, 8 and 10 of part 3 of Schedule 3 of the Project Loan Agreement, which in each case may not be waived by the Bank Agent whether in whole or in part and with or without conditions unless all the Banks
so agree. 

  
 27 

	4	 	Advances 

  

	4.1	 	Drawdown Notices for Principal Advances 

 When the Borrower wishes to draw down a Principal Advance, an Intercompany Interest Advance or a Swap Advance and is entitled to do so under the terms of this Agreement, it shall serve a Drawdown Notice
on the Bank Agent not later than noon Central European time on the third Banking Day before the proposed Drawdown Date, or such lesser period as the Bank Agent (in consultation with the Majority Banks) may agree. The Drawdown Notice shall set out:

  

	4.1.1	 	the Facility of which that Principal Advance, Swap Advance or, as the case may be, Intercompany Interest Advance will form a part; 

 

	4.1.2	 	the Drawdown Date for that Principal Advance, Swap Advance or, as the case may be, Intercompany Interest Advance; and 

 

	4.1.3	 	the amount of such Principal Advance, Swap Advance or, as the case may be, Intercompany Interest Advance. 

A Drawdown Notice shall be effective on actual receipt by the Bank Agent and, once given, shall, subject as provided in clause 5.6
(Market disruption, non-availability) be irrevocable. 
  

	4.2	 	Interest Advances 

  

	4.2.1	 	On each Interest Payment Date and each Commitment Fee Date relating to a Facility which falls before the Initial Charter Hire Date of Rig A, in the case of the A
Facility, or Rig B, in the case of the B Facility, the Banks shall, subject to clause 3.2 and unless the Bank Agent has issued a notice pursuant to clause 11.3, be deemed to advance to the Borrower a principal amount equal to the amount of
(a) interest then due for payment on the relevant Loan by the Borrower pursuant to clause 5.1 less the amount of any Swap Rebate (if any) payable to the Project Borrower on the relevant Interest Payment Date and/or, as the case may be,
(b) Commitment Fee then due for payment on the undrawn Total Commitment of that Facility by the Borrower pursuant to clause 7.1. 

  

	4.2.2	 	Each amount deemed so advanced pursuant to clause 4.2.1 shall be treated as having been made and applied in or towards payment of the interest or, as the case may be,
Commitment Fee in respect of which it is advanced and shall for all purposes of this Agreement be treated as an Interest Advance made by the Banks and shall be capitalised so as to form part of the Facility A Loan, in respect of a Facility A
Interest Advance or, as the case may be, the Facility B Loan in respect of a Facility B Interest Advance and shall bear interest in accordance with the other provisions of this Agreement. For the avoidance of doubt, no Drawdown Notice need be given
by the Borrower in relation to an Interest Advance deemed to be made and applied pursuant to this clause 4.2. 

  

	4.2.3	 	The provisions of this clause 4.2 are without prejudice to the obligation of the Borrower to pay all amounts which are payable under this Agreement when due. If as a
consequence of any term of this Agreement an Interest Advance is not deemed to be advanced, or the amount of an Interest Advance deemed to be advanced is less than the full amount of interest on the relevant Loan then due for payment pursuant to
clause 5.1 or, as the case may be, the full amount of Commitment Fee on the undrawn Total Commitment of the relevant Facility then due for payment pursuant to clause 7.1, the Borrower shall be obliged to pay when due any such interest or, as the
case may be, Commitment Fee to the extent not satisfied by an Interest Advance. 

  

	4.2.4	 	The Bank Agent will notify the Borrower as soon as practicable, but in any case, provided that the Bank Agent has received notification from the Borrower of the amount
of any Swap Rebate payable to the Project Borrower on the Drawdown Date of the relevant Interest Advance: 

  

	 	(a)	no later than the Drawdown Date of that Interest Advance, if the aggregate of that Interest Advance and that Swap Rebate will not be sufficient to satisfy all interest
due on that Drawdown Date on the relevant Loan; and 

  
 28 

	 	(b)	no later than the date falling two (2) Banking Days prior to the relevant Drawdown Date, if the aggregate of any Interest Advance and any Swap Advance which would
otherwise have been made on that Drawdown Date would have resulted in the Interest Facility Limit of the relevant Facility being exceeded. 

  

	4.3	 	Notification to Banks 

Subject to the provisions of clause 3 (Conditions) the Bank Agent shall notify each Bank of its portion of the relevant Advance and any
Swap Rebate payable to the Project Borrower: 
  

	4.3.1	 	in respect of each Principal Advance, Swap Advance and Intercompany Interest Advance, promptly after receipt of a Drawdown Notice complying with the terms of this
Agreement (and in any case not later than 11 a.m. Central European time on the third Banking Day before the proposed Drawdown Date, other than in circumstances where the Bank Agent and the Majority Banks have agreed a lesser notice period under
clause 4.1, in which case notification shall be given as soon as practicable) and at the same time, provide a copy of the Project Expenditure Certificate (as defined in the Project Loan Agreement) which the Bank Agent has received on the date of
such Drawdown Notice; and 

  

	4.3.2	 	in respect of each Interest Advance deemed to be made pursuant to clause 4.2 and/or any Swap Rebate payable to the Project Borrower, on the third Banking Day before the
applicable Interest Payment Date or, as the case may be, Commitment Fee Date other than in circumstances where the Bank Agent and the Majority Banks have agreed a lesser notice period, in which case notification shall be given as soon as
practicable. 

  

	4.4	 	Availability 

 Subject to
the provisions of clause 3 (Conditions) and following receipt of notification in accordance with clause 4.3 above: 
  

	4.4.1	 	in respect of each Principal Advance, Swap Advance and each Intercompany Interest Advance, each of the Banks shall on the Drawdown Date for each such Advance make
available to the Bank Agent its portion of the relevant Advance in accordance with clause 8.2 (Payments by the Banks); and 

  

	4.4.2	 	in respect of each Interest Advance, each of the Banks shall on the applicable Interest Payment Date or, as the case may be, Commitment Fee Date, be deemed to make
available to the Bank Agent its portion of the relevant Interest Advance for application by the Bank Agent in accordance with clause 4.2 above. 

  

	4.5	 	Termination of Commitments 

 Any part of the Commitment relating to a Facility undrawn at the end of the Availability Period of that Facility shall thereupon be automatically reduced to zero. 

 

	4.6	 	Application of proceeds 

Without prejudice to the Borrower’s obligations under clause 10.2.3 (Use of proceeds), none of the Bank Beneficiaries shall have any
responsibility for the application by the Borrower of the proceeds of any Advance and, in the case of the Interest Advances deemed to be made pursuant to clause 4.2 above, these shall be treated as being applied by the Bank Agent in accordance with
clause 4.2.2. 
  

	4.7	 	For the avoidance of doubt, Facility A Commitments can only be applied towards Facility A Advances and Facility B Commitments can only be applied towards Facility B
Advances. 

  
 29 

	5	 	Interest and Interest Periods; alternative interest rates 

  

	5.1	 	Normal interest rate 

The Borrower shall pay interest on each Advance or, as the case may be, each Loan in respect of each Interest Period relating thereto on
the relevant Interest Payment Date at the rate per annum determined by the Bank Agent to be the aggregate of (a) the applicable Margin, (b) LIBOR for such Interest Period and (c) the applicable Mandatory Cost, if any. The net amount
of interest due in respect of a Loan on any Interest Payment Date falling before the Initial Charter Hire Date of Rig A, in the case of the Facility A Loan, or Rig B, in the case of the Facility B Loan shall, subject to the provisions of clause 4.2
(and after deducting therefrom the amount (if any) of any Swap Rebate payable on that Interest Payment Date under the Bareboat Charter relating to Rig A, in the case of the Facility A Loan, or Rig B, in the case of the Facility B Loan), be
capitalised and deemed to be paid by virtue of the Interest Advances deemed to be made in respect of that interest pursuant to clause 4.2. Thereafter, the Borrower shall pay interest on each Loan in respect of the Interest Period commencing on the
last Interest Payment Date falling prior to the Initial Charter Hire Date of Rig A, in the case of the Facility A Loan, or Rig B, in the case of the Facility B Loan and ending on the next following Quarter Date falling in a succeeding calendar month
to that Initial Charter Hire Date and such interest shall not be capitalised. 
  

	5.2	 	Determination of Interest Periods 

 Each Interest Period shall be of a duration of three (3) months (subject to clause 5.1 and the remaining provisions of this clause 5.2) or such other period as the Borrower shall agree with the Bank
Agent (acting on the instructions of the Majority Banks acting reasonably) from time to time, so that: 
  

	5.2.1	 	the initial Interest Period in respect of the First Advance relating to a Facility or, if an Interest Advance (in respect of Commitment Fee) relating to a Facility is
deemed to be made prior to that First Advance, in respect of that Interest Advance, shall commence on the Drawdown Date for that First Advance or, as the case may be, Interest Advance and shall end on the next following Quarter Date and each
subsequent Interest Period in respect of that First Advance or, as the case may be, Interest Advance shall commence on the expiry of the previous Interest Period and end on the next following Quarter Date; 

 

	5.2.2	 	the initial Interest Period for any Subsequent Advance, Swap Advance or Intercompany Interest Advance shall commence on the Drawdown Date for that Advance and shall end
on the last day of the then current Interest Period of the Loan of which that Advance forms a part and, on the last day of such Interest Period, that Advance shall be consolidated with that Loan and shall thereafter together constitute that Loan;

  

	5.2.3	 	the initial Interest Period in respect of any Subsequent Advance, Swap Advance or Intercompany Interest Advance made during the Interest Period relating to the Loan of
which that Advance forms a part in which the Initial Charter Hire Date of Rig A, in the case of the Facility A Loan, or Rig B, in the case of the Facility B Loan falls shall commence on the Drawdown Date for that Advance and shall end on the next
following Quarter Date which falls in a calendar month succeeding the calendar month in which that Initial Charter Hire Date falls and, on the last day of such Interest Period, the First Advance, each Subsequent Advance, each Swap Advance and (if
applicable) the Intercompany Interest Advance relating to that Facility made during any previous Interest Period and each of those Advances shall be consolidated and shall thereafter together constitute the relevant Loan; 

 

	5.2.4	 	the first Interest Period for any Interest Advance relating to a Loan or a Facility shall commence on the date on which it is deemed to be advanced and shall end on the
last day of the Interest Period then current or, as the case may be, which then commences relating to the Loan of which that Interest Advance forms a part of or, as the case may be, is constituted by that Interest Advance, and thereafter all
Interest Periods for any Interest Advance relating to that Facility and the Loan relating to that Facility shall be coterminous and any such Interest Advance and that Loan shall be treated as one Loan; 

  
 30 

	5.2.5	 	where the last day of an Interest Period would otherwise fall on a day which is not a Banking Day, the last day of such Interest Period shall fall instead on the next
following Banking Day or, as the case may be, the immediately preceding Banking Day in accordance with the provisions of clause 8.3; and 

  

	5.2.6	 	the final Interest Period applicable to a Loan shall not extend beyond the Final Maturity Date of the Facility to which that Loan relates. 

 

	5.3	 	Interest for late payment 

  

	5.3.1	 	If the Borrower fails to pay any sum (including, without limitation, any sum payable pursuant to this clause 5.3) on its due date for payment under this Agreement or
any of the Facility Documents to which the Borrower is party, the Borrower shall pay interest on such sum on demand from the due date up to the date of actual payment (as well after as before judgment) at a rate determined by the Bank Agent pursuant
to clause 5.3.2. The period beginning on such due date and ending on such date of payment shall be divided into successive periods of not more than three (3) months as selected by the Bank Agent (after consultation with the Banks so far as
reasonably practicable in the circumstances) each of which (other than the first, which shall commence on such due date) shall commence on the last day of the preceding period. 

 

	5.3.2	 	The rate of interest applicable to each such period shall be the aggregate (as determined by the Bank Agent) of (a) two per cent (2.00%) per annum
(b) the applicable Margin (c) LIBOR and (d) the applicable Mandatory Cost, if any, unless such unpaid sum is an amount of principal which shall have become due and payable by reason of a declaration by the Bank Agent under clause 11.3
(Acceleration) or a prepayment obligation pursuant to clauses 6.2 (Voluntary Prepayment), 6.3 (Additional Voluntary Prepayment), 6.4 (Mandatory Prepayment) or 13.1 (Unlawfulness), prior to the next succeeding Interest Payment Date relating thereto,
in which case the first such period selected by the Bank Agent shall end on such Interest Payment Date and interest shall be payable on such unpaid sum during such period at a rate of two per cent (2.00%) above the rate applicable thereto
immediately before it shall have become so due and payable. 

  

	5.3.3	 	Interest under this clause 5.3 shall be due and payable on the last day of each period determined by the Bank Agent pursuant to this clause 5.3 or, if earlier, on the
date on which the sum in respect of which such interest is accruing shall actually be paid. If, for the reasons specified in clause 5.6.1(a) or 5.6.1(b), the Bank Agent is unable to determine a rate of LIBOR in accordance with the definition thereof
in clause 1.2 and the foregoing provisions of this clause 5.3, each Bank shall promptly notify the Bank Agent of the cost of funds to such Bank (determined in accordance with the following provisions of this clause but excluding the Margin) and
interest on any sum not paid on its due date for payment shall be calculated for each Bank at a rate determined by the Bank Agent to be two per cent (2.00%) per annum above the aggregate of the applicable Margin and the cost to such Bank of
raising funds through its treasury operations at that time through any sources of funds available to such Bank at that time. 

  

	5.4	 	Notification of Interest Periods and interest rate 

 The Bank Agent shall notify the Borrower and the Banks promptly of the duration of each Interest Period or other period for the calculation of interest (or, as the case may be, default interest) and of
each rate of interest determined by it under this clause 5. 
  

	5.5	 	Reference Bank quotations 

If any Reference Bank is unable or otherwise fails to furnish a quotation for the purpose of calculating LIBOR (where such a quotation is
required having regard to paragraph (b) of the definition of “LIBOR” in clause 1.2) the interest rate for the relevant Interest Period shall be determined, subject to clause 5.6, on the basis of the quotations furnished by the
remaining Reference Banks in accordance with the procedure set out in paragraph (b) of the definition of “LIBOR” in clause 1.2. 

  
 31 

	5.6	 	Market disruption; non-availability 

  

	5.6.1	 	If and whenever, at any time prior to the commencement of any Interest Period: 

 

	 	(a)	(at a time when Reference Bank quotations are required having regard to the definition of “LIBOR” in clause 1.2) the Bank Agent shall have determined, after
consultation with the Reference Banks (which determination shall, in the absence of manifest error, be conclusive), that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period in accordance with any of the methods of
determining LIBOR set out in paragraphs (a) and (b) of the definition of “LIBOR”; or 

  

	 	(b)	none or only one of the Reference Banks supplies the Bank Agent with a quotation for the purpose of calculating LIBOR (where such a quotation is required having regard
to paragraph (b) of the definition of “LIBOR” in clause 1.2); or 

  

	 	(c)	the Bank Agent shall have received notification from Banks with Contributions relating to the relevant Loan aggregating not less than one half of that Loan (or, prior
to the Drawdown Date for the First Advance relating to the relevant Facility, Commitments relating to that Facility aggregating not less than one half of the Total Commitments relating to that Facility) that deposits in Dollars are not available to
such Banks in the London Interbank Market in the ordinary course of business in sufficient amounts to fund their Contributions to that Loan for such Interest Period, 

the Bank Agent shall forthwith give notice (a “Determination Notice”) to the Borrower and to each of the Banks. A
Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. If a Determination Notice is given in relation to a Facility at any time during the Availability Period of that Facility the undrawn amount of the
Total Commitment of that Facility shall not be borrowed until notice to the contrary is given to the Borrower by the Bank Agent but Interest Advances will continue to be deemed to be made in respect of that Facility pursuant (and subject) to clause
4.2. 
  

	5.6.2	 	During the period of ten (10) days after any Determination Notice has been given by the Bank Agent under clause 5.6.1, each Bank shall certify an alternative basis
(the “Substitute Basis”) for making available or, as the case may be, maintaining its Contribution to the relevant Facility. The Substitute Basis may (without limitation) include alternative interest periods or alternative rates of
interest but shall include a margin above the cost of funds to such Bank (as such cost of funds is determined in accordance with the provisions of clauses 5.3.2 and/or 5.3.3 above) equivalent to the Margin and Mandatory Cost (if any) applicable to
that Bank’s Contribution to that Facility and, with the agreement of the Borrower, the Substitute Basis may include an alternative currency or currencies. Each Substitute Basis so certified shall be binding upon the Borrower and shall take
effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank Agent notifies the Borrower that none of the circumstances specified in clause 5.6.1 continues to exist whereupon the normal interest
rate fixing provisions of this Agreement shall apply. 

  

	5.7	 	Break Costs 

  

	5.7.1	 	The Borrower shall, within three (3) Banking Days of demand by a Bank, pay to that Bank its Break Costs attributable to all or any part of an Advance or a Loan
being prepaid by the Borrower on a day other than the last day of an Interest Period for that Advance or Loan. 

  

	5.7.2	 	Each Bank shall, promptly after a demand by the Bank Agent, provide a certificate confirming, and providing reasonable details of, the amount of its Break Costs for any
Interest Period in which they accrue. 

  
 32 

	6	 	Reduction, prepayment 

  

	6.1	 	Reduction 

  

	6.1.1	 	The Total Commitment relating to a Facility shall be reduced on each Application Date relating to that Facility by the Required Amount relating to that Facility for
that Application Date. Any reduction of that Total Commitment shall reduce the Commitment relating to that Facility of each Bank in the proportion which that Bank’s Commitment relating to that Facility bears to the Total Commitment
relating to that Facility. 

  

	6.1.2	 	If on any Application Date relating to a Facility (after the reduction of the Total Commitment relating to that Facility in accordance with clause 6.1.1 above) there
remain any amounts available for application in accordance with clause 8.7.7 hereof, the Total Commitment relating to each Facility shall be further reduced by the balance of such moneys applied to the Facility A Loan, in the case of the Facility A,
or the Facility B Loan, in the case of Facility B, and the Commitment to that Facility of each Bank shall be further reduced in the proportion which that Bank’s Commitment to that Facility bears to the Total Commitment relating to that
Facility. 

  

	6.1.3	 	If after the reduction of the Total Commitment relating to a Facility on any Application Date, the Loan outstanding under that Facility would exceed the Total
Commitment relating to that Facility as so reduced, the Borrower shall on such Application Date pay to the Bank Agent (for the account of the Banks) such amount in repayment of that Loan as shall ensure that that Loan does not exceed the Total
Commitment relating to that Facility at such time. 

  

	6.1.4	 	The Total Commitment relating to a Facility shall be reduced to zero on the Final Maturity Date of that Facility and any amount of the Loan outstanding under that
Facility on the Final Maturity Date relating to that Facility shall be repaid in full, together with all accrued interest and any other amount relating thereto payable under this Agreement and the other Facility Documents. 

 

	6.2	 	Voluntary prepayment 

Provided that no Event of Default has occurred and is continuing, the Borrower may, upon ten (10) Banking Days written notice to the
Bank Agent, prepay each of the Loans after both the Availability Periods relating to the Facilities have ended in whole or in part (being $5,000,000 or any larger sum which is either an integral multiple of $5,000,000 or an amount complying with the
requirements of this clause) on any Interest Payment Date relating to that Loan, provided that the same proportion of the Loan outstanding in relation to each Facility is prepaid, without premium or penalty or Break Costs but without prejudice to
any of the Borrower’s obligations under clause 12 (Indemnities). Upon any such notice of prepayment being given, the Total Commitment relating to each Facility shall be reduced by an amount equal to the amount of the prepayment of the Loan
outstanding in relation to that Facility, provided however that if an Event of Default has occurred and is continuing, the Borrower shall only be entitled to prepay the Loans in full. 

 

	6.3	 	Additional voluntary prepayment 

 Provided that no Event of Default has occurred and is continuing, the Borrower may also, upon five (5) Banking Days written notice to the Bank Agent, prepay (in whole but not in part only), without
premium or penalty, but without prejudice to its obligations under clauses 5.6 (Market disruption), 8.5 (Grossing up for Taxes) and 13.2 (Increased Costs) or the obligations of the Banks under clause 13.4 (Mitigation): 

 

	6.3.1	 	the Contribution of any Bank to which the Borrower shall have become obliged to pay additional amounts under clause 8.5 or 13.2; 

 

	6.3.2	 	any Bank’s Contribution to which a Substitute Basis applies by virtue of clause 5.6.2; 

 

	6.3.3	 	the Contribution of any Bank which has notified the Bank Agent of its Additional Cost Rate (under paragraph 3 of Schedule 8); or 

  
 33 

	6.3.4	 	the Contribution of any Bank which withholds consent to any sale of issued share capital of a Core Company as contemplated in clause 14.2.19(c) of the Deed of Proceeds
and Priorities. 

 Upon any notice of such prepayment being given in relation to a Loan, the Commitment to the
Facility under which the relevant Loan is outstanding of the relevant Bank shall be reduced to zero and the Total Commitment relating to that Facility shall be reduced by an amount equal to the Commitment to that Facility of the relevant Bank
immediately prior to the delivery of that notice. 
  

	6.4	 	Mandatory prepayment 

 If
at any time: 
  

	6.4.1	 	     

  

	 	(a)	any Facility Document is not or ceases to be effective or any material provision thereof is not or ceases to be in full force and effect or any Facility Document or any
material provision thereof is alleged by any Security Party to be ineffective for any reason, the Borrower shall, on the date falling ten (10) Banking Days following receipt by the Borrower and the applicable Security Party of notification of
such ineffectiveness or alleged ineffectiveness from the Bank Trustee, prepay each of the Loans in full, whereupon the Total Commitments shall be reduced to zero, unless prior to that time (i) the ineffectiveness has been remedied or
(ii) the Bank Trustee acting with the consent of the Banks has been satisfied that such allegation is without foundation or is spurious; or 

  

	 	(b)	the Rig Loans become prepayable under clause 6.4.1 of the Project Loan Agreement, 

the Borrower shall prepay each of the Loans in full, whereupon the Total Commitments shall be reduced to zero; or 

 

	6.4.2	 	If: 

  

	 	(a)	it becomes unlawful for any Security Party to perform all or any of its material obligations under this Agreement or any of the Facility Documents, in each case to
which it is party for any reason; or 

  

	 	(b)	this Agreement or any Facility Document or any material provision thereof ceases to be lawful and enforceable for any reason; or 

 

	 	(c)	any of the Security Documents comprising a security interest ceases to constitute a valid first priority security interest over the asset or property to which it
relates; or 

  

	 	(d)	the Rig Loans become prepayable under clause 6.4.2 of the Project Loan Agreement, 

the Borrower shall, in the case of (a), (b) and (c) above, on the date falling fifteen (15) Banking Days following receipt
by the Borrower and the applicable Security Party of notice from the Bank Trustee of such unlawfulness or failure of security (or, if earlier, the Banking Day following receipt of such notice prior to the unlawfulness or failure of security taking
effect) or, in the case of (d) above, on the date the Rig Loans become prepayable, prepay each of the Loans in full, whereupon the Total Commitments shall be reduced to zero unless prior to that time (i) any such unlawfulness, illegality
and/or unenforceability has been remedied or (ii) the Borrower has provided or has procured the provision of replacement security satisfactory to the Bank Trustee acting with the consent of the Banks; or 

 

	6.4.3	 	on any Application Date any amounts remain available for application in accordance with clause 8.7.7 of this Agreement, such amounts shall be applied in pre-payment of
the Loans in accordance with clause 8.7.7 of this Agreement and this clause 6.4.3. 

  
 34 

	6.5	 	Prepayment on Total Loss or Damage 

  

	6.5.1	 	Upon the date on which each of the Rig Loans, the Rig A Loan or, as the case may be, the Rig B Loan becomes prepayable under clause 6.5.1 of the Project Loan Agreement,
the Borrower shall prepay each of the Loans, the Facility A Loan or, as the case may be, the Facility B Loan. 

  

	6.5.2	 	If, any amount of the Rig A Loan or the Rig B Loan become prepayable under clause 6.5.2 of the Project Loan Agreement, the Borrower shall prepay such amount of the
Facility A Loan or, as the case may be, the Facility B Loan on the date that prepayment of the Rig A Loan or, as the case may be, the Rig B Loan is due pursuant to the Project Loan Agreement. 

 

	6.6	 	Amounts payable on prepayment 

 Any prepayment of a Facility or any part of a Facility under this Agreement shall be made together with: (a) accrued interest to the date of prepayment (calculated, in the case of any prepayment of a
Bank’s Contribution to that Facility pursuant to clause 6.3 and in respect of the period during which the relevant Substitute Basis has applied by virtue of clause 5.6 (Market disruption), at a rate per annum equal to the rate certified by such
Bank to be an interest rate equivalent to the aggregate of (i) the applicable Margin (for the period up to the date of prepayment) and (ii) the cost to such Bank of funding its Contribution to that Loan for such period calculated on the
basis set out in clauses 5.3.2, 5.3.3 and 5.6 (where a Substitute Basis applies) and (iii) the Mandatory Cost, if any, applicable to that Bank’s Contribution to that Facility); (b) any additional amount payable under clause 8.5
(Grossing up for Taxes) or 13.2 (Increased Costs); and (c) all other sums payable by the Borrower to the relevant Bank under this Agreement and the other Facility Documents including, without limitation, any accrued commitment commission
payable under clause 7.1 (Fees) and any amounts payable under clause 12.1 (Indemnities). 
  

	6.7	 	Notice of prepayment 

Every notice of prepayment given by the Borrower shall be effective only on actual receipt by the Bank Agent, shall be irrevocable and
shall oblige the Borrower to make such prepayment on the date specified. No amount prepaid may be reborrowed. The Borrower may not prepay a Loan or any part thereof save as expressly provided in this Agreement or as contemplated in the Second Option
Agreement. 
  

	6.8	 	Replacement Schedule of Minimum Repayment Amounts 

  

	6.8.1	 	The Original Schedule of Minimum Repayment Amounts has been prepared on the basis that: 

 

	 	(a)	in respect of the A Facility, each of the assumptions set out in clause 6.8.1(a) of the Project Loan Agreement are and will be correct; and 

 

	 	(b)	in respect of the B Facility, each of the assumptions set out in clause 6.8.1(b) of the Project Loan Agreement are and will be correct. 

 

	6.8.2	 	If any or all of the assumptions made in clause 6.8.1 above in relation to a Facility proves to be incorrect the Bank Agent shall prepare a Replacement Schedule of
Minimum Repayment Amounts with respect to that Facility within ten (10) Banking Days following the Rig A Charter Date of Acceptance, in the case of the A Facility, or the Rig B Charter Date of Acceptance, in the case of the B Facility,
reflecting the Replacement Schedule of Minimum Repayment Amounts (as defined in the Project Loan Agreement) approved in respect of, in the case of the A Facility, the Rig A Facility or, in the case of the B Facility, the Rig B Facility and such
Replacement Schedule of Minimum Repayment Amounts shall (in the absence of manifest error) replace the Original Schedule of Minimum Repayment Amounts with respect to that Facility and shall be deemed to be ‘the Schedule of Minimum Repayment
Amounts’ with respect to that Facility for the purpose of this Agreement. Following receipt of the approval referred to in clause 6.8.2 of the Project Loan Agreement, the Bank Agent shall notify all other parties to this Agreement of such
recalculation and provide to them a copy of the Replacement Schedule of Minimum Repayment Amounts. 

  
 35 

	6.8.3	 	If at any time a prepayment of part of a Loan is made pursuant to this clause 6 (other than in accordance with clause 6.4.3 if, after the making of the relevant
pre-payment referred to in clause 6.4.3, the Final Payment relating to each of the Loans will be greater than zero) or clause 13.1 the Bank Agent shall, following such prepayment, re-calculate the Original Schedule of Minimum Repayment Amounts
relating to that Facility or, as the case may be, any Replacement Schedule of Minimum Repayment Amounts relating to that Facility and prepare a Replacement Schedule of Minimum Repayment Amounts relating to that Facility on the basis that in the case
of any prepayment of part only of a Loan other than in accordance with clause 6.3 or clause 13.1, the amount of such prepayment shall be applied in inverse order of maturity (being first applied against the Final Payment then applicable to that
Loan) or, in the case of any prepayment of part only of a Loan in accordance with clause 6.3 or clause 13.1, the amount of such prepayment shall be applied in or towards repayment of the relevant Loan and the levels of the Required Amounts relating
to the Facility under which that Loan is outstanding in the Schedule of Minimum Repayment Amounts relating to that Facility shall be reduced proportionately by the amount of such prepayment and, in each case the Bank Agent shall notify all of the
parties to this Agreement of such re-calculation and provide to them a copy of the Replacement Schedule of Minimum Repayment Amounts. 

  

	6.9	 	No reborrowing 

 No
amount of a Facility repaid or prepaid may be reborrowed. 
  

	7	 	Fees and expenses 

  

	7.1	 	Fees 

 The Borrower shall
pay to the Bank Agent in Dollars, in arrear on each Commitment Fee Date relating to a Facility, commitment commission for the account of each Bank computed from (and including) the date of this Agreement or, as the case may be, the immediately
preceding Commitment Fee Date relating to that Facility to (but excluding) the applicable Commitment Fee Date relating to that Facility in accordance with clause 8.9 at the rate of zero point six two five per cent (0.625%) per annum on the daily
undrawn amount of such Bank’s Commitment to that Facility, such commission to be payable whether or not any part of the Commitment to that Facility is ever advanced. Commitment Fees in respect of a Facility shall, subject to the provisions of
clause 4.2, be capitalised and deemed to be paid by virtue of the Interest Advances deemed to be made in respect of those Commitment Fees pursuant to clause 4.2. 
  

	7.2	 	Expenses 

 The Borrower
shall pay to the Bank Agent on demand: 
  

	7.2.1	 	all expenses, (subject to any agreed cap thereon and including legal, printing and out-of-pocket expenses, travel expenses and the fees of any technical, valuation and
insurances advisers but excluding any amount in relation to management time) properly incurred (provided any expense exceeding US$5,000 shall be approved by the Borrower before being incurred, such approval not to be unreasonably withheld or
delayed) by any of the Bank Beneficiaries in connection with the review of the Project Documents and the insurances, the negotiation, preparation and execution and, where relevant, the registration of this Agreement and the Facility Documents, the
drawdown of any Advance, the syndication of the Facilities, the preparation and distribution of the Information Memorandum and of any amendment, variation, or extension of or supplement to, or the granting of any waiver or consent under, this
Agreement or any Facility Document; and 

  

	7.2.2	 	 all expenses (including legal, printing and out-of-pocket expenses) incurred by any of the Bank Beneficiaries in contemplation of, or otherwise in
connection with, the enforcement or attempted enforcement of, or preservation or attempted preservation of any rights under, this Agreement and the Facility Documents and the exercise of the powers granted by, referred to in or otherwise
contemplated by, this Agreement and the Facility Documents, 

  
 36 

	 	
together with interest thereon at LIBOR from (and including) the date on which such expenses were incurred and, at the rate referred to in clause 5.3 (Interest for late payment), from (and
including) the date falling two (2) Banking Days after the date of demand up to (but excluding) the date of payment (as well after as before judgment) and the Bank Agent agrees to notify the Borrower of the amount of such expenses promptly
after such expenses are incurred and (in the case of expenses incurred by the Bank Beneficiaries) the Bank Agent is made aware thereof. 

  

	7.3	 	Stamp taxes 

 The
Borrower shall pay and, within three (3) Banking Days of demand, indemnify each Bank Beneficiary against any cost, loss or liability that Bank Beneficiary incurs in relation to all stamp duty, registration and other similar Taxes payable in
respect of the Transaction Documents. 
  

	7.4	 	Value added tax 

  

	7.4.1	 	All consideration or sums expressed to be payable under the Facility Documents by any party to a Bank Beneficiary shall be deemed to be exclusive of any VAT. Subject to
clause 7.4.2 below, if VAT is chargeable on any supply made by any Bank Beneficiary to any party in connection with the Facilities or either of them, that party shall pay to that Bank Beneficiary (in addition to and at the same time as paying the
consideration) an amount equal to the amount of the VAT. 

  

	7.4.2	 	If VAT is chargeable on any supply made by any Bank Beneficiary (the “Supplier”) to any other Bank Beneficiary (the “Recipient”) in
connection with the Facility Documents, and any party is required by the terms of the Facility Documents to pay an amount equal to the consideration for such supply to the Supplier, such party shall also pay to the Supplier (in addition to and at
the same time as paying such amount) an amount equal to the amount of such VAT. 

  

	7.4.3	 	Where a Bank Beneficiary requires any party to reimburse a Bank Beneficiary for any costs or expenses, that party shall also at the same time pay and indemnify the Bank
Beneficiary against all VAT incurred by the Bank Beneficiary in respect of those costs or expenses to the extent that the Bank Beneficiary reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in
respect of the VAT. 

  

	7.5	 	Indemnity in respect of stamp and other duties 

 The Borrower shall indemnify each of the Bank Beneficiaries against any liability arising by reason of any delay or omission by the Borrower to pay any such stamp, documentary, registration or other
duties or taxes. 
  

	8	 	Payments and Taxes; accounts and calculations 

  

	8.1	 	No set-off or counterclaim; distribution to the Banks 

 The Borrower acknowledges that in performing its obligations under this Agreement, the Banks will be incurring liabilities to third parties in relation to funding of amounts to the Borrower (such
liabilities matching the liability of the Borrower to the Banks) and that it is reasonable for the Banks to be entitled to receive payments from the Borrower gross (as provided herein) on the due date in order that the Banks are put in a position to
perform their matching obligations to the relevant third parties. Accordingly, all payments to be made by the Borrower under this Agreement and any of the Facility Documents shall be made in full, without any set-off or counterclaim whatsoever and,
subject as provided in clause 8.5 (Grossing up for Taxes), free and clear of any deductions or withholdings, in Dollars (except for costs, charges or expenses which shall be payable in the currency in which they are incurred) on the due date to the
account of the Bank Agent at such bank as the Bank Agent may from time to time specify for this purpose. Save where this Agreement and/or the Facility Documents provides for a payment to be made for the account of a particular Bank (including,
without limitation, clauses 5.6 (Market disruption; non-availability), 6.3 (Additional Voluntary Prepayment), 6.4 (Mandatory Prepayment), 7 (Fees and expenses), 8.5 (Grossing up for Taxes), 12.1 (Miscellaneous Indemnities), 12.2 (Currency
Indemnity), 13.1 (Unlawfulness) and 13.2 (Increased costs)) in which case the Bank Agent shall distribute the relevant payment to the Bank concerned, 

  
 37 

 
payments to be made by the Borrower under this Agreement and/or the Facility Documents shall be for the account of all the Banks and the Bank Agent shall forthwith distribute such payments in
like funds as are received by the Bank Agent to the Banks rateably in accordance with their Commitments or Contributions, as the case may be, subject always to clause 14.2 (Pro-rata payments). 

 

	8.2	 	Payments by the Banks 

All sums to be advanced by the Banks to the Borrower under this Agreement shall be remitted in Dollars on the relevant Drawdown Date to
the account of the Bank Agent at such account as the Bank Agent may from time to time notify the Banks and the Borrower directs the Bank Agent that all such sums shall be paid by the Bank Agent on such date in like funds as are received by the Bank
Agent to the Funding Account which the Borrower acknowledges and agrees shall constitute the borrowing thereof by the Borrower. 
  

	8.3	 	Non-Banking Days 

 When
any payment under this Agreement would otherwise be due on a day which is not a Banking Day, the due date for payment shall be postponed to the next following Banking Day, unless such Banking Day falls in the next calendar month in which case
payment shall be made on the immediately preceding Banking Day. 
  

	8.4	 	Bank Agent may assume receipt 

 Where any sum is to be paid under this Agreement or any of the other Facility Documents to the Bank Agent for the account of another person, the Bank Agent may assume that the payment will be made when
due and may (but shall not be obliged to) make such sum available to the person so entitled. If it proves to be the case that such payment was not made to the Bank Agent, then the person to whom such sum was so made available shall on request refund
such sum to the Bank Agent together with interest thereon sufficient to compensate the Bank Agent for the cost of making available such sum up to the date of such repayment and the person by whom such sum was payable shall indemnify the Bank Agent
for any and all loss or expense which the Bank Agent may sustain or incur as a consequence of such sum not having been paid on its due date. 
  

	8.5	 	Grossing-up for Taxes 

  

	8.5.1	 	If at any time the Borrower is required to make any deduction or withholding in respect of Taxes from any payment due under this Agreement and/or the Facility Documents
for the account of any Bank Beneficiary (or if the Bank Agent is required to make any such deduction or withholding from a payment to another Bank Beneficiary) the sum due from the Borrower in respect of such payment shall be increased to the extent
necessary to ensure that, after the making of such deduction or withholding, each Bank Beneficiary receives on the due date for such payment (and retains, free from any liability in respect of such deduction or withholding) a net sum equal to the
sum which it would have received had no such deduction or withholding been required to be made and the Borrower shall indemnify each Bank Beneficiary against any losses or costs incurred by any of them by reason of any failure of the Borrower to
make any such deduction or withholding or by reason of any increased payment not being made on the due date for such payment. The Borrower shall promptly deliver to the Bank Agent any receipts, certificates or other proof evidencing the amounts (if
any) paid or payable in respect of any such deduction or withholding. 

  

	8.5.2	 	The Borrower shall not be required to make any increased payment under this clause 8.5 if the requirement to make such payment arises solely as a consequence of:

  

	 	(a)	the breach by any Bank Beneficiary of its express obligations under this Agreement or any of the Facility Documents; or 

  
 38 

	 	(b)	any assignment or transfer by any Bank Beneficiary of its rights under this Agreement or any Facility Document, or a change in its Facility Office other than an
assignment, transfer or change: 

  

	 	(i)	permitted or required by this Agreement (subject always to clause 15.8 (Facility Offices)) or the relevant Facility Document; 

 

	 	(ii)	effected in order to reduce or mitigate any requirement to make any increased payment where such assignment, transfer or change is made with the agreement of the
Borrower (provided however that if the Borrower withholds its consent to such proposed assignment, transfer or change, the Borrower shall be obliged to make the applicable deduction or withholding or other increased payment or to prepay the Loans
advanced in accordance with clauses 6.2 and 6.3 above); or 

  

	 	(iii)	following any request by the Borrower, any member of the Group or the Parent Sponsor. 

 

	8.5.3	 	If any Bank Beneficiary determines in its absolute discretion acting in good faith that it has received, realised, utilised and retained a Tax benefit by reason of any
deduction or withholding in respect of which the Borrower has made an increased payment under this clause 8.5 that Bank Beneficiary shall, provided always that the applicable Bank Beneficiary has received all amounts which are then due and payable
by the Borrower and/or any other Security Party under any of the provisions of the Facility Documents, pay to the Borrower (to the extent that the applicable Bank Beneficiary can do so without prejudicing the amount of that benefit and the right of
that Bank Beneficiary to obtain any other benefit, relief or allowance which may be available to it) such amount, if any, as that Bank Beneficiary shall determine in its absolute discretion (acting in good faith) will leave that Bank Beneficiary in
no better and no worse position than that Bank Beneficiary would have been in if the deduction or withholding had not been required and that it retains no benefit as a result of the benefit of such deduction (such payment to be made on or prior to
the date falling three (3) Banking Days after the date of such determination), 

 PROVIDED THAT: 

 

	 	(a)	the applicable Bank Beneficiary shall have an absolute discretion as to the time at which and the order and manner in which it realises or utilises any Tax benefit;

  

	 	(b)	the applicable Bank Beneficiary shall provide reasonable details of the basis of such determination but shall not be obliged to disclose any information regarding its
business, Tax affairs or Tax computations which that Bank Beneficiary considers to be confidential; 

  

	 	(c)	if the applicable Bank Beneficiary has made a payment to the Borrower pursuant to this clause 8.5.3 on account of any Tax benefit and it subsequently transpires that
that Bank Beneficiary did not receive that Tax benefit, or received a lesser Tax benefit, the Borrower shall pay on demand to that Bank Beneficiary such sum as that Bank Beneficiary may determine as being necessary to restore the after-Tax position
of that Bank Beneficiary to that which it would have been had no adjustment under this proviso (c) been necessary; and 

  

	 	(d)	the applicable Bank Beneficiary shall not be obliged to make any payment under this clause 8.5.3 if, by doing so, it would contravene the terms of any applicable law or
any notice, direction or requirement of any governmental or regulatory authority (whether or not having the force of law). 

  

	8.6	 	Accounts 

 Each Bank
shall maintain, in accordance with its usual practices, an account or accounts evidencing the amounts from time to time lent by, owing to and paid to it under this Agreement. The Bank Agent shall maintain a control account showing the Facilities,
Loans and other sums 

  
 39 

 owing by the Borrower under this Agreement and all payments in respect thereof made by the
Borrower from time to time. The control account shall, in the absence of manifest error, be conclusive as to the amount from time to time owing by the Borrower under this Agreement. 

 

	8.7	 	Application of payments prior to the Termination Date 

 Prior to the occurrence of a Termination Date, (a) all amounts from time to time received by the Borrower during the Security Period funded by any Swap Rebate, shall be held in the Revenue Account
and shall be applied in or towards the obligations of the Borrower to pay interest on the Loans pursuant to clause 5.1 of this Agreement, and (b) on each Application Date relating to a Facility which falls during the Security Period prior to
the occurrence of a Termination Date relating to that Facility on which a payment is due to be made by the Borrower under this Agreement or any of the Facility Documents, the Bank Agent shall apply any monies standing to the credit of the Revenue
Account (after providing for any Losses ranking by law in priority to the Secured Obligations) in paying the following amounts in the following order: 
  

	8.7.1	 	first, in or towards payment, on a pro rata basis, of any unpaid costs and expenses of the Bank Agent and the Bank Trustee under this Agreement and/or any other
Facility Document; 

	8.7.2	 	second, in or towards payment to the Banks, on a pro rata basis, of any Commitment Fee payable under clause 7.1 of this Agreement in respect of the undrawn Total
Commitment of that Facility which shall have become due but remains unpaid; 

  

	8.7.3	 	third, in or towards payment, on a pari passu basis to the Banks, on a pro rata basis, of any accrued interest (including default interest) which shall have become due
under this Agreement and/or the Facility Documents in relation to that Facility but remains unpaid; 

  

	8.7.4	 	fourth, in or towards repayment to the Banks of any other sum which shall have become due to the Banks under this Agreement and/or the Facility Documents in relation to
that Facility but remains unpaid (other than the Required Amount relating to that Facility due on that Application Date but including any premiums payable in respect of the mortgagees’ interest insurance from time to time taken out in respect
of that Facility by or on behalf of the Banks, if such premiums have not been paid pursuant to clause 5.2.5 of the Deed of Proceeds and Priorities) and, if more than one such sum so remains unpaid, the application shall be made on a pro rata basis;

  

	8.7.5	 	fifth, in or towards repayment to the Banks of the Loan advanced under that Facility in an amount equal to the Required Amount relating to that Facility;

  

	8.7.6	 	sixth, in or towards application in accordance with clauses 8.7.2, 8.7.3, 8.7.4 and 8.7.5 (as if references therein to a Facility and Loan were references to the other
Facility and the other Loan); 

  

	8.7.7	 	seventh, in or towards prepayment, in inverse order of maturity (being first applied against the Final Payment then applicable to the relevant Loan) of each of the
Loans to the Banks as contemplated in clause 6.4.3 of this Agreement in equal amounts of the balance remaining after application under sub-clauses 8.7.1 to 8.7.6 above, and thereupon the Total Commitment relating to each Facility shall be further
reduced by the amount of any application to that Loan pursuant to this sub-clause 8.7.7 and each Bank’s Commitment to that Facility shall be further reduced by that Bank’s Share of the amount of such application. 

At any time prior to the occurrence of an Event of Default which is continuing the Bank Agent may, but only with the agreement of all the
Banks and the Borrower, vary the order of application set out in clauses 8.7.1 to 8.7.6. 
  

	8.8	 	Application of payments after the Termination Date 

 Upon and following the Termination Date relating to a Facility, the Bank Agent shall apply the proceeds of realisation of any Collateral and any other moneys received under or pursuant to this Agreement
and the Facility Documents in paying the following amounts in the following order: 
  

	8.8.1	 	first, in or towards reimbursing all and any Expenses properly suffered, incurred or paid by any Bank Beneficiary or any Insolvency Official and all and any
remuneration payable to any Insolvency Official; 

  
 40 

	8.8.2	 	second, in or towards payment and discharge, on a pari passu basis, of the Secured Obligations (for further application in accordance with clause 8.7); and

  

	8.8.3	 	third, an amount equal to the balance (if any) shall be paid to the Security Party entitled thereto. 

 

	8.9	 	Calculations 

 All
interest, commitment commission and other payments of an annual nature under this Agreement and the Facility Documents shall accrue from day to day and be calculated on the basis of actual days elapsed and a 360 day year. In calculating the actual
number of days elapsed in a period which is one of a series of consecutive periods with no interval between them or a period on the last day of which any payment falls to be made in respect of such period, the first day of such period shall be
excluded but the last day included. 
  

	8.10	 	Certificates conclusive 

Any certificate or determination of the Bank Agent or any Bank as to any rate of interest or any other amount payable under this
Agreement or any Facility Document shall, in the absence of manifest error, be conclusive and binding on the Borrower and (in the case of a certificate or determination by the Bank Agent) on the Banks. 

 

	9	 	Representations and warranties 

 The Borrower represents and warrants to each of the Bank Beneficiaries that: 
  

	9.1	 	Status 

  

	9.1.1	 	it is a limited liability partnership, duly formed and validly existing under the laws of The Netherlands; and 

 

	9.1.2	 	it has the power to own its assets and carry on its business as it is being conducted. 

 

	9.2	 	Binding obligations 

subject to the Legal Reservations: 
  

	9.2.1	 	the obligations expressed to be assumed by it in each Transaction Document to which it is or will be a party are legal, valid, binding and enforceable obligations; and

  

	9.2.2	 	(without limiting the generality of clause 9.2.1 above), each Security Document to which it is or will be a party creates or will create the security interests which
that Security Document purports to create and those security interests are or will be valid and effective. 

  

	9.3	 	Non-conflict with other obligations 

 the entry into and performance by it of, and the transactions contemplated by, the Transaction Documents to which it is a party and the granting of the security constituted or purported to be constituted
under the Security Documents to which it is a party do not and will not conflict with: 
  

	9.3.1	 	any law or regulation applicable to it (including, but not limited to, Environmental Laws); 

 

	9.3.2	 	its constitutional documents; or 

  

	9.3.3	 	any agreement or instrument binding upon its assets or constitute a default or termination event (however described) under any such agreement or instrument.

  
 41 

	9.4	 	Power and authority 

  

	9.4.1	 	it has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Transaction
Documents to which it is or will be a party and the transactions contemplated by those Transaction Documents; and 

  

	9.4.2	 	no limit on its powers will be exceeded as a result of the borrowing, grant of security or giving of guarantees or indemnities contemplated by the Transaction Documents
to which it is a party. 

  

	9.5	 	Validity and admissibility in evidence 

  

	9.5.1	 	all Authorisations required or desirable: 

  

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents to which it is a party; and

  

	 	(b)	to make the Transaction Documents to which it is a party admissible in evidence in its Relevant Jurisdictions, 

have been obtained or effected and are in full force and effect except any Authorisation referred to in clause 9.8 (No filing or stamp
taxes); and 
  

	9.5.2	 	every Authorisation, which is at the relevant time required by it in connection with the conduct of its business and the ownership, operation, use, exploitation or
occupation of its property and assets, has been obtained and is in full force and effect and there has been no default in the observance of the conditions and restrictions (if any) imposed in, or in connection with, any of the same which could
result in the revocation, suspension, variation, withdrawal or non-renewal of the same and, to the knowledge of its officers, no circumstances have arisen whereby any remedial action is reasonably likely to be required to be taken by, or at the
expense of, the Borrower under or pursuant to any law or regulation applicable to the business, property or assets of the Borrower. 

  

	9.6	 	Governing law and enforcement 

 subject to any applicable Legal Reservations, 
  

	9.6.1	 	the choice of governing law of the Facility Documents will be recognised and enforced in its Relevant Jurisdictions; and 

 

	9.6.2	 	any judgment obtained in relation to a Facility Document in the jurisdiction of the governing law of that Facility Document will be recognised and enforced in its
Relevant Jurisdictions. 

  

	9.7	 	Insolvency 

 no:

  

	9.7.1	 	corporate action, legal proceeding or other procedure or step described in clause 11.1.8 (Insolvency); or 

 

	9.7.2	 	legal process described in clause 11.1.7 (Legal process), 

 has been taken or, to its knowledge, threatened against it. 
  

	9.8	 	No filing or stamp taxes 

under the laws of its Relevant Jurisdiction it is not necessary that the Facility Documents or any of them be filed, recorded or enrolled
with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Facility Documents or the transactions contemplated by the Facility Documents except such
filings as may be referred to in the legal opinions referred to in paragraph 4 of part 1 of Schedule 3 which registrations and filings will be made promptly after the date of the relevant Facility Document. 

  
 42 

	9.9	 	Deduction of Tax 

 it is
not required to make any deduction for or on account of Tax from any payment it may make under any Facility Document. 
  

	9.10	 	No Default 

  

	9.10.1	 	no Event of Default and, on the date of this Agreement and the Closing Date, no Default is continuing or is reasonably likely to result from the making of any Advance
or the entry into, the performance of, or any transaction contemplated by, any Transaction Document; and 

  

	9.10.2	 	no other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any determination or any
combination of any of the foregoing, would constitute) a default or termination event (however described) under any other agreement or instrument which is binding on it or to which its assets are subject which constitutes a Material Adverse Effect.

  

	9.11	 	No misleading information 

save as disclosed in writing to the Agent prior to the date of this Agreement: 

 

	9.11.1	 	all material information provided to a Bank Beneficiary by or on behalf of the Borrower on or before the date of this Agreement and not superseded before that date is
accurate and not misleading in any material respect and all projections provided to any Bank Beneficiary by or on behalf of the Borrower on or before the date of this Agreement have been prepared in good faith on the basis of assumptions which were
reasonable at the time at which they were prepared and supplied; and 

  

	9.11.2	 	all other written information provided by or on behalf of the Borrower (including its advisers) to a Bank Beneficiary was true, complete and accurate in all material
respects as at the date it was provided and is not misleading in any respect. 

  

	9.12	 	Financial Statements 

the financial statements will be prepared in accordance with the Accounting Principles consistently applied. 

 

	9.13	 	No proceedings pending or threatened 

 no litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency which, if adversely determined, are reasonably likely to constitute a Material
Adverse Effect, have (to the best of its knowledge and belief (having made due and careful enquiry)) been started or threatened against it. 
  

	9.14	 	No breach of laws 

 to
the best of its knowledge and belief, it has not breached any law or regulation which breach constitutes or is reasonably likely to constitute a Material Adverse Effect. 

 

	9.15	 	Environmental laws 

  

	9.15.1	 	it is in compliance with all applicable Environmental Laws and to the best of its knowledge and belief (having made due and careful enquiry) no circumstances have
occurred which would prevent such compliance; and 

  

	9.15.2	 	no Environmental Claim has been commenced or (to the best of its knowledge and belief (having made due and careful enquiry)) is threatened against it.

  
 43 

	9.16	 	Taxation 

  

	9.16.1	 	it is not materially overdue in the filing of any Tax returns and it is not overdue in the payment of any amount in respect of Tax; 

 

	9.16.2	 	no claims or investigations are being, or are reasonably likely to be, made or conducted against it with respect of Taxes; and 

 

	9.16.3	 	it is resident for Tax purposes only in The Netherlands. 

  

	9.17	 	Security and Financial Indebtedness 

  

	9.17.1	 	no Security exists over all or any of its present or future assets other than as expressly permitted or required by the Facility Documents; and

  

	9.17.2	 	has no Indebtedness outstanding other than pursuant to the Transaction Documents. 

 

	9.18	 	Ranking 

 the Security
granted or purported to be granted under the Security Documents has or will have first ranking priority and it is not subject to any prior ranking or pari passu ranking Security. 

 

	9.19	 	Good title to assets 

 it
has a good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as presently conducted. 

 

	9.20	 	Legal and beneficial ownership 

 it is the sole legal and beneficial owner of the respective assets over which it purports to grant Security pursuant to the Security Documents. 

 

	9.21	 	Partnership Interests 

the partnership interests in the Borrower are fully paid and not subject to any option to purchase or similar rights. There are no
agreements in force which provide for the issue or allotment of, or grant any person the right to call for the issue or allotment of, any partnership or loan capital of the Borrower (including any option or right of pre-emption or conversion).

  

	9.22	 	No adverse consequences 

  

	9.22.1	 	it is not necessary under the laws of its Relevant Jurisdictions: 

  

	 	(a)	in order to enable any Bank Beneficiary to enforce its rights under any Facility Document; or 

 

	 	(b)	by reason of the execution of any Facility Document or the performance by it of its obligations under any Facility Document, 

that any Bank Beneficiary should be licensed, qualified or otherwise entitled to carry on business in any of its Relevant Jurisdictions;
and 
  

	9.22.2	 	no Bank Beneficiary is or will be deemed to be resident, domiciled or carrying on business in its Relevant Jurisdictions by reason only of the execution, performance
and/or enforcement of any Facility Document. 

  
 44 

	9.23	 	No immunity 

 neither it
nor any of its assets is entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding in any Relevant Jurisdiction (which shall include, without limitation, suit, attachment prior to judgment, execution or
other enforcement). 
  

	9.24	 	Earnings 

 there is no
agreement or arrangement whereby any amount payable to the Borrower under the Mimosa Shareholder Agreement may be shared with any other person otherwise than as expressly permitted by the terms of the Facility Documents. 

 

	9.25	 	No Encumbrances 

 none of
its business, undertaking, assets, property, rights and revenues is subject to any Encumbrance, other than Permitted Encumbrances. 
  

	9.26	 	Other business 

 it
(a) is not currently involved in any business whatsoever, other than as contemplated by the Transaction Documents and (b) has no Subsidiaries nor owns shares or any equity interest in any person save for Mimosa. 

 

	9.27	 	Ownership 

 Limited
Partner directly holds, and controls in excess of ninety nine point nine nine nine nine per cent. (99.9999%) of the partnership interests in the Borrower and Stichting holds and controls all of the balance of those partnership interests.

 Pensions 

neither it nor any of its Subsidiaries has nor at any time has had a place of business, or employed any person, in the United Kingdom.

  

	9.28	 	Times when representations made 

  

	9.28.1	 	all the representations and warranties in this clause 9 are made by the Borrower on the date of this Agreement; 

 

	9.28.2	 	all the representations and warranties in this clause 9 are deemed to be made by the Borrower on the Closing Date; and 

 

	9.28.3	 	the Repeating Representations are deemed to be made by the Borrower on the date of each Drawdown Notice and on the first day of each Interest Period (except that those
contained in clause 9.12 will cease to be so made once subsequent financial statements have been delivered under this Agreement). 

  

	10	 	Covenants and Undertakings 

 Information Undertakings 
 The undertakings in this clause 10 remain in
force from the date of this Agreement for so long as any amount is outstanding under the Facility Documents or any Commitment is in force. 
  

	10.1.1	 	Year-end 

 The Borrower shall
not change its Accounting Reference Date. 

  
 45 

	10.1.2	 	“Know your customer” checks 

  

	 	(a)	If: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;

  

	 	(ii)	any change in the status of the Borrower or any other Security Party or the composition of the partners or shareholders (as the case may be) of the Borrower or any
other Security Party after the date of this Agreement; or 

  

	 	(iii)	a proposed assignment or transfer by a Bank of any of its rights and/or obligations under this Agreement to a party that is not a Bank prior to such assignment or
transfer, 

 obliges the Bank Agent, the Bank Trustee or any Bank (or, in the case of paragraph (iii) above,
any prospective new Bank) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall promptly upon the request of the Bank
Agent, the Bank Trustee or any Bank supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Bank Agent or the Bank Trustee (for itself or on behalf of any Bank) or any Bank (for itself or, in the
case of the event described in paragraph (iii) above, on behalf of any prospective new Bank) in order for the Bank Agent, the Bank Trustee, such Bank or, in the case of the event described in paragraph (iii) above, any prospective new Bank
to carry out and be satisfied with the results of all necessary “know your customer” or other checks in relation to any relevant person pursuant to the transactions contemplated in the Facility Documents. 

 

	 	(b)	Each Bank shall promptly upon the request of the Bank Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the
Bank Agent (for itself) in order for the Bank Agent to carry out and be satisfied with the results of all necessary “know your customer” or other checks on that Bank or prospective new Bank pursuant to the transactions contemplated in the
Facility Documents. 

  

	10.2	 	Covenants 

 The Borrower
undertakes with each of the Bank Beneficiaries that, from the date of this Agreement and so long as any moneys are owing under this Agreement or any of the Facility Documents or any Commitment is in force, it will: 

 

	10.2.1	 	Notice of Default 

promptly upon becoming aware of the same inform the Bank Agent (a) of any occurrence which might adversely affect its ability to
perform its obligations under this Agreement and/or the Facility Documents to which it is party including, but not limited to any circumstances in which this Agreement or any of the Facility Documents to which the Borrower is party have become or
are alleged by any party thereto (other than the Bank Beneficiaries) to have become ineffective or in which it has become or is to become unlawful for the Borrower or any other Security Party to perform or to continue to perform its obligations
under this Agreement or the applicable Facility Document and (b) of any Default under this Agreement or any of the Facility Documents to which the Borrower is party and (c) from time to time, if so requested by the Bank Agent, confirm to
the Bank Agent in writing that, save as otherwise stated in such confirmation, so far as it is aware no Default under this Agreement or any of the Facility Documents to which the Borrower is party has occurred and is continuing; 

 

	10.2.2	 	Authorisations and licences 

 without prejudice to clause 3 (conditions) and clause 9 (representations and warranties) (i) obtain or cause to be obtained, maintain or cause to be maintained in full force and effect at the

  
 46 

 
time that the same are required and promptly renew or cause to be renewed and comply in all material respects with the conditions and restrictions (if any) imposed in, or in connection with,
every Authorisation including, without limitation, all Authorisations which are applicable to the Borrower and the transactions contemplated hereby; and (ii) if requested by the Bank Agent deliver to the Bank Agent a report in relation to the
status of the Authorisations and any qualifications, limitations or restrictions thereon, provided that the Borrower shall only be obliged to deliver one such report each year, unless a Default shall have occurred and be continuing, in which case
the Borrower shall deliver a further report if so requested by the Bank Agent; and (iii) do, or cause to be done, all other acts and things which may from time to time be necessary or desirable under applicable law for the continued due
performance, validity, legality, priority and enforceability of all its obligations under this Agreement and the Facility Documents to which the Borrower is party; 
  

	10.2.3	 	Use of proceeds 

 use the
Advances under this Agreement exclusively for the purpose specified in clause 1.1 (purpose) and not use the proceeds of any Advance for an illegal purpose or otherwise not in compliance with any applicable law; 

 

	10.2.4	 	Pari passu 

 ensure that
at all times any unsecured and unsubordinated claims of a Bank Beneficiary against it under the Facility Documents shall rank at least pari passu with all its other present and future unsecured and unsubordinated Indebtedness with the exception of
any obligations which are mandatorily preferred by law and not by contract; 
  

	10.2.5	 	Action of Borrower 

 at
any time after the occurrence of an Event of Default which is continuing or after the whole principal amount of a Loan has become due and payable pursuant to any provision of the Facility Documents, the Borrower shall from time to time take such
action, make such requests or demands and give such notices and certificates (including, without limitation, any lawful demand for payment under any of the Transaction Documents) as the Bank Agent or the Bank Trustee may reasonably request in order
to enforce or preserve any rights, remedies or claims (a) of any Bank Beneficiary under any Transaction Document to which the Borrower is a party or (b) which is the subject of any Security Document to which the Borrower is a party and
shall not, without the prior written consent of the Agents, take any steps to enforce or exercise, and shall take such reasonable steps as the Bank Agent or the Bank Trustee may direct to enforce or exercise, any rights, remedies, powers and
privileges under any of the Security Documents; 
  

	10.2.6	 	Compliance with laws and regulations 

 comply with the terms and conditions of all laws, regulations, agreements, licences and concessions to which it may be subject; 

 

	10.2.7	 	Accounts 

  

	 	(a)	open no bank accounts other than (i) the Funding Account, (ii) the Revenue Account and (iii) such other accounts as from time to time may be approved by
the Bank Agent; 

  

	 	(b)	maintain no bank accounts other than (i) the Funding Account, (ii) the Revenue Account and (iii) any other account(s) as may be approved by the Bank
Agent as contemplated in sub-paragraph (iii) of paragraph (a) of this clause 10.2.7; 

  

	 	(c)	maintain the Funding Account and the Revenue Account with the Account Bank; 

 

	 	(d)	use all reasonable endeavours to procure that Mimosa pays all amounts payable to the Borrower under the Mimosa Shareholder Agreement and the First Option Agreement into
the Revenue Account; and 

  
 47 

	 	(e)	require the Bank Trustee and the Bank Agent to apply all amounts payable to the Borrower under the Mimosa Shareholder Agreement and the First Option Agreement into the
Revenue Account, in payment of any Bank Borrower Shortfall Amount (as defined in the Co-ordination Deed) and/or in accordance with clause 8.7 or clause 8.8 hereof, as the case may be; 

 

	10.2.8	 	Disputes and litigation 

promptly upon becoming aware of the same, inform the Bank Agent of the commencement of any litigation, arbitration or administrative
proceedings against the Borrower, or if any such proceedings are threatened against the Borrower; 
  

	10.2.9	 	Taxes 

 promptly upon
becoming aware of the same, notify the Bank Agent of the imposition or the proposed levy of any Taxes (by withholding or otherwise) on any payment to be made by the Borrower under any Facility Document to which it is a party; 

 

	10.2.10	 	Money laundering 

 in
relation to the borrowing of the Advances, the performance and discharge of its obligations and liabilities under this Agreement or any of the Facility Documents to which it is a party and the transactions and other arrangements effected or
contemplated by this Agreement or any of the Facility Documents to which it is a party, act for its own account and the foregoing will not involve or lead to a contravention of any law, official requirement or other regulatory measure or procedure
which has been implemented to combat “money laundering” (as defined in Article 1 of the Directive (91/308/EEC) of the Council of the European Communities); 

 

	10.2.11	 	Ownership 

 procure that
Limited Partner continues to directly hold, and control, in excess of ninety nine point nine nine nine nine per cent. (99.9999%) of the partnership interests in the Borrower and Stichting continues to hold and control all of the balance of
those partnership interests; 
  

	10.2.12	 	Further assurance 

promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions)
as the Bank Trustee may reasonably specify (and in such form as the Bank Trustee may reasonably require in favour of the Bank Trustee or its nominee(s)): 
  

	 	(a)	to perfect the Security created or intended to be created under or evidenced by the Security Documents (which may include the execution of a mortgage, charge,
assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Security Documents) or for the exercise of any rights, powers and remedies of the Bank Trustee or the Bank Beneficiaries provided by or
pursuant to the Facility Documents or by law; 

  

	 	(b)	to confer on the Bank Trustee or confer on the Bank Beneficiaries Security over any property and assets of any Security Party located in any jurisdiction equivalent or
similar to the Security intended to be conferred by or pursuant to the Security Documents; and/or 

  

	 	(c)	to facilitate the realisation of the assets which are, or are intended to be, the subject of the Security Documents. 

The Borrower shall take all such action as is available to it (including making all filings and registrations) as may be necessary for
the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Bank Trustee or the Bank Beneficiaries by or pursuant to the Security Documents; and 

  
 48 

	10.2.13	 	Payments 

 Pay all
amounts received by it (other than Funding CV Shortfall Amounts (as defined in the Coordination Deed)) to the Bank Agent in accordance with clause 8.7, or as the case may be, clause 8.8 of this Agreement. 

 

	10.3	 	Further Covenants 

 The
Borrower shall not without the prior written consent of (i) in the case of clause 10.3.1 and clause 10.3.15, the Bank Agent acting with the consent of all of the Banks (acting reasonably) or (ii) in the case of clauses 10.3.2 to 10.3.14
(inclusive) the Bank Agent acting with the consent of the Majority Banks and after consultation with all the Banks (acting reasonably): 
  

	10.3.1	 	Cancellation and termination 

 determine, cancel, rescind or otherwise terminate any Transaction Document to which it is or becomes a party or consent to or accept any determination, cancellation, rescission or termination thereof,
other than (a) pursuant to the express terms thereof, or (b) at the request of the Bank Trustee acting on behalf of the Banks; 
  

	10.3.2	 	No prejudicial action 

do anything and shall not take any action against any person (including, without limitation, any Insolvency Official or similar officer
of, or any creditor of, the Borrower or any other person claiming through, under or in place of the Borrower) which has or is reasonably likely to have the effect of prejudicing any Encumbrance created by any Security Document in favour of any Bank
Beneficiary; 
  

	10.3.3	 	Other agreements 

 enter
into any contract or agreement with any person and will not otherwise create or incur any liability to any person other than as required in the fulfilment of the Borrower’s obligations to the Banks and as provided for in, or as permitted by,
the Transaction Documents and arrangements entered into as a result thereof and each other document required to be executed and delivered by it in accordance with the provisions hereof or thereof and such overhead expenses as may arise in the
ordinary course of carrying on its business in compliance with clause 10.2 above; 
  

	10.3.4	 	No disposal 

 other than
pursuant to, or as permitted by, the terms of the Transaction Documents it shall not sell, transfer, assign, pledge, charter, discount or otherwise dispose of or permit any third party right to arise over or in relation to any of its present and
future business, undertaking, assets, rights and revenues, including, but not limited to, its title, rights or interests in or to a Rig or any of its assets or property the subject or purported to be the subject of any Security Document and shall
not otherwise deal with, and shall not agree or attempt or purport to agree or create or permit to arise or subsist any of the same or cease to exercise direct control over the same, whether by one or a series of transactions, related or otherwise;

  

	10.3.5	 	Indebtedness 

 at any
time after the date of this Agreement, incur, assume or undertake any indebtedness, issue any guarantees or make, incur, assume or undertake any other financial commitment, obligation or liability whatsoever; 

 

	10.3.6	 	Partnership Interests 

issue or cancel any partnership interests or amend its constituent documents; 

  
 49 

	10.3.7	 	Merger or transfer 

enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction or transfer all or any of its business,
undertaking, assets, rights and/or revenues to any other person; 
  

	10.3.8	 	Encumbrances 

 create,
purport or attempt to create or permit to be created any Encumbrance (other than Permitted Encumbrances) over any of its business, undertaking, assets, rights and revenues; 

 

	10.3.9	 	No obligations or assets 

undertake, incur or assume any obligation or liability whatsoever other than its obligations and liabilities pursuant to this Agreement
and the other Transaction Documents to which it is party and not acquire any assets, rights or revenues other than its Assigned Property; 
  

	10.3.10	 	Other business 

undertake or become involved in any business whatsoever other than as contemplated by the Transaction Documents; 

 

	10.3.11	 	Subsidiaries 

 acquire or
establish any Subsidiaries (other than Mimosa) or hold any share or stock or interest in any corporate entity of any kind or in any partnership; 
  

	10.3.12	 	No Borrowings 

 incur,
assume or undertake any liability or obligations for or in respect of any Borrowed Money other than pursuant to the Facility Documents; 
  

	10.3.13	 	Sharing of Earnings 

save as required by the terms of the Facility Documents, enter into or purport or agree to enter into any agreement or arrangement
whereby any amount payable to the Borrower under the Mimosa Shareholder Agreement may be shared with or secured in favour of any other person; 
  

	10.3.14	 	No winding up 

 take any
corporate or other action or commence any legal proceedings for its winding-up, dissolution, administration or reorganisation or for the appointment of an Insolvency Official of it or any of its assets or revenues; and 

 

	10.3.15	 	Amendment 

 amend, vary,
modify, supplement, restate, novate or replace or agree or consent to any amendment, modification, supplement, variation, or any restatement, novation or replacement of, or grant any waiver or release under or in respect of any Transaction Document
to which the Borrower is or becomes a party. 
  

	11	 	Events of Default 

  

	11.1	 	Each of the events and circumstances set out below is an Event of Default (whether or not caused by any reason outside the control of the Borrower):

  

	11.1.1	 	Non-payment: the Borrower or any other Security Party fails to pay any sum due from it under this Agreement or any Facility Document in the currency, at the time and in
the manner stipulated herein or therein and such non payment is not remedied within five (5) Banking Days of the due date thereof; or 

  
 50 

	11.1.2	 	Breach of obligations under Mimosa Shareholder Agreement: the Borrower, Mimosa or Centaurus commits any breach of or omits to observe any of the covenants, obligations
or undertakings expressed to be assumed by it under the Mimosa Shareholder Agreement; or 

  

	11.1.3	 	Breach of obligations in relation to the Accounts: the Borrower or Mimosa commits any breach of or omits to observe any of the covenants, obligations and undertakings
expressed to be assumed by it under the Funding CV Account Pledge or, as the case may be, the Mimosa Account Pledge, or there occurs any breach of clause 10.2.7 of this Agreement or clause 10.2 of the Co-ordination Deed, or any moneys standing to
the credit of the Accounts are or become subject to any attachment or similar type of order unless the Bank Agent, acting with the consent of and after consultation with the Majority Banks, (i) is satisfied that such attachment or similar order
is frivolous or vexatious, and such attachment or similar order is lifted or released within ten (10) Banking Days, (ii) determines that such breach is not material, or (iii) determines that such breach is capable of remedy, and the
applicable breach is remedied to the satisfaction of the Bank Agent within ten (10) Banking Days of the occurrence thereof; or 

  

	11.1.4	 	Breach of other obligations: the Borrower or any other Security Party commits any breach of or omits to observe any of the covenants, obligations or undertakings
expressed to be assumed by it under this Agreement or the Facility Documents (other than those referred to in clauses 11.1.1, 11.1.2 and 11.1.3 above or clause 11.1.17 below) unless the Bank Agent, acting with the consent of and after consultation
with the Majority Banks, (i) determines that such breach is not material, or (ii) determines that such breach is capable of remedy and the applicable breach is remedied to the satisfaction of the Bank Agent by the expiry of any applicable
period (or, where no remedy period is prescribed by this Agreement or the relevant Facility Document) the date falling thirty (30) days after the date on which the Bank Agent notified the Borrower or the applicable Security Party of such
default; or 

  

	11.1.5	 	Misrepresentation: any representation or warranty on the part of the Borrower or any other Security Party made or deemed to be made or repeated in or pursuant to this
Agreement or any of the Facility Documents or in any notice, certificate or statement referred to in or delivered under this Agreement or any of the Facility Documents is or proves to have been incorrect or misleading in any material respect when
made or when deemed to be made or repeated; or 

  

	11.1.6	 	Legal process: 

  

	 	(a)	any judgment or order is made against the Borrower, Becrux, Centaurus, Limited Partner, Stichting or Mimosa and such judgment or order is not stayed or complied with by
the date falling seven (7) days thereafter; or 

  

	 	(b)	a creditor attaches, or takes possession of, or a distress, execution, sequestration or other process is levied or enforced upon or sued out against, any of the
undertakings, assets, rights or revenues of the Borrower, Becrux, Centaurus, Limited Partner, Stichting or Mimosa and in each case such attachment, possession, distress, execution, sequestration or other process constitutes a Material Adverse Effect
and is not discharged by the date falling seven (7) days thereafter; or 

  

	11.1.7	 	Insolvency: any Insolvency Event occurs in relation to any of the Borrower, Centaurus, Becrux, Limited Partner, Stichting and Mimosa; or 

 

	11.1.8	 	Qualification of financial statements: the auditors of the Borrower qualify their report on the audited financial statements of the Borrower in any way whatsoever
considered by the Bank Agent acting on behalf of and after consultation with the Majority Banks (acting reasonably) to be material and such qualification is not remedied within thirty (30) days from the date of such qualification; or

  

	11.1.9	 	Cessation of business: the Borrower or any other Security Party suspends or ceases or threatens to suspend or cease to carry on its business; or

  
 51 

	11.1.10	 	Seizure: all or a material part of the assets forming any part of the Collateral is seized, nationalised, expropriated, confiscated or compulsorily acquired by or under
the authority of any government; or 

  

	11.1.11	 	Change of Control: Constellation ceases to own (directly or indirectly) one hundred per cent. (100%) of the voting ordinary shares in the capital of Mimosa or any
breach of clause 10.2.11 occurs; or 

  

	11.1.12	 	Repudiation: any party thereto repudiates this Agreement or any of the Facility Documents or does or causes or permits to be done any act or thing evidencing an
intention by it to repudiate this Agreement or any of the Facility Documents; or 

  

	11.1.13	 	Encumbrances: any Encumbrance (other than a Permitted Encumbrance) in respect of any asset or property forming part of the Collateral becomes enforceable; or

  

	11.1.14	 	Material events: any other event occurs or circumstance (other than any event or circumstance expressly contemplated by clauses 11.1.1 to 11.1.13 above or 11.1.15 to
11.1.17 below) arises which, in the reasonable opinion of the Bank Agent acting with the consent of and after consultation with the Majority Banks, constitutes a Material Adverse Effect and, if remediable, such event or circumstance has not been
remedied to the satisfaction of the Bank Agent (acting with the consent of and after consultation with the Majority Banks) by the date falling thirty (30) days after the occurrence of such event or circumstance; or 

 

	11.1.15	 	Litigation: any litigation, arbitration or administrative proceeding is commenced or threatened against any Security Party (or their respective assets) which in the
reasonable opinion of the Bank Agent acting with the consent of and after consultation with the Majority Banks (following notification of such proceeding by the Borrower in accordance with clause 10.2.8 of this Agreement or by the applicable
Security Party in accordance with the equivalent provisions in the Facility Documents to which the affected Security Party is a party), (i) is likely to be adversely determined and (ii) if adversely determined is likely to constitute a
Material Adverse Effect; or 

  

	11.1.16	 	Project Loan: any Event of Default (as defined in the Project Loan Agreement) occurs; or 

 

	11.1.17	 	IFC Agreement: IFC notifies the Bank Agent (which notification shall include such information regarding the relevant failure as IFC believes to be reasonable) that the
Sponsor or Constellation has failed to perform or comply with any of its obligations and liabilities under the IFC Agreement, and such failure is not waived thirty (30) days after receipt of such notice by the Bank Agent acting with the consent
of and after consultation with the Majority Banks. 

  

	11.2	 	Borrower acknowledgement 

The Borrower acknowledges and agrees that the occurrence of an Event of Default shall be a breach of condition which the Banks are
entitled to treat as a repudiation by the Borrower of this Agreement and the Bank Agent (on behalf of the Banks) shall be entitled to give a notice to the Borrower in accordance with clause 11.3 below. 

 

	11.3	 	Acceleration 

 The Bank
Agent may, and if so requested by the Majority Banks shall, without prejudice to any other rights of the Bank Beneficiaries, at any time after the happening of an Event of Default which is continuing by notice to the Borrower: 

 

	11.3.1	 	declare that the obligation of each Bank to make its Commitments available shall be terminated, whereupon the Total Commitments shall be reduced to zero forthwith;
and/or 

  

	11.3.2	 	declare that the Loans and all interest and Commitment Fee accrued and all other sums payable under this Agreement and the Facility Documents have become immediately
due and payable or have become due and payable on demand, whereupon the same shall, immediately or in accordance with the terms of such notice, become so due and payable; and/or 

  
 52 

	11.3.3	 	declare that the Security Documents (or any of them) have become enforceable whereupon the same shall be enforceable; and/or 

 

	11.3.4	 	exercise or direct the Bank Trustee to exercise any or all of its rights, remedies, powers or discretions under the Facility Documents. 

On or at any time after the making of any such declaration, the Bank Agent shall be entitled, to the exclusion of the Borrower (and
without prejudice to clause 5.3 (interest for late payment)), to select the duration of Interest Periods. 
  

	11.4	 	Demand basis 

 If,
pursuant to clause 11.3, the Bank Agent declares the Loans to be due and payable on demand then the Bank Agent may (and, if so instructed by the Majority Banks, shall) at any time by written notice to the Borrower (a) call for repayment of the
Loans on such date as may be specified in such notice, whereupon the Loans shall become due and payable on the date so specified together with all interest and fees and Commitment Fee accrued and all other sums payable under this Agreement or
(b) withdraw such declaration with effect from the date specified in such notice. 
  

	12	 	Indemnities 

  

	12.1	 	Miscellaneous indemnities 

The Borrower shall on demand indemnify each Bank Beneficiary without prejudice to any of their other rights under this Agreement and the
Facility Documents, against any loss (including loss of Margin, but only loss of Margin in respect of the actual Contributions of each Bank to the Loans at the relevant time) or expense which such Bank Beneficiary shall certify (subject always to
clause 8.10 (Certificates conclusive)) as sustained or incurred by it as a consequence of: 
  

	12.1.1	 	any default in payment by any Security Party of any sum under this Agreement or any of the Facility Documents when due; 

 

	12.1.2	 	subject to any exclusion in the final paragraph of clause 12.3.1 below, the occurrence of any other Default; 

 

	12.1.3	 	the exercise by the Bank Trustee of any or all of its rights under or pursuant to the Facility Documents; 

 

	12.1.4	 	if applicable, any repayment or prepayment of all or part of a Loan being made otherwise than on an Interest Payment Date relating to the part of the Loan repaid or
prepaid; or 

  

	12.1.5	 	any Advance not being made for any reason (excluding any default by a Bank Beneficiary) after a Drawdown Notice has been given, 

including, in any such case, but not limited to, any loss or expense sustained or incurred by such Bank Beneficiary in maintaining or
funding all or any part of its Contributions or Commitments or in liquidating or re-employing deposits from third parties acquired or contracted for to fund all or any part of its Contributions or Commitments or any other amount owing to such Bank
Beneficiary. 
  

	12.2	 	Currency of account; currency indemnity 

 No payment by the Borrower under this Agreement or any of the Facility Documents which is made in a currency other than the currency in which such payment is required to be made pursuant to this Agreement
or the applicable Facility Document (“Contractual Currency”) shall discharge the obligation in respect of which it is made except to the extent of the net proceeds in the Contractual Currency received by the Bank Agent upon the sale
of the currency so received, after taking into account any premium and costs of exchange in connection with such sale. For the avoidance of doubt the Bank Agent and the Banks shall not be obliged to accept

  
 53 

 
any such payment in a currency other than the Contractual Currency nor shall the Bank Agent or the Banks be liable to the Borrower for any loss or alleged loss arising from fluctuations in
exchange rates between the date on which such payment is so received by the Bank Agent and the date on which the Bank Agent effects such sale, as to which the Bank Agent shall (as against the Borrower) have an absolute discretion. If any sum due
from the Borrower under this Agreement or any of the Facility Documents or any order or judgment given or made in relation hereto is required to be converted from the Contractual Currency or the currency in which the same is payable under such order
or judgment (the “first currency”) into another currency (the “second currency”) for the purpose of (a) making or filing a claim or proof against the Borrower, (b) obtaining an order or judgment in any
court or other tribunal or (c) enforcing any order or judgment given or made in relation to this Agreement or any of the Facility Documents, the Borrower shall indemnify and hold harmless each of the Bank Beneficiaries from and against any loss
suffered as a result of any difference between (i) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (ii) the rate or rates of exchange at which that Bank
Beneficiary may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. Any amount due from the
Borrower under the indemnity contained in this clause 12.2 shall be due as a separate debt and shall not be affected by judgment being obtained for any other sums due under or in respect of this Agreement or any of the Facility Documents and the
term “rate of exchange” includes any premium and costs of exchange payable in connection with the purchase of the first currency with the second currency. 

 

	12.3	 	General indemnity 

  

	12.3.1	 	The Borrower hereby agrees at all times to pay promptly or, as the case may be, indemnify and hold the Bank Beneficiaries, and the Related Companies of any Bank
Beneficiary and each of them and their respective officers, directors, secondees, agents and employees (together the “Indemnified Persons”) harmless on a full indemnity basis from and against each and every Loss suffered or incurred
by or imposed on any Indemnified Person: 

  

	 	(a)	arising directly or indirectly out of or in any way connected with the purchase, refurbishment, conversion, manufacture, construction, installation, transportation,
ownership, possession, performance, management, sale, import to or export from any jurisdiction, control, use or operation, registration, navigation, certification, classification, management, manning, provisioning, the provision of bunkers and
lubricating oils, testing, design, condition, acceptance, chartering, sub-leasing, insurance, maintenance, repair, service, modification, refurbishment, dry-docking, survey, overhaul, replacement, removal, repossession, return, redelivery, sale or
disposal of a Rig (or any part thereof), whether or not such Loss may be attributable to any defect in that Rig (or any part thereof) or to the design, construction or use thereof or from any maintenance, service, repair, overhaul or inspection and
regardless of when the same shall arise (whether prior to, during or after termination of this Agreement) and whether or not that Rig (or any part thereof) is in the possession or control of the Project Borrower, a Rig Owner, the Sponsor or the
Charterer or any other person; 

  

	 	(b)	as a consequence of any claim that any design, article or material in a Rig (or any part thereof) or relating thereto or the operation or use thereof constitutes an
infringement of patent, copyright, design or other proprietary right; 

  

	 	(c)	in preventing or attempting to prevent the arrest, confiscation, seizure, taking in execution, requisition, impounding, forfeiture or detention of a Rig (or any part
thereof), or in securing or attempting to secure the release of that Rig (or any part thereof); 

  

	 	(d)	as a consequence (direct or indirect) of the breach by any person (other than the Indemnified Persons) of any of their respective obligations under this Agreement or
any of the Facility Documents or of any of the warranties and representations on the part of any person (other than the Indemnified Persons) made in this Agreement or in any of the Facility Documents being untrue or inaccurate in any respect
whatsoever when made, 

  
 54 

 save where such Losses arise as a direct consequence of the wilful misconduct of a Bank
Beneficiary, a Bank Beneficiary acting with reckless disregard for the consequences or a breach by a Bank Beneficiary of its express obligations under this Agreement or any of the Facility Documents; and 

 

	12.3.2	 	any costs and expenses incurred by the Indemnified Persons in connection with the sale of the Rig (or any part thereof) (including, without limitation, broker’s
commissions, redelivery costs (if any), marketing expenses, legal costs, storage, insurance, registration fees and any other expenses of the Indemnified Persons incurred pending the sale or disposal of that Rig (or any part thereof) or otherwise in
connection with the sale or disposal of that Rig (or any part thereof)). 

  

	12.4	 	Environmental indemnity 

Without prejudice to the provisions of clause 12.3, the Borrower shall indemnify the Indemnified Persons and each of them on demand and
hold the Indemnified Persons and each of them harmless from and against all costs, expenses, payments, charges, losses, demands, liabilities, actions, proceedings (whether civil or criminal), penalties, fines, damages, judgments, orders, sanctions
or other outgoings of whatever nature which may be suffered, incurred or paid by, or made or asserted against the Indemnified Persons or any of them at any time, whether before or after the repayment in full of principal and interest under this
Agreement, relating to, or arising directly or indirectly in any manner or for any cause or reason whatsoever out of an Environmental Claim in respect of the Borrower or a Rig made or asserted against the Indemnified Persons or any of them if such
Environmental Claim would not have been, or been capable of being, made or asserted against the Indemnified Persons if they had not entered into this Agreement or any of the Facility Documents and/or exercised any of their rights, powers and
discretions thereby conferred and/or performed any of their obligations thereunder and/or been involved in any of the transactions contemplated by this Agreement and the Facility Documents. 

 

	12.5	 	Grossing-up of indemnity payments 

 If any of the Bank Beneficiaries or any other Indemnified Person makes a payment or suffers a Loss in respect of which it is entitled to be reimbursed or indemnified or otherwise held harmless pursuant to
this clause 12 or any other provision of this Agreement or any of the other Facility Documents and such payment or Loss is not or will not be wholly deductible for the purposes of the tax computations of that Bank Beneficiary or other Indemnified
Person, whilst the payment to be made by way of indemnity or reimbursement will or is likely to give rise to a Tax liability for that Bank Beneficiary or other Indemnified Person and/or where such payment is likely to give rise to a Tax liability in
any period of account of the Bank Beneficiary or other Indemnified Person which is earlier than the period of account in which the loss or payment is deductible then at the same time as the Borrower makes the payment by way of reimbursement or
indemnity, it shall pay such an additional amount as shall be certified by an officer of the applicable Bank Beneficiary or other Indemnified Person as will ensure that the applicable Bank Beneficiary or other Indemnified Person shall be in the same
after-Tax position as it would have been had the applicable reimbursement or indemnity payment not given rise to any liability for Tax or such payment had been deductible. The Borrower shall indemnify each Bank Beneficiary against any costs or
Losses incurred by any of them by reason of any failure of the Borrower to make any additional payment in respect of the applicable reimbursement or indemnity payment. 
  

	13	 	Unlawfulness and increased costs; mitigation 

  

	13.1	 	Unlawfulness 

 If it is
or becomes contrary to any law or regulation for any Bank to contribute to the Advances or to maintain its Commitments or fund its Contributions, such Bank shall promptly, through the Bank Agent, notify the Borrower whereupon (a) such
Bank’s Commitments shall be reduced to zero and (b) subject to clause 13.4, the Borrower shall be obliged to prepay the Contributions of such Bank upon receipt of that notice or on the latest date permitted by the law or regulation
pursuant to which the relevant unlawfulness arises. Any prepayment pursuant to this 

  
 55 

 
clause 13.1 shall be made together with all amounts referred to in clause 6.6 (Amounts payable on prepayment). Any Bank giving a notice pursuant to this clause 13.1 shall, as soon as reasonably
practicable after the date that notice is given, provide to the Borrower, through the Bank Agent, a copy of advice obtained by that Bank from qualified external legal counsel confirming the relevant unlawfulness and the Borrower shall, within five
(5) Banking Days of demand, pay to that Bank the cost incurred by that Bank in connection with obtaining that advice. 
  

	13.2	 	Increased costs 

 If the
result of any change in, or in the interpretation or application of, or the introduction of, any law or any regulation, request or requirement (whether or not having the force of law, but, if not having the force of law, with which the relevant Bank
or, as the case may be, its holding company habitually complies), including (without limitation) those relating to Taxation, capital adequacy, liquidity, reserve assets, cash ratio deposits and special deposits, is to: 

 

	13.2.1	 	subject the relevant Bank (for the purposes of this clause 13.2 each such Bank shall be an “Affected Bank”) to Taxes or change the basis of
Taxation of such Affected Bank with respect to any payment under this Agreement or any Facility Document (other than, for the purposes of this clause 13.2 and clause 13.3, Taxes or Taxation on the overall net income, profits or gains of any Affected
Bank imposed in the jurisdiction in which its principal or lending office under this Agreement is located); and/or 

  

	13.2.2	 	increase the cost to, or impose an additional cost on, any Affected Bank or its holding company in making or keeping available all or part of the Commitments of such
Affected Bank or maintaining or funding all or part of the Contributions of such Affected Bank; and/or 

  

	13.2.3	 	reduce the amount payable or the effective return of any Affected Bank under this Agreement; and/or 

 

	13.2.4	 	reduce the rate of return of any Affected Bank or its holding company on its overall capital by reason of a change in the manner in which it is required to allocate
capital resources to such Affected Bank’s obligations under this Agreement; and/or 

  

	13.2.5	 	require any Affected Bank or its holding company to make a payment or forgo a return calculated by reference to or on any amount received or receivable by such Affected
Bank under this Agreement or any Facility Document; and/or 

  

	13.2.6	 	cause any Affected Bank or its holding company to incur or sustain a loss (including a loss of future potential profits) by reason of being obliged to deduct all or
part of the Commitments or Contributions of such Affected Bank from its capital for regulatory purposes, 

 then
and in each such case (but subject to clauses 6.3 and 13.3): 
  

	 	(a)	such Affected Bank shall notify the Borrower through the Bank Agent in writing of such event promptly upon its becoming aware of the same; and 

 

	 	(b)	the Borrower shall on demand, made at any time whether or not the Contributions of such Affected Bank have been repaid, pay to the Bank Agent for the account of such
Affected Bank the amount which such Affected Bank specifies (in a certificate setting forth the basis of the computation of such amount but not including any matters which such Affected Bank or its holding company regard as confidential) is required
to compensate on an after-tax basis such Affected Bank and/or its holding company for such liability to Taxes, increased or additional cost, reduction, payment, forgone return or loss. 

For the purposes of this clause 13.2 and clause 13.4 “holding company” means, in relation to a Bank, the company
or entity (if any) within the consolidated supervision of which such Bank is included. 

  
 56 

	13.3	 	Exceptions 

 Nothing in
clause 13.2 shall entitle any Bank to receive any amount in respect of compensation for any such liability to Taxes, increased or additional cost, reduction, payment, forgone return or loss to the extent that the same: 

 

	13.3.1	 	is the subject of an additional payment under clause 8.5 (Grossing up for Taxes); or 

 

	13.3.2	 	is attributable to the implementation or application of or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised
Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (“Basel II”) or any other law or regulation which implements Basel II (whether such
implementation, application or compliance is by a government, regulator, Bank Beneficiary or any of its Affiliates); or 

  

	13.3.3	 	directly results from (i) a breach by the applicable Bank of its express obligations under this Agreement or any Facility Document, other than any breach which
arises as a consequence of any act or omission of any Security Party, or (ii) from a wilful breach by the applicable Bank of any applicable law or regulation; or 

 

	13.3.4	 	is compensated for by the payment of Mandatory Cost. 

  

	13.4	 	Mitigation 

 If
circumstances arise which would, or would upon the giving of notice, result in: 
  

	13.4.1	 	the Borrower being required to make an increased payment to any Bank pursuant to clause 8.5 (Grossing up for Taxes); 

 

	13.4.2	 	the reduction of any Bank’s Commitment to zero or the Borrower being required to prepay any Bank’s Contribution pursuant to clause 13.1 (Unlawfulness);

  

	13.4.3	 	the Borrower being required to make a payment to any Bank to compensate such Bank or its holding company for a liability to Taxes, increased or additional cost,
reduction, payment, forgone return or loss pursuant to paragraph (b) of clause 13.2; or 

  

	13.4.4	 	an increased Additional Cost Rate, 

 then, without in any way limiting, reducing or otherwise qualifying the obligations of the Borrower under clause 8 (Payments and Taxes) and this clause 13, such Bank shall, in consultation with the Bank
Agent and the Borrower, endeavour to take such reasonable steps as are open to it (or, in the case of clauses 13.2.2, and 13.2.4 to 13.2.6, its holding company) to mitigate or remove such circumstances (including the transfer of the rights and
obligations of such Bank under this Agreement and the Facility Documents to another lending office or to another bank or financial institution acceptable to the Borrower (acting reasonably)) unless the taking of such steps might (in the opinion of
such Bank or, as the case may be, its holding company) be prejudicial to such Bank or, as the case may be, its holding company or be in conflict with the general banking policies of the Bank or, as the case may be, its holding company or involve
such Bank or, as the case may be, its holding company in expense (unless such expense is fully indemnified to the satisfaction of such Bank or its holding company) or an increased administrative burden. 

 

	13.5	 	Decreased costs 

 If the
result of any of the matters referred to in the first paragraph of clause 13.2 (but excluding the matters referred to in clause 13.3.2), is to: 
  

	13.5.1	 	reduce the burden of Taxation on a Bank (for the purposes of this clause 13.5 each such Bank shall be an “Affected Bank”) with respect to any
payment under this Agreement or any Facility Document (other than, for the purposes of this clause 13.5, Taxes or Taxation on the overall net income, profits or gains of any Affected Bank imposed in the jurisdiction in which its principal or lending
office under this Agreement is located); and/or 

  
 57 

	13.5.2	 	reduce or remove the cost to any Affected Bank or its holding company in making or keeping available all or part of the Commitments of such Affected Bank or maintaining
or funding all or part of the Contributions of such Affected Bank; and/or 

  

	13.5.3	 	increase the amount payable to or the effective return of any Affected Bank under this Agreement; and/or 

 

	13.5.4	 	increase the rate of return of any Affected Bank or its holding company on its overall capital by reason of a change in the manner in which it is required to allocate
capital resources to such Affected Bank’s obligations under this Agreement; and/or 

  

	13.5.5	 	enable any Affected Bank or its holding company to reduce a payment or obtain a higher return calculated by reference to or on any amount received or receivable by such
Affected Bank under this Agreement or any Facility Document; and/or 

  

	13.5.6	 	cause any Affected Bank or its holding company to earn a profit (including future profits) by reason of not being obliged to deduct all or part of the Commitments or
Contributions of such Affected Bank from its capital for regulatory purposes, 

 then and in each such case:

  

	 	(a)	such Affected Bank shall notify the Borrower through the Facility Agent in writing of such event promptly upon its becoming aware of the same; 

 

	 	(b)	such Affected Bank shall pay to the Facility Agent for the account of the Borrower the amount which such Affected Bank specifies (in a certificate setting forth the
basis of the computation of such amount but not including any matters which such Affected Bank or its holding company regard as confidential) is required to pass on to the Borrower, on an after-tax basis, the amount of such reduced burden of Taxes,
reduced cost, increase, reduced payment, higher return or profit; and 

  

	 	(c)	the Facility Agent shall pay any amount received by the Facility Agent pursuant to clause 13.5.6(b) for the account of the Borrower to the Funding Account, for
application pursuant to clause 10.3.1(h) of the Co-ordination Deed. 

 For the purposes of this clause 13.5
“holding company” means, in relation to a Bank, the company or entity (if any) within the consolidated supervision of which such Bank is included. 
  

	13.6	 	Exceptions 

 Nothing in
clause 13.5 shall entitle the Borrower to receive any amount in respect of a benefit for any such reduced liability to Taxes, reduced or removed cost, increase, reduced payment, higher return or profit to the extent that the same: 

 

	13.6.1	 	is the subject of a payment to the Borrower under clause 8.5.3 (Grossing up for Taxes); or 

 

	13.6.2	 	is attributable to the implementation or application of or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised
Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (“Basel II”) or any other law or regulation which implements Basel II (whether such
implementation, application or compliance is by a government, regulator, Bank Beneficiary or any of its Affiliates); or 

  

	13.6.3	 	directly results from (i) a breach by the Borrower or any other Security Party of its express obligations under this Agreement or any Facility Document, other than
any breach which arises as a consequence of any act or omission of any Bank, or (ii) from a wilful breach of any applicable law or regulation by the Borrower or any other Security Party. 

  
 58 

	14	 	Set-off and pro rata payments 

  

	14.1	 	Set-off 

 If, as between
the Bank Beneficiaries or any of them on the one hand and the Borrower on the other, there are any moneys due and payable to the Borrower from the Bank Beneficiaries or any of them under this Agreement or any of the Facility Documents, the Borrower
authorises each Bank Beneficiary, at any time an Event of Default has occurred and is continuing, to apply any such amounts in or towards satisfaction of any sum then due and payable from the Borrower to such Bank Beneficiary under this Agreement.
For this purpose each Bank Beneficiary is authorised to purchase with the moneys standing to the credit of any account of the Borrower other than the Accounts with that Bank Beneficiary at any of its branches such other currencies as may be
necessary to effect such application. No Bank Beneficiary shall be obliged to exercise any right given to it by this clause 14.1. Each Bank Beneficiary shall notify the Bank Agent and the Borrower (giving full details) forthwith upon the exercise or
purported exercise of any right of relevant set-off and the Bank Agent shall inform the other Bank Beneficiaries. 
  

	14.2	 	Pro rata payments 

  

	14.2.1	 	If at any time any Bank (the “Recovering Bank”) receives or recovers any amount owing to it by the Borrower under this Agreement by direct
payment, set-off or in any manner other than by payment through the Bank Agent pursuant to clause 8.1 (No set-off or counterclaim) or clause 8.7 (Application of payments prior to the Termination Date) or clause 8.8 (Application of Payments after the
Termination Date) (not being a payment received from a Transferee of such Bank’s Contribution or any other payment of an amount due to the Recovering Bank for its sole account pursuant to clauses 5.6 (Market disruption), 6.3 (Additional
voluntary prepayment), 6.4 (Mandatory Prepayment), 6.5 (Prepayment on Total Loss), 8.5 (Grossing-up for Taxes), 12.1 (Miscellaneous indemnities), 12.2 (Currency indemnity), 13.1 (Unlawfulness) or 13.2 (Increased costs)), the Recovering Bank shall,
within two (2) Banking Days of such receipt or recovery (a “Relevant Receipt”) notify the Bank Agent of the amount of the Relevant Receipt. If the Relevant Receipt exceeds the amount which the Recovering Bank would have
received if the Relevant Receipt had been received by the Bank Agent and distributed pursuant to clause 8.1 (No set-off or counterclaim) or clause 8.7 (Application of Payments prior to the Termination Date) (as the case may be) then:

  

	 	(a)	within two Banking Days of demand by the Bank Agent, the Recovering Bank shall pay to the Bank Agent an amount equal (or equivalent) to the excess;

  

	 	(b)	the Bank Agent shall treat the excess amount so paid by the Recovering Bank as if it were a payment made by the Borrower and shall distribute the same to the Banks
(other than the Recovering Bank) in accordance with clause 8.7 (Application of payments prior to the Termination Date); and 

  

	 	(c)	as between the Borrower and the Recovering Bank the excess amount so re-distributed shall be treated as not having been paid but the obligations of the Borrower to the
other Banks shall, to the extent of the amount so re-distributed to them, be treated as discharged. 

  

	14.2.2	 	If any part of the Relevant Receipt subsequently has to be wholly or partly refunded by the Recovering Bank (whether to a liquidator or otherwise) each Bank to which
any part of such Relevant Receipt was so re-distributed shall on request from the Recovering Bank repay to the Recovering Bank such Bank’s pro rata share of the amount which has to be refunded by the Recovering Bank. 

 

	14.2.3	 	Each Bank shall on request supply to the Bank Agent such information as the Bank Agent may from time to time request for the purpose of this clause 14.2.

  

	14.2.4	 	 Notwithstanding the foregoing provisions of this clause 14.2 no Recovering Bank shall be obliged to share any Relevant Receipt which it receives or
recovers pursuant to legal 

  
 59 

	 	
proceedings taken by it to recover any sums owing to it under this Agreement with any other party which has a legal right to, but does not, either join in such proceedings or commence and
diligently pursue separate proceedings to enforce its rights in the same or another court (unless the proceedings instituted by the Recovering Bank are instituted by it without prior notice having been given to such party through the Bank Agent).

  

	14.3	 	No release 

 For the
avoidance of doubt it is hereby declared that failure by any Recovering Bank to comply with the provisions of clause 14.2 shall not release any other Recovering Bank from any of its obligations or liabilities under clause 14.2. 

 

	14.4	 	No charge 

 The
provisions of this clause 14 shall not, and shall not be construed so as to, constitute a charge by a Bank over all or any part of a sum received or recovered by it in the circumstances mentioned in clause 14.2. 

 

	15	 	Assignment, substitution and lending offices 

  

	15.1	 	Benefit and burden 

 This
Agreement shall be binding upon, and enure for the benefit of, the Bank Beneficiaries which are party to this Agreement, and their respective successors in title and Transferees and the Borrower and its successors in title and any assignee or
transferee of the Borrower permitted in accordance with clause 15.2. 
  

	15.2	 	No assignment by Borrower 

The Borrower may not assign any of its rights or otherwise transfer any of its rights or obligations under this Agreement or the Facility
Documents without the prior written consent of the Bank Agent, acting on the instructions of all the Banks. 
  

	15.3	 	Transfer 

 The parties
hereto agree that each Bank (an “Existing Bank”) may transfer all or any part (which, in the case of a transfer of part only, shall be in an amount of its Commitments and Contributions which is in aggregate not less than ten
million Dollars ($10,000,000) of its rights, benefits and obligations under this Agreement and the other Facility Documents to another person (a “Transferee”) provided that, in the case of (a) any transfer made when no Event of
Default has occurred and is continuing, the Borrower has given its consent thereto, such consent not to be unreasonably withheld or delayed and, in any case, shall be deemed to have been given if the Bank Agent has not received notice from the
Borrower that consent will not be given on or prior to the date falling seven (7) Banking Days after the date the Borrower received notice of the relevant proposed transfer; and (b) any partial transfer, the same proportion of the rights,
benefits and obligations in relation to each Facility shall be transferred. Any such transfer shall be effected upon not less than five (5) Banking Days’ prior notice by delivery to the Bank Agent of a duly completed Transfer Certificate
duly executed by the Existing Bank and the Transferee, together with the payment by the Existing Bank to the Bank Agent of a fee of two thousand Dollars ($2,000) in respect of the administrative costs incurred by the Bank Agent in connection with
such transfer. Any Transferee shall be a Professional Market Party. On the Effective Date (as specified and defined in a Transfer Certificate so executed and delivered), to the extent that the Commitments and Contributions of the Existing Bank are
expressed in a Transfer Certificate to be the subject of the transfer in favour of the Transferee effected pursuant to this clause 15.3, by virtue of the counter-signature of the Transfer Certificate by the Bank Agent (for itself and the other
parties to this Agreement): 
  

	15.3.1	 	the existing parties to this Agreement and the Existing Bank shall be released from their respective obligations towards one another under this Agreement
(“discharged obligations”) and their respective rights against one another under this Agreement (“discharged rights”) shall be cancelled; 

  
 60 

	15.3.2	 	the Transferee party to the relevant Transfer Certificate and the existing parties to this Agreement (other than such Existing Bank) shall assume obligations towards
each other which differ from the discharged obligations only insofar as they are owed to or assumed by such Transferee instead of to or by such Existing Bank; and 

 

	15.3.3	 	the Transferee party to the relevant Transfer Certificate and the existing parties to this Agreement (other than such Existing Bank) shall acquire rights against each
other which differ from the discharged rights only insofar as they are exercisable by or against such Transferee instead of by or against such Existing Bank. 

 The Bank Agent shall promptly notify the other Banks and the Borrower of the receipt by it of any Transfer Certificate and shall promptly deliver a copy of such Transfer Certificate to the Borrower.

  

	15.4	 	Reliance on Transfer Certificate 

 The Bank Agent and the Borrower shall be fully entitled to rely on any Transfer Certificate delivered to the Bank Agent in accordance with the foregoing provisions of this clause 15 which is complete and
regular on its face as regards its contents and purportedly signed on behalf of the relevant Existing Bank and the Transferee and neither the Bank Agent nor the Borrower shall have any liability or responsibility to any party as a consequence of
placing reliance on and acting in accordance with any such Transfer Certificate if it proves to be the case that the same was not authentic or duly authorised. 
  

	15.5	 	Authorisation of Bank Agent 

 Each party to this Agreement irrevocably authorises the Bank Agent to counter-sign each Transfer Certificate on its behalf for the purposes of clause 15.3 without any further consent (save as may be
provided for in clause 15.3) of, or consultation with, the Borrower or such party. The Bank Agent shall notify the Borrower as soon as reasonably practicable after signing any Transfer Certificate on the Borrower’s behalf. 

 

	15.6	 	Documenting Transfers 

If any Bank novates all or any part of its rights, benefits, obligations and liabilities as provided in clause 15.3, the Borrower
undertakes, immediately upon being requested to do so by the Bank Agent and at the cost of the Existing Bank, to enter into, and use all reasonable endeavours to procure that the other Security Parties shall enter into, such documents, deeds,
agreements and instruments as the Bank Agent shall deem appropriate in connection with the transfer to the Transferee of all or the relevant part of that Existing Bank’s rights, benefits, obligations and liabilities under and pursuant to this
Agreement and the Facility Documents. 
  

	15.7	 	Construction of certain references 

 If any Bank novates all or any part of its rights, benefits and obligations as provided in clause 15.3 all relevant references in this Agreement to such Bank shall thereafter be construed as a reference
to such Bank and/or its Transferee to the extent of their respective interests. 
  

	15.8	 	Facility Offices 

 Each
Bank shall lend through its office at the address specified in schedule 1 or, as the case may be, in any relevant Transfer Certificate or through any other office of such Bank selected from time to time by such Bank as the office through which such
Bank wishes to lend for the purposes of this Agreement and, following any change of its Facility Office by a Bank, the Facility Office of that Bank shall mean the replacement office selected by that Bank in accordance with this clause 15.8 or
pursuant to clause 13.4 (Mitigation) or pursuant to a request from the Borrower. If the Facility Office through which a Bank is lending is changed pursuant to this clause 15.8, such Bank shall notify the Bank Agent promptly of such change.

  
 61 

 If: 
  

	 	(a)	any Bank assigns or transfers any of its rights, benefits or obligations hereunder otherwise than: 

 

	 	(i)	in order to reduce or mitigate any requirement to make any increased payment where such assignment or transfer is made with the agreement of the Borrower (provided
however that if the Borrower withholds its consent to any such proposed assignment or transfer, the Borrower shall be obliged to make the applicable deduction or withholding and other increased payment or to prepay the Facilities in accordance with
clauses 6.2 and 6.3); or 

  

	 	(ii)	upon the request of the Borrower; or 

  

	 	(b)	any Bank changes its Facility Office, in any such case otherwise than: 

  

	 	(i)	at the request of the Borrower; or 

  

	 	(ii)	in order to reduce or mitigate any requirement to make any increased payment where such change of Facility Office is made with the agreement of the Borrower (provided
however that if the Borrower withholds its consent to any such proposed change of Facility Office, the Borrower shall be obliged to make the applicable deduction or withholding and other increased payment or to prepay the Facilities in accordance
with clauses 6.2 and 6.3), 

 the Borrower shall not be obliged to make any indemnity payment or increased payment
pursuant to clause 8.5 of this Agreement or clause 13.2 to the relevant assignee or Transferee (or, in the case of a change by the Bank of its Facility Office, to such Bank) in excess of the indemnity payment or increased payment which the Borrower
would have been obliged to make in the absence of such assignment, transfer or change if such liability to make the applicable indemnity payment or increased payment arises as a result of either (a) the law in force in any applicable
jurisdiction at the time of the assignment, transfer or change, or (b) legislation in any applicable jurisdiction of which it is aware which is before the legislature at the time of such assignment, transfer or change and is subsequently
enacted by that legislature. 
  

	15.9	 	Disclosure of information 

  

	15.9.1	 	Any Bank may disclose any information about the Borrower, any member of the Group, the Facility Documents and the Project Transaction Documents as that Bank shall
consider appropriate to any of its Affiliates and any other person: 

  

	 	(a)	to (or through) whom that Bank assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under this Agreement;

  

	 	(b)	with (or through) whom that Bank enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to
be made by reference to, this Agreement or the Borrower; and 

  

	 	(c)	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

subject to such Bank obtaining an undertaking on terms acceptable to the Borrower to treat such information as confidential and provided
that, in respect of any such information relating to the Group which was disclosed to the Banks prior to the date of this Agreement but which was not included in the Information Memorandum, the relevant Bank first obtains the written consent of the
Borrower. 

  
 62 

	15.9.2	 	Any Bank Beneficiary may disclose to a rating agency or its professional advisers, or (with the prior written consent of the Borrower) any other person any information
about the Borrower, the Group, the Facility Documents and the Project Transaction Documents as that Bank or other Bank Beneficiary shall consider appropriate. 

 

	15.10	 	Calculation of Mandatory Cost 

 Each Bank shall supply the Bank Agent (with a copy to the Borrower) with any information required by the Bank Agent in order to calculate the Mandatory Cost in accordance with schedule 8. 

 

	16	 	Bank Agent, Bank Trustee and Reference Banks 

  

	16.1	 	Appointment of Bank Agent and Bank Trustee 

 Each of the Banks and (in the case of the appointment in paragraph (i)) the Bank Trustee or (in the case of the appointment in paragraph (ii)) the Bank Agent irrevocably appoints (i) the Bank Agent
as its agent for the purposes of the Facility Documents and (ii) the Bank Trustee as bank trustee for the purposes of this Agreement and the Security Documents and irrevocably authorises respectively: 

 

	16.1.1	 	the Bank Trustee to execute each of the Security Documents and all such further documents as may be approved by the Majority Banks for execution by the Bank Trustee;
and 

  

	16.1.2	 	each of the Bank Agent and the Bank Trustee (whether or not by or through employees or agents) to take such action on such Bank’s behalf and to exercise such
rights, remedies, powers, authorities and discretions as are specifically delegated to the Bank Agent or (as the case may be) the Bank Trustee by this Agreement or (as the case may be) the Facility Documents, together with such powers and
discretions as are reasonably incidental thereto (but subject to any restrictions or limitations specified in this Agreement). Neither the Bank Agent nor the Bank Trustee shall, however, have any duties, obligations or liabilities (whether fiduciary
or otherwise) to the Banks beyond those expressly stated in this Agreement and/or the Facility Documents. 

Notwithstanding that the Bank Agent and the Bank Trustee may from time to time be the same entity, the Bank Agent and Bank Trustee have
entered into this Agreement in their separate capacities as (i) in the case of the Bank Agent, agent for the Banks under and pursuant to the Facility Documents and (ii) in the case of the Bank Trustee, as bank trustee for the Bank Agent
and the Bank Beneficiaries to hold the security created or to be created by the Security Documents on the terms set out in the Security Documents and/or in this Agreement. However, where this Agreement provides for the Bank Agent to communicate with
or provide instructions to the Bank Trustee, while the Bank Agent and the Bank Trustee are the same entity, it will not be necessary for there to be any such formal communications or instructions notwithstanding that this Agreement provides in
certain cases for the same to be in writing. 
  

	16.2	 	Declaration of Trust 

The Bank Trustee hereby accepts its appointment under clause 16.1 as trustee of the Secured Property with effect from the date of this
Agreement and acknowledges and declares that it holds and shall hold the same on trust for the Bank Beneficiaries and to pay the same to the Bank Agent for application in accordance with clause 8.7 (Application of Payments prior to the Termination
Date), clause 8.8 (Application of Payments after the Termination Date). 
  

	16.3	 	Duration of Trust 

 The
trust constituted or evidenced by this Agreement shall remain in full force and effect until the earlier of: 
  

	16.3.1	 	the expiration of a period of eighty (80) years from the date of this Agreement; or 

  
 63 

	16.3.2	 	receipt by the Bank Trustee of confirmation in writing from the Bank Agent that all the Secured Obligations have been paid, repaid, performed, discharged and satisfied
in full, 

 and the parties to this Agreement declare that the perpetuity period applicable to this Agreement
shall, for the purpose of the Perpetuities and Accumulations Act 1964, be a period of eighty (80) years from the date of this Agreement. 
  

	16.4	 	Agent’s actions 

Any action taken by either Agent under or in relation to this Agreement or, as the case may be, the Facility Documents with requisite
authority, or on the basis of appropriate instructions, received from the Majority Banks (or as otherwise duly authorised) shall be binding on all the Banks. 
  

	16.5	 	Agent’s duties 

Each Agent shall: 
  

	16.5.1	 	promptly notify each Bank Beneficiary of the contents of each notice, certificate or other document received by that Agent from each Security Party, the Facility Agent,
the Security Trustee or any Lender under or pursuant to any provision of this Agreement or any Facility Document; 

  

	16.5.2	 	consult with the Banks as to whether and, if so, how a discretion vested in that Agent is, either in any particular instance or generally, to be exercised but so that
this shall not prevent the applicable Agent acting without seeking or obtaining instructions from all or any of the Banks (a) in relation to routine administrative matters and (b) in relation to matters where the interests of the Banks or
the value of the security constituted by the Security Documents or other exceptional circumstances where, in the opinion of the applicable Agent, time does not permit such consultation and urgent action is required, and from exercising its rights
and powers to preserve the security constituted by the Security Documents, so long as in each case the applicable Agent informs the Banks as soon as reasonably practicable thereafter of the circumstances and of the action taken; and

  

	16.5.3	 	(subject to clause 16.14 and the other provisions of this clause 16) take such action or, as the case may be, refrain from taking such action with respect to the
exercise of all or any of its rights, remedies, powers and discretions as agent or bank trustee and the grant of any consents and releases, as the Majority Banks may reasonably direct. 

 

	16.6	 	Agent’s rights 

Each Agent may: 
  

	16.6.1	 	in the exercise of any right, remedy, power or discretion in relation to any matter, or in any context, not expressly provided for by this Agreement, act or, as the
case may be, refrain from acting in accordance with the instructions of the Majority Banks, and shall be fully protected in so doing; 

  

	16.6.2	 	unless and until it shall have received directions from the Majority Banks, take such action, or refrain from taking such action in respect of a Default of which that
Agent has actual knowledge as it shall deem advisable in the best interests of the Banks (but shall not be obliged to do so); 

  

	16.6.3	 	refrain from acting in accordance with any instructions of the Majority Banks to institute any legal proceedings arising out of or in connection with this Agreement
and/or the Security Documents until it has been indemnified and/or secured to its satisfaction against any and all costs, expenses or liabilities (including legal fees) which it would or might incur as a result; 

 

	16.6.4	 	 deem and treat (i) each Bank as the person entitled to the benefit of the Contributions of such Bank for all purposes of this Agreement and the
Facility Documents unless and until a Transfer Certificate shall have been filed with the Bank Agent and shall have become effective and (ii)

  
 64 

	 	
the office set opposite the name of each Bank in schedule 1 or, as the case may be, in any relevant Transfer Certificate as such Bank’s lending office unless and until a written notice of
change of lending office shall have been received by the Bank Agent; and each Agent may act upon any such notice unless and until the same is superseded by a further such notice; 

 

	16.6.5	 	rely as to matters of fact which might reasonably be expected to be within the knowledge of a Security Party upon a certificate signed by any director of that Security
Party; and 

  

	16.6.6	 	refrain from doing anything which would, or might in its opinion, be contrary to any law or regulation of any jurisdiction and may do anything which is in its opinion
necessary or desirable to comply with any such law or regulation. 

  

	16.7	 	No liability of Agents 

Neither Agent nor any of their respective employees and agents shall: 

 

	16.7.1	 	be obliged to request any certificate or opinion under any provision of this Agreement and the Facility Documents or to make any enquiry as to the use of the proceeds
of a Facility unless so required in writing by the Majority Banks, in which case the applicable Agent shall promptly make the appropriate request of the Borrower; or 

 

	16.7.2	 	be obliged to make any enquiry as to any breach or default by the Borrower or any other Security Party in the performance or observance of any of the provisions of this
Agreement and the other Facility Documents or as to the existence of a Default unless the applicable Agent has actual knowledge thereof or has been notified in writing thereof by a Bank, in which case that Agent shall promptly notify the Banks of
the relevant event, Default or other event or circumstance; or 

  

	16.7.3	 	be obliged to enquire whether or not any representation or warranty made by the Borrower or any other Security Party pursuant to this Agreement or any of the Facility
Documents is true; or 

  

	16.7.4	 	be obliged to do anything (including, without limitation, disclosing any document or information) which would, or might in its opinion, be contrary to any law or
regulation or be a breach of any duty of confidentiality or otherwise be actionable or render it liable to any person; or 

  

	16.7.5	 	be obliged to account to any Bank for any sum or the profit element of any sum received by it for its own account; or 

 

	16.7.6	 	be obliged to institute any legal proceedings arising out of or in connection with, or otherwise take steps to enforce, this Agreement and/or the Facility Documents
other than on the instructions of the Majority Banks; or 

  

	16.7.7	 	be liable to any Bank for any action taken or omitted under or in connection with this Agreement and/or the Facility Documents or a Facility unless caused by its
negligence or wilful misconduct. 

 For the purposes of this clause 16 neither Agent shall be treated as having
actual knowledge of any matter of which any division (other than the agency or loan administration department of the person for the time being acting as that Agent) may become aware in the context of any activities from time to time undertaken by
that Agent for any Security Party or the Charterer or any other person which may be a trade competitor of any Security Party or the Charterer or may otherwise have commercial interests similar to those of any Security Party or the Charterer.

  

	16.8	 	Non-reliance on Agents 

Each Bank acknowledges, by virtue of its execution of this Agreement or, as the case may be, a Transfer Certificate, that it has not
relied, and will not rely, on any statement, opinion, forecast or other representation made by either Agent to induce it to enter into this Agreement and that it has made and will continue to make, without reliance on either Agent and based on such
documents as it considers appropriate, its own appraisal of the creditworthiness of the Borrower and the other Security Parties and the Charterer and its own independent investigation of the 

  
 65 

 
financial condition, prospects and affairs of the Borrower and the other Security Parties and the Charterer in connection with the making and continuation of the Facilities available under this
Agreement. Neither Agent shall have any duty or responsibility, either initially or on a continuing basis, to provide any Bank with any credit or other information with respect to the Borrower or other Security Parties or the Charterer whether
coming into its possession before the making of any Advance or at any time or times thereafter, other than as provided in clause 16.5.1 or which it is otherwise obliged to provide to the Banks in accordance with this Agreement. 

 

	16.9	 	No Responsibility on Agents for performance of Security Parties 

 Neither Agent shall have any responsibility or liability to any Bank Beneficiary: 
  

	16.9.1	 	on account of the failure of the Borrower and the other Security Parties to perform their respective obligations under this Agreement and the other Facility Documents
to which they are respectively party; or 

  

	16.9.2	 	for the creditworthiness, financial or other condition or affairs of the Borrower and the other Security Parties; or 

 

	16.9.3	 	for the completeness or accuracy of any certificates, statements, representations or warranties in this Agreement or any of the Facility Documents or the Information
Memorandum or any document delivered under this Agreement or any of the Facility Documents; or 

  

	16.9.4	 	for the execution, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence of this Agreement or any of the Facility Documents or of
any certificate, report or other document executed or delivered under this Agreement or any of the Facility Documents; or 

  

	16.9.5	 	to ascertain whether all deeds, documents, instruments and agreements which should have been deposited with or delivered to it under or pursuant to the Facility
Documents or any of them have been so deposited with or delivered to it; or 

  

	16.9.6	 	to investigate or make any enquiry into the title of the Borrower or any other Security Party to any of their respective property or assets; or

  

	16.9.7	 	for the failure to register or file any Facility Document with the Registrar of Companies or any other public office elsewhere; or 

 

	16.9.8	 	for the failure to register any of the Facility Documents in accordance with the provisions of the documents of title of the Borrower or any other Security Party to any
of their respective property or assets; or 

  

	16.9.9	 	for the failure to take or require the Borrower or any other Security Party to take any steps to render any of the Facility Documents effective as regards property or
assets outside England or Wales or to secure the creation of any ancillary charge under the laws of the jurisdiction concerned; or 

  

	16.9.10	 	otherwise in connection with the Facilities or its negotiation or for acting (or, as the case may be, refraining from acting) in accordance with the instructions of the
Majority Banks or, where required, all of the Banks, 

 other than (if applicable) as a consequence of the wilful
misconduct or negligence of the Agents. 
  

	16.10	 	Reliance on documents and professional advice 

 Each Agent shall be entitled to rely on any communication, instrument or document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper person and shall be
entitled to rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers reasonably selected or approved by it (including those in the applicable Agent’s employment). 

  
 66 

	16.11	 	Other dealings 

 Each
Agent may, without any liability to account to the Banks, accept deposits from, lend money to, and generally engage in any kind of banking or other business with, and provide advisory or other services to, any Security Party or any member of the
Group or the Charterer or any Subsidiary of any of the foregoing, any of the Banks or any Bank Beneficiary or any Subsidiary thereof as if it were not an Agent. 
  

	16.12	 	Rights of Agent as Bank; no partnership 

 With respect to its own Commitments and Contributions (if any) each Agent shall have the same rights and powers under this Agreement and the Facility Documents as any other Bank and may exercise the same
as though it were not performing the duties and functions delegated to it under this Agreement and/or the Facility Documents and the term “Banks” shall, unless the context clearly otherwise indicates, include each of the Bank Agent and the
Bank Trustee in their respective individual capacity in each case as a Bank. This Agreement shall not and shall not be construed so as to constitute a partnership between the parties or any of them. 

 

	16.13	 	Amendments; waivers 

  

	16.13.1	 	Subject to clause 16.13.2, the Bank Agent or, as the case may be, the Bank Trustee may, with the consent of the Majority Banks (or if and to the extent expressly
authorised by the other provisions of this Agreement or the Facility Documents) and, if so instructed by the Majority Banks, shall (i) agree amendments or modifications to this Agreement or the Facility Documents with the Security Parties
and/or (ii) vary or waive breaches of, or defaults under, or otherwise excuse performance of, any provision of this Agreement or the Facility Documents by the Security Parties. Any such action so authorised and effected by the either Agent
shall be documented in such manner as the applicable Agent shall (with the approval of the Majority Banks) determine, shall be promptly notified to the Banks by the applicable Agent and (without prejudice to the generality of clause 16.14
(Reimbursement and indemnity by the Banks)) shall be binding on all the Banks. 

  

	16.13.2	 	Except with the prior written consent of all the Banks, neither Agent shall have authority on behalf of the Banks to agree with the Borrower or any other Security Party
any amendment or modification to this Agreement or the Facility Documents or to grant waivers in respect of breaches or defaults or to vary or excuse performance of or under this Agreement or any of the Facility Documents by the Borrower or any
other Security Party, if the effect of such amendment, modification, waiver, variation or excuse would be to: 

  

	 	(a)	reduce the Margin or any other amount payable for the account of the Bank Beneficiaries; 

 

	 	(b)	postpone or extend the due date or reduce the amount of any payment of principal, interest, commitment commission or other amount payable by the Borrower under this
Agreement or any of the Facility Documents; 

  

	 	(c)	change the currency in which any amount is payable by the Borrower or any other Security Party under this Agreement or any of the Facility Documents;

  

	 	(d)	increase any Bank’s Commitment; 

  

	 	(e)	extend an Availability Period; 

  

	 	(f)	postpone or extend or otherwise change the Facility A Final Maturity Date or Facility B Final Maturity Date; 

 

	 	(g)	change the definition of “Majority Banks” in clause 1.2; 

  
 67 

	 	(h)	change any provision of this Agreement or any other Facility Document which expressly or impliedly requires the approval or consent of all the Banks such that the
relevant approval or consent may be given otherwise than with the sanction of all the Banks; 

  

	 	(i)	change the order of distribution under clause 8.7 (Application of payments prior to the Termination Date) or clause 8.8 (Application of payments after the Termination
Date); 

  

	 	(j)	change clause 14.2 (pro-rata payments); 

  

	 	(k)	change this clause 16.13; 

  

	 	(l)	release the Borrower or any of the other Security Parties from the security created by any of the Facility Documents, unless all the Secured Obligations have been paid,
repaid, performed, satisfied and discharged in full or such release is required in accordance with clause 16.22 of this Agreement; or 

  

	 	(m)	release any Security Party from any of its obligations under the Co-ordination Deed unless such release is specifically provided for therein or all of the Secured
Obligations have been paid, repaid, performed, satisfied and discharged in full and such release is required in accordance with clause 16.22 of this Agreement. 

 

	16.14	 	Reimbursement and indemnity by Banks 

 Each Bank shall reimburse each Agent (rateably in accordance with (a) at any time prior to the first Drawdown Date, such Bank’s Commitments and (b) at any time thereafter, such Bank’s
Share or Contributions), to the extent that that Agent is not reimbursed by the Security Parties, for the costs, charges and expenses incurred by that Agent in connection with the negotiation, preparation and execution of this Agreement and the
Facility Documents and/or in contemplation of, or otherwise in connection with, the enforcement or attempted enforcement of, or the preservation or attempted preservation of any rights under, or in carrying out its duties under, this Agreement
and/or any of the Facility Documents including (in each case) the fees and expenses of legal or other professional advisers. Each Bank shall on demand indemnify each Agent (rateably in accordance with its Share or Contributions) against all
liabilities, damages, costs and claims whatsoever incurred by each Agent in connection with this Agreement and the Facility Documents or the performance of their respective duties under this Agreement and the Facility Documents or any action taken
or omitted by either Agent under this Agreement and/or any of the Facility Documents, unless such liabilities, damages, costs or claims arise from the applicable Agent’s own negligence or wilful misconduct. 

 

	16.15	 	Retirement of Agents 

  

	16.15.1	 	The Bank Agent may and shall, upon the written request of the Majority Banks, retire from its appointment as Bank Agent under this Agreement having given not less than
thirty (30) days’ notice of its intention to do so to the Borrower and each of the Banks, provided that no such retirement shall take effect unless a successor bank agent for the Banks has been duly appointed by the Banks. Any successor
bank agent must be a Bank experienced in the oil and gas business and nominated by the Majority Banks after good faith consultation with the Borrower or, failing such a nomination, any reputable Bank or financial institution experienced in the oil
and gas business nominated by the retiring Bank Agent. Any costs and expenses reasonably incurred in connection with such retirement shall be for the account of the retiring Bank Agent, unless the retirement has been requested by the Majority Banks,
in which case such costs and expenses shall be for the account of the Majority Banks requesting the retirement of the Bank Agent. 

  

	16.15.2	 	The Bank Trustee may and shall, upon the written request of the Majority Banks, (at no cost to the Borrower) retire from its appointment as Bank Trustee under this
Agreement and the Facility Documents having given not less than thirty (30) days’ notice of its intention to do so to the Borrower, the other Security Parties and each of the Banks, provided however that no such retirement shall take
effect unless: 

  

	 	(a)	a Bank experienced in the oil and gas business and nominated by the Majority Banks or, in the absence of such a nomination, any reputable and experienced bank or
financial institution nominated by the retiring Bank Trustee has been appointed by the Banks as the successor bank trustee; and 

  
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	 	(b)	in compliance with its obligations under clause 16.15.5, the Bank Trustee shall have done all acts, taken all steps and executed all deeds, documents and other
instruments reasonably required by the successor bank trustee in order to ensure the transfer of the property, assets and rights vested in the Bank Trustee to the successor bank trustee (or its nominee). 

 

	16.15.3	 	Any corporation into which the Bank Agent or the Bank Trustee may be merged or converted or any corporation with which the Bank Agent or the Bank Trustee may be
consolidated or any corporation resulting from any merger, conversion, amalgamation, consolidation or other reorganisation to which the Bank Agent or the Bank Trustee shall be a party shall, to the extent permitted by applicable law, be the
successor Bank Agent or (as the case may be) the Bank Trustee under this Agreement and/or the Facility Documents without the execution or filing of any document or any further act on the part of any of the parties to this Agreement, save that notice
of any such merger, conversion, amalgamation, consolidation or other reorganisation shall forthwith be given to the Borrower and the Banks. 

  

	16.15.4	 	Upon any such successor Bank Agent or successor Bank Trustee being appointed in accordance with clauses 16.15.1 or 16.15.2 above, the retiring Bank Agent or, as the
case may be, the retiring Bank Trustee shall be discharged from any further obligation under this Agreement (but shall continue to have the benefit of this clause 16 in respect of any action it has taken or refrained from taking prior to such
discharge) and its successor and each of the other parties to this Agreement shall have the same rights and obligations among themselves as they would have had if such successor had been a party to this Agreement in place of the retiring Bank Agent
or, as the case may be, the retiring Bank Trustee. The retiring Bank Agent or, as the case may be, the retiring Bank Trustee shall provide its successor with copies of such of its records as its successor reasonably requires to carry out its
functions under this Agreement and the Facility Documents. 

  

	16.15.5	 	It is the intention that (except only as may be agreed in writing between any retiring Bank Trustee and its successor with the prior approval of the Majority Banks),
upon the appointment of any successor to the Bank Trustee, the property, assets and rights vested in the Bank Trustee pursuant to this Agreement and the Facility Documents should, with immediate effect, be vested in such successor under the
provisions of the Trustee Act 1925, either by operation of law or, failing that, by assignment or other form of transfer or conveyance. At any time and from time to time following the appointment of any such successor to the Bank Trustee, the
retiring Bank Trustee shall do and execute all acts, deeds and documents reasonably required by such successor in order to transfer to such successor Bank Trustee (or its nominee, as such successor may direct) any such property, assets and rights
which shall not have vested in such successor by operation of law. All such acts, deeds and documents shall be done or, as the case may be, executed at the cost of the retiring Bank Trustee. 

 

	16.16	 	Change of Reference Banks 

If any Reference Bank ceases to provide quotations to the Bank Agent for the purposes of determining LIBOR (where such quotations are
required having regard to the definition of “LIBOR” in clause 1.2), the Bank Agent may, acting on the instructions of the Majority Banks and with the consent of the Borrower (such consent not to be unreasonably withheld), terminate the
appointment of such Reference Bank and appoint another Bank to replace such Reference Bank. 
  

	16.17	 	Powers and duties of the Bank Trustee as trustee of the security 

 In its capacity as trustee in relation to the Facility Documents the Bank Trustee: 
  

	16.17.1	 	shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of this
Agreement or any of the Facility Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Bank Trustee by this Agreement and/or any Facility Document
but so that the Bank Trustee may only exercise such powers and discretions to the extent that it is authorised to do so by the provisions of this Agreement (including specifically, but without limitation, clause 16.5.2) and, in exercising such
powers and discretions, the Bank Trustee shall have regard to and comply with any applicable constraints and/or restrictions imposed by this Agreement (including specifically, but without limitation, by clause 16.5.2); 

  
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	16.17.2	 	shall (subject to clause 16.20 (Application of proceeds received by the Bank Trustee)) be entitled to invest moneys from time to time held by it as a consequence of any
enforcement of the security constituted by the Facility Documents which, in the reasonable opinion of the Bank Trustee, it would not be practicable to distribute immediately, by placing the same on deposit in the name or under the control of the
Bank Trustee as the Bank Trustee may think fit without being under any duty to diversify the same and the Bank Trustee shall not be responsible for any loss due to interest rate or exchange rate fluctuations; 

 

	16.17.3	 	shall have full power to determine all questions and doubts arising in relation to the interpretation or application of any of the provisions of this Agreement or any
of the Facility Documents as it affects the Bank Trustee and every such determination (whether made upon a question actually raised or implied in the acts or proceedings of the Bank Trustee) shall be conclusive and shall bind all the other parties
to this Agreement provided however that if it is aware of the relevant question or doubt, and it is reasonably practicable to do so, the Bank Trustee shall notify the Banks of the relevant question or doubt and, if required to do so by the Majority
Banks, the Bank Trustee shall consult a lawyer in relation to such question or doubt (and if the Bank Trustee does so consult a lawyer, the restriction or delegation of duties and functions referred to in clause 16.17.4 below shall not apply to the
consultation of the lawyer by the Bank Trustee); 

  

	16.17.4	 	may, in the conduct of its obligations under and in respect of this Agreement and the Facility Documents (otherwise than, subject to the express provisions of the
proviso to clause 16.17.3, in relation to its right to make any declaration, determination or decision), instead of acting personally, employ and pay any agent to act on its behalf (whether being a lawyer, chartered accountant or any other person)
to transact or concur in transacting any business and to do or concur in doing any acts required to be done by the Bank Trustee (including the receipt and payment of money) and on the basis that (i) any such agent engaged in any profession or
business shall be entitled to be paid by the Bank Trustee for all usual professional and other charges for business transacted and acts done by him or any partner or employee of his in connection with such employment and (ii) the Bank Trustee
shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of, any such agent if the Bank Trustee shall have exercised reasonable care in the selection of such agent (which, without limitation, shall
conclusively be deemed to be the case in respect of any agent approved in writing by the Majority Banks); and 

  

	16.17.5	 	may place all deeds, certificates and other documents relating to the property and assets subject to the Facility Documents which are from time to time deposited with
it pursuant to the Facility Documents in any safe deposit, safe or receptacle selected by the Bank Trustee acting reasonably or with any firm of solicitors and may make any such arrangements as it thinks fit acting reasonably for allowing the
Borrower access to, or its solicitors or auditors possession of, such documents when necessary or convenient and the Bank Trustee shall not be responsible for any loss incurred in connection with any such deposit, access or possession.

  

	16.18	 	All enforcement action through the Bank Trustee 

 None of the Banks shall have any independent power to enforce any of the Facility Documents or (other than in the case of IFC under the IFC Agreement) to exercise any rights, discretions or powers or to
grant any consents or releases under or pursuant to any of the Facility Documents or otherwise have direct recourse to the security and/or guarantees constituted by any of the Facility Documents except through the Bank Trustee. 

  
 70 

	16.19	 	Co-operation to achieve agreed priorities of application 

 The Banks shall co-operate with each other and with each Agent and any Insolvency Official under the Facility Documents in realising the property and assets subject to the Facility Documents and in
ensuring that the net proceeds realised under the Facility Documents after deduction of the expenses of realisation are applied in accordance with clause 8.7 (Application of payments prior to the Termination Date) or, as the case may be, clause 8.8
(Application of payments after the Termination Date). 
  

	16.20	 	Application of proceeds received by Bank Trustee 

 Moneys received by the Bank Trustee (whether from an Insolvency Official or otherwise) pursuant to the exercise of (or otherwise by virtue of the existence of) any rights and powers under or pursuant to
any of the Facility Documents or pursuant to any insurance policies taken out on behalf of the Bank Beneficiaries shall (after providing for all costs, charges, expenses and liabilities and other payments ranking in priority to the Secured
Obligations) be paid to the Bank Agent for distribution in accordance with clause 8.7 (Application of payments prior to the Termination Date) or, as the case may be, clause 8.8 (Application of payments after the Termination Date). 

 

	16.21	 	Distribution of Proceeds 

The Bank Agent shall make each such application and/or distribution as soon as is practicable after the relevant moneys are received by,
or otherwise become available to, the Bank Agent in accordance with clause 16.20 save that (without prejudice to any other provision contained in any of the Facility Documents) the Bank Agent (acting on the instructions of the Majority Banks) or any
Insolvency Official may credit any moneys received by it to a suspense account for so long and in such manner as the Bank Agent or such Insolvency Official may from time to time determine with a view to preserving the rights of the Bank
Beneficiaries or any of them to prove for the whole of their respective claims against the Borrower or any other person liable. 
  

	16.22	 	Release of Security 

 The
Borrower hereby agrees with the Bank Trustee and the Banks that they shall be entitled to retain the Security Documents for thirty (30) days after the payment, repayment, performance, satisfaction and discharge in full of all of the Secured
Obligations and on the last day of such thirty (30) day period the Bank Trustee shall, at the request and cost of the applicable Security Party, execute such documentation as may be required to release or, where applicable, reassign to the
applicable Security Party the security created pursuant to the applicable Security Document in accordance with this clause 16.22 only after satisfaction and discharge in full of all the Secured Obligations, Provided however that if in the reasonable
opinion of the Bank Trustee or any other Bank Beneficiary there are at that time any contingent claims by any of the Bank Beneficiaries against the Borrower or any other Security Party under or in connection with this Agreement or any Facility
Document or any likely contingent claims can be identified at that time, the Bank Trustee reserves its right to retain any Security Document and delay such release (notwithstanding the expiry of such thirty (30) day period) until the earlier of
(i) the date on which all such contingent claims are irrevocably and unconditionally settled in full, or fully and finally disposed of or withdrawn or discontinued and (ii) such time as the Bank Trustee may deem appropriate. 

Bank Agent as agent for Notices 
 The Bank Trustee hereby appoints the Bank Agent as its agent for the purposes of all or any requests, consents, instructions, directions, notices, demands or other communications which are given, made or
issued by the Bank Trustee under or pursuant to this Agreement and the other Facility Documents during the Security Period and all of the Banks hereby approve that appointment. 

  
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	17	 	Notices 

  

	17.1	 	Notices 

 The provisions
of clause 13 of the Co-ordination Deed shall be incorporated by reference, mutatis mutandis, in this Agreement as if all references therein to “this Deed” were references to this Agreement. 

 

	17.2	 	Notices through the Bank Agent 

 Every notice, request, demand or other communication under this Agreement to be given by the Borrower to any other party shall be given to the Bank Agent for onward transmission as appropriate and to be
given to the Borrower shall (except as otherwise provided in this Agreement) be given by the Bank Agent. 
  

	18	 	Miscellaneous 

  

	18.1	 	No implied waivers, remedies cumulative 

 No failure or delay on the part of the Bank Beneficiaries or any of them to exercise any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise by the Bank Beneficiaries or any of them of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. The remedies provided in this Agreement are cumulative and are not
exclusive of any remedies provided by law. 
  

	18.2	 	English translations 

All certificates, instruments and other documents to be delivered under or supplied in connection with this Agreement shall be in the
English language or shall be accompanied by a certified English translation upon which the Bank Beneficiaries shall be entitled to rely. 
  

	18.3	 	Counterparts 

 This
Agreement may be executed in any number of counterparts and by the different parties on separate counterparts, each of which when so executed and delivered shall be an original, but all counterparts shall together constitute one and the same
instrument. 
  

	18.4	 	Further Assurance 

 The
Borrower undertakes: 
  

	18.4.1	 	that this Agreement and each of the Facility Documents shall both at the date of execution and delivery thereof and so long as any moneys are owing under this Agreement
and/or any of the Facility Documents be valid and binding obligations of the respective Security Parties who are parties thereto and the rights of the Bank Beneficiaries shall be enforceable in accordance with their respective terms; and

  

	18.4.2	 	that the Borrower will, at its expense, execute, sign, perfect and do, and will procure the execution, signing, perfecting and doing by each of the other Security
Parties of, any and every such further assurance, document, act or thing as in the reasonable opinion of the Bank Trustee acting with the consent of the Majority Banks may be necessary or desirable for perfecting the security contemplated or
constituted by the Security Documents. 

  

	18.5	 	Conflicts 

 In the event
of any conflicts between this Agreement and any other Facility Documents (other than the Co-ordination Deed), the provisions of this Agreement shall prevail. 

  
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	18.6	 	Severability of provisions 

 Each of the provisions of this Agreement is severable and distinct from the others and if at any time one or more of those provisions is or becomes invalid, illegal or unenforceable under the laws of any
jurisdiction neither the validity, legality and enforceability of the remaining provisions of this Agreement nor the validity, legality and enforceability of those provisions in any other jurisdiction shall in any way be affected or impaired
thereby. 
  

	19	 	Limited Recourse 

  

	19.1	 	Security 

 In recognition
of the willingness of the Borrower to grant the security granted or to be granted by it under the Facility Documents, each of the Bank Beneficiaries is prepared to limit its recourse against the Borrower in respect of the Relevant Obligations of the
Borrower in the manner, and subject to the terms and conditions, set out in this clause 19. For the avoidance of doubt, the Relevant Obligations shall include the obligations of the Borrower under clause 18 (Parallel Debt) of the Co-ordination Deed.

  

	19.2	 	Limited recourse 

Subject to clauses 19.3 and 19.4, each of the Bank Beneficiaries acknowledges and agrees that all Relevant Obligations of the Borrower
shall be recoverable only from and to the extent of: 
  

	19.2.1	 	the Collateral and the Secured Property; 

  

	19.2.2	 	amounts received by the Borrower under the Mimosa Shareholder Agreement or clauses 7.2 and/or 7.3 of the Co-ordination Deed and the Borrower shall not be personally
liable for those Relevant Obligations except to the extent of the amounts referred to in this clause 19.2.2. 

  

	19.3	 	Exceptions 

Notwithstanding clauses 19.1 and 19.2, the Borrower shall remain personally and fully liable to each Bank Beneficiary for all Losses
incurred by that Bank Beneficiary as a result of: 
  

	 	(a)	any representation or warranty made or given (or, as the case may be, repeated) by the Borrower in any Facility Document to which it is a party being untrue, inaccurate
or misleading in any material respect when made or given (or, as the case may be, repeated); or 

  

	 	(b)	the failure of the Borrower to apply any amount paid to the Borrower under the Mimosa Shareholder Agreement or, as the case may be, clause 7.2 and/or 7.3 of the
Coordination Deed in or towards payment and satisfaction of the Secured Obligations, or 

  

	 	(c)	the negligence or wilful misconduct of the Borrower, 

 and each Bank Beneficiary shall be at liberty to pursue all powers, rights and remedies against the Borrower for contractual damages and/or enforcement without any restriction in any such circumstances.

  

	19.4	 	Preservation 

 The
provisions of clauses 19.1 and 19.2 shall: 
  

	19.4.1	 	be ignored in the determination of the Secured Obligations; 

  

	19.4.2	 	not limit or restrict in any way the accrual of interest (including, without limitation, default interest) on any moneys (provided that limitations on the personal
liability of the Borrower shall apply to the payment of such interest); 

  
 73 

	19.4.3	 	not derogate from or otherwise limit any power, right or remedy of any Bank Beneficiary under and pursuant to any Facility Document (including, without limitation,
clause 11 of this Agreement) or in relation to the Security and the Secured Property (and, for the avoidance of doubt, each of the Bank Beneficiaries shall be entitled to recover the Relevant Obligations from the proceeds of any enforcement,
recovery, realisation or application of the Security and the Secured Property); and 

  

	19.4.4	 	not prevent any Bank Beneficiary from: 

  

	 	(a)	taking any legal action or proceeding to obtain a declaratory or other similar judgment or order as to the Relevant Obligations or requiring the specific performance of
any Relevant Obligation; and/or 

  

	 	(b)	to the extent that such claim or proof is a necessary procedural step to enable the realisation or enforcement of the full benefit of the Security and the Secured
Property or any part thereof, or to the exercise by any Bank Beneficiary of any right or remedy under or pursuant to any Facility Document, to make or file a claim or proof in any Insolvency Event in relation to the Borrower in respect of the
Relevant Obligations. 

  

	20	 	Governing law and jurisdiction 

  

	20.1	 	Law 

 This Agreement
shall be governed by English law. 
  

	20.2	 	Submission to jurisdiction 

 The Borrower agrees for the benefit of the Bank Beneficiaries that: 
  

	20.2.1	 	if the Borrower has any claim against any other arising out of or in connection with this Agreement such claim shall (subject to clause 20.2.3) be referred to the High
Court of Justice in England, to the jurisdiction of which the Borrower irrevocably submits; 

  

	20.2.2	 	the jurisdiction of the High Court of Justice in England over any such claim against the Bank Beneficiaries shall be an exclusive jurisdiction and no courts outside
England shall have jurisdiction to hear or determine any such claim; and 

  

	20.2.3	 	nothing in this clause 20.2 shall limit the right of the Bank Beneficiaries to refer any such claim against the Borrower to any other court of competent jurisdiction
outside England, to the jurisdiction of which the Borrower hereby irrevocably agrees to submit, nor shall the taking of proceedings by the Bank Beneficiaries before the courts in one or more jurisdictions preclude the taking of proceedings in any
other jurisdiction whether concurrently or not. 

  

	20.3	 	Agent for service of process 

  

	20.3.1	 	The Borrower irrevocably designates, appoints and empowers Norose Notices Limited at its principal place of business in England from time to time (at present of 3 More
London Riverside, London SE1 2AQ) Attention: Partnership Office Manager, reference: PTV/LN03718, to receive for it and on its behalf service of process issued out of the High Court of Justice in England in relation to any claim arising out of or in
connection with this Agreement. 

  

	20.3.2	 	The Borrower agrees that it will at all times continuously maintain an agent to receive service of process in England on its behalf and on behalf of its property with
respect to this Agreement and the other Transaction Documents and if, for any reason, such agent named above or its successor shall no longer serve as agent of the Borrower to receive service of process in England, the Borrower shall promptly
appoint a successor in England and advise the Bank Agent and the Bank Trustee thereof. 

 IN WITNESS whereof this Deed has
been duly executed and delivered as a deed by the parties hereto on the date first above written. 

  
 74 

 Schedule 1 
 The Banks and their Commitments 
  

									
	 Name
	  	 Address and facsimile number
	  	Commitments $	  	“Facility A”
Commitment	  	“Facility B”
Commitment
					
	Banco Bradesco S.A. – Grand Cayman Branch	  	 Av. Ipiranga, 282 – 10o. andar – 01046- 920 – São Paulo, SP – Brazil

Fax: 55-11-3235-9161
	  	84,463,094.44	  	34,616,022.30	  	49,847,072.14
					
	BANCO SANTANDER BANESPA S/A	  	 Rua Hungria, 1400 – Jardim Europa –
 P.O. Box 30124
 01455-000 – São Paulo – SP – Brasil

Fax: +55 11 3012 7376
	  	84,463,094.44	  	34,616,022.30	  	49,847,072.14
					
	Bayerische Hypo- und Vereinsbank A.G.	  	 MIF3SC
 Am Tucherpark
1
 80538 Munich
 Germany

Fax: +49 893 784 1518
	  	84,463,094.44	  	34,616,022.30	  	49,847,072.14
					
	CALYON S.A.	  	 9 quai du Président Paul Doumer
 92920 Paris, La Défense Cédex
 France

Fax: +33 1 41 89 29 87
	  	84,463,094.44	  	34,616,022.30	  	49,847,072.14
					
	DnB NOR ASA, New York Branch	  	 200 Park Avenue 31st Floor

New York, NY 10166
 USA

Fax: +1 212 681 3900
	  	84,463,094.44	  	34,616,022.30	  	49,847,072.14
					
	Fortis Capital Corp.	  	 520 Madison Avenue, 3rd Floor

New York, NY 10022
 USA

Fax: +1 212 340 5370
	  	84,463,094.44	  	34,616,022.30	  	49,847,072.14
					
	ING Bank N.V.	  	 Bijlmerpleijn 888,
 1102 MG
Amsterdam
 The Netherlands
 Fax: +31 20
565 8211
	  	84,463,094.48	  	34,616,022.32	  	49,847,072.16
					
	NATIXIS	  	 45 rue Saint Dominique

75007 Paris
 FRANCE

Fax: +33 158 19 36 60
	  	84,463,094.44	  	34,616,022.30	  	49,847,072.14
					
	NIBC Bank N.V.	  	 Carnegieplein
 2517KJ, The
Hague
 The Netherlands
 Fax: +3170 342
5577
	  	84,463,094.44	  	34,616,022.30	  	49,847,072.14

  
 75 

															
	IFC	  	 INTERNATIONAL FINANCE CORPORATION
 2121 Pennsylvania Avenue NW
 Washington DC 20433

USA
 Fax: +1 202 974 4322
	  	 	50,000,000.00	  	  	 	20,491,803.27	  	  	 	29,508,196.73	  

  
 76 

 Schedule 2 
 Form of Drawdown Notice for Principal Advances/Intercompany Interest 

Advances/Swap Advances 
  

			
	To:	  	ING Bank N.V.
		  	Bijlmerplein 888
		  	P.O. Box 1800
		  	1000 BV Amsterdam
		  	The Netherlands

 Attention: 
 [—] 
 US$810,167,850 Bank Loan Facility
Agreement dated 30 July 2007 (the “Agreement”) 
 We refer to the above Agreement and hereby give you notice that we wish to
draw down a [Principal][Intercompany Interest] [Swap] Advance as part of the [A][B] Facility, namely [—] million Dollars [$[—]] on [—]. The funds should be credited to the Funding Account no later than 11:00 a.m. on that date. 
 We
confirm that: 
  

	(i)	no event or circumstance has occurred and is continuing which constitutes a Default; 

 

	(ii)	the Repeating Representations and warranties contained in clause 9 of the Agreement (and the representation and warranty in clause 9.12 refers for this purpose to the
audited financial statements in respect of the financial year ended on 31 December [—]/30 June [—]), are true and correct at the date of this
notice as if made with respect to the facts and circumstances existing at the date of this notice; and 	 

  

	(iii)	the borrowing to be effected by such [Principal][Intercompany Interest] [Swap] Advance will be within our corporate powers, has been validly authorised by appropriate
corporate action and will not cause any limit on our borrowings (whether imposed by statute, regulation, agreement or otherwise) to be exceeded. 

 Words and expressions defined in the Agreement shall have the same meanings where used in this notice. 
  

	
	For and on behalf of
	Mimosa Finance C.V.
	
	  

  
 77 

 Schedule 3 
 Conditions Precedent 
 Part 1 - Documents and evidence required as
conditions precedent 
 to the obligations of the Bank Beneficiaries generally 

 

	1	Constitutive Documents and corporate authorities 

 In respect of each of the Borrower, Mimosa, the Project Borrower, the Rig Owners, Centaurus and Becrux: 
  

	 	(a)	a copy certified by a duly authorised officer of the relevant person to be a true, complete and up-to-date copy, of the Constitutive Documents of that person together
with a certified extract from the commercial register or, as the case may be, a certificate of good standing in respect of that person; 

  

	 	(b)	a copy, certified by a duly authorised officer of the relevant person to be a true copy, and as being in full force and effect and not amended or rescinded, of
resolutions of the board of directors or governors or managing partner (or of a committee of the board of directors or governors or managing partners) of that person: 

 

	 	(i)	approving the entering into by the relevant person of the transaction as constituted by the rights and obligations of the relevant person under the Transaction
Documents to which that person is (or is to be) party; 

  

	 	(ii)	authorising the execution by that person of such of this Agreement and the other Transaction Documents to which such person is party; and 

 

	 	(iii)	authorising an individual or individuals to sign and deliver on behalf of that person such of this Agreement and the other Transaction Documents to which such person is
party; 

  

	 	(c)	a copy certified by a duly authorised officer of that person to be a true copy, and as being in full force and effect and not revoked or withdrawn, of any power of
attorney issued by that person pursuant to the said resolutions; and 

  

	 	(d)	a certificate of incumbency. 

  

	2	Authorisations and approvals 

  

	 	(a)	Evidence satisfactory to the Agents (in the form of a confirmatory certificate from each of the parties referred to in paragraph 1 above) that all Authorisations
necessary for any matter or thing contemplated by the Facility Documents and the Mimosa Shareholder Agreement (in each case to which the applicable Security Party is a party) and for the legality, validity, enforceability, priority, admissibility in
evidence and effectiveness thereof, at the time the same are required, have been obtained or effected on an unconditional basis and remain in full force and effect (or, in the case of any necessary arrangements effecting any future Authorisations,
registrations and filings, that arrangements which are satisfactory to the Bank Agent have been made for the effecting of the same within any applicable time limit); 

 

	 	(b)	Evidence satisfactory to the Agents in the form of a confirmatory certificate from each of the parties referred to in paragraph 1 above that any Authorisations which
may be required for the due execution and performance of any Security Party of any Transaction Document to which it is party at the time the same are required have been obtained and are in full force and effect. 

  
 78 

	 	(c)	Evidence satisfactory to the Agents that the Co-ordination Deed has been (i) translated into Portuguese by a sworn public translation, and (ii) registered
with the competent Registry of Deeds and Documents; and 

  

	 	(d)	A certified copy of the Register of Charges of each of the Rig A Owner, the Rig B Owner and Constellation, stamped as filed at the Registry of Corporate Affairs in the
British Virgin Islands containing details of each of the Security Documents to which it is a party. 

  

	3	Transaction Documents 

  

	 	(a)	An original counterpart of this Agreement and each Facility Document duly executed and delivered by each Security Party which is party thereto as well as all evidence
that notices, acknowledgements, authorisations, invoices and certificates required thereunder have been duly executed and delivered. 

  

	 	(b)	A certificate from each Security Party confirming that each of the Transaction Documents (other than this Agreement and the Security Documents) to which it is a party
which have then been executed, remain unamended and in full force and effect. 

  

	 	(c)	A copy, certified as a true copy by a duly authorised officer of the relevant Security Party of each of the other Transaction Documents (other than this Agreement and
the Facility Documents) to which it is a party as well as evidence that all notices, acknowledgements, authorisations, invoices and certificates required thereunder have been duly executed and delivered together with a certified copy thereof.

  

	4	Legal opinions 

 Legal opinions
in form and content satisfactory to the Banks from: 
  

	 	(a)	Norton Rose, Netherlands counsel to the Banks in relation to, inter alia, the Borrower, Mimosa, the Project Borrower, Becrux, the Account Pledges and the security
granted in favour of the Bank Trustee; 

  

	 	(b)	Maples and Calder, British Virgin Island counsel to the Banks, in relation to, inter alia, the Rig Owners and the Co-ordination Deed; 

 

	 	(c)	Basch and Rameh, Brazilian counsel to the Banks, in relation to, inter alia, the Bank Security Assignment; 

 

	 	(d)	Norton Rose, English counsel to the Banks, in relation to, inter alia, the Facility Documents; 

 

	 	(e)	Elvinger, Hoss & Prussen, Luxembourg counsel to the Banks, in relation to, inter alia, Centaurus; and 

 

	 	(f)	Patton, Moreno & Asvat, Panamanian counsel to the Banks, in relation to, inter alia, the Bank Security Assignment. 

 

	5	Accounts and financial information 

  

	 	(a)	Evidence that each of the Accounts have been opened and that all necessary bank mandates and signature forms in form and content acceptable to the Agents have been
delivered to the Account Bank and that $1 has been credited to each such account. 

  

	 	(b)	Evidence acceptable to the Agents that any applicable commitment commission then due have been paid in full or, as the case may be, arrangements satisfactory to the
Agents for the payment of such fees have been put in place. 

  
 79 

	6	Process Agents 

 Evidence of the
acceptance of appointment by each service of process agent appointed or required to be appointed under this Agreement and the Facility Documents. 
  

	7	Transaction Documents conditions precedent 

 A certificate from the Borrower confirming that the conditions precedent to the Transaction Documents which have been executed have been fulfilled or waived in accordance with the respective terms of the
Transaction Documents. 

  
 80 

 Part 2 - Conditions Precedent to Drawdown of the First Advance of a Facility

  

	1	Constitutive Documents and corporate authorisations 

 A certificate from a duly authorised officer of each of the parties referred to in paragraph 1 of Part 1 of this Schedule 3 confirming that there has been no change in the Constitutive Documents of the
relevant person since the date on which a certified copy thereof was provided to the Agents pursuant to part 1 of this Schedule 3 or, as the case may be, a copy certified by a duly authorised officer of the relevant person of any amendments thereto
and confirmation that the board resolutions, powers of attorney or other corporate authorisation referred to in paragraphs 1(b) and 1(c) of part 1 of this Schedule 3 remain unamended and in full force and effect. 

 

	2	No Defaults 

 A certificate from
a duly authorised officer of the Borrower confirming that no Default has occurred and is continuing or would result from the payment of the applicable First Advance. 
  

	3	Legal Opinions 

 If requested by
the Bank Agent (acting on the instructions of the Majority Banks (acting reasonably)), confirmation from such of the counsel to the Banks referred to in paragraph 4 of part 1 of this Schedule 3 as may be nominated by the Bank Agent in that request
that the terms and provisions of the legal opinions provided by them pursuant to that paragraph 4 of part 1 of this Schedule 3 need not be altered or modified in any way. 

 

	4	Transaction Documents 

 A
certificate from each Security Party, which is a party to the Facility Documents and the other Transaction Documents which have been executed prior to the Drawdown Date for that First Advance confirming that those documents to which the relevant
Security Party is a party remain unamended and in full force and effect. 
  

	5	Representation and Warranties 

 A
certificate from each Security Party confirming that each of the representations and warranties on the part of each such party referred to in paragraph 1 above under this Agreement or any of the Facility Documents are true and accurate on the date
on which the Drawdown Notice for that First Advance is issued and will be true and accurate on the Drawdown Date for that First Advance as if given on each such date by reference to the facts and circumstances then existing. 

  
 81 

 Part 3 - Conditions Precedent to Drawdown of any Subsequent Advance 

 

	1	First Advance 

 In
relation to the first Subsequent Advance made to the Borrower, the First Advance in respect of the Facility of which that Subsequent Advance forms a part shall have been made. In relation to any Subsequent Advance of a Facility thereafter, the
immediately preceding Subsequent Advance in respect of that Facility, shall have been made. 
  

	2	Constitutive Documents and corporate authorisations 

 A certificate from a duly authorised officer of each of the parties referred to in paragraph 1 of Part 1 of this Schedule 3 confirming that there has been no change in the Constitutive Documents of the
relevant person since the date of the last confirmation delivered pursuant to paragraph 1 of part 2 of this Schedule 3 or, as the case may be, a copy certified by a duly authorised officer of the relevant person of any amendments thereto and
confirmation that the board resolutions, powers of attorney or other corporate authorisation referred to in paragraphs 1(b) and 1(c) of part 1 of this Schedule 3 remain unamended and in full force and effect. 

 

	3	No Defaults 

 A
certificate from a duly authorised officer of the Borrower confirming that no Default has occurred and is continuing or would result from the payment of the relevant Subsequent Advance. 

 

	4	Legal Opinions 

 If
requested by the Bank Agent (acting on the instructions of the Majority Banks (acting reasonably)), confirmation from such of the counsel to the Banks referred to in paragraph 4 of part 1 of this Schedule 3 as may be nominated by the Bank Agent in
that request that the terms and provisions of the legal opinions provided pursuant to paragraph 4 of part 1 of this Schedule 3 need not be altered or modified in any way. 

 

	5	Transaction Documents 

 A
certificate from each Security Party which is a party to the Facility Documents and the other Transaction Documents which have then been executed confirming that those documents to which the relevant Security Party is a party remain unamended and in
full force and effect. 
  

	6	Representations and Warranties 

 A certificate from each party referred to in paragraph 2 above confirming that each of the representations and warranties on the part of each such party under this Agreement or any of the Facility
Documents are true and accurate on the date on which the Drawdown Notice for the relevant Subsequent Advance is issued and will be true and accurate on the Drawdown Date for the relevant Subsequent Advance as if given on each such date by reference
to the facts and circumstances then existing. 

  
 82 

 Schedule 4 
 Form of Transfer Certificate 
 (referred to in clause 15.3)

 [Banks are advised not to employ Transfer Certificates without first ensuring that the transaction complies with all applicable
laws and regulations, including the Financial Services Act 1986 and regulations made thereunder.] 
  

	To:	[Name of Bank Agent] 

[            ]         

Transfer Certificate 

This Transfer Certificate relates to the Bank Loan Agreement dated 30 July, 2007 between, among others, Mimosa Finance C.V. as borrower and ING Bank
N.V., as bank agent (the “Agreement”). Words and expressions defined in the Agreement shall have the same meanings in this Transfer Certificate. 
  

	1	[Name of Existing Bank] (the “Existing Bank”) confirms the accuracy of the summary of
its Commitment and its Contribution set out in the schedule to this Transfer Certificate. 

  

	2	Each of the Existing Bank and [Name of Transferee] (the “Transferee”) requests the Bank Agent (on behalf of itself, the
Borrower, the Security Parties, the Banks and the other parties to the Agreement and the Co-ordination Deed) to accept this Transfer Certificate as being delivered to the Bank Agent pursuant to and for the purposes of clause 15.3 of the Agreement
and clause 12.2 of the Co-ordination Deed, so as to take effect in accordance with its terms on [            ] [to be not less than five (5) Banking Days after delivery to
the Bank Agent] (the “Effective Date”). 

  

	3	With effect from the Effective Date, the Existing Bank transfers to the Transferee absolutely all rights, interests and obligations (present and future, actual and
contingent) which the Existing Bank has as a Bank under or by virtue of the Agreement and each of the other Facility Documents to which it is a party in relation to the portion of its Commitments and the portion of its Contributions respectively
specified in the schedule to this Transfer Certificate and, by virtue of this Transfer Certificate and clause 15.3 of the Agreement, the Transferor is discharged entirely from the portion of its Commitments specified in the schedule to this Transfer
Certificate. 

  

	4	The Transferee confirms that: 

  

	 	(a)	it has received a copy of the Agreement and each of the other Facility Documents and all other documentation and information required by it in connection with the
transactions contemplated by this Transfer Certificate; 

  

	 	(b)	it has made and will continue to make its own assessment of the legality, validity, effectiveness, adequacy and enforceability of the Agreement, the other Facility
Documents and this Transfer Certificate and has not relied and will not rely on any of the Existing Bank, the Bank Agent and the Bank Trustee or on any statements made by any of them in that respect; 

 

	 	(c)	it has made and will continue to make its own assessment of the financial condition of the Security Parties and has not relied and will not rely on any of the Existing
Bank, the Bank Agent and the Bank Trustee or on any statements made by any of them in that respect; and 

  

	 	(d)	accordingly, none of the Existing Bank, the Bank Agent and the Bank Trustee shall have any liability or responsibility to the Transferee in respect of any of the
foregoing matters. 

  
 83 

	5	The execution of this Transfer Certificate by the Transferee constitutes its representation and warranty to the Existing Bank and each of the other parties to the
Agreement and the Coordination Deed that it has power to become a party to the Agreement and the Co-ordination Deed as a Bank on the terms herein and therein set out and has taken all necessary steps to authorise the execution and delivery of this
Transfer Certificate. 

  

	6	The Existing Bank makes no representation or warranty and assumes no responsibility or liability with respect to the legality, validity, effectiveness, adequacy or
enforceability of any of the Agreement, the other Facility Documents and this Transfer Certificate and assumes no responsibility or liability for the financial condition of the Security Parties or any of them or for the performance by any Security
Party of its obligations under the Facility Documents and any and all such representations and warranties, whether express or implied by law or otherwise, are hereby excluded and waived by the Transferee. 

 

	7	The Transferee hereby covenants to each of the Existing Bank, the Security Parties and the Bank Agent and each of the other parties to the Agreement and the
Co-ordination Deed that it will perform in accordance with their terms all obligations which by the respective terms of the Agreement, the Co-ordination Deed and this Transfer Certificate will be assumed by it after acceptance (by countersignature)
of this Transfer Certificate by the Bank Agent and, if not already a Bank, appoints the Bank Agent to act as its bank agent and the Bank Trustee to act as its bank trustee as provided in, and in accordance with the provisions of, the Agreement and
the Co-ordination Deed respectively and agrees to be bound by the terms of each of the Agreement and the Co-ordination Deed. 

  

	8	The Transferee acknowledges that the Existing Bank has no obligation to repurchase or reacquire all or any of the rights, interests and obligations transferred by
virtue of this Transfer Certificate or to indemnify or compensate the Transferee for any losses suffered by the Transferee as a consequence of the transfer effected by virtue of this Transfer Certificate. 

 

	9	The Existing Bank: 

  

	 	(a)	warrants to the Transferee and each of the other parties to the Agreement and the Coordination Deed that it has taken all necessary steps to authorise the execution and
delivery of this Transfer Certificate; 

  

	 	(b)	warrants to the Transferee that this Transfer Certificate is binding on the Existing Bank under the laws (i) of England and Wales, (ii) under which the
Existing Bank is incorporated, and (iii) of the jurisdiction in which its lending office is located; and 

  

	 	(c)	agrees that it will, at its own expense, execute all and any documents which the Transferee reasonably requests in order to perfect in any Relevant Jurisdiction the
Transferee’s title by virtue of this Transfer Certificate or for a similar purpose. 

  

	10	By the execution of this Transfer Certificate on their behalf by the Bank Agent and in reliance upon the representations and warranties of the Transferee, the Security
Parties, the Bank Agent, the Bank Trustee, the Banks and each of the other parties to the Agreement and the Coordination Deed: 

  

	 	(a)	accept the Transferee as a party (as a Bank) to the Agreement and the Co-ordination Deed with respect to all rights, interests and obligations which by the terms of the
Agreement, the Co-ordination Deed and this Transfer Certificate will be assumed by the Transferee (including, without limitation, those provisions in relation to pro-rata sharing and the exclusion of liability on the part of, and the indemnification
of, the Bank Agent and the Bank Trustee) after acceptance (by countersignature) of this Transfer Certificate by the Bank Agent; and 

  

	 	(b)	expressly agree that all Encumbrances securing the obligations of any Security Party and the obligations and liabilities of the Security Parties under the Facility
Documents, are each hereby fully preserved and extended and shall continue in full force and effect notwithstanding this Transfer Certificate and the transfer hereby contemplated. 

  
 84 

	11	The Transferee explicitly declares and represents that it is a Professional Market Party and that it has made its own credit appraisal of the Security Parties.

  

	12	The representations, warranties, confirmations, agreements and covenants of the Transferee in this Transfer Certificate are given to, and for the benefit of, each of
the other parties to the Agreement, the Co-ordination Deed and the other Facility Documents. 

  

	13	This Transfer Certificate is governed by and shall be construed in accordance with the laws of England and Wales. 

Note: This Transfer Certificate is not a security, bond, note, debenture, investment or similar instrument. The execution of this Transfer
Certificate alone may not transfer a proportionate share of the Existing Bank’s interest in the security constituted by the Facility Documents in the Existing Bank’s or the Transferee’s jurisdiction. It is the responsibility of each
individual Bank to ascertain whether any other documents are required to perfect a transfer of such a share in the Existing Bank’s interest in such security in any such jurisdiction and, if so, to seek appropriate advice and arrange for
execution of the same. 
 IN WITNESS WHEREOF this Transfer Certificate has been executed as a Deed and delivered by the parties
hereto on the date appearing below. 

  
 85 

 The Schedule 

 

									
	Dollar Amount of Facility A
Contribution ($)	  	Dollar Amount of Facility B
Contribution ($)	  	Next Interest Payment
Date(s)	  	Facility A Portion novated
($)	  	Facility B Portion novated
($)
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

									
	Dollar Amount of Facility A
Commitment ($)	  	Dollar Amount of Facility B
Commitment ($)	  	Next Interest Payment
Date(s)	  	Facility A Portion novated
($)	  	Facility B Portion novated
($)
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 Administrative Details of Transferee 
 Lending office: 
 Account for payments: 
 Telephone: 
 Facsimile: 
 [Telex:] 
 Attention: 

 

					
	[Existing Bank]	 		 	[Transferee]
			
	By:	 		 	By:
			
	Date:	 		 	Date:
			
	The Bank Agent	 		 	
	By:	 		 	
			
	[The Bank Trustee	 		 	
	By:                    ]	 		 	

 on its own behalf 
 and on behalf of the Borrower, the Security Parties and the other parties to the Agreement and the Coordination Deed. 
 Date: 

  
 86 

 Schedule 5 
 Schedule of Minimum Repayment Amounts 
  

					
	 Number of Application Date
	  	“A Facility” Minimum Repayment Amount ($)	  	“B Facility” Minimum Repayment Amount ($)
	1	  	7,171,008	  	16,745,328
	2	  	7,284,221	  	17,009,694
	3	  	7,399,220	  	17,278,235
	4	  	7,516,035	  	17,551,015
	5	  	7,634,695	  	17,828,102
	6	  	7,755,227	  	18,109,563
	7	  	7,877,663	  	18,395,468
	8	  	8,002,032	  	18,685,886
	9	  	8,128,364	  	18,980,889
	10	  	8,256,690	  	19,280,550
	11	  	8,387,043	  	19,584,942
	12	  	8,519,453	  	19,894,139
	13	  	8,653,954	  	20,208,218
	14	  	8,790,578	  	20,527,255
	15	  	8,929,360	  	20,851,329
	16	  	9,070,332	  	21,180,520
	17	  	9,213,530	  	21,514,907
	18	  	9,358,988	  	21,854,574
	19	  	9,506,743	  	22,199,603
	20	  	9,656,831	  	22,550,079
		  		  	plus the Final Payment

applicable to the Rig B
 Facility

	21	  	9,809,288	  	
	22	  	9,964,153	  	
	23	  	10,121,462	  	
	24	  	10,281,254	  	
	25	  	10,443,570	  	
	26	  	10,608,447	  	
	27	  	10,775,928	  	
	28	  	10,946,053	  	
		  	plus the Final Payment

applicable to the Rig A
 Facility
	  	

  
 87 

 Schedule 6 
 Mandatory Costs Formula 
  

	1	The Mandatory Cost is an addition to the interest rate to compensate Banks for the cost of compliance with (a) the requirements of the Bank of England and/or the
Financial Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank which in either case, are introduced or published after the date of this
Agreement. 

  

	2	On, or as soon as possible after, the first day of each Interest Period, the Bank Agent shall calculate as a percentage rate the additional cost rate (the
“Additional Cost Rate”) for each Bank, in accordance with the following paragraphs set out below. The Mandatory Cost will be calculated by the Bank Agent as a weighted average of the Additional Cost Rates of all
the affected Banks (weighted in proportion to the percentage participation of each Bank in the Facility) and will be expressed as a percentage rate per annum. 

 

	3	The Additional Cost Rate for any Bank lending from a Facility Office in a Participating Member State will be the percentage notified by that Bank to the Bank Agent as
its reasonable determination of the cost (expressed as a percentage of that Bank’s participation in all facilities made from that Facility Office) of complying with the minimum reserve requirements of the European Central Bank in respect of
loans made from that Facility Office. If a Bank fails to notify any Additional Cost Rate pursuant to this paragraph 3, the Bank Agent shall be entitled to assume that no such Additional Cost Rate has been incurred. 

 

	4	The Additional Cost Rate for any Bank lending from a Facility Office in the United Kingdom will be calculated by the Bank Agent in accordance with the following
formula: 

  

					
		 	 E x 0.01
	  	per cent
		 	 300
	  	per annum

 The resulting figures will be rounded to four decimal places. 

Where: 
  

	 	E.	is designed to compensate Banks for amounts payable under the Fees Rules and is calculated by the Bank Agent as being the average of the most recent rates of charge
supplied by the Reference Banks to the Bank Agent pursuant to paragraph 6 below and expressed in pounds per £1,000,000. 

  

	5	For the purposes of this Schedule: 

  

	 	(a)	“Fees Rules” means the rules on periodic fees contained in the Supervision Manual of the Financial Services Authority’s Handbook of
rules and guidance or such other law or regulation as may be in force from time to time in respect of the payment of fees for the acceptance of deposits; 

  

	 	(b)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee
or zero rated fee required pursuant to the Fees Rules but taking into account any applicable discount rate); and 

  

	 	(c)	“Tariff Base” has the meaning give to it in, and will be calculated in accordance with, the Fees Rules. 

 

	6	If requested by the Bank Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the Bank Agent, the
rate of charge payable by that Reference Bank to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that Reference Bank as being
the average of the Fee Tariffs applicable to that Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank. 

  
 88 

	7	Each Bank shall supply any information required by the Bank Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each
Bank shall supply the following information on or prior to the date on which it becomes a Bank: 

  

	 	(a)	the jurisdiction of its Facility Office; and 

  

	 	(b)	any other information that the Bank Agent may reasonably request for such purpose. 

 

	8	Each Bank shall promptly notify the Bank Agent of any change to the information provided by it pursuant to paragraph 7 above. 

 

	9	The rates of charge of each Reference Bank for the purpose of E above shall be determined by the Bank Agent based upon the information supplied to it pursuant to
paragraphs 6, 7 and 8 above and on the assumption that, unless a Bank notifies the Bank Agent to the contrary, each Bank’s obligations in relation to cash ratio deposits are the same as those of a typical bank from its jurisdiction of
incorporation with a facility office in the same jurisdiction as its Facility Office. 

  

	10	The Bank Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Bank and shall be
entitled to assume that the information provided by any Bank or Reference Bank pursuant to paragraphs 3, 6, 7, and 8 above is true and correct in all respects. 

 

	11	The Bank Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Banks on the basis of the Additional Cost Rate for each Bank
based on the information provided by each Bank and each Reference Bank pursuant to paragraphs 3, 6, 7 and 8 above. 

  

	12	Any determination by the Bank Agent pursuant to this schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Bank
shall, in the absence of manifest error, be conclusive and binding on all Parties. 

 The Bank Agent may from time to time, after
consultation with the Borrower and the Banks, determine and notify to all Parties any amendments which are required to be made to this schedule to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of
England, the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination will, in the absence of manifest error, be conclusive and binding on
all Parties. 

  
 89 

 BANK LOAN AGREEMENT 

 

					
	Borrower	 		 	
			
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	MIMOSA FINANCE C.V.	 	)	 	
	by	 	) /s/ Eleanor Martin	 	
	its duly authorised attorney-in-fact	 	)	 	
	in the presence of: /s/ M. Healy	 	)	 	
			
	Bank Agent	 		 	
			
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	ING BANK N.V.	 	)	 	
	by	 	) /s/ Eleanor Martin	 	
	its duly authorised attorney-in-fact	 	)	 	
	in the presence of: /s/ M. Healy	 		 	
			
	Bank Trustee	 		 	
			
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	ING BANK N.V.	 	)	 	
	by	 	) /s/ Eleanor Martin	 	
	its duly authorised attorney-in-fact	 	)	 	
	in the presence of: /s/ M. Healy	 		 	
			
	Banks	 		 	
			
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	ING BANK N.V.	 	)	 	
	by	 	) /s/ Eleanor Martin	 	
	its duly authorised attorney-in-fact	 	)	 	
	in the presence of: /s/ M. Healy	 		 	
			
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	BANCO SANTANDER BANESPA S/A	 	) /s/ Marco Lima Monteiro	 	
	by	 	) /s/ Marcio Renato Sato	 	
	in the presence of:	 		 	
			
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	BANCO BRADESCO S/A	 	) /s/ Jose Luiz Meschiatti	 	
	by	 	) /s/ Malsa de Oliveira	 	
	in the presence of: /s/ Mauro Lopes	 		 	

					
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	BAYERISCHE HYPO-UND	 	)	 	
	VEREINSBANK A.G.	 	)	 	
	by	 	) /s/ Eleanor Martin	 	
	its duly authorised attorney-in-fact	 	)	 	
	in the presence of: /s/ M. Healy	 		 	
			
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	CALYON S.A.	 	)	 	
	by	 	) /s/ Eleanor Martin	 	
	its duly authorised attorney-in-fact	 	)	 	
	in the presence of: /s/ M. Healy	 		 	
			
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	DnB NOR BANK ASA, NEW YORK BRANCH	 	)	 	
	by	 	) /s/ Eleanor Martin	 	
	its duly authorised attorney-in-fact	 	)	 	
	in the presence of: /s/ M. Healy	 		 	
			
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	FORTIS CAPITAL CORPORATION	 	)	 	
	by	 	) /s/ Eleanor Martin	 	
	its duly authorised attorney-in-fact	 	)	 	
	in the presence of: /s/ M. Healy	 		 	
			
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	NATIXIS	 	)	 	
	by	 	) /s/ Eleanor Martin	 	
	its duly authorised attorney-in-fact	 	)	 	
	in the presence of: /s/ M. Healy	 		 	
			
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	NIBC BANK N.V.	 	)	 	
	by	 	) /s/ Eleanor Martin	 	
	its duly authorised attorney-in-fact	 	)	 	
	in the presence of: /s/ M. Healy	 		 	
			
	EXECUTED as a DEED	 	)	 	
	for and on behalf of	 	)	 	
	INTERNATIONAL FINANCE CORPORATION	 	)	 	
	by	 	) /s/ Eleanor Martin	 	
	its duly authorised attorney-in-fact	 	)	 	
	in the presence of: /s/ M. HealyAmendment Deed No. 1, dated November 26, 2009

 EXHIBIT 10.10 
 Execution version 
  

					
		  	 Dated 26 November 2009
	  	

 AMENDMENT DEED No. 1 
 in relation to a 
 PROJECT LOAN AGREEMENT 

in respect of a loan facility of up to $810,167,850 relating to two semi- 

submersible drilling rigs to EIFFEL RIDGE GROUP C.V. 
 and 
 BANK LOAN AGREEMENT 

in respect of a loan facility of up to $810,167,850 to 
 MIMOSA FINANCE C.V. 
  
 

 

 Contents 

 

							
	Clause	  	Page	 
			
	 1
	  	 Definitions and interpretation
	  	 	2	  
			
	 2
	  	 Facility Agent and Bank Agent
	  	 	3	  
			
	 3
	  	 Effective Time Notices
	  	 	3	  
			
	 4
	  	 Principles
	  	 	4	  
			
	 5
	  	 Amendments
	  	 	4	  
			
	 6
	  	 Total Loss of a Rig
	  	 	21	  
			
	 7
	  	 Miscellaneous
	  	 	22	  
			
	 8
	  	 Law and jurisdiction
	  	 	22	  
		
	 Schedule 1 Conditions Precedent
	  	 	24	  
		
	 Part A
	  	 	24	  
		
	 Part B
	  	 	26	  
		
	 Schedule 2 Project Effective Time Notice
	  	 	28	  
		
	 Schedule 3 Bank Effective Time Notice
	  	 	29	  
		
	 Schedule 4 Form of Charter Compensation Covenant
	  	 	30	  
		
	 Schedule 5 Financial Covenants
	  	 	42	  
		
	 Schedule 6 Form of Compliance Certificate
	  	 	49	  
		
	 Schedule 7 Part A Form of Borrower Notice of Assignment in respect of the Charter - Rig Swap
	  	 	52	  
		
	 Part B Form of Bank Notice of Assignment in respect of the Charter - Rig Swap
	  	 	54	  
		
	 EXECUTION PAGE - AMENDMENT DEED NO. 1
	  	 	56	  

 THIS DEED is 26 November 2009 and made BETWEEN: 

 

	(1)	 	ING BANK N.V., a banking institution incorporated under the laws of The Netherlands acting for the purposes of this Deed through its office at Bijlmerplein 888,
P.O. Box 1800, 1000 BV Amsterdam, The Netherlands, as Facility Agent; 

  

	(2)	 	ESBELTO B.V., a company incorporated under the laws of The Netherlands of Amstelveenseweg 500, 1081 KL, Amsterdam, The Netherlands, in its capacity as Security
Trustee for and on behalf of itself and the other Beneficiaries, as Security Trustee; 

  

	(3)	 	GOLD STAR EQUITIES LTD., a company limited by shares incorporated under the laws of the British Virgin Islands, with company number 1031368 and its principal
office at Vanterpool Plaza, Wickhams Cay 1, 2nd Floor, Road Town, Tortola, British Virgin Islands, as Rig A Owner; 

  

	(4)	 	LONE STAR OFFSHORE LTD., a company limited by shares incorporated under the laws of the British Virgin Islands, with company number 1039322 and its principal
office at Vanterpool Plaza, Wickhams Cay 1, 2nd Floor, Road Town, Tortola, British Virgin Islands, as Rig B Owner; 

  

	(5)	 	CONSTELLATION OVERSEAS LTD., a company incorporated under the laws of the British Virgin Islands, with company number 1020641 and its principal office at
Vanterpool Plaza, Wickhams Cay I, 2nd Floor, Road Town, Tortola, British Virgin Islands, as Constellation; 

  

	(6)	 	EIFFEL RIDGE GROUP C.V., a limited partnership formed under the laws of The Netherlands, with its registered office Locatellikade 1, 1076 AZ, Amsterdam, The
Netherlands and represented by Becrux B.V. as managing partner, as Project Borrower; 

  

	(7)	 	QUEIROZ GALVÃO ÓLEO E GÁS S.A., a company incorporated under the laws of Brazil, registered under the Tax Roll number 30.521.090/0001-27 and
its registered office at Avenue Presidente Antônio Carlos, 51-7th Floor, Rio de Janeiro, RJ 20030-010, as Sponsor; 

  

	(8)	 	QUEIROZ GALVÃO S.A., a company incorporated under the laws of Brazil, registered under the Tax Roll number 02.538.798/0001-55 and its registered office at
Av. Rio Branco, 156, room 3001-part, Rio de Janeiro, RJ, as Parent Sponsor; 

  

	(9)	 	MIMOSA FINANCE B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the
Netherlands with its principal place of business at Parnassustoren, Locatellikade 1, 1076 AZ Amsterdam, P.O. Box 75215, 1070 AE Amsterdam, The Netherlands, having its seat (statutaire zetel) in Amsterdam, registered with the Chamber of
Commerce (Kamer van Koophandel) under number 34279330, as Mimosa Finance; 

  

	(10)	 	MIMOSA FINANCE C.V., a limited liability partnership formed under the laws of The Netherlands, with its registered office at Bijlmerplein 888, P.O. Box 1800,
1000 BV, Amsterdam, The Netherlands and represented by Stichting Mimosa Finance, its Manager Partner, as Bank Borrower; 

  

	(11)	 	CENTAURUS S.à.r.l., a company incorporated under the laws of Luxembourg with registered offices at 3, allée Scheffer, L-2520, Luxembourg, as
Centaurus; 

  

	(12)	 	BECRUX B.V., a limited liability company (besloten vennootschap) incorporated under the laws of the Netherlands with company number 34278801 having its
legal seat in The Netherlands, with registered offices at Parnassustoren, Locatellikade 1, 1076 AZ Amsterdam, P.O. Box 75215, 1070 AE Amsterdam, The Netherlands as Becrux; 

 

	(13)	 	ING BANK N.V., a banking institution incorporated under the laws of The Netherlands acting for the purposes of this Deed through its office at Bijlmerplein 888,
P.O. Box 1800, 1000 BV Amsterdam, The Netherlands, as Bank Agent; 

  

	(14)	 	ING BANK N.V., a banking institution incorporated under the laws of The Netherlands acting for the purposes of this Deed through its office at Bijlmerplein 888,
P.O. Box 1800, 1000 BV Amsterdam, The Netherlands, in its capacity as security trustee for and on behalf of itself and the other Bank Beneficiaries, as Bank Trustee; 

  
 1 

	(15)	 	ING BANK N.V., a banking institution incorporated under the laws of The Netherlands acting for the purposes of this Deed through its office at Bijlmerplein 888,
P.O. Box 1800, 1000 BV Amsterdam, The Netherlands, as Account Bank; 

  

	(16)	 	ING BANK N.V., a banking institution incorporated under the laws of The Netherlands acting for the purposes of this Deed through its office at Bijlmerplein 888,
P.O. Box 1800, 1000 BV Amsterdam, The Netherlands, as Shortfall Party; and 

  

	(17)	 	ING CAPITAL MARKETS LLC, a limited liability company incorporated under the laws of the State of Delaware of 1325 Avenue of the Americas, New York, N.Y. 10019,
USA as Hedging Provider. 

 WHEREAS: 
  

	(A)	 	By a project loan agreement dated 30 July 2007 as amended and/or supplemented (the Project Loan Agreement) and made between (i) Eiffel Ridge Group
C.V., represented by Becrux B.V., its managing partner, as borrower, (ii) the companies and entities referred to therein as Lenders, (iii) ING Bank N.V. as arranger, (iv) ING Bank N.V. as facility agent, and (v) Esbelto B.V. as
security trustee, in respect of a loan facility of up to $810,167,850; 

  

	(B)	 	By a bank loan agreement dated 30 July 2007 as amended and/or supplemented (the Bank Loan Agreement) and made between (i) Mimosa Finance C.V.,
represented by Stichting Mimosa Finance, as borrower (ii) the banks and financial institutions referred to therein as Banks, (iii) ING Bank N.V. as bank agent, and (iv) ING Bank N.V. as bank trustee in respect of a loan facility of up
to $810,167,850; 

  

	(C)	 	The Project Loan Agreement makes available (i) the Rig A Loan to finance the payment of Rig A Advance Bareboat Hire, which in turn financed the construction of Rig
A and certain related interest expenses, and (ii) the Rig B Loan to finance the payment of Rig B Advance Bareboat Hire, which in turn financed the construction of Rig B and certain related interest expenses; 

 

	(D)	 	Rig B was originally scheduled to be delivered to the Charterer under the Rig B Charter by 29 September 2009 and if it is not delivered by 29 September 2010,
a termination event will occur under the Rig B Charter and Rig A was originally scheduled to be delivered to the Charterer under the Rig A Charter by 30 June 2010 and if it is not delivered by 31 December 2010, a termination event will
occur under the Rig A Charter; and 

  

	(E)	 	The parties wish to enter into this Deed to amend the Facility Documents (as defined in the Project Loan Agreement) and the Facility Documents (as defined in the Bank
Loan Agreement) in order to (amongst other things) permit (i) Rig A to be delivered, and to operate, under the Rig B Charter, and (ii) Rig B to be delivered, and to operate, under the Rig A Charter. 

IT IS HEREBY AGREED as follows: 
  

	1	 	Definitions and interpretation 

  

	1.1	 	Words and expressions defined in clause 1.2 to the Project Loan Agreement and not otherwise defined in this Deed shall bear the same respective meanings when used in
this Deed, and: 

 Additional Fee Letters means the project loan fee letter dated on or about the date of
this Deed between (among others) the Facility Agent and the Borrower and the bank loan fee letter dated on or about the date of this Deed between the Bank Agent and the Borrower (as defined in the Bank Loan Agreement); 

Additional Powers of Attorney has the meaning given to it in the Project Loan Agreement (as amended by this Deed); 

  
 2 

 Amendment to the Rig A Mortgage has the meaning given to it in the Project Loan
Agreement (as amended by this Deed); 
 Amendment to the Rig B Mortgage has the meaning given to it in the Project Loan
Agreement (as amended by this Deed); 
 Bank Additional Notices of Assignment has the meaning given to the term
“Additional Notices of Assignment” in the Bank Loan Agreement (as amended by this Deed); 
 Bank Effective Time
Notice means the notice in the form set out in Schedule 3; 
 Documents means together the Facility Documents as
defined in the Project Loan Agreement and the Facility Documents as defined in the Bank Loan Agreement; 
 Effective Time
means the later of the time at which (i) the Facility Agent issues the Project Effective Time Notice and (ii) the Bank Agent issues the Bank Effective Time Notice; 
 Project Additional Notices of Assignment has the meaning given to the term “Additional Notices of Assignment” in the Project Loan Agreement (as amended by this Deed); 

Project Effective Time Notice means the notice in the form set out in Schedule 2; and 

Relevant Documents means this Deed, the Additional Fee Letters, the Amendment to the Rig A Mortgage, the Amendment to the Rig B
Mortgage, the Additional Powers of Attorney, the Project Additional Notices of Assignment and the Bank Additional Notices of Assignment. 
  

	1.2	 	The rules of construction set out in clause 1.4 and 1.5.1 of the Project Loan Agreement shall apply (mutatis mutandis) in this Deed as if each reference therein to
“this Agreement” were a reference to this Deed. 

  

	2	 	Facility Agent and Bank Agent 

  

	2.1	 	The Facility Agent is a party to, and is entering into, this Deed on behalf of itself and as agent of the Lenders pursuant to clause 16.4 of the Project Loan Agreement.

  

	2.2	 	The Bank Agent is a party to, and is entering into, this Deed on behalf of itself and as agent of the Banks pursuant to clause 16.4 of the Bank Loan Agreement.

  

	3	 	Effective Time Notices and conditions subsequent 

  

	3.1	 	The Facility Agent shall issue the Project Effective Time Notice promptly after it or its duly authorised representative has received the documents and evidence
specified in Part A of Schedule 1 in form and substance satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders), unless any Default has occurred and is continuing. 

 

	3.2	 	The Bank Agent shall issue the Bank Effective Time Notice promptly after it or its duly authorised representative has received the documents and evidence specified in
Part B of Schedule 1 in form and substance satisfactory to the Bank Agent (acting on the instructions of the Majority Banks), unless any Default (as defined in the Bank Loan Agreement) has occurred and is continuing. 

 

	3.3	 	The Borrower will provide: 

  

	3.3.1	 	within thirty (30) days of the date of this Deed, evidence satisfactory to the Facility Agent and the Bank Agent that the Relevant Documents (other than the
Additional Fee Letters) have been (i) translated into Portuguese by a sworn public translation, and (ii) registered with the competent Registry of Deeds and Documents; and 

  
 3 

	3.3.2	 	within sixty (60) days of the date of this Deed, evidence satisfactory to the Facility Agent and the Bank Agent that the Amendment to the Rig A Mortgage and the
Amendment to the Rig B Mortgage have been (i) translated into Spanish and (ii) permanently registered in the Flag State. 

  

	4	 	Principles 

  

	4.1	 	The parties hereto agree that from the Effective Time notwithstanding anything to the contrary in the Documents, the Documents shall be read and construed as if:

  

	4.1.1	 	Rig A will be delivered to the Charterer under the Rig B Charter and the Rig B Services Agreement and Rig B will be delivered to the Charterer under the Rig A Charter
and the Rig A Services Agreement; 

  

	4.1.2	 	Rig A is related to the Rig B Charter and Rig B is related to the Rig A Charter; 

 

	4.1.3	 	The Security Period relating to a Rig means, at any time after the Charter Date of Acceptance of that Rig, in the case of Rig A, the Security Period relating to the Rig
B Facility and, in the case of Rig B, the Security Period relating to the Rig A Facility; 

  

	4.1.4	 	Wherever and to the extent stated or implied that applications out of the Proceeds A Account will be made towards repayment of the Rig A Loan or applications out of the
Proceeds B Account will be made towards repayment of the Rig B Loan, subject always to the provisions of clause 6 of this Deed, applications out of the Proceeds A Account shall be applied towards repayment of the Rig B Loan and applications out of
the Proceeds B Account shall be applied towards repayment of the Rig A Loan; 

  

	4.1.5	 	The Earnings generated by Rig A (including the Charter Rate from the Rig B Charter) will repay the Rig B Loan and the Earnings generated by Rig B (including the Charter
Rate from the Rig A Charter) will repay the Rig A Loan; and 

  

	4.1.6	 	Claims may be made under the Pre-Completion Guarantee and the related Pre-Completion Guarantee Letter of Credit until the Completion Date for Rig A in respect of the
Rig B Loan and until the Completion Date for Rig B in respect of the Rig A Loan. 

  

	5	 	Amendments 

  

	5.1	 	Project Loan Agreement 

From the Effective Time, the Project Loan Agreement shall be amended and varied as follows: 

 

	5.1.1	 	In clause 1.2, the following definition is inserted in alphabetical order: 

 “ “Additional Notices of Assignment” means the notices of assignment in the form set out in Schedule 7, Part A of the Amendment Deed, specifying the relevant Earnings Account and the
relevant Rig;” 
  

	5.1.2	 	In clause 1.2, the following definition is inserted in alphabetical order: 

 “ “Additional Powers of Attorney” means the replacement Powers of Attorney to be granted by the Borrower and the Rig Owners respectively to the Security Trustee;” 

 

	5.1.3	 	In clause 1.2, the following definition shall be inserted in alphabetical order: 

 “ “Amendment Deed No. 1” means the deed of amendment no. 1 dated 2009 between each of the parties to the Co-ordination Deed, Constellation, the Sponsor and the Parent Sponsor;”

  
 4 

	5.1.4	 	In clause 1.2, the definition of “Allocation Period” is deleted and replaced by: 

“ “Allocation Period” means, in respect of a Facility, (i) in the case of the Rig A Facility, the period
commencing on the Initial Charter Hire Date relating to Rig B, and in the case of the Rig B Facility, the period commencing on the Initial Charter Hire Date relating to Rig A and, in each case, ending on the first Application Date relating to that
Facility, and (ii) each subsequent period commencing on the last day of the previous Allocation Period relating to that Facility and ending on the next following Application Date relating to that Facility;” 

 

	5.1.5	 	In clause 1.2, the following definition shall be inserted in alphabetical order: 

 “ “Amendment to Rig A Mortgage” means the mortgage amendment agreement relating to the Rig A Mortgage in the Agreed Form entered into or, as the context may require, to be entered
into, between the Rig A Owner and the Security Trustee;” 
  

	5.1.6	 	In clause 1.2, the following definition shall be inserted in alphabetical order: 

 “ “Amendment to Rig B Mortgage” means the mortgage amendment agreement relating to the Rig B Mortgage in the Agreed Form entered into or, as the context may require, to be entered
into, between the Rig B Owner and the Security Trustee;” 
  

	5.1.7	 	In clause 1.2, the definition of “Application Dates” is deleted and replaced by: 

“ “Application Dates” means, in relation to a Facility (i) in the case of the Rig A Facility, the Quarter Date
falling at the end of the first full Quarter Period following the Rig A Charter Date of Acceptance and, in the case of the Rig B Facility, the Quarter Date falling at the end of the first full Quarter Period following the Rig B Charter Date of
Acceptance (ii) each Quarter Date (in each case subject to clause 8.3) falling subsequently to the Quarter Date referred to in paragraph (i) above within the Security Period relating to that Facility and (iii) the Final Maturity Date
of that Facility, and “Application Date” means any of them;” 
  

	5.1.8	 	In clause 1.2, the definition of “Charter Rate” is deleted and replaced by: 

“ “Charter Rate” means in relation to Rig A, the Rig B Charter Rate and, in relation to Rig B, the Rig A Charter
Rate;” 
  

	5.1.9	 	In clause 1.2, in the text of the definition of “Earnings”, all references to “Rig A” shall be construed as references to “Rig B”
and all original references to “Rig B” shall be construed as references to “Rig A”; 

  

	5.1.10	 	In clause 1.2, the definition of “Earnings A Account Receivables” is deleted and replaced by: 

“ “Earnings A Account Receivables” means: 

 

	 	(a)	all Earnings relating to Rig B and/or payable to the Borrower or the Rig B Owner in respect of Rig B received after the Initial Charter Hire Date relating to Rig B (but
excluding any Rig B Advance Bareboat Hire); 

  

	 	(b)	all rebates of Rig A Advance Bareboat Hire corresponding to Swap Receipts or Hedging Receipts payable under the Rig A Hedging Agreements; 

 

	 	(c)	all Loss of Earnings Proceeds (if any) relating to Rig B and/or payable to the Borrower in respect of Rig B; 

 

	 	(d)	all Pre-Completion Guarantee Proceeds paid and received in respect of the obligations or liabilities of the Borrower in relation to the Rig A Facility; and

  

	 	(e)	all other amounts which are from time to time required, pursuant to the terms of any Facility Document, to be deposited in the Earnings A Account;”

  
 5 

	5.1.11	 	In clause 1.2, the definition of “Earnings Accounts” is deleted and replaced by: 

“ “Earnings Accounts” means, in relation to Rig A and/or the Rig B Facility, the Earnings B Account and, in
relation to Rig B and/or the Rig A Facility, the Earnings A Account and “Earnings Account” means either of them;” 
  

	5.1.12	 	In clause 1.2, the definition of “Earnings B Account Receivables” is deleted and replaced by: 

“ “Earnings B Account Receivables” means: 

 

	 	(a)	all Earnings relating to Rig A and/or payable to the Borrower in respect of Rig A received after the Initial Charter Hire Date relating to Rig A (but excluding any Rig
A Advance Bareboat Hire); 

  

	 	(b)	all rebates of Rig B Advance Bareboat Hire corresponding to Swap Receipts or Hedging Receipts payable under the Rig B Hedging Agreements; 

 

	 	(c)	all Loss of Earnings Proceeds (if any) relating to Rig A and/or payable to the Borrower in respect of Rig A; 

 

	 	(d)	all Pre-Completion Guarantee Proceeds paid and received in respect of the obligations or liabilities of the Borrower relating to the Rig B Facility; and

  

	 	(e)	all other amounts which are from time to time required, pursuant to the terms of any Facility Document, to be deposited in the Earnings B Account;”

  

	5.1.13	 	In clause 1.2, paragraph (a) of the definition of “Margin” is deleted and replaced by: 

 

	 	(a)	in relation to the Rig A Facility: 

 two point one five per cent. (2.15%) per annum up to 1 October 2009; 

thereafter up to the Rig A Margin Reduction Date, two point six five per cent. (2.65%); 

thereafter up to the fifth anniversary of the Rig A Margin Reduction Date, one point one five per cent. (1.15%) per annum; and

 thereafter one point three five per cent. (1.35%) per annum; 

 

	5.1.14	 	In clause 1.2, in the definition of “Permitted Amendment”, in paragraph (a)(iv), the words “in the case of Rig A, 31 December, 2010 or, in
the case of Rig B, 31 December, 2009” shall be replaced by “in the case of Rig A, 29 September 2010 or, in the case of Rig B, 31 December, 2010” 

 

	5.1.15	 	In clause 1.2, the definition of “Rig A Availability Period” is deleted and replaced by: 

“ “Rig A Availability Period” means the period commencing on the date on which all the conditions precedent set out
in clause 3.1 and Part 1 of Schedule 3 are satisfied and ending on: 
  

	 	(a)	in the case of any Rig A Principal Advance the earliest to occur of: 

  

	 	(i)	31 December, 2010; 

  

	 	(ii)	the date falling ninety (90) days after the Rig B Charter Date of Acceptance; 

 

	 	(iii)	the Rig A Completion Date; 

  

	 	(b)	in the case of the Rig A Intercompany Principal Advance and the Rig A Intercompany Interest Advance, 15 October, 2007; and 

  
 6 

	 	(c)	in the case of any Rig A Interest Advance and any Rig A Swap Advance, the earlier to occur of the Initial Charter Hire Date relating to Rig B and 31 December,
2010, 

 unless extended in writing by the Facility Agent (with consent of all Lenders) pursuant to clause
16.13.2;” 
  

	5.1.16	 	In clause 1.2, in the text of the definitions of (but not the defined term itself) “Rig A Charter”, “Rig A Charter Date of
Acceptance”, “Rig A Charterer Acknowledgement” and “Rig A Services Agreement”, all references to “Rig A” are amended to references to “Rig B”. 

 

	5.1.17	 	In clause 1.2, the following definition is inserted in alphabetical order: 

 “ “Rig A Charter Compensation Covenant” means the deed of covenant in the form set out in Schedule 4 of the Amendment Deed No. 1 granted or, as the context may require, to be granted
by the Parent Sponsor in favour of the Security Trustee for the benefit of the Beneficiaries relating to, inter alia, the payment by way of Equity of amounts equal to any Charter Compensation in respect of the Rig A Charter;” 

 

	5.1.18	 	In clause 1.2, the definition of “Rig A Commitment” is deleted and replaced by: 

“ “Rig A Commitment” means in relation to a Lender and at any relevant time the amount set out opposite its name in
column “Rig A” of Schedule 1 and/or, in the case of a Transferee, the amount specified in the relevant Transfer Certificate, as reduced or increased, in each case, by any relevant term of this Agreement;” 

 

	5.1.19	 	In clause 1.2, the definition of “Rig A Interest Facility Limit” is deleted and replaced by: 

“ “Rig A Interest Facility Limit” means an amount of forty four million, five hundred and thirty six thousand and
four Dollars ($44,536,004), as the same may be reduced or increased in accordance with any provision of this Agreement;” 
  

	5.1.20	 	In clause 1.2, the definition of “Rig A Facility Limit” is deleted and replaced by: 

“ “Rig A Facility Limit” means an amount of three hundred and thirty-two million, thirty six thousand and four
Dollars ($332,036,004) as the same may be reduced or increased in accordance with any provision of this Agreement;” 
  

	5.1.21	 	In clause 1.2, the definition of “Rig A Margin Reduction Date” is deleted and replaced by: 

“ “Rig A Margin Reduction Date” means the date on which each of the conditions specified in paragraphs 2, 5, 7(a),
(b) and (c), 11 and 12 of Part 5 of Schedule 3 have been satisfied in full in relation to Rig B, the Rig A Charter, the Rig B Owner, the Rig A Services Agreement and the Rig B Bareboat Charter, as applicable;” 

 

	5.1.22	 	In clause 1.2, the definition of “Rig A Proceeds” is deleted and replaced by: 

“ “Rig A Proceeds” means: 
  

	 	(a)	all Final Disposition Proceeds relating to Rig A, 

  

	 	(b)	all Total Loss Proceeds and Restricted Proceeds relating to Rig A, 

  

	 	(c)	all Requisition Compensation relating to Rig A, 

  

	 	(d)	following the occurrence of an Event of Default, all Earnings B Account Receivables, all Debt Service Reserve Account Receivables, all Proceeds A Account Receivables,
all Project B Account Receivables and all Loss of Earnings Proceeds relating to Rig A, 

  

	 	(e)	all and any other monies, property and other assets representing or deriving from all or any of the Secured Property and the Collateral, to the extent the same relates
to Rig A, the Rig A Owner and/or the obligations of the Borrower in relation to the Rig B Facility, other than any Termination Option Fee;” 

  
 7 

	5.1.23	 	In clause 1.2, the definition of “Rig A Swap Bareboat Hire” is deleted and replaced by: 

“ “Rig A Swap Bareboat Hire” means and includes all amounts payable to the Rig A Owner pursuant to clause 5.7 of
the Rig A Bareboat Charter;” 
  

	5.1.24	 	In clause 1.2, the definition of “Rig B Availability Period” is deleted and replaced by: 

“ “Rig B Availability Period” means the period commencing on the date on which all the conditions precedent set out
in clause 3.1 and Part 1 of Schedule 3 are satisfied and ending on: 
  

	 	(a)	in the case of any Rig B Principal Advance the earliest to occur of: 

  

	 	(i)	29 September, 2010; 

  

	 	(ii)	the date falling ninety (90) days after the Rig A Charter Date of Acceptance; 

 

	 	(iii)	the Rig B Completion Date; 

  

	 	(b)	in the case of the Rig B Intercompany Principal Advance and the Rig B Intercompany Interest Advance, 15 October, 2007; and 

 

	 	(c)	in the case of any Rig B Interest Advance and any Rig B Swap Advance, the earlier to occur of the Initial Charter Hire Date relating to Rig A and 29 September,
2010, 

 unless extended in writing by the Facility Agent (with consent of all Lenders) pursuant to clause
16.13.2;” 
  

	5.1.25	 	In clause 1.2, in the text of the definitions of (but not the defined term itself) “Rig B Charter”, “Rig B Charter Date of
Acceptance”, “Rig B Charterer Acknowledgement” and “Rig B Services Agreement”, all references to “Rig B” are amended to references to “Rig A”. 

 

	5.1.26	 	In clause 1.2, the following definition shall be inserted in alphabetical order: 

 “ “Rig B Charter Compensation Covenant” means the deed of covenant in the form set out in Schedule 4 of the Amendment Deed No. 1 granted or, as the context may require, to be granted
by the Parent Sponsor in favour of the Security Trustee for the benefit of the Beneficiaries relating to, inter alia, the payment by way of Equity of amounts equal to any Charter Compensation in respect of the Rig B Charter;” 

 

	5.1.27	 	In clause 1.2, the definition of “Rig B Margin Reduction Date” is deleted and replaced by: 

“ “Rig B Margin Reduction Date” means the date on which each of the conditions specified in paragraphs 2, 5, 7(a),
(b) and (c), 11 and 12 of Part 5 of Schedule 3 have been satisfied in full in relation to Rig A, the Rig B Charter, the Rig A Owner, the Rig B Services Agreement and the Rig A Bareboat Charter, as applicable;” 

 

	5.1.28	 	In clause 1.2, the definition of “Rig B Proceeds” is deleted and replaced by: 

“ “Rig B Proceeds” means: 
  

	 	(a)	all Final Disposition Proceeds relating to Rig B; 

  

	 	(b)	all Total Loss Proceeds and Restricted Proceeds relating to Rig B; 

  

	 	(c)	all Requisition Compensation relating to Rig B; 

  
 8 

	 	(d)	following the occurrence of an Event of Default, all Earnings A Account Receivables, all Debt Service Reserve Account Receivables, all Proceeds B Account Receivables,
all Project A Account Receivables and all Loss of Earnings Proceeds relating to Rig B; 

  

	 	(e)	all and any other monies, property and other assets representing or deriving from all or any of the Secured Property and the Collateral, to the extent the same relates
to Rig B, the Rig B Owner and/or the obligations of the Borrower in relation to the Rig A Facility other than any Termination Option Fee;” 

  

	5.1.29	 	In clause 1.2, the definition of “Rig B Swap Bareboat Hire” is deleted and replaced by: 

“ “Rig B Swap Bareboat Hire” means and includes all amounts payable to the Rig B Owner pursuant to clause 5.7 of
the Rig B Bareboat Charter;” 
  

	5.1.30	 	In clause 1.2, the following definition shall be inserted in alphabetical order: 

 “ “Rig B Total Contribution” means at any time in relation to the Rig B Facility, the aggregate amount of the principal amounts of the Rig B Loan owing to each Lender at that
time;” 
  

	5.1.31	 	In clause 1.2, in the definition of “Security Documents”, the words “, the Rig A Charter Compensation Covenant, the Rig B Charter Compensation
Covenant, the Amendment to the Rig A Mortgage, the Amendment to the Rig B Mortgage, the Additional Powers of Attorney, the Additional Notices of Assignment” shall be added after the words “the Letters of Authorisation”.

  

	5.1.32	 	In clause 1.2, the definition of “Security Period” is deleted and replaced by: 

 

	5.1.33	 	“ “Security Period” means the period commencing on the date of this Agreement and, in relation to the Facilities, terminating on the date on which
all the Secured Obligations have been paid, repaid, satisfied, performed and discharged in full or, in relation to Rig A and/or the Rig B Facility, terminating on the date on which the Rig A Mortgage has been unconditionally released after payment,
repayment, satisfaction, performance and discharge in full of all Secured Obligations relating to the Rig B Facility and, in the case of Rig B and/or the Rig A Facility, terminating on the date on which the Rig B Mortgage has been unconditionally
released after payment, repayment, satisfaction, performance and discharge in full of all Secured Obligations relating to the Rig A Facility;” 

  

	5.1.34	 	In clause 1.2, the definition of “Sponsor Cut-Off Date” is deleted and replaced by: 

“ “Sponsor Cut-Off Date” means, in relation to a Facility: 

 

	 	(a)	for the purposes of clauses 3, 5, 8.1, 8.2.3, 8.2.5, 8.2.6, 8.2.8, 8.2.9, 8.2.10, 8.2.14, 8.2.16, 8.2.17, 8.2.18, 8.2.19, 8.2.20, 8.2.22, 8.2.23, 8.2.24, 8.3.2(c),
8.3.3, 8.3.4, 8.3.5, 9.1, 10, 13, 14, 15, 16, 17, 18 (to the extent clause 18 relates to any of the other clauses referred to in this paragraph (a)), 19 and (to the extent it relates to any of the other clauses referred to in this paragraph (a)) 20
of the Deed of Undertaking, the earlier to occur of: 

  

	 	(1)	the end of the Security Period relating to that Facility; 

  

	 	(2)	the later of (i) ninety (90) days after the date on which the Security Trustee takes action to enforce, (A) the Mortgage over, (x) prior to the
Charter Date of Acceptance of a Rig, in the case of the Rig A Facility, Rig A or, in the case of the Rig B Facility, Rig B, or (y) after the Charter Date of Acceptance of a Rig, in the case of the Rig A Facility, Rig B or, in the case of the
Rig B Facility, Rig A, and/or (B) the Share Pledge over the shares of each Rig Owner, and (ii) the Debt Service Undertaking Release Date; 

  

	 	(b)	for all other purposes, the earliest to occur of: 

  

	 	(1)	the end of the Security Period relating to that Facility; 

  
 9 

	 	(2)	the date on which, in the case of the Rig A Facility, the Rig A Services Agreement, or in the case of the Rig B Facility, the Rig B Services Agreement, is terminated by
the Charterer; 

  

	 	(3)	the later of (i) ninety (90) days after the date on which the Security Trustee takes action to enforce, (A) the Mortgage over, (x) prior to the
Charter Date of Acceptance of a Rig, in the case of the Rig A Facility, Rig A or, in the case of the Rig B Facility, Rig B, or (y) after the Charter Date of Acceptance of a Rig, in the case of the Rig A Facility, Rig B or, in the case of the
Rig B Facility, Rig A, and/or (B) the Share Pledge over the shares of each Rig Owner, and (ii) the Debt Service Undertaking Release Date; 

  

	5.1.35	 	In clause 1.2, in the definition of “Termination Date” in paragraph (a), the words “the Rig the Advance Bareboat Hire paid in relation to which
was financed by that Facility” shall be replaced by “(i) prior to the Charter Date of Acceptance of a Rig, the Rig the Advance Bareboat Hire paid in relation to which was financed by that Facility or (ii) after the Charter Date of
Acceptance of a Rig, in the case of the Rig B Facility, Rig A and in the case of the Rig A Facility, Rig B”; 

  

	5.1.36	 	In clause 4.2.1, the words “of the Rig relating to the Advance Bareboat Hire which is financed by that Facility” are replaced by “of, in the case of the
Rig A Facility, the Initial Charter Hire Date in respect of Rig B and, in the case of the Rig B Facility, the Initial Charter Hire Date in respect of Rig A”. 

 

	5.1.37	 	Clause 4.5 is deleted and replaced by: 

  

	 	“4.5	Termination of Commitments 

  

	 	4.5.1	Any part of the Rig A Commitment undrawn at the end of the Rig A Availability Period shall thereupon be automatically reduced to zero; and 

 

	 	4.5.2	     

  

	 	(a)	At the end of the Rig B Availability Period in respect of any Rig B Interest Advance and/or any Rig B Swap Advance, an amount equal to the sum of the Rig B Interest
Facility Limit at that time minus the aggregate of the Rig B Interest Advances, the Rig B Intercompany Interest Advance and the Rig B Swap Advances made prior to or at that time (the “Amount”) shall be added to the Rig A Interest
Facility Limit and, at that time, for all purposes of the Facility Documents (i) the Rig A Commitment shall be increased by the Amount and (ii) the Rig B Commitment shall be decreased by the Amount; and 

 

	 	(b)	At the end of the Rig B Availability Period in respect of any Advance other than any Rig B Interest Advance and/or any Rig B Swap Advance, the Rig B Commitment shall be
automatically reduced by (i) any part of the Rig B Commitment undrawn at the end of that Rig B Availability Period, and (ii) the aggregate of any amounts actually applied to repay the Rig B Loan prior to the end of that Rig B Availability
Period pursuant to clauses 5.2.6 and 5.2.10 of the Deed of Proceeds and Priorities.” 

  

	5.1.38	 	In clause 4.7, the words “subject only to clause 4.5.2(a),” are added after “For the avoidance of doubt,”. 

 

	5.1.39	 	In clause 5.1, the words “the Initial Charter Hire Date of the Rig the Advance Bareboat Hire relating to which is financed by that Facility” wherever they
appear, are replaced by “, in the case of the Rig A Loan, the Initial Charter Hire Date in respect of Rig B and, in the case of the Rig B Loan, the Initial Charter Hire Date in respect of Rig A” and the words “(after deducting
therefrom the amount (if any) of any Swap Rebate payable to the Borrower under the Bareboat Charter relating to that Rig)” are replaced by “(after deducting therefrom the amount (if any) of any Rig A Swap Rebate in the case of the Rig A
Loan or Rig B Swap Rebate, in the case of the Rig B Loan)” 

  
 10 

	5.1.40	 	In clause 5.2.3, the words “the Initial Charter Hire Date of the Rig the Advance Bareboat Hire relating to which is financed by that Loan” wherever they
appear are replaced by “, in the case of the Rig A Loan, the Initial Charter Hire Date in respect of Rig B and, in the case of the Rig B Loan, the Initial Charter Hire Date in respect of Rig A,” 

 

	5.1.41	 	Clause 6.1 is deleted and replaced by: 

  

									
		 	“6.1.1	  	(a)	    	The Rig A Total Commitment relating to the Rig A Facility shall be reduced on each Application Date relating to the Rig A Facility by the Required Amount relating to the
Rig A Facility for that Application Date. Any reduction of that Rig A Total Commitment shall reduce the Commitment relating to the Rig A Facility of each Lender in the proportion which that Lender’s Commitment relating to the Rig A
Facility bears to the Total Commitment relating to the Rig A Facility.
					
		 		  	(b)	    	(i)	    	On any Application Date falling prior to the end of the Rig B Availability Period, the Rig B Total Contribution shall be reduced on each Application Date relating to the Rig B
Facility by the Required Amount relating to the Rig B Facility for that Application Date. Any reduction of that Rig B Total Contribution shall reduce the Contribution relating to the Rig B Facility of each Lender in the proportion which that
Lender’s Contribution relating to the Rig B Facility bears to the Rig B Total Contribution.
					
		 		  		    	(ii)	    	On any Application Date falling on or after the end of the Rig B Availability Period, the Rig B Total Commitment shall be reduced on each Application Date relating to the Rig B
Facility by the Required Amount relating to the Rig B Facility for that Application Date. Any reduction of that Rig B Total Commitment shall reduce the Commitment relating to the Rig B Facility of each Lender in the proportion which that
Lender’s Commitment relating to the Rig B Facility bears to the Total Commitment relating to the Rig B Facility.
				
		 	6.1.2	  		    	If on any Application Date relating to a Facility (after the reduction of, at any time prior to the end of the Rig B Availability Period, the Rig A Total Commitment
and/or the Rig B Total Contribution or, as the case may be, at any time on or after the end of the Rig B Availability Period, the Total Commitments relating to that Facility, in accordance with clause 6.1.1 above) there remain any amounts available
for application in accordance with clause 5.2.10 of the Deed of Proceeds and Priorities, the Rig A Total Commitment and the Rig B Total Contribution or, as the case may be, the Total Commitment relating to each Facility shall be further reduced by
the balance of such moneys applied to the Loan outstanding under that Facility and, at any time prior to the end of the Rig B Availability Period, the Rig A Commitment of each Lender shall be further reduced in the proportion which that
Lender’s Commitment to the Rig A Facility bears to the Total Commitment relating to the Rig A Facility and the Rig B Contribution of each Lender to the Rig B Facility shall be further reduced in the proportion which that Lender’s
Contribution to the Rig B Facility bears to the Rig B Total Contribution or, as the case may be, at any time on or after the end of the Rig B Availability Period, the Commitment to that Facility of each Lender shall be further reduced in the
proportion which that Lender’s Commitment to that Facility bears to the Total Commitment relating to that Facility.
				
		 	6.1.3	  		    	If, at any time prior to the end of the Rig B Availability Period, in the case of the Rig B Facility, after the reduction of the Rig B Total Contribution on any
Application Date, the Loan outstanding under that Facility would exceed the Rig B Total Contribution as so reduced, the Borrower shall on such Application Date pay to the Facility Agent (for the account of the Lenders) such amount in repayment of
that Loan as shall ensure that that Loan does not exceed the Rig B Total Contribution at such time. If, in the case of the Rig A Facility and, after the end of the Rig B Availability Period, the Rig B Facility, after the reduction of the Total
Commitment relating to that Facility on any Application Date, the Loan outstanding under that

  
 11 

									
		 		  		    	Facility would exceed the Total Commitment relating to that Facility as so reduced, the Borrower shall on such Application Date pay to the Facility Agent (for the
account of the Lenders) such amount in repayment of that Loan as shall ensure that that Loan does not exceed the Total Commitment relating to that Facility at such time.
				
		 	6.1.4	  		    	The Total Commitment relating to a Facility shall be reduced to zero on the Final Maturity Date of that Facility and any amount of the Loan outstanding under that
Facility on the Final Maturity Date relating to that Facility shall be repaid in full, together with all accrued interest and any other amount relating thereto payable under this Agreement and the other Facility Documents.”

  

	5.1.42	 	In clause 10.2.9, each reference to “Earnings Account relating to that Rig” is replaced by “relevant Earnings Account”, each reference to
“Proceeds Account relating to that Rig” is replaced by “relevant Proceeds Account” and in paragraph (g) the words “relating to the Rig of which that Rig Owner is the owner” are deleted and the word
“relevant” inserted prior to “Earnings”. 

  

	5.1.43	 	In clause 11.1.27, the words “31 December, 2009” are replaced by “29 September, 2010”. 

 

	5.1.44	 	Clause 16.22 is deleted in its entirety and replaced by: 

  

	 	“16.22	Release of Security 

  

	 	(a)	The Borrower hereby agrees with the Security Trustee and the Lenders that they shall be entitled to retain the Security Documents relating to a Facility (save for, to
the extent relating solely to that Facility, the Accounts Pledge in so far as it relates to (i) the Project Account, Proceeds Account and Earnings Account in each case relating to the relevant Facility, which will be released immediately upon
the Security Trustee being satisfied that the payment, repayment, performance, satisfaction and discharge in full referred to below has occurred, and (ii) the Debt Service Reserve Account, which shall be released immediately upon termination of
the Security Period) for thirty (30) days after the payment, repayment, performance, satisfaction and discharge in full of all of the Secured Obligations relating to that Facility (Facility Discharge) and on the last day of such thirty
(30) day period, subject to paragraph (b) below, the Security Trustee shall (to the extent the relevant Security Document relates to that Facility), at the request and cost of the applicable Security Party, execute such documentation as
may be required to (a) release the applicable Security Party from its obligations under the applicable Security Document, and (b) release or, where applicable, re-assign to that Security Party the security created pursuant to that Security
Document and, in the case of the Power of Attorney, return the same to the Borrower in accordance with this clause 16.22 only after satisfaction and discharge in full of all the Secured Obligations, Provided however that if in the reasonable opinion
of the Security Trustee or any other Beneficiary there are at that time any contingent claims by any of the Beneficiaries against the Borrower or any other Security Party under or in connection with this Agreement or any Facility Document or any
likely contingent claims can be identified at that time, the Security Trustee reserves its right to retain any Security Document and delay such release (notwithstanding the expiry of such thirty (30) day period) until the earlier of
(i) the date on which all such contingent claims are irrevocably and unconditionally settled in full, or fully and finally disposed of or withdrawn or discontinued and (ii) such time as the Security Trustee may deem appropriate.

  

	 	(b)	Notwithstanding paragraph (a) above, upon the Facility Discharge of one (but not both) of the Facilities; 

 

	 	(i)	the Mortgage over, in the case of the Facility Discharge of the Rig A Facility, Rig B or, in the case of the Facility Discharge of the Rig B Facility, Rig A shall be
released and reassigned by the Security Trustee in accordance with paragraph (a) above (but not the other Mortgage); 

  
 12 

	 	(ii)	in the case of the Facility Discharge of the Rig A Facility, the Rig B Owner or, in the case of the Facility Discharge of the Rig B Facility, the Rig A Owner may novate
to the other Rig Owner the Hedging Agreements to which the relevant Rig Owner is a party on terms approved by the Facility Agent and the Hedging Provider (such approval not to be unreasonably withheld); and 

 

	 	(iii)	if a novation contemplated by paragraph (ii) above has been affected by the Rig A Owner or, as the case may be, the Rig B Owner, the Security Trustee shall, in
accordance with paragraph (a) above release and discharge the Share Pledge over the Rig Owner which has effected such novation (but not the other Share Pledge).” 

 

	5.1.45	 	Part 5 of Schedule 3, paragraph 7(e) is deleted in its entirety and replaced by: 

 

	 	“(e)	Confirmation from the Borrower of the date on which the relevant Rig arrived at the port of, or in sheltered waters offshore of, the City of Macaé-RJ in Brazil,
in accordance with clause 2.3 of the relevant Charter and, if such arrival is after the date stipulated in clause 2.2.1 of the relevant Charter, evidence satisfactory to the Lenders setting out the details of any reduction in the relevant Charter
Rate incurred or to be incurred or any fine levied or to be levied as a consequence of the late arrival of that Rig.” 

  

	5.1.46	 	In Part 5 of Schedule 3, the following words are added: 

  

	 	“13	Charter Compensation Covenant 

 If at the relevant time (a) Charter Compensation does or may remain payable or applicable by way of any reduction of Charter Rate under the relevant Charter, or (b) either the amount of all
relevant Mobilisation Costs have not been ascertained or the amount by which such Mobilisation Costs exceed the corresponding Mobilisation Fees has not been funded or paid in full by way of Equity, a duly executed original of the Rig A Charter
Compensation Covenant in the case of the Rig A Charter or, as the case may be, the Rig B Charter Compensation Covenant in the case of the Rig B Charter, and evidence satisfactory to the Agents that the Rig A Charter Compensation Covenant or, as the
case may be, the Rig B Charter Compensation Covenant has been (i) translated into Portuguese by a sworn public translation, and (ii) registered with the competent Registry of Deeds and Documents.” 

 

	5.1.47	 	The Rig A Interest Advance made on 31 October 2009 pursuant to clause 4.2 shall be deemed to have been increased, as at 31 October 2009, by the amount
necessary to reflect the increase in the Margin in relation to the Rig A Facility from 1 October 2009. 

  

	5.2	 	Deed of Proceeds and Priorities 

 From the Effective Time, the Deed of Proceeds and Priorities shall be amended as follows: 
  

	5.2.1	 	In clause 5.1 the references in the fourth and penultimate lines to “Rig A” are replaced by references to “Rig B” and in clause 5.2.5, the reference
to “Rig A” in the fifth line is replaced by a reference to “Rig B”. 

  

	5.2.2	 	In clause 5.2.7, the words “references to Rig A were references to Rig B” are replaced by “references to Rig B were references to Rig A”.

  

	5.2.3	 	Clause 5.3 is deleted in its entirety and replaced by: 

  

	 	“5.3	 The provisions of clauses 5.1 and 5.2 shall apply in the same terms to Earnings B Account Receivables, as if all references therein to “Rig A Swap
Rebates”, “Rig B” , “Rig A Facility”, “Earnings A Account”, “Rig A Owner”, “Rig A Swap Bareboat Hire”, “Rig 

  
 13 

	 	
A Bareboat Charter” and “Rig A Loan” were references to “Rig B Swap Rebates”, “Rig A”, “Rig B Facility”, “Earnings B Account”, “Rig B
Owner”, “Rig B Swap Bareboat Hire”, “Rig B Bareboat Charter” and “Rig B Loan”, respectively and the reference in sub-clause 5.2.7 to “Rig B Loan”, “Rig B Facility”, “Rig B Owner”,
“Rig B Swap Bareboat Hire”, “Rig B Bareboat Charter” and “Rig A” were a reference to “Rig A Loan”, “Rig A Facility”, “Rig A Owner”, “Rig A Swap Bareboat Hire”, “Rig A
Bareboat Charter” and “Rig B” respectively.” 

  

	5.2.4	 	In clause 6.1.3, the words “the Loan relating to the relevant Rig” are replaced by “, in the case of Insurance Proceeds and/or Rig Rights Proceeds in
respect of Rig A, the Rig B Loan and, in the case of Insurance Proceeds and/or Rig Rights Proceeds in respect of Rig B, the Rig A Loan”. 

  

	5.2.5	 	In clause 8.1.1(f), the words “relating to the Rig” are deleted and the word “relevant” inserted prior to the words “Earnings Account”.

  

	5.2.6	 	In clause 9.1(c), the words “the Earnings Account relating to that Rig” are replaced by “in the case of an excess in relation to Rig A, the Earnings B
Account or, in the case of an excess in relation to Rig B, the Earnings A Account”. 

  

	5.2.7	 	In clause 12.6.5, the words “provided however that such Event of Default relates to the Facility which financed the Rig of which that Rig Owner is the owner and/or
that Rig.” are deleted. 

  

	5.2.8	 	In clause 14.2.10, each reference to “Earnings Account relating to that Rig” is replaced by “relevant Earnings Account”, each reference to
“Proceeds Account relating to that Rig” is replaced by “relevant Proceeds Account” and in paragraph (g) the words “of which that Rig Owner is the owner” are deleted. 

 

	5.2.9	 	Clause 15.5 is deleted in its entirety. 

  

	5.3	 	Deed of Undertaking 

From the Effective Time, the Deed of Undertaking shall be amended as follows: 

 

	5.3.1	 	Clause 10 is deleted in its entirety and replaced by the contents of Schedule 5 of this Deed. 

 

	5.3.2	 	In clause 11.3.1, the words “relating to the Rig which is the subject of that Services Agreement” are deleted and “relevant” is inserted prior to
“Proceeds Account”. 

  

	5.3.3	 	Schedule 1 shall be deleted in its entirety and replaced by the contents of Schedule 6 of this Deed. 

 

	5.4	 	Deed of Covenant 

 From
the Effective Time, the Deed of Covenant shall be amended as follows: 
  

	5.4.1	 	In clause 10, the words “and any obligations and liabilities of the Parent Sponsor under the Rig A Charter Compensation Covenant and the Rig B Charter Compensation
Covenant,” are added after “clause 11.2 of this Deed”. 

  

	5.4.2	 	In clause 17.3.2(a) the words “and the Rig A Charter Compensation Covenant and the Rig B Charter Compensation Covenant” are added after the words
“Guarantee”. 

  

	5.5	 	General Assignment 

 From
the Effective Time, the General Assignment shall be amended as follows: 
  

	5.5.1	 	In clause 5.1.14, the words “relating to that Rig” are deleted and the word “relevant” is inserted prior to “Earnings Account” in the
second line. 

  
 14 

	5.5.2	 	In clause 6, the words “relating to that Rig” are deleted and the word “relevant” is inserted prior to “Proceeds Account”.

  

	5.5.3	 	In clause 7.5.4(b) the words “relating to the Rig which is the subject of that Charter” are deleted and the word “relevant” is inserted prior to
“Proceeds Account”. 

  

	5.5.4	 	In clause 7.5.6(c), the words “Rig A” are replaced by “Rig B” and the words “Rig B” (wherever they originally appeared) are replaced by
“Rig A”. 

  

	5.5.5	 	In clause 9.1(b)(i), the words “the Loan relating to that Rig” are deleted and replaced by “, in the case of Rig B, at any time prior to the Rig A
Charter Date of Acceptance, the Rig B Total Commitment or at any time on or after the Rig A Charter Date of Acceptance, the Rig A Loan and, in the case of Rig A, at any time prior to the Rig B Charter Date of Acceptance, the Rig A Loan or at any
time on or after the Rig B Charter Date of Acceptance, the Rig B Total Commitment”. 

  

	5.5.6	 	In clause 9.1(b)(iii), the words “the Loan relating to the Rig in relation to which that insurance is placed” are deleted and replaced by “in the case of
Rig A, the Rig B Loan and, in the case of Rig B, the Rig A Loan”. 

  

	5.6	 	Sponsor Assignment 

 From
the Effective Time, in clause 6 of the Sponsor Assignment, the words “relating to that Rig” are deleted and the word “relevant” is inserted prior to “Proceeds Account”. 

 

	5.7	 	Pre-Completion Guarantee 

From the Effective Time, the Pre-Completion Guarantee shall be amended as follows: 

 

	5.7.1	 	In clause 2.1.1, the words “in respect of a Facility upon the occurrence of the Completion Date of the Rig the Advance Bareboat Hire relating to which was financed
by that Facility” appearing at the end of the clause will be deleted and replaced by “in respect of the Rig A Facility, upon the occurrence of the Rig B Completion Date and, in respect of the Rig B Facility, upon the occurrence of the Rig
A Completion Date”. 

  

	5.7.2	 	In clause 2.14.2(b) the words “the Loan which financed the Advance Bareboat Hire relating to the Rig for which the Completion Date has not occurred” appearing
at the end of the clause shall be deleted and replaced by “the Rig A Loan if the Rig B Completion Date has not occurred, or the Rig B Loan if the Rig A Completion Date has not occurred”. 

 

	5.7.3	 	In clause 4.1.1(c), the words “relating to the Rig to which that Project Cost Over Run applies” are deleted and “relevant” inserted prior to
“Earnings Account”. 

  

	5.8	 	Rig A Bareboat Charter 

From the Effective Time, the Rig A Bareboat Charter shall be amended as follows: 

 

	5.8.1	 	Clause 2.1 is deleted and replaced by: 

 “2.1 The Owner shall let and demise to the Bareboat Charterer and the Bareboat Charterer shall charter Rig A, subject to the terms and conditions of this Charterparty, for the period, subject to
clause 2.3 of this Charterparty, commencing on the Rig A Date of Yard Acceptance and terminating on the date falling ten (10) years after the Rig B Charter Date of Acceptance (the “Charter Term”) provided however that it is
acknowledged and agreed, as between the Owner and the Bareboat Charterer, that the Owner shall bear and be responsible for all Transportation Costs relating to Rig A. For the avoidance of doubt, the terms of this Charterparty in relation to Rig A
Swap Bareboat Hire and rebate of Rig A Advance Bareboat Hire will continue if and for so long as the Owner remains a counterparty to any Hedging Agreements, notwithstanding the termination of the chartering of Rig A.” 

  
 15 

	5.8.2	 	A new clause 5.7 is added: 

“5.7 The Borrower undertakes and agrees that on any Application Date after the end of the Rig A Availability Period for Rig A Swap
Advances, it will pay to the Owner an amount equal to the Swap Payment due from the Owner to the Hedging Provider on that Application Date, by depositing such amount in the Project A Account, which the Owner acknowledges and agrees constitutes
receipt by the Owner of such amount as Rig A Swap Bareboat Hire.” 
  

	5.8.3	 	In clause 18.3, the words “Earnings A Account” are replaced by “Earnings B Account”. 

 

	5.9	 	Rig B Bareboat Charter 

From the Effective Time, the Rig B Bareboat Charter shall be amended as follows: 

 

	5.9.1	 	Clause 2.1 is deleted and replaced by: 

 “2.1 The Owner shall let and demise to the Bareboat Charterer and the Bareboat Charterer shall charter Rig B, subject to the terms and conditions of this Charterparty, for the period, subject to
clause 2.3 of this Charterparty, commencing on the Rig B Date of Yard Acceptance and terminating on the date falling fourteen (14) years after the Rig A Charter Date of Acceptance (the “Charter Term”) provided however that it
is acknowledged and agreed, as between the Owner and the Bareboat Charterer, that the Owner shall bear and be responsible for all Transportation Costs relating to Rig B. For the avoidance of doubt, the terms of this Charterparty in relation to Rig B
Swap Bareboat Hire and rebate of Rig B Advance Bareboat Hire will continue if and for so long as the Owner remains a counterparty to any Hedging Agreements, notwithstanding the termination of the chartering of Rig B.” 

 

	5.9.2	 	A new clause 5.7 is added: 

“5.7 The Borrower undertakes and agrees that on any Application Date after the end of the Rig B Availability Period relating to Rig
B Swap Advances, it will pay to the Owner an amount equal to the Swap Payment due from the Owner to the Hedging Provider on that Application Date, by depositing such amount in the Project B Account, which the Owner acknowledges and agrees
constitutes receipt by the Owner of such amount as Rig B Swap Bareboat Hire.” 
  

	5.9.3	 	In clause 18.3, the words “Earnings B Account” is replaced by “Earnings A Account”. 

 

	5.10	 	Bank Loan Agreement 

From the Effective Time, the Bank Loan Agreement shall be amended and varied as follows: 

 

	5.10.1	 	In clause 1.2, the definition of “A Facility Limit” is deleted and replaced by: 

“ “A Facility Limit” means an amount of three hundred and thirty-two million, thirty six thousand and four Dollars
($332,036,004) as the same may be reduced or increased in accordance with any provision of this Agreement;” 
  

	5.10.2	 	In clause 1.2, the following definition is inserted in alphabetical order: 

 “ “Additional Notices of Assignment” means the notices of assignment in the form set out in Schedule 7, Part B of the Amendment Deed, specifying the relevant Project Loan Account and
the relevant Rig;“ 
  

	5.10.3	 	In clause 1.2, the definition of “Allocation Period” is deleted and replaced by: 

“ “Allocation Period” means, in respect of a Facility, (i) in the case of the A Facility, the period
commencing on the Initial Charter Hire Date relating to Rig B, and in the case of the B Facility, the period commencing on the Initial Charter Hire Date relating to Rig A and, in each case, ending on the first Application Date relating to that
Facility, and (ii) each subsequent period commencing on the last day of the previous Allocation Period relating to that Facility and ending on the next following Application Date relating to that Facility;” 

  
 16 

	5.10.4	 	In clause 1.2, the definition of “Application Dates” is deleted and replaced by: 

“ “Application Dates” means, in relation to a Facility (i) in the case of the A Facility, the Quarter Date
falling at the end of the first full Quarter Period following the Rig A Charter Date of Acceptance and, in the case of the B Facility, the Quarter Date falling at the end of the first full Quarter Period following the Rig B Charter Date of
Acceptance (ii) each Quarter Date (in each case subject to clause 8.3) falling subsequently to the Quarter Date referred to in paragraph (i) above within the Security Period relating to that Facility and (iii) the Final Maturity Date
of that Facility, and “Application Date” means any of them;” 
  

	5.10.5	 	In clause 1.2, the definition of “Facility A Availability Period” is deleted and replaced by: 

“ “Facility A Availability Period” means the period commencing on the date on which all the conditions precedent
set out in clause 3.1 and Part 1 of Schedule 3 are satisfied and ending on: 
  

	 	(a)	in the case of any Facility A Principal Advance the earliest to occur of: 

  

	 	(i)	31 December, 2010; 

  

	 	(ii)	the date falling ninety (90) days after the Rig B Charter Date of Acceptance; 

 

	 	(iii)	the Rig A Completion Date; 

  

	 	(b)	in the case of the Facility A Intercompany Principal Advance and the Facility A Intercompany Interest Advance, 15 October, 2007; and 

 

	 	(c)	in the case of any Facility A Interest Advance and any Facility A Swap Advance, the earlier to occur of the Initial Charter Hire Date relating to Rig B and
31 December, 2010, 

 unless extended in writing by the Bank Agent (with consent of all Banks) pursuant to
clause 16.13.2;” 
  

	5.10.6	 	In clause 1.2, the definition of “Facility A Commitment” is deleted and replaced by: 

“ “Facility A Commitment” means in relation to a Bank and at any relevant time the amount set out opposite its name
in column “A Facility” of Schedule 1 and/or, in the case of a Transferee, the amount specified in the relevant Transfer Certificate, as reduced or increased, in each case, by any relevant term of this Agreement;” 

 

	5.10.7	 	In clause 1.2, the definition of “Facility A Interest Facility Limit” is deleted and replaced by: 

“ “Facility A Interest Facility Limit” means an amount of forty four million, five hundred and thirty six thousand
and four Dollars ($44,536,004), as the same may be reduced or increased in accordance with any provision of this Agreement;” 
  

	5.10.8	 	In clause 1.2, the definition of “Facility B Availability Period” is deleted and replaced by: 

“ “Facility B Availability Period” means the period commencing on the date on which all the conditions precedent
set out in clause 3.1 and Part 1 of Schedule 3 are satisfied and ending on: 
  

	 	(a)	in the case of any Facility B Principal Advance the earliest to occur of: 

  

	 	(i)	29 September, 2010; 

  

	 	(ii)	the date falling ninety (90) days after the Rig A Charter Date of Acceptance; 

  
 17 

	 	(iii)	the Rig B Completion Date; 

  

	 	(b)	in the case of the Facility B Intercompany Principal Advance and the Facility B Intercompany Interest Advance, 15 October, 2007; and 

 

	 	(c)	in the case of any Facility B Interest Advance and any Facility B Swap Advance, the earlier to occur of the Initial Charter Hire Date relating to Rig A and
29 September, 2010, 

 unless extended in writing by the Bank Agent (with consent of all Banks) pursuant to
clause 16.13.2;” 
  

	5.10.9	 	In clause 1.2, the following definition shall be inserted in alphabetical order: 

 “ “Facility B Total Contribution” means at any time in relation to the B Facility, the aggregate amount of the principal amounts of the Facility B Loan owing to each Bank at that
time;” 
  

	5.10.10	 	In clause 1.2, paragraph (a) of the definition of “Margin” is deleted and replaced by: 

 

	 	(a)	in relation to the A Facility: 

two point one five per cent. (2.15%) per annum up to 1 October 2009; 

thereafter up to the Facility A Margin Reduction Date, two point six five per cent. (2.65%); 

thereafter up to the fifth anniversary of the Facility A Margin Reduction Date, one point one five per cent. (1.15%) per annum; and

 thereafter one point three five per cent. (1.35%) per annum; 

 

	5.10.11	 	In clause 1.2, in the definition of “Security Documents”, the words “, the Additional Notices of Assignment” shall be added after the words
“the Notices of Assignment”. 

  

	5.10.12	 	In clause 1.2, in the definition of “Termination Date” in paragraph (a), the words “relating to the Rig relating to that Facility” shall be
replaced by “(i) prior to the Charter Date of Acceptance of a Rig, the Rig relating to that Facility or (ii) after the Charter Date of Acceptance of a Rig, in the case of the B Facility, Rig A, and in the case of the A Facility, Rig
B”; 

  

	5.10.13	 	In clause 4.2.1, the words “Rig A” are replaced by “Rig B” and the words “Rig B” (wherever they originally appeared) are replaced by
“Rig A”. 

  

	5.10.14	 	Clause 4.5 is deleted and replaced by: 

  

	 	“4.5	Termination of Commitments 

  

	 	4.5.1	Any part of the Facility A Commitment undrawn at the end of the Facility A Availability Period shall thereupon be automatically reduced to zero; and

  

	 	4.5.2	     

  

	 	(a)	At the end of the Facility B Availability Period in respect of any Facility B Interest Advance and/or any Facility B Swap Advance, an amount equal to the sum of the
Facility B Interest Facility Limit at that time minus the aggregate of the Facility B Interest Advances, the Facility B Intercompany Interest Advance and the Facility B Swap Advances made prior to or at that time (the “Amount”)
shall be added to the Facility A Interest Facility Limit and, at that time, for all purposes of the Facility Documents (i) the Facility A Commitment shall be increased by the Amount and (ii) the Facility B Commitment shall be decreased by
the Amount; and 

  
 18 

	 	(b)	At the end of the Facility B Availability Period in respect of any Advance other than any Facility B Interest Advance and/or any Facility B Swap Advance, the Facility B
Commitment shall be automatically reduced by (i) any part of the Facility B Commitment undrawn at the end of that Facility B Availability Period, and (ii) the aggregate of any amounts actually applied to repay the Facility B Loan prior to
the end of that Facility B Availability Period pursuant to clauses 8.7.5 and 8.7.7 of this Agreement.” 

  

	5.10.15	 	In clause 4.7, the words “subject only to clause 4.5.2(a),” are added after “For the avoidance of doubt,”. 

 

	5.10.16	 	In clause 5.1 and clause 5.2.3, the words “the Initial Charter Hire Date of Rig A” wherever they appear, are replaced by “the Initial Charter Hire Date
of Rig B” and the words “the Initial Charter Hire Date of Rig B” wherever they originally appear, are replaced by “the Initial Charter Hire Date of Rig A”. 

 

	5.10.17	 	Clause 6.1 is deleted and replaced by: 

  

									
		 	“6.1.1	  	(a)	    	The Facility A Total Commitment relating to the A Facility shall be reduced on each Application Date relating to the A Facility by the Required Amount relating to the A
Facility for that Application Date. Any reduction of that Facility A Total Commitment shall reduce the Commitment relating to the A Facility of each Bank in the proportion which that Bank’s Commitment relating to the A Facility bears to
the Total Commitment relating to the A Facility.
					
		 		  	(b)	    	(i)	    	On any Application Date falling prior to the end of the Facility B Availability Period, the Facility B Total Contribution shall be reduced on each Application Date relating to the B
Facility by the Required Amount relating to the B Facility for that Application Date. Any reduction of that Facility B Total Contribution shall reduce the Contribution relating to the B Facility of each Bank in the proportion which that
Bank’s Contribution relating to the B Facility bears to the Facility B Total Contribution.
					
		 		  		    	(ii)	    	On any Application Date falling on or after the end of the Facility B Availability Period, the Facility B Total Commitment shall be reduced on each Application Date relating to the
B Facility by the Required Amount relating to the B Facility for that Application Date. Any reduction of that Facility B Total Commitment shall reduce the Commitment relating to the B Facility of each Bank in the proportion which that
Bank’s Commitment relating to the B Facility bears to the Total Commitment relating to the B Facility.
				
		 	6.1.2	  		    	If on any Application Date relating to a Facility (after the reduction of, at any time prior to the end of the Facility B Availability Period, the Facility A Total
Commitment and/or the Facility B Total Contribution or, as the case may be, at any time on or after the end of the Facility B Availability Period, the Total Commitments relating to that Facility, in accordance with clause 6.1.1 above) there remain
any amounts available for application in accordance with clause 8.7.7 hereof, the Facility A Total Commitment and the Facility B Total Contribution or, as the case may be, the Total Commitment relating to each Facility shall be further reduced by
the balance of such moneys applied to the Loan outstanding under that Facility and, at any time prior to the end of the Facility B Availability Period, the Facility A Commitment of each Bank shall be further reduced in the proportion which that
Bank’s Commitment to the A Facility bears to the Total Commitment relating to the A Facility and the Contribution of each Bank to the B Facility shall be further reduced in the proportion which that Bank’s Contribution to the B Facility
bears to the Facility B Total Contribution or, as the case may be, at any time on or after the end of the Facility B Availability Period, the Commitment to that Facility of each Bank shall be further reduced in the proportion which that Bank’s
Commitment to that Facility bears to the Total Commitment relating to that Facility;    

  
 19 

									
		 	6.1.3	  		    	If, at any time prior to the end of the Facility B Availability Period, in the case of the B Facility, after the reduction of the Facility B Total Contribution on any
Application Date, the Loan outstanding under that Facility would exceed the Facility B Total Contribution as so reduced, the Borrower shall on such Application Date pay to the Bank Agent (for the account of the Banks) such amount in repayment of
that Loan as shall ensure that that Loan does not exceed the Facility B Total Contribution at such time. If, in the case of the A Facility and, after the end of the Facility B Availability Period, the B Facility, after the reduction of the Total
Commitment relating to that Facility on any Application Date, the Loan outstanding under that Facility would exceed the Total Commitment relating to that Facility as so reduced, the Borrower shall on such Application Date pay to the Bank Agent (for
the account of the Banks) such amount in repayment of that Loan as shall ensure that that Loan does not exceed the Total Commitment relating to that Facility at such time.
				
		 	6.1.4	  		    	The Total Commitment relating to a Facility shall be reduced to zero on the Final Maturity Date of that Facility and any amount of the Loan outstanding under that
Facility on the Final Maturity Date relating to that Facility shall be repaid in full, together with all accrued interest and any other amount relating thereto payable under this Agreement and the other Facility Documents.”

  

	5.10.18	 	The Facility A Interest Advance made on 31 October 2009 pursuant to clause 4.2 shall be deemed to have been increased, as at 31 October 2009, by the amount
necessary to reflect the increase in the Margin in relation to the A Facility from 1 October 2009. 

  

	5.11	 	Facility Document 

 It is
acknowledged and agreed by each of the parties to this Deed that from the date of this Deed, this Deed shall constitute (i) a Facility Document as defined in the Project Loan Agreement, (ii) a Facility Document as defined in the Bank Loan
Agreement, (iii) a Project Facility Document as defined in the Bank Loan Agreement, and (iv) a Bank Document as defined in the Project Loan Agreement. 
  

	5.12	 	No other amendments 

Subject to the terms of this Deed, the Documents will remain in full force and effect and, from the date of this Deed, each of the
Documents and this Deed will be read and construed as one document. 
  

	5.13	 	Further Assurance 

 Each
of the Security Parties (as defined under the Project Loan Agreement), the Bank Borrower, Becrux, Centaurus and Mimosa Finance (the Parties) undertakes: 
  

	5.13.1	 	that this Deed and each of the Documents shall both at the date of execution and delivery thereof and so long as any moneys are owing under any Document be valid and
binding obligations of the respective Parties who are parties thereto and the rights of the Beneficiaries shall be enforceable in accordance with their respective terms; and 

 

	5.13.2	 	that it will, at the Parent Sponsor’s expense, execute, sign, perfect and do, and will procure the execution, signing, perfecting and doing by each of the other
Parties of any and every such further assurance, document, act or thing as in the reasonable opinion of the Security Trustee acting on the instructions of the Majority Lenders or, as the case may be, the Bank Trustee acting on the instructions of
the Majority Banks, may be necessary or desirable for perfecting the security or implementing the amendments each as contemplated by, or constituted by, this Deed and/or the Documents. 

  
 20 

	6	 	Total Loss of a Rig 

  

	6.1	 	The parties hereto agree that from the Effective Time, the Documents shall be read and construed as follows: 

 

	6.1.1	 	If a Charter Date of Acceptance has not occurred in respect of any Rig and a Total Loss of a Rig occurs, notwithstanding anything to the contrary in the Documents, in
the case of a Total Loss of Rig A, the Rig A Loan will be repaid using the Total Loss Proceeds of Rig A and, in the case of a Total Loss of Rig B, the Rig B Loan will be repaid using the Total Loss Proceeds of Rig B and in each case, from the Total
Loss Date, the Documents shall be read and construed as if the Effective Time had never occurred (other than the provisions of this clause 6), with such amendments to the Documents and/or additional documents as the Facility Agent and the Bank Agent
may see fit (acting reasonably) to reverse the changes made at the Effective Time in respect of, and in relation to, the remaining Rig. 

  

	6.1.2	 	If, after the Charter Date of Acceptance has occurred in respect of one Rig (but not both) and there is a Total Loss of a Rig, notwithstanding anything to the contrary
in the Documents, from the Total Loss Date, the Documents shall be read and construed as if: 

  

	 	(a)	there is one facility (which is the aggregate of (i) in the case of the Facility Documents as defined under the Project Loan Agreement, the Rig A Facility and the
Rig B Facility and (ii) in the case of the Facility Documents as defined under the Bank Loan Agreement, the A Facility and the B Facility) (in each case, the Combined Facility); 

 

	 	(b)	the Combined Facility is subject to one facility limit (which is the aggregate of (i) in the case of the Facility Documents as defined under the Project Loan
Agreement, the Rig A Facility Limit and the Rig B Facility Limit and (ii) in the case of the Facility Documents as defined under the Bank Loan Agreement, the A Facility Limit and the B Facility Limit) (in each case, the Combined Facility
Limit); 

  

	 	(c)	there is no distinction between (i) in the case of the Project Loan Agreement, Rig A Commitments and Rig B Commitments, and (ii) in the case of the
Bank Loan Agreement, Facility A Commitments and Facility B Commitments (in each case, the Combined Commitments); 

  

	 	(d)	the availability period for the Combined Facility is the Availability Period applicable to the Loan which is financing or has financed the Advance Bareboat Hire of the
Rig which is not the subject of a Total Loss; 

  

	 	(e)	there is one charter (which is the Charter under which no Charter Date of Acceptance has occurred) (the Remaining Charter); 

 

	 	(f)	there is one Rig (which is the Rig not the subject of a Total Loss) (the Remaining Rig); 

 

	 	(g)	all Total Loss Proceeds shall be applied to repay the Combined Facility, the Combined Facility Limit shall be deemed reduced by an amount equal to the Total Loss
Proceeds and the Combined Commitments shall be deemed reduced by an amount equal to the Total Loss Proceeds; 

  

	 	(h)	the Remaining Rig shall be delivered under the Remaining Charter; 

  

	 	(i)	each other reference to “Rig A” or “Rig B” and “A Facility” or “B Facility” (whether used as defined terms or within defined
terms) shall, where necessary, be read and construed accordingly; and 

  

	 	(j)	the Facility Agent and the Bank Agent shall be entitled to make such amendments to the Documents and/or require such additional documents as they see fit (acting
reasonably) in order to preserve the economic terms and security position contemplated by the Documents. 

  

	6.1.3	 	If at any time after the Charter Date of Acceptance has occurred in respect of both Rigs: 

 

	 	(a)	there is a Total Loss of Rig A, notwithstanding anything to the contrary in the Documents, the Total Loss Proceeds in respect of Rig A shall be applied in accordance

  
 21 

	 	
with clause 6.5.1 of the Project Loan Agreement but with any repayment of principal to be applied first in or towards repayment of the Rig B Loan and any excess Total Loss Proceeds will then be
used to prepay the remaining Rig A Loan outstanding; and/or 

  

	 	(b)	there is a Total Loss of Rig B, notwithstanding anything to the contrary in the Documents, the Total Loss Proceeds in respect of Rig B shall be applied in accordance
with clause 6.5.1 of the Project Loan Agreement but with any repayment of principal to be applied first in or towards repayment of the Rig A Loan and any excess Total Loss Proceeds will then be used to prepay the remaining Rig B Loan outstanding.

  

	7	 	Miscellaneous 

  

	7.1	 	Counterparts 

 This Deed
may be entered into in the form of two or more counterparts, each executed by one or more of the parties hereto, and, provided all the parties hereto shall so execute this Deed, each of the executed counterparts, when duly exchanged or delivered,
shall be deemed to be an original but, taken together, shall constitute one instrument. 
  

	7.2	 	English language 

 All
certificates, instruments and other documents to be delivered under or supplied in connection with this Deed shall be in the English language or shall be accompanied by a certified English translation upon which the recipient shall be entitled to
rely. 
  

	7.3	 	Severability of provisions 

 Each of the provisions of this Deed is severable and distinct from the others and if at any time one or more of those provisions is or becomes invalid, illegal or unenforceable under the laws of any
jurisdiction neither the validity, legality and enforceability of the remaining provisions of this Deed nor the validity, legality and enforceability of those provisions in any other jurisdiction shall in any way be affected or impaired thereby.

  

	8	 	Law and jurisdiction 

  

	8.1	 	Law 

 This Deed and all
non-contractual obligations in connection with it are governed by, and shall be construed in accordance with, the laws of England and Wales. 
  

	8.2	 	Submission to jurisdiction 

 Each of the Security Parties (as defined in the Project Loan Agreement) and the Security Parties (as defined in the Bank Loan Agreement) agree for the benefit of the Beneficiaries and the Bank
Beneficiaries that: 
  

	8.2.1	 	if it has any claim against any other party arising out of or in connection with this Deed such claim shall (subject to clause 8.2.3) be referred to the High Court of
Justice in England, to the jurisdiction of which it irrevocably submits; 

  

	8.2.2	 	the jurisdiction of the High Court of Justice in England over any such claim against the Beneficiaries or the Bank Beneficiaries or any of them shall be an exclusive
jurisdiction and no courts outside England shall have jurisdiction to hear or determine any such claim; and 

  

	8.2.3	 	 nothing in this clause 8.2 shall limit the right of the Beneficiaries or the Bank Beneficiaries to refer any such claim against the Security Parties
(as defined in the Project Loan Agreement) and the Security Parties (as defined in the Bank Loan Agreement) to any other court of competent jurisdiction outside England, to the jurisdiction of which the Security Parties (as defined in the Project
Loan Agreement) and the Security Parties (as defined in the Bank Loan 

  
 22 

	 	
Agreement) hereby irrevocably agree to submit, nor shall the taking of proceedings by the Beneficiaries or the Bank Beneficiaries before the courts in one or more jurisdictions preclude the
taking of proceedings in any other jurisdiction whether concurrently or not. 

  

	8.3	 	Agent for service of process 

  

	8.3.1	 	Each of the Security Parties (as defined in the Project Loan Agreement), the Bank Borrower, Becrux, Centaurus and Mimosa Finance irrevocably designates, appoints and
empowers: 

  

	 	(a)	in the case of the Security Parties (as defined in the Project Loan Agreement), Becrux and Centaurus, Messrs Berwin Leighton Paisner at its principal place of business
in England from time to time (at present Adelaide House, London Bridge, London EC4R 9HA) Attention: N J Davies; and 

  

	 	(b)	in the case of Mimosa Finance and the Bank Borrower, Norose Notices Limited at the address of its principal place of business in England for the time being (presently
of 3 More London Riverside, London SE1 2AQ) attention: Partnership Office Manager, reference PTV/LN29757, 

 to
receive for it and on its behalf service of process issued out of the High Court of Justice in England in relation to any claim arising out of or in connection with this Deed. 

 

	8.3.2	 	Each of the Security Parties (as defined in the Project Loan Agreement), the Bank Borrower, Becrux, Centaurus and Mimosa Finance agree that it will at all times
continuously maintain an agent to receive service of process in England on its behalf and on behalf of its property with respect to this Deed and if, for any reason, such agent named above or its successor shall no longer serve as agent of it to
receive service of process in England, it shall promptly appoint a successor in England and advise the Facility Agent, Bank Agent, Security Trustee and Bank Trustee thereof. 

 IN WITNESS whereof this Deed has been duly executed as a deed and delivered the day and year first above written. 

  
 23 

 Schedule 1 
 Conditions Precedent 
 Part A 

 

	1	Constitutive Documents and corporate authorities 

 In respect of each of the Project Borrower, the Parent Sponsor, the Sponsor, the Rig Owners and Constellation: 
  

	 	(a)	a copy certified by a duly authorised officer of the relevant person to be a true, complete and up-to-date copy, of the Constitutive Documents (in the case of the
Sponsor and Parent Sponsor, with evidence of registration of the same with the Board of Trade and publication in accordance with Articles 135 and 142 of the Corporations Law of Brazil) of that person together with a certified extract from the
commercial register or, as the case may be, a certificate of good standing in respect of that person; 

  

	 	(b)	a copy, certified by a duly authorised officer of the relevant person to be a true copy, and as being in full force and effect and not amended or rescinded, of
resolutions of the board of directors or governors or managing partner (or of a committee of the board of directors or governors or managing partner) and/or the resolutions of the shareholders, if required of that person (in the case of the Sponsor
and Parent Sponsor, with evidence of registration of the same with the Board of Trade and publication in accordance with Articles 135 and 142 of the Corporations Law of Brazil): 

 

	 	(i)	approving the entering into by the relevant person of the transaction as constituted by the rights and obligations of the relevant person under the Relevant Documents
to which that person is (or is to be) party; 

  

	 	(ii)	authorising the execution by that person of such of this Deed and the other Relevant Documents to which such person is party; and 

 

	 	(iii)	authorising an individual or individuals to sign and deliver on behalf of that person such of this Deed and the other Relevant Documents to which such person is party;

  

	 	(c)	a copy certified by a duly authorised officer of that person to be a true copy, and as being in full force and effect and not revoked or withdrawn, of any power of
attorney issued by that person pursuant to the said resolutions; 

  

	 	(d)	a certificate of incumbency; and 

  

	 	(e)	in the case of the Sponsor and Parent Sponsor, a valid certificate issued by the court distributor with jurisdiction over the place of business of the Sponsor and
Parent Sponsor attesting the inexistence of bankruptcy and/or judicial recuperation claims filed by or against them. 

  

	2	Authorisations and approvals 

  

	 	(a)	Evidence satisfactory to the Agents (in the form of a confirmatory certificate from each of the parties referred to in paragraph 1 above) that all Authorisations
necessary for any matter or thing contemplated by the Relevant Documents (in each case to which the applicable Security Party is a party) and for the legality, validity, enforceability, priority, admissibility in evidence and effectiveness thereof,
at the time the same are required, have been obtained or effected on an unconditional basis and remain in full force and effect (or, in the case of any necessary arrangements effecting any future Authorisations, registrations and filings, that
arrangements which are satisfactory to the Facility Agent have been made for the effecting of the same within any applicable time limit); 

  
 24 

	 	(b)	Evidence satisfactory to the Agents in the form of a confirmatory certificate from each of the parties referred to in paragraph 1 above that any Authorisations which
may be required for the due execution and performance of any Security Party of any Relevant Document to which it is party at the time the same are required have been obtained and are in full force and effect. 

 

	3	Transaction Documents 

  

	 	(a)	An original counterpart of each Relevant Document duly executed and delivered by each Security Party which is party thereto as well as all evidence that notices,
acknowledgements, authorisations, invoices and certificates required thereunder have been duly executed and delivered. 

  

	 	(b)	A certificate from each Security Party confirming that each of the Project Documents and the other Transaction Documents (other than this Deed and the Security
Documents) to which it is a party which have then been executed, remain unamended and in full force and effect (save for Permitted Amendments previously disclosed in writing to the Agents). 

 

	4	Legal opinions 

 Legal
opinions in form and content satisfactory to the Lenders from: 
  

	 	(a)	Norton Rose LLP, Netherlands counsel to the Lenders in relation to, inter alia, the Project Borrower; 

 

	 	(b)	Maples and Calder, British Virgin Island counsel to the Lenders, in relation to, inter alia, the Rig Owners and Constellation; 

 

	 	(c)	Basch and Rameh, Brazilian counsel to the Lenders, in relation to, inter alia, (i) the Sponsor and the Parent Sponsor, and (ii) the delivery and operation of
Rig A under the Rig B Charter and Rig B Services Agreement and Rig B under the Rig A Charter and Rig A Services Agreement, and receipt of the opinion referred to in this sub-paragraph (ii) is acknowledged; 

 

	 	(d)	Norton Rose LLP, English counsel to the Lenders, in relation to, inter alia, the Relevant Documents; and 

 

	 	(e)	Patton, Moreno & Asvat, Panamanian counsel to the Lenders, in relation to the Amendment to the Rig A Mortgage and the Amendment to the Rig B Mortgage.

  

	5	Accounts and financial information 

 Evidence acceptable to the Agents that all fees then due to the Arranger, the Facility Agent and the Security Trustee and any applicable commitment commission then due have been paid in full or, as the
case may be, arrangements satisfactory to the Agents for the payment of such fees have been put in place. 
  

	6	Process Agents 

 Evidence
of the acceptance of appointment by each service of process agent appointed or required to be appointed under the Relevant Documents. 
  

	7	Technical Advisor 

Written confirmation from the Technical Adviser that (i) the specification of Rig A (as set out in the Rig A Construction Contract)
meets the specification for the rig in the Rig B Charter and the Rig B Services Agreement, and (ii) the specification of Rig B (as set out in the Rig B Construction Contract) meets the specification for the rig in the Rig A Charter and the Rig
A Services Agreement, receipt of which is acknowledged. 

  
 25 

 Part B 

 

	1	Constitutive Documents and corporate authorities 

 In respect of each of the Bank Borrower, Mimosa Finance, the Project Borrower, the Rig Owners, Centaurus and Becrux: 
  

	 	(a)	a copy certified by a duly authorised officer of the relevant person to be a true, complete and up-to-date copy, of the Constitutive Documents of that person together
with a certified extract from the commercial register or, as the case may be, a certificate of good standing in respect of that person; 

  

	 	(b)	a copy, certified by a duly authorised officer of the relevant person to be a true copy, and as being in full force and effect and not amended or rescinded, of
resolutions of the board of directors or governors or managing partner (or of a committee of the board of directors or governors or managing partners) of that person: 

 

	 	(i)	approving the entering into by the relevant person of the transaction as constituted by the rights and obligations of the relevant person under the Relevant Documents
to which that person is (or is to be) party; 

  

	 	(ii)	authorising the execution by that person of such of this Deed and the other Relevant Documents to which such person is party; and 

 

	 	(iii)	authorising an individual or individuals to sign and deliver on behalf of that person such of this Deed and the other Relevant Documents to which such person is party;

  

	 	(c)	a copy certified by a duly authorised officer of that person to be a true copy, and as being in full force and effect and not revoked or withdrawn, of any power of
attorney issued by that person pursuant to the said resolutions; and 

  

	 	(d)	a certificate of incumbency. 

  

	2	Authorisations and approvals 

  

	 	(a)	Evidence satisfactory to the Agents (in the form of a confirmatory certificate from each of the parties referred to in paragraph 1 above) that all Authorisations
necessary for any matter or thing contemplated by this Deed and the Bank Notices of Assignment (in each case to which the applicable Security Party is a party) and for the legality, validity, enforceability, priority, admissibility in evidence and
effectiveness thereof, at the time the same are required, have been obtained or effected on an unconditional basis and remain in full force and effect (or, in the case of any necessary arrangements effecting any future Authorisations, registrations
and filings, that arrangements which are satisfactory to the Bank Agent have been made for the effecting of the same within any applicable time limit); 

  

	 	(b)	Evidence satisfactory to the Agents in the form of a confirmatory certificate from each of the parties referred to in paragraph 1 above that any Authorisations which
may be required for the due execution and performance of any Security Party of any Relevant Document to which it is party at the time the same are required have been obtained and are in full force and effect. 

 

	3	Transaction Documents 

  

	 	(a)	An original counterpart of this Deed and each Bank Notice of Assignment duly executed and delivered by each Security Party which is party thereto as well as all
evidence that notices, acknowledgements, authorisations, invoices and certificates required thereunder have been duly executed and delivered. 

  
 26 

	 	(b)	A certificate from each Security Party confirming that each of the Transaction Documents (other than this Deed and the Security Documents) to which it is a party which
have then been executed, remain unamended and in full force and effect. 

  

	4	Legal opinions 

 Legal
opinions in form and content satisfactory to the Banks from: 
  

	 	(a)	Norton Rose LLP, Netherlands counsel to the Banks in relation to, inter alia, the Bank Borrower, Mimosa Finance, the Project Borrower and Becrux;

  

	 	(b)	Maples and Calder, British Virgin Island counsel to the Banks, in relation to, inter alia, the Rig Owners; 

 

	 	(c)	Basch and Rameh, Brazilian counsel to the Banks, in relation to, inter alia, this Deed; 

 

	 	(d)	Norton Rose LLP, English counsel to the Banks, in relation to, inter alia, this Deed; 

 

	 	(e)	Elvinger, Hoss & Prussen, Luxembourg counsel to the Banks, in relation to, inter alia, Centaurus; and 

 

	 	(f)	Patton, Moreno & Asvat, Panamanian counsel to the Banks, in relation to, inter alia, the Amendment to the Rig A Mortgage and the Amendment to the Rig B
Mortgage. 

  

	5	Accounts and financial information 

 Evidence acceptable to the Agents that any applicable commitment commission or fees then due have been paid in full or, as the case may be, arrangements satisfactory to the Agents for the payment of such
fees have been put in place. 
  

	6	Process Agents 

 Evidence
of the acceptance of appointment by each service of process agent appointed or required to be appointed under this Deed. 

  
 27 

 Schedule 2 
 Project Effective Time Notice 
  

			
	From:	  	ING BANK N.V. (as Facility Agent)
		
	To:	  	EIFFEL RIDGE GROUP C.V.
		  	GOLD STAR EQUITIES LTD.
		  	LONE STAR OFFSHORE LTD.
		  	CONSTELLATION OVERSEAS LTD.
		  	QUEIROZ GALVÃO ÓLEO E GÁS S.A.
		  	QUEIROZ GALVÃO S.A.
		
	Copy:	  	MIMOSA FINANCE C.V.
		  	MIMOSA FINANCE B.V.
		  	BECRUX B.V.
		  	CENTAURUS S.à.r.l.

 2009 
 Dear Sirs 
 Rig Swap Deed of Amendment dated 26 November 2009 in respect of a project loan
agreement and bank loan agreement of up to US$810,167,850 (Deed) 
 The Facility Agent hereby gives notice that the Project Effective Time,
for the purposes of the Deed, occurred at                      a.m./p.m. on             
2009. 
 Capitalised terms used in this notice shall have the same meanings as are ascribed to them in the Deed (including terms defined or
incorporated therein by reference to another document or agreement). 
 Yours faithfully 

 

	
	  

	
	 for and on behalf of
 ING
Bank N.V. (as Facility Agent)

  
 28 

 Schedule 3 
 Bank Effective Time Notice 
  

			
	From:	    	ING BANK N.V. (as Bank Agent)
		
	To:	    	MIMOSA FINANCE C.V.
		    	MIMOSA FINANCE B.V.
		    	BECRUX B.V.
		    	CENTAURUS S.à.r.l.
		
	Copy:	    	EIFFEL RIDGE GROUP C.V.
		    	GOLD STAR EQUITIES LTD.
		    	LONE STAR OFFSHORE LTD.
		    	CONSTELLATION OVERSEAS LTD.
		    	QUEIROZ GALVÃO ÓLEO E GÁS S.A.
		    	QUEIROZ GALVÃO S.A.

 2009 
 Dear Sirs 
 Rig Swap Deed of Amendment dated 26 November 2009 in respect of a project loan
agreement and bank loan agreement of up to US$810,167,850 (Deed) 
 The Bank hereby gives notice that the Bank Effective Time, for the
purposes of the Deed, occurred at              a.m./p.m. on              2009. 

Capitalised terms used in this notice shall have the same meanings as are ascribed to them in the Deed (including terms defined or incorporated therein
by reference to another document or agreement). 
  

	
	Yours faithfully
	
	  

	
	for and on behalf of
	ING Bank N.V. (as Bank Agent)

  
 29 

 Schedule 4 
 Form of Charter Compensation Covenant 
 Private & Confidential 

 

															
		 		 		 	Dated	 	2009	 		 		 	
		 		 		 	  
	 		 		 	

  

					
		 	QUEIROZ GALVÃO S.A.	 	    (1)
		 	as Covenantor	 	
			
		 	and	 	
			
		 	ESBELTO B.V.	 	
		 	as Security Trustee	 	    (2)
			
		 	and	 	
			
		 	ING BANK N.V.	 	
		 	as Facility Agent	 	    (3)

  
  

RIG [—] CHARTER COMPENSATION 

COVENANT 

in relation to a Project Loan Agreement 
 of up to US$810,167,850 relating to two 
 semi-submersible drilling rigs

  
  

 
 

 

  
 30 

 Contents 

 

							
	Clause	  	Page	 
			
	 1
	 	 Interpretation
	  	 	32	  
			
	 2
	 	 Covenant
	  	 	33	  
			
	 3
	 	 Payments and Taxes
	  	 	34	  
			
	 4
	 	 Benefit of this Deed of Covenant
	  	 	36	  
			
	 5
	 	 Notices and other matters
	  	 	37	  
			
	 6
	 	 Law and jurisdiction
	  	 	38	  

  
 31 

 THIS DEED OF COVENANT is dated
            , 2009, and made BETWEEN: 
  

	(1)	 	QUEIROZ GALVÃO S.A., a company incorporated under the laws of Brazil, registered under the Tax Roll number 02.538.798/0001-55 and its registered office at
Av. Rio Branco, 156, room 3001-part, Rio de Janeiro, RJ, Brazil (the “Covenantor”); 

 in favour
of 
  

	(2)	 	ESBELTO B.V., a company incorporated under the laws of The Netherlands of Amstelveenseweg 500, 1081 KL Amsterdam, The Netherlands, in its capacity as security
trustee for and on behalf of itself and the other Beneficiaries (the “Security Trustee”); and 

  

	(3)	 	ING BANK N.V., a banking institution incorporated under the laws of The Netherlands acting for the purposes of this Deed of Covenant through its office at
Bijlmerplein 888, P.O. Box 1800, 1000 BV Amsterdam, The Netherlands in its capacity as facility agent (the “Facility Agent”). 

 WHEREAS: 
  

	(A)	 	by the Project Loan Agreement the Lenders have agreed to make the Facilities available to the Borrower to be used for the purposes of financing part of the Advance
Bareboat Hire payable by the Borrower pursuant to the Bareboat Charters and to meet certain interest expenses; 

  

	(B)	 	by the Bareboat Charters, the Borrower has agreed to pay Advance Bareboat Hire for the purposes of financing the Project Costs incurred by the Rig Owners in connection
with the Projects; 

  

	(C)	 	by the Pre-Completion Guarantee, the Covenantor, the Sponsor and Constellation have agreed to (amongst other things) make funds available as Equity to the Borrower to
meet any Project Cost Over Run; and 

  

	(D)	 	the execution and delivery of this Deed of Covenant is a condition precedent to a Completion Date and release of the Pre-Completion Guarantee in relation to the
relevant Facility. 

 IT IS AGREED as follows: 

 

	1	 	Interpretation 

  

	1.1	 	Defined expressions 

 In
this Deed of Covenant, unless the context otherwise requires or unless otherwise defined in this Deed of Covenant, words and expressions defined in the Project Loan Agreement shall have the same meaning where used in this Deed of Covenant and the
rules of construction set out in clause 1.4 of the Project Loan Agreement shall apply (mutatis mutandis) in this Deed of Covenant as if each reference therein to “this Agreement” were a reference to this Deed of Covenant. The Covenantor
acknowledges and confirms that it has received a copy of each of the Facility Documents and is aware of all of the provisions thereof. 
  

	1.2	 	Definitions 

 In this
Deed of Covenant, unless the context otherwise requires: 
 “Obligors” means the Borrower and each of the Rig
Owners, and “Obligor” means any of them; 
 “Project Loan Agreement” means the loan agreement
dated 30 July 2007 (as amended and/or supplemented) and made between (i) Eiffel Ridge Group C.V., represented by Becrux B.V., its managing partner, as borrower, (ii) the companies and entities named in Schedule 1 thereof, as lenders,
(iii) ING Bank N.V. as arranger, (iv) the Facility Agent, and (v) the Security Trustee in respect of a loan facility of up to $810,167,850; and 

  
 32 

 “Transferee” means any other person or institution to whom the Security
Trustee or any Beneficiary assigns all or any part of its rights or benefits or, as the case may be, transfers all or any part of its rights, benefits and/or obligations under this Deed of Covenant in accordance with clause 4.1 hereof, clause 15.3
(Transfer) of the Project Loan Agreement and, in the case of the Security Trustee, clause 16.15 (Retirement of Agents) of the Project Loan Agreement. 
  

	1.3	 	Headings 

 Clause
headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Deed of Covenant. 
  

	1.4	 	Conflicts 

 This Deed of
Covenant shall be read together with the Project Loan Agreement, the Deed of Proceeds and Priorities and the Co-ordination Deed but in the case of any conflict between any provision of this Deed of Covenant, on the one hand, and any provision of the
Deed of Proceeds and Priorities or the Co-ordination Deed, on the other hand, the relevant provision of the Deed of Proceeds and Priorities or, as the case may be, the Co-ordination Deed shall prevail. 

 

	1.5	 	Facility Agent 

 The
Covenantor acknowledges and agrees to the provisions of clause 16.23 of the Project Loan Agreement pursuant to which the Security Trustee has appointed the Facility Agent as its agent for the purposes of all and any requests, consents, instructions,
directions, notices, demands or other communications which are to be given, made or issued by the Security Trustee under or pursuant to, inter alia, this Deed of Covenant. 

 

	1.6	 	Limitation on Liability 

The maximum aggregate liability of the Covenantor at any time under clause 2.1 of this Deed of Covenant shall be limited to [—], being the maximum aggregate amount of (a) Charter Compensation, and (b) Mobilisation Costs in excess of Mobilisation Fees, in each case payable under the Rig [—] Charter at the date of this Deed. 
  

	1.7	 	Brazilian Civil Code 

The Covenantor, being jointly and severally liable with the Borrower, hereby waives any benefits arising from articles 364, 827, 837 and
838 of the Brazilian Civil Code and acknowledges the rights of the Beneficiaries (or the rights of any assignee of any Beneficiary) to demand payment by the Covenantor of its credits, regardless of prior execution of the Borrower’s properties
or claims of any existing contingent Deed of Covenant. 
  

	2	 	Covenant 

  

	2.1	 	The Covenantor unconditionally and irrevocably undertakes and agrees that if any Project Cost Over Run shall occur (being a type of Project Cost Over Run as set out in
paragraph (d) or (e) of the definition of Project Cost Over Run) which has not previously been funded by way of Equity, it shall: 

  

	 	(a)	if and to the extent that the amount of that Project Cost Over Run is payable to the Charterer, it shall fund or cause to be funded by way of Equity and pay or cause to
be paid that amount to the Project [ A/B ] Account and shall procure that the Security Party responsible for paying the amount of that Project Cost Over Run applies that funding to meet that Project Cost Over Run; and/or 

  
 33 

	 	(b)	to the extent that the amount of that Project Cost Over Run results in any reduction in Charter Rate, make good or cause to be made good that reduction by payment or
causing payment of Equity to the Borrower direct to the Earnings [ A/B ] Account. 

  

	2.2	 	In respect of the type of Project Cost Over Run set out in paragraph (d) of the definition of Project Cost Over Run, such payment shall be made on the date upon
which the Mobilisation Fees are due to be paid under the relevant Charter, and in respect of the type of Project Cost Over Run set out in paragraph (e) of the definition of Project Cost Over Run, such payment shall be made on:

  

	 	(a)	in the case of a Project Cost Over Run referred to in clause 2.1(a), the date such payment is due under the Charter; and/or 

 

	 	(b)	in the case of a Project Cost Over Run referred to in clause 2.1(b), each date upon which the Charter Rate would have been paid under the relevant Charter, but for the
Project Cost Over Run, 

 in each case calculated by reference to the Liquidated Damages actually received at that
time. 
  

	3	 	Payments and Taxes 

  

	3.1	 	No set-off or counterclaim 

 All payments to be made by the Covenantor under this Deed of Covenant shall be made in full, without any set-off or counterclaim whatsoever and, subject as provided in clause 3.2 (Grossing up for Taxes),
free and clear of any deductions or withholdings, in Dollars on the due date to the account referred to in this Deed of Covenant or such other account as the Security Trustee may stipulate in writing. 

 

	3.2	 	Grossing up for Taxes 

  

	3.2.1	 	All sums payable to the Security Trustee pursuant to or in connection with this Deed of Covenant shall be paid in full without any set-off or counterclaim whatsoever
and free and clear of all deductions or withholdings whatsoever save only as may be required by law. 

  

	3.2.2	 	If at any time the Covenantor is required to make any deduction or withholding in respect of Taxes from any payment due under this Deed of Covenant for the account of
the Security Trustee or any Beneficiary (or if the Facility Agent is required to make any such deduction or withholding from a payment to another Beneficiary) the sum due from the Covenantor in respect of such payment shall be increased to the
extent necessary to ensure that, after the making of such deduction or withholding, the Security Trustee or each applicable Beneficiary receives on the due date for such payment (and retains, free from any liability in respect of such deduction or
withholding) a net sum equal to the sum which it would have received had no such deduction or withholding been required to be made and the Covenantor shall indemnify the Security Trustee or each applicable Beneficiary against any losses or costs
incurred by any of them by reason of any failure of the Covenantor to make any such deduction or withholding or by reason of any increased payment not being made on the due date for such payment. The Covenantor shall promptly deliver to the Facility
Agent any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in respect of any such deduction or withholding. 

  

	3.2.3	 	The Covenantor shall not be required to make any increased payment under this clause 3.2 if the requirement to make such payment arises solely as a consequence of:

  

	 	(a)	the breach by any Beneficiary of its express obligations under the Project Loan Agreement or any of the Facility Documents; or 

 

	 	(b)	any assignment or transfer by any Beneficiary of its rights under the Project Loan Agreement or any Facility Document, or a change in its Facility Office other than an
assignment, transfer or change: 

  

	 	(i)	permitted or required by the Project Loan Agreement (subject always to clause 15.8 (Facility Offices) of the Project Loan Agreement) or the relevant Facility Document;

  
 34 

	 	(ii)	effected in order to reduce or mitigate any requirement to make any increased payment where such assignment, transfer or change is made with the agreement of the
relevant Obligor (provided however that if the relevant Obligor withholds its consent to such proposed assignment, transfer or change, the Covenantor and the relevant Obligor shall be obliged to make the applicable deduction or withholding or other
increased payment or to prepay the Loans in accordance with clauses 6.2 and 6.3 of the Project Loan Agreement or, as the case may be, the applicable provisions of the relevant Facility Document); 

 

	 	(iii)	effected pursuant to, or in accordance with, either or both of the Option Agreements; or 

 

	 	(iv)	following any request by any member of the Group or the Covenantor. 

  

	3.2.4	 	If any Beneficiary determines in its absolute discretion acting in good faith that it has received, realised, utilised and retained a Tax benefit by reason of any
deduction or withholding in respect of which the Covenantor has made an increased payment under this clause 3.2 that Beneficiary shall, provided always that the applicable Beneficiary has received all amounts which are then due and payable by the
Covenantor and/or any other Security Party under any of the provisions of the Facility Documents, pay to the Covenantor (to the extent that the applicable Beneficiary can do so without prejudicing the amount of that benefit and the right of that
Beneficiary to obtain any other benefit, relief or allowance which may be available to it) such amount, if any, as that Beneficiary shall determine in its absolute discretion (acting in good faith) will leave that Beneficiary in no better and no
worse position than that Beneficiary would have been in if the deduction or withholding had not been required and that it retains no benefit as a result of the benefit of such deduction (such payment to be made on or prior to the date falling three
(3) Banking Days after the date of such determination), 

 PROVIDED THAT: 

 

	 	(a)	the applicable Beneficiary shall have an absolute discretion as to the time at which and the order and manner in which it realises or utilises any Tax benefit;

  

	 	(b)	the applicable Beneficiary shall provide reasonable details of the basis of such determination but not be obliged to disclose any information regarding its business,
Tax affairs or Tax computations; 

  

	 	(c)	if the applicable Beneficiary has made a payment to the Covenantor pursuant to this clause 3.2.4 on account of any Tax benefit and it subsequently transpires that that
Beneficiary did not receive that Tax benefit, or received a lesser Tax benefit, the Covenantor shall pay on demand to that Beneficiary such sum as that Beneficiary may determine as being necessary to restore the after-Tax position of that
Beneficiary to that which it would have been had no adjustment under this proviso (c) been necessary; and 

  

	 	(d)	the applicable Beneficiary shall not be obliged to make any payment under this clause 3.2.4 if, by doing so, it would contravene the terms of any applicable law or any
notice, direction or requirement of any governmental or regulatory authority (whether or not having the force of law). 

  

	3.3	 	Currency indemnity 

 If
any sum due from the Covenantor under this Deed of Covenant or any order or judgment given or made in relation hereto has to be converted from the currency (the “first currency”) in which the same is payable under this Deed of
Covenant or under such order or judgment into another currency (the “second currency”) for the purpose of (a) making or filing a claim or proof against the Covenantor, (b) obtaining an order or judgment in any court or
other tribunal, 

  
 35 

 
or (c) enforcing any order or judgment given or made in relation to this Deed of Covenant, the Covenantor shall indemnify and hold harmless the Security Trustee and each of the Beneficiaries
from and against any loss suffered as a result of any difference between (i) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (ii) the rate or rates of exchange
at which the Security Trustee or the applicable Beneficiary may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order,
judgment, claim or proof. Any amount due from the Covenantor under this clause 3.3 shall be due as a separate debt and shall not be affected by judgment being obtained for any other sums due under or in respect of this Deed of Covenant and the term
“rate of exchange” includes any premium or discount and costs of exchange payable in connection with the purchase of the first currency with the second currency. 

 

	3.4	 	No limitation of liability 

 The Covenantor acknowledges that the limitation on the recourse of the Beneficiaries to the assets of the Borrower as set out in clause 22 of the Deed of Proceeds and Priorities affects neither the
validity nor the amount of the obligations of the Borrower under the Facility Documents to which the Borrower is a party and that accordingly any sum which the Covenantor is required to pay to the Security Trustee pursuant to this Deed of Covenant
or any of the other Facility Documents to which the Covenantor is party shall be without regard to the provisions of clause 22 of the Deed of Proceeds and Priorities and the Covenantor shall not assert that its liability to make any payment to the
Security Trustee under this Deed of Covenant or any of the other Facility Documents to which it is party is reduced or modified by the operation of the provisions of clause 22 of the Deed of Proceeds and Priorities. 

 

	4	 	Benefit of this Deed of Covenant 

  

	4.1	 	Benefit and burden 

 This
Deed of Covenant shall be binding upon the Covenantor and its successors in title and shall enure for the benefit of the Security Trustee and its successors in title for and on behalf of the Beneficiaries and any Transferee. The Covenantor expressly
acknowledges and accepts the provisions of clauses 15 and 16 of the Project Loan Agreement and agrees that, subject always to clause 15.8 of the Project Loan Agreement which shall apply equally to any requirement for grossing up on the part of the
Covenantor hereunder, (a) any person in favour of whom an assignment or a transfer is made in accordance with clause 15 of the Project Loan Agreement and (b) any successor security trustee appointed in accordance with clause 16.15 of the
Project Loan Agreement, shall be entitled to the benefit of this Deed of Covenant. 
  

	4.2	 	Changes in constitution or reorganisation of Security Trustee and Beneficiaries 

For the avoidance of doubt and without prejudice to the provisions of clause 4.1, this Deed of Covenant shall remain binding on the
Covenantor notwithstanding any change in the constitution of the Security Trustee or the Beneficiaries or any of them or its or their absorption in, or amalgamation or merger with, or the acquisition of, all or part of its or their undertaking or
assets by, any other person, or any reconstruction or reorganisation of any kind, to the intent that this Deed of Covenant shall remain valid and effective in all respects in favour of any Transferee or other successor in title of the Security
Trustee or the relevant Beneficiary in the same manner as if such Transferee or other successor in title had been named in this Deed of Covenant as a party instead of, or in addition to, the Security Trustee or the relevant Beneficiary. 

 

	4.3	 	No assignment by Guarantors 

 The Covenantor may not assign or transfer any of its rights or obligations under this Deed of Covenant to any person otherwise than with the prior written consent of the Security Trustee (acting on the
instructions of all the Beneficiaries). 

  
 36 

	4.4	 	Disclosure of information 

Any Beneficiary or the Security Trustee may disclose to a prospective Transferee or to any other person who may propose entering into
contractual relations with the Beneficiaries or any of them or the Security Trustee in relation to the Project Loan Agreement, such information about the Covenantor as such Beneficiary or the Security Trustee shall consider appropriate, provided
however that prior to any such disclosure such Beneficiary or the Security Trustee shall procure that such prospective Transferee gives an undertaking in a form and on terms reasonably acceptable to the Borrower and such Beneficiary or the Security
Trustee to treat such information as confidential. 
  

	5	 	Notices and other matters 

  

	5.1	 	Notices 

 The provisions
of clause 16 of the Deed of Proceeds and Priorities shall be incorporated by reference, mutatis mutandis, in this Deed of Covenant as if all references therein to “this Deed” were references to this Deed of Covenant. In addition, all
notices, requests, demands or other communications under this Deed of Covenant shall be copied to the Facility Agent. 
  

	5.2	 	No implied waivers, remedies cumulative 

 No failure or delay on the part of the Security Trustee, the Beneficiaries or any of them to exercise any power, right or remedy under this Deed of Covenant shall operate as a waiver thereof, nor shall
any single or partial exercise by the Security Trustee, the Beneficiaries or any of them of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. The remedies provided in this
Deed of Covenant are cumulative and are not exclusive of any remedies provided by law. 
  

	5.3	 	Other guarantors 

 The
Covenantor agrees to be bound by this Deed of Covenant notwithstanding that any other person intended to execute or to be bound by any other Deed of Covenant or assurance under or pursuant to the Project Loan Agreement or any other Facility Document
may not do so or may not be effectually bound and notwithstanding that such other Deed of Covenant or assurance may be determined or be or become invalid or unenforceable against any other person, whether or not the deficiency is known to the
Security Trustee or the Beneficiaries or any of them. 
  

	5.4	 	Losses, Indemnities and Costs 

 The Covenantor expressly acknowledges and agrees that its obligations and liabilities under or pursuant to clause 21 of the Deed of Proceeds and Priorities extend to this Deed of Covenant as if references
to the “DPP Parties” were references to the “Guarantors”. 
  

	5.5	 	English translations 

All certificates, instruments and other documents to be delivered under or supplied in connection with this Deed of Covenant shall be in
the English language or shall be accompanied by a certified English translation upon which the Security Trustee shall be entitled to rely. 
  

	5.6	 	The Covenantor will obtain and undertake to maintain at its own expense any authorisation, permission or consent which may be required to enable the Beneficiaries to
have the full benefit of this Deed of Covenant. 

  
 37 

	6	 	Release 

  

	6.1	 	Notwithstanding anything to the contrary contained in this Deed of Covenant or any other Facility Document, the Security Trustee shall, if so requested by and at the
cost of the Covenantor, execute a release and discharge of the obligations and liabilities of the Covenantor under this Deed of Covenant upon the Security Trustee being satisfied (acting reasonably) that the Covenantor has fully and irrevocably
satisfied and performed all of its obligations and liabilities (both present and future, actual or contingent) under this Deed of Covenant, in form and content reasonably acceptable to the Covenantor and the Security Trustee, provided that
(a) nothing in this clause 6 shall operate to release or discharge the Covenantor in respect of any obligations, undertakings, duties or liabilities to the Security Trustee and the Beneficiaries under this Deed which became due prior to, and
which remain outstanding on, the date of such release or discharge, and (b) the release of the Covenantor from its obligations under this Deed shall be without prejudice to the obligations of the Covenantor under any of the other Security
Documents which remain unsatisfied at such time. 

  

	7	 	Law and jurisdiction 

  

	7.1	 	Law 

 This Deed of
Covenant and all non-contractual obligations connected with it are governed by and shall be construed in accordance with English law. 
  

	7.2	 	Submission to jurisdiction 

  

	7.2.1	 	The Covenantor agrees for the benefit of the Security Trustee and the Beneficiaries that any legal action or proceedings arising out of or in connection with this Deed
of Covenant against the Covenantor or any of its assets may be brought in the English courts, irrevocably and unconditionally submits to the jurisdiction of such courts and irrevocably designates, appoints and empowers Messrs. Berwin Leighton
Paisner at its principal place business in England (at present of Adelaide House, London Bridge, London EC4R 9HA, Attention: N. J. Davies) to receive for it and on its behalf, service of process issued out of the English courts in any such legal
action or proceedings. 

  

	7.2.2	 	The submission to such jurisdiction shall not (and shall not be construed so as to) limit the right of the Security Trustee or the Beneficiaries to take proceedings
against the Covenantor in the courts of any other competent jurisdiction, nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction whether concurrently or not. The Covenantor
further agrees that only the courts of England and not those of any other country or state shall have jurisdiction to determine any claim that the Covenantor may have against the Security Trustee or the Beneficiaries arising out of or in connection
with this Deed of Covenant. 

  

	7.2.3	 	The Covenantor agrees that it will at all times continuously maintain an agent to receive service of process in England on its behalf and on behalf of its property with
respect to this Deed of Covenant and the other Transaction Documents and if, for any reason, such agent named above or its successor shall no longer serve as agent of the Covenantor to receive service of process in England, that the Covenantor shall
promptly appoint a successor in England and advise the Security Trustee and the Beneficiaries thereof. It is understood that a copy of any process served as above will be promptly forwarded (if necessary) by first class prepaid air mail post to that
Guarantor, but the failure of that Guarantor to receive such copy shall not affect in any way the service of such process on the said person as the agent of the Covenantor. 

 

	7.3	 	Rights of third parties 

  

	7.3.1	 	Unless expressly provided to the contrary in this Deed of Covenant, any person who is not a party to this Deed of Covenant shall have no right under the Contracts
(Rights of Third Parties) Act 1999 to enforce its terms. 

  
 38 

	7.3.2	 	Notwithstanding any term of this Deed of Covenant, the consent of any person who is not a party to this Deed of Covenant is not at any time required to rescind or amend
this Deed of Covenant. 

  

	7.3.3	 	Subject always to the provisions of clause 16.18 of the Project Loan Agreement, each of the Beneficiaries shall have the right to enjoy and enforce the benefit of any
term of this Deed of Covenant which is expressed to be for its benefit or expressly purports to confer a benefit on such person. 

IN WITNESS whereof the parties to this Deed of Covenant have caused this Deed of Covenant to be duly executed and delivered as a deed on the date
first above written. 

  
 39 

 EXECUTION PAGE: RIG [—]
CHARTER COMPENSATION COVENANT 
  

					
	The Guarantors	    		    	
			
	EXECUTED as a DEED	    	)	    	
	by	    	)	    	
	its duly authorised attorney-in-fact	    	)	    	
	for and on behalf of	    	)	    	
	QUEIROZ GALVÃO S.A.	    	)	    	
	in the presence of:	    	)	    	  

		    		    	Attorney-in-Fact
			
	  
	    		    	
	Witness:	    		    	
			
	Name:	    		    	
			
	Address:	    		    	
			
	Occupation:	    		    	

  
 40 

 EXECUTION PAGE: RIG [—]
CHARTER COMPENSATION COVENANT 
  

					
	The Security Trustee	    		    	
			
	EXECUTED as a DEED	    	)	    	
	by	    	)	    	
	its duly appointed attorney-in-fact	    	)	    	
	for and on behalf of	    	)	    	
	ESBELTO B.V.	    	)	    	
	in the presence of:	    	)	    	  

		    		    	Attorney-in-Fact
			
	Witness:	    		    	
			
	Name:	    		    	
			
	Address:	    		    	
			
	Occupation:	    		    	
			
	The Facility Agent	    		    	
			
	EXECUTED as a DEED	    	)	    	
	by	    	)	    	
	its duly appointed attorney-in-fact	    	)	    	
	for and on behalf of	    	)	    	
	ING BANK N.V.	    	)	    	
	in the presence of:	    	)	    	  

		    		    	Attorney-in-Fact
			
	Witness:	    		    	
			
	Name:	    		    	
			
	Address:	    		    	
			
	Occupation:	    		    	

  
 41 

 Schedule 5 
 Financial Covenants 
  

	10	 	Financial Covenants 

  

	10.1	 	Definitions 

 In this
clause 10: 
 “Consolidated Cash and Cash Equivalents and Marketable Securities” means, at any time (subject
always to the proviso to this definition): 
  

	 	(a)	cash in hand or on deposit with any acceptable bank; 

  

	 	(b)	certificates of deposit, maturing within one year after the relevant date of calculation or payable on demand, issued by an acceptable bank; 

 

	 	(c)	any investment in marketable obligations issued or guaranteed by (i) the government of the United States of America or the U.K. or Brazil, (ii) an
instrumentality or agency of the government of the United States of America or the U.K. or Brazil having an equivalent credit rating, (iii) the government of any other country having a credit rating equivalent to the government of the United
States of America or the UK or Brazil, or (iv) an instrumentality of that government or agency of that government having an equivalent credit rating; 

  

	 	(d)	open market commercial paper: 

  

	 	(i)	for which a recognised trading market exists; 

  

	 	(ii)	issued in the United States of America, the U.K., Switzerland, Brazil or any country which has adopted the euro as its currency; and 

 

	 	(iii)	which (A) has a credit rating of either A-1 by Standard & Poor’s or Fitch IBCA or P-1 by Moody’s, or, if no rating is available in respect of
the commercial paper, the issuer of which has, in respect of its long-term debt obligations, an equivalent rating, or (B) is issued in the international capital markets by any corporation organised under the laws of Brazil and rated, by
reputable international rating agencies, equal to or higher than the foreign currency rating given to the Republic of Brazil, or (C) is issued by BGN (for so long as the Parent Sponsor retains ownership of the majority of the issued share
capital of BGN (but not thereafter)) or any other Brazilian bank rated, by reputable international rating agencies, equal to or higher than the local currency rating given to the Republic of Brazil; 

 

	 	(e)	overnight investments in any investment portfolio rated, by reputable international rating agencies, equal to or higher than investment grade; 

 

	 	(f)	any other items listed as short term marketable securities in the balance sheet of that Undertaking Party; and 

 

	 	(g)	any other instruments, securities or investment approved by the Majority Lenders, 

in each case, to which any Undertaking Party or any of its Subsidiaries is beneficially entitled at that time. 

Provided however that: 
  

	 	(i)	an acceptable bank for this purpose is: 

  

	 	(A)	for so long as the Parent Sponsor retains ownership of the majority of the issued share capital of BGN (but not thereafter), BGN; or 

  
 42 

	 	(B)	a non-Brazilian commercial bank or trust company which has a rating of A or higher by Standard & Poor’s or Fitch IBCA or A2 or higher by Moody’s or a
comparable rating from a nationally recognised credit rating agency for its long-term debt obligations or has been approved by the Majority Lenders; or 

  

	 	(C)	a Brazilian commercial bank or trust company which for foreign currency is rated, by reputable international rating agencies, equal to or higher than BB or which for
domestic currency is rated, by reputable international rating agencies, equal to or higher than BBB; and 

  

	 	(ii)	if any of the items referred to in the foregoing provisions of this definition is not at any relevant time treated as cash or cash equivalents or short term marketable
securities by Brazilian accounting principles then in force, that item shall for all purposes be excluded from the ambit of this definition; 

 “Consolidated EBITDA” means the consolidated net pre-taxation profits of the Undertaking Parties for a Financial Covenant Measurement Period in accordance with the applicable Accounting
Principles, adjusted by: 
  

	 	(a)	adding back Consolidated Net Interest Payable; 

  

	 	(b)	excluding any exceptional or extraordinary item; 

  

	 	(c)	excluding any amount attributable to minority interests; 

  

	 	(d)	adding back depreciation and amortisation; and 

  

	 	(e)	excluding any revaluation of an asset or any loss or gain over book value arising on the disposal of an asset by an Undertaking Party or any of its Subsidiaries during
that Financial Covenant Measurement Period; 

 “Consolidated Interest Payable” means the
aggregate amount (calculated on a consolidated basis) of all interest and other financing charges (whether, in each case, paid, payable or (other than interest on a facility which is capitalised during the applicable construction or conversion or
development period of an asset being financed by that facility) capitalised) incurred by the Undertaking Parties and any of their Subsidiaries during a Financial Covenant Measurement Period including (without limitation) any net amounts payable
(after giving effect to all netting-off provisions) under interest hedging contracts; 
 “Consolidated Interest
Receivable” means the aggregate amount (calculated on a consolidated basis) of all interest and other financing charges received or receivable by the Undertaking Parties and any of their Subsidiaries during a Financial Covenant Measurement
Period but excluding any amounts receivable under interest hedging contracts; 
 “Consolidated Net Interest
Payable” means Consolidated Interest Payable less Consolidated Interest Receivable during the relevant Financial Covenant Measurement Period but excluding (for the avoidance of doubt) transactions between the Undertaking Parties intra se;

 “Consolidated Tangible Net Worth” means at any time the aggregate of: 

 

	 	(a)	the amounts paid up or credited as paid up on the issued share capital of the Undertaking Parties and any of their Subsidiaries; and 

 

	 	(b)	the amount standing to the credit of the consolidated capital and revenue reserves of the Undertaking Parties and any of their Subsidiaries, 

  
 43 

 based on the latest annual audited or interim half-year unaudited consolidated balance
sheet of the Undertaking Parties dated as at the applicable Financial Covenant Measurement Date (the “latest balance sheet”) but adjusted by, without double-counting: 

 

	 	(i)	adding any amount standing to the credit of the profit and loss account of the Undertaking Parties for the period ending on the date of the latest balance sheet to the
extent not included in sub-paragraph (b) above; 

  

	 	(ii)	deducting any dividend or other distribution declared, recommended or made by the Undertaking Parties; 

 

	 	(iii)	to the extent not already deducted, deducting any amount standing to the debit of the profit and loss account of the Undertaking Parties for the period ending on the
date of the latest balance sheet; 

  

	 	(iv)	deducting any amount attributable to goodwill or any other intangible asset; 

 

	 	(v)	deducting any amount attributable to an upward revaluation of assets after 31st December 2006 or, in the case of assets of a company which became a Subsidiary of
an Undertaking Party after that date, the date on which that company became a Subsidiary of an Undertaking Party; 

  

	 	(vi)	reflecting any variation in the amount of the issued share capital of the Undertaking Parties and the consolidated capital and revenue reserves of the Undertaking
Parties after the date of the latest balance sheet; 

  

	 	(vii)	reflecting any variation in the interest of the Undertaking Parties in any of its Subsidiaries since the date of the latest balance sheet; 

 

	 	(viii)	excluding any amount attributable to deferred taxation; and 

  

	 	(ix)	excluding any amount attributable to minority interests; 

 “Consolidated Total Borrowings” means, in respect of the Undertaking Parties, at any time, without double counting and determined on a consolidated basis with respect to the Undertaking
Parties and all of their respective Subsidiaries, the aggregate of the following: 
  

	 	(a)	borrowed money; 

  

	 	(b)	the outstanding principal amount of any bonds, notes, debentures, loan stock, commercial paper, acceptance credits, bills or promissory notes or other similar
instruments drawn, accepted, issued or endorsed by the Undertaking Parties or either of them or any of their Subsidiaries; 

  

	 	(c)	any credit provided to the Undertaking Parties or either of them or any of their Subsidiaries by a supplier of goods and/or services under any instalment purchase or
other similar arrangement with respect to goods and/or services but excluding trade accounts that are payable in the ordinary course of business in accordance with agreed deferred payment terms; 

 

	 	(d)	non-contingent obligations of the Undertaking Parties or either of them or any of their Subsidiaries to reimburse any other person with respect to amounts paid under a
letter of credit or other similar instrument but excluding any letter of credit issued with respect to trade accounts that are payable in the ordinary course of business in accordance with agreed deferred payment terms; 

 

	 	(e)	obligations (calculated, as of any time, on a mark to market basis at that time) of the Undertaking Parties or either of them or any of their Subsidiaries pursuant to
Derivative Contracts; 

  
 44 

	 	(f)	any premium payable on a redemption or replacement of any Derivative Contract by the Undertaking Parties or either of them or any of their Subsidiaries;

  

	 	(g)	amounts raised under any other transaction of the Undertaking Parties or either of them or any of their Subsidiaries having the financial effect of a borrowing and
which would be classified as a borrowing (and not as an off-balance sheet financing) under applicable Accounting Principles including (without limitation) under leases or similar arrangements entered into primarily as a means of financing the
acquisition of the asset leased; and 

  

	 	(h)	the outstanding principal amount of any indebtedness of any person of a type referred to in paragraphs (a) - (g) above which is the subject of a guarantee, indemnity or
similar assurance of financial obligations given by the Undertaking Parties or either of them or any of their Subsidiaries; 

 “Development Debt” means, in respect of the Undertaking Parties, at any time, without double counting and determined on a consolidated basis with respect to the Undertaking Parties and
all of their respective Subsidiaries, the aggregate of the amounts referred to in paragraphs (a) to (h) (inclusive) of the definition of “Consolidated Total Borrowings”, to the extent that such amounts are invested in any
Qualifying Investment; 
 “Exchange Rate” means, as the context requires: 

 

	 	(a)	in relation to any amount which is to be converted into, or out of, Dollars on any date, the transaction rate for Dollars offered in the commercial rate exchange market
(mercado de cambio de taxas livres) on such date, as such rates are published by SISBACEN; or 

  

	 	(b)	in relation to any amount which is to be converted into, or out of, Brazilian Real on any date, the transaction rate for Brazilian Real offered in the commercial rate
exchange market (mercado de cambio de taxas livres) on such date, as such rates are published by SISBACEN; 

 “Financial Covenant Measurement Date” means 30 June and 31 December in each year until this Deed is released in accordance with clause 16.22 of the Project Loan Agreement;

 “Financial Covenant Measurement Period” in relation to any Financial Covenant Measurement Date falling on
30 June, means the twelve month period commencing on 1 July in the preceding year up to and including that Financial Covenant Measurement Date and, in relation to any Financial Covenant Measurement Date falling on 31 December, means
the twelve month period commencing on 1 January in that year up to and including that Financial Covenant Measurement Date; 

“Interest Cover Ratio” means the ratio of Consolidated EBITDA to Consolidated Interest Payable; 

“Investment Period” means, in relation to an Undertaking Party, the period commencing on the date that Undertaking Party
first invests in a Qualifying Investment and terminating on the date production is commenced from the relevant field; 

“Leverage Ratio” means the ratio of Consolidated Total Borrowings to Consolidated EBITDA; 

“Original Financial Statements” means the annual published audited financial statements (including balance sheet and
profit and loss accounts) of each of the Undertaking Parties for the year ending on 31 December 2006, and the audited combined financial statements of the Undertaking Parties based thereon provided to the Agents pursuant to part 1 of schedule 3
to the Project Loan Agreement and for the purposes only of testing the covenants in clauses 10.3 to 10.6 and issuing the Compliance Certificate required pursuant to paragraph 4 of part 2 of schedule 3 to the Project Loan Agreement or, as the case
may be, paragraph 5 of part 3 of schedule 3 to the Project Loan Agreement, shall include the unaudited financial statements (including balance sheet and profit and loss accounts) of each of the Undertaking Parties for the half year ended on
30 June 2006 and the unaudited combined financial statements of the Undertaking Parties based thereon; and 

  
 45 

 “Qualifying Investment” means, in relation to an Undertaking Party, the
investment in the development of an oil and/or gas field. 
  

	10.2	 	Interpretation 

  

	10.2.1	 	Except as provided to the contrary in this Deed, an accounting term used in this clause 10 is to be construed in accordance with the Accounting Principles applied in
connection with the Original Financial Statements. 

  

	10.2.2	 	Any amount in a currency other than Dollars, is to be taken into account at its Dollar equivalent calculated on the basis of the Exchange Rate.

  

	10.2.3	 	No item must be credited or deducted more than once in any calculation under this clause 10. 

 

	10.3	 	Consolidated Tangible Net Worth 

 Each of the Undertaking Parties undertakes with the Security Trustee that, from the date of this Deed and so long as any moneys are owing under the Project Loan Agreement or any of the Facility Documents
or any Commitment is in force, it will ensure that its Consolidated Tangible Net Worth is not at any time less than two hundred and fifty million Dollars (US$250,000,000). 

 

	10.4	 	Leverage Ratio 

 Each of
the Undertaking Parties undertakes with the Security Trustee that, from the date of this Deed and so long as any moneys are owing under the Project Loan Agreement or any of the Facility Documents or any Commitment is in force, it will ensure that,
subject to the proviso to this clause 10.4, the Leverage Ratio does not exceed: 
  

	10.4.1	 	at the end of each Financial Covenant Measurement Period ending between 1 January, 2007, and 31 December, 2008, inclusive, 3.5:1; and

  

	10.4.2	 	at the end of each Financial Covenant Measurement Period ending between 1 January, 2009, and 31 December, 2009, inclusive, 10.6:1; and

  

	10.4.3	 	at the end of each Financial Covenant Measurement Period ending between 1 January 2010 and 30 June 2010, inclusive, 7.25:1; and 

 

	10.4.4	 	at the end of each Financial Covenant Measurement Period ending between 1 July 2010 and 31 December 2010, inclusive, 5.35:1; and 

 

	10.4.5	 	at the end of each Financial Covenant Measurement Period ending between 1 January 2011 and 30 June 2011, inclusive, 5.2:1; and 

 

	10.4.6	 	at the end of each Financial Covenant Measurement Period ending between 1 July 2011 and 31 December 2011, inclusive, 4.3:1; and 

 

	10.4.7	 	at the end of each Financial Covenant Measurement Period ending between 1 January 2012 and 30 June 2012, inclusive, 3.35:1; and 

 

	10.4.8	 	at the end of each Financial Covenant Measurement Period ending between 1 July 2012 and 31 December 2012, inclusive, 3.0:1; and 

 

	10.4.9	 	at the end of each Financial Covenant Measurement Period ending after 1 January, 2013, 3.0:1, 

  
 46 

 provided that, at any time during any Investment Period and for the period of twelve
(12) months commencing on the last day of that Investment Period (such Investment Period and twelve (12) months together the Development Period), each of the Undertaking Parties undertakes with the Security Trustee that it will
ensure that: 
  

	 	(a)	the Leverage Ratio, calculated on the basis that Consolidated Total Borrowings excludes any Development Debt, will not at any time exceed the ratio specified in the
foregoing provisions of this clause 10.4 in respect of that time; and 

  

	 	(b)	the Leverage Ratio, calculated on the basis that Consolidated Total Borrowings includes all Development Debt, will not exceed: 

 

	 	(i)	in the case of any time falling within a Development Period ending on or prior to 31 December, 2009, the ratio specified in the foregoing provisions of this clause
10.4 in respect of that time; and 

  

	 	(ii)	at any time thereafter, the ratio specified in the foregoing provisions of this clause 10.4 in respect of that time plus 0.50. 

 

	10.5	 	Interest Cover Ratio 

Each of the Undertaking Parties undertakes with the Security Trustee that, from the date of this Deed and for so long as any moneys are
owing under the Project Loan Agreement or any of the Facility Documents or any Commitment is in force, it will ensure that, subject to the proviso to this clause 10.5, the Interest Cover Ratio is greater than: 

 

	10.5.1	 	at the end of each Financial Covenant Measurement Period ending between 1 January, 2007, and 31 December, 2008, inclusive, 3.00:1; and

  

	10.5.2	 	at the end of each Financial Covenant Measurement Period ending between 1 January, 2009 and 31 December, 2009, inclusive, 2.75:1; 

 

	10.5.3	 	at the end of each Financial Covenant Measurement Period ending between 1 January, 2010, and 30 June, 2010, inclusive, 3.25:1; and 

 

	10.5.4	 	at the end of each Financial Covenant Measurement Period ending between 1 July 2010 and 31 December 2010, inclusive, 3.25:1; and 

 

	10.5.5	 	at the end of each Financial Covenant Measurement Period ending between 1 January 2011 and 30 June 2011, inclusive, 3.5:1: and 

 

	10.5.6	 	at the end of each Financial Covenant Measurement Period ending between 1 July 2011 and 31 December 2011, inclusive, 3.75:1; and 

 

	10.5.7	 	at the end of each Financial Covenant Measurement Period ending between 1 January 2012 and 30 June 2012, inclusive, 3.75:1; and 

 

	10.5.8	 	at the end of each Financial Covenant Measurement Period ending between 1 July 2012 and 31 December 2012, inclusive, 3.75:1; and 

 

	10.5.9	 	at the end of each Financial Covenant Measurement Period ending after 1 January, 2013, 3.75:1, 

provided that, at any time during any Investment Period and for the period of twelve (12) months commencing on the last day of that
Investment Period (such Investment Period and twelve (12) months together the Development Period), each of the Undertaking Parties undertakes with the Security Trustee that it will ensure that: 

 

	 	(a)	the Interest Cover Ratio, calculated on the basis that Consolidated Interest Payable excludes any of the amounts referred to in the definition of that term which relate
to Development Debt, shall at any time be greater than the ratio specified in the foregoing provisions of this clause 10.5 in respect of that time; and 

  
 47 

	 	(b)	the Interest Cover Ratio, calculated on the basis that Consolidated Interest Payable does include all amounts referred to in the definition of that term which relate to
Development Debt, shall be greater than: 

  

	 	(i)	in the case of any time falling within a Development Period ending on or prior to 31 December, 2009, the ratio specified in the foregoing provisions of this clause
10.5 in respect of that time; 

  

	 	(ii)	in the case of any time falling within a Development Period ending on or after 1 January, 2010 and on or before 31 December, 2010, the ratio specified in the
foregoing provisions of this clause 10.5 in respect of that time minus 0.25; and 

  

	 	(iii)	in the case of any time falling within a Development Period ending thereafter, the ratio specified in the foregoing provisions of this clause 10.5 in respect of that
time minus 0.75. 

  

	10.6	 	Consolidated Cash and Cash Equivalents and Marketable Securities 

 Each of the Undertaking Parties undertakes with the Security Trustee that, from the date of this Deed and for so long as any moneys are owing under the Project Loan Agreement or any of the Facility
Documents or any Commitment is in force, it will ensure that the Consolidated Cash and Cash Equivalents and Marketable Securities is equal to or greater than: 
  

	10.6.1	 	at the end of each Financial Covenant Measurement Period ending between 1 January, 2007, and 31 December, 2008, inclusive, fifty million Brazilian Real
(R$50,000,000); 

  

	10.6.2	 	at the end of each Financial Covenant Measurement Period ending between 17 January, 2009, and 31 December, 2009, inclusive, seventy million Brazilian Real
(R$70,000,000), and 

  

	10.6.3	 	at the end of each Financial Covenant Measurement Period ending after 1 January, 2010, eighty million Brazilian Real (R$80,000,000). 

 

	10.7	 	Compliance Certificates 

For the purposes of ascertaining compliance with the provisions of clauses 10.1 to 10.6 (inclusive) above during the period of this Deed,
each of the Undertaking Parties further undertakes to issue and deliver to the Security Trustee a Compliance Certificate in the form or substantially in the form of schedule 1 to this Deed stating (inter alia) that, as at the date of its latest
consolidated financial statements (including balance sheet and profit and loss accounts) (and audited in the case of the annual consolidated financial statements and unaudited in the case of the consolidated financial statements in respect of each
half year ending on 30 June) prepared and delivered in accordance with clause 14.1 of the Deed of Proceeds and Priorities (or, as the case may be, the period ended on that date) the Undertaking Parties were in compliance with the Consolidated
Tangible Net Worth covenant, the Leverage Ratio covenant, the Interest Cover Ratio covenant and the Consolidated Cash and Cash Equivalent covenant each set out in clauses 10.3, 10.4, 10.5 and 10.6 above (or if it was not in compliance indicating the
extent of the breach and the steps intended to be taken to remedy the same) which Compliance Certificate shall be attached to such latest consolidated financial statements (including balance sheet and profit and loss accounts) (and audited in the
case of the annual consolidated financial statements and unaudited in the case of the consolidated financial statements in respect of each half year ending on 30 June) prepared and delivered pursuant to clause 14.1 of the Deed of Proceeds and
Priorities in respect of the financial period to which such certificate relates and shall annex all other information and data used by the Undertaking Parties in ascertaining compliance, or otherwise, with such Consolidated Tangible Net Worth
covenant, Leverage Ratio covenant, Interest Cover Ratio covenant and Consolidated Cash and Cash Equivalent covenant set out in clauses 10.3, 10.4, 10.5 and 10.6 above in sufficient detail to enable the Security Trustee to verify the relevant
calculations. 

  
 48 

 Schedule 6 
 Form of Compliance Certificate 
  

			
	To:	    	ING Bank Nederland N.V.
		    	c/o Location Code HE 03.02
		    	Bijlmerplein 888
		    	P.O. Box 1800
		    	1000 BV Amsterdam
		    	The Netherlands
		    	(as security trustee for and on behalf of itself and the Beneficiaries)
		
	Attention:	    	[—]

 Dear Sirs 

Project Loan Agreement relating to two semi-submersible drilling rigs in an amount of up to $810,167,850 

We refer to a loan agreement dated 30 July 2007 as amended and supplemented from time to time (the “Project Loan Agreement”) made
between Eiffel Ridge Group C.V. as borrower (the “Borrower”), ING Bank N.V. as arranger, ING Bank N.V. as facility agent (the “Facility Agent”), ING Bank Nederland N.V. as security trustee (the “Security
Trustee”) and the companies and entities listed in Schedule 1 thereto and any transferee of any such company and entity and any transferee of any such transferee (the “Lenders”) whereby the Lenders have agreed to make
available to the Borrower a loan facility of up to eight hundred and ten million one hundred and sixty seven thousand eight hundred and fifty Dollars ($810,167,850), for the purpose of financing part of the Advance Bareboat Hire payable by the
Borrower pursuant to the Bareboat Charters and to meet certain interest expenses. 
 We refer also to a deed of undertaking dated 30 July
2007 as amended and supplemented from time to time (the “Deed of Undertaking”) made between Queiroz Galvão Óleo e Gás S.A. and Constellation Overseas Ltd. jointly and severally as undertaking parties (the
“Undertaking Parties”), the Facility Agent and the Security Trustee, pursuant to which each Undertaking Party gives certain covenants and undertakings to the Beneficiaries or any of them. 

 

	1	Words and expressions defined in the Deed of Undertaking (including words defined by reference to the Project Loan Agreement) have, unless otherwise defined in this
Compliance Certificate, the same meanings when used in this Compliance Certificate as they do in the Deed of Undertaking (or, as the case may be, the Project Loan Agreement). 

 

	2	We hereby attach [half yearly unaudited consolidated financial statements (including balance sheet and profit and loss accounts) for the period ending on 30 June [—] [specify date]] [and annual audited consolidated financial statements (including balance sheet and profit and loss accounts) for the period ending on 31 December [specify
date]] together with such information and data as we have used in calculating whether we are in compliance with the financial covenants and ratios set out in clause 10 of the Deed of Undertaking. We further certify that (a) such
financial statements give a true and fair view of the consolidated financial condition of the Undertaking Parties as at the end of the period to which those financial statements relate and of the consolidated results of the operations of the
Undertaking Parties during that period and (b) such information and data is accurate and complete. 

  

	3	We hereby further certify that, as at [specify date] or, as the case may be, for the year ended on that date: 

 

	 	(a)	the required minimum Consolidated Tangible Net Worth under clause 10.3 of the Deed of Undertaking is US$250,000,000, 

 

	 	(i)	issued share capital of the Undertaking Parties was [—]; 

  
 49 

	 	(ii)	the Undertaking Parties’ consolidated capital and revenue reserves were [—]; 

 

	 	(iii)	amounts standing to the credit of the profit and loss account and any amounts standing to the debit of the profit and loss account (both of which to the extent not
already accounted for in (ii) above) were [—]; 

  

	 	(iv)	dividends or distributions declared or recommended (to the extent not already deducted in (ii) above) were [—];

  

	 	(v)	intangible assets of the Undertaking Parties were [—]; 

 

	 	(vi)	amounts attributable to upward revaluations of assets after 31 December 200[6] or subsequent to the acquisition of any subsidiaries were [—]; 

  

	 	(vii)	variations in the issued share capital and consolidated capital and revenue reserves after the date of the latest balance sheet were [—], and 

  

	 	(viii)	variations in the interest of the Undertaking Parties in any member of the Sponsor Group after the date of the latest balance sheet were [—], 

 and therefore the actual Consolidated Tangible Net Worth was [—]; 
  

	 	(b)	the required minimum Interest Cover Ratio under clause 10.5 of the Deed of Undertaking is [—:1],

  

	 	(i)	consolidated net pre-taxation profits were [—]; 

 

	 	(ii)	Consolidated Interest Payable was [—]; 

 

	 	(iii)	Consolidated Interest Receivable was [—]; 

 

	 	(iv)	Consolidated Net Interest Payable was [—]; 

 

	 	(v)	exceptional or extraordinary items were [—]; 

 

	 	(vi)	the amount attributable to minority interests was [—]; 

 

	 	(vii)	depreciation and amortisation was [—]; 

 

	 	(viii)	revaluations of assets and/or losses or gains over book value arising on disposals of assets by any member of the Sponsor Group during the Financial Covenant
Measurement Period was [—]; 

  

	 	(ix)	Consolidated EBITDA was [—]; 

 

	 	(x)	Development Debt was [—]; 

 

	 	(xi)	interest and financing charges payable in relation to Development Debt was [—]; 

and therefore the actual Interest Cover Ratio, excluding interest and financing charges relating to Development Debt was [—:1], and including such interest and charges was [—:1]; and 
  

	 	(c)	the required maximum Leverage Ratio under clause 10.4 of the Deed of Undertaking is [—:1], 

Consolidated Total Borrowings were [—], 

  
 50 

 Consolidated EBITDA was [—], 

Development Debt was [—]; 

and therefore the actual Leverage Ratio, excluding Development Debt was [—:1] and
including Development Debt was [—:1]; 
  

	 	(d)	the required minimum Consolidated Cash and Cash Equivalents and Marketable Securities under clause 10.6 of the Deed of Undertaking is R$[—], and actual Consolidated Cash and Cash Equivalents and Marketable Securities was [—], 

in each case calculated in accordance with the terms of clause 10.2 of the Deed of Undertaking. 

 

	
	Yours faithfully
	
	  

	(Director)
	for and on behalf of
	QUEIROZ GALVÃO ÓLEO E GÁS S.A.
	Date:
	
	  

	(Director)
	for and on behalf of
	CONSTELLATION OVERSEAS LTD.
	Date:

  
 51 

 Schedule 7 
 Part A 
 Form of Borrower Notice of Assignment in respect of the Charter -
Rig Swap 
  

			
	To:	  	Petróleo Brasileiro S.A. - Petrobrás
		  	Executive Management, Exploration and Production Services
		  	Sectioral Contract Management E&P - SERV/CNTR
		  	Avenida República do Chile, 65-room 1102
		  	Rio de Janeiro - RJ
		  	Brazil
		
		  	Fax: 55-21-3224-2537
		  	Attention: General Manager
		
	Copy:	  	Esbelto B.V.
		  	c/o ING Bank N.V.
		  	Bijlmerplein 888
		  	P.O. Box 1800
		  	1000 BV Amsterdam
		  	The Netherlands
		  	(in its capacity as security trustee on behalf of itself and the other Beneficiaries) (the “Assignee”)

 Re: [            ] semi submersible drilling rig named
[            ] Star (“the [            ] Star Rig”) 

 

	1	We refer to: 

  

	 	(a)	the charter party for the chartering of a rig contract number [            ] dated
[    ] July 2006 and made between Eiffel Ridge Group C.V. as Contractor (“Contractor”) and you as charterer (herein referred to as the “Rig [    ] Charter”);

  

	 	(b)	the notice of assignment dated 15 August 2007 relating to the chartering of a rig with contract number
[            ] dated [    ] July 2006 and made between the Contractor and you as the Charterer (herein referred to as the “Rig [    ]
Charter”), whereby the Contractor gave you notice that the receivables under the Rig [    ] Charter have been assigned in favour of the Assignee; 

 

	 	(c)	[the notice of assignment dated 22 October 2009 relating to the Rig A Charter given by the Contractor to you whereby the Contractor gave you further notice that
the receivables under the Rig A Charter have been assigned in favour of the Assignee][Rig B/Rig A Charter only]; 

  

	 	(d)	the notice of mortgage over the semi-submersible drilling rig [            ] Star (the
“[            ] Star Rig”) dated [            ] given by
[                    ] to you, whereby
[                    ] gave you notice of the mortgage over the [            ] Star Rig
in favour of the Assignee; 

  

	 	(e)	the notice of mortgage over the semi-submersible drilling rig [            ] Star Rig dated
[            ] given by [                    ] to you, whereby
[                    ] gave you notice of the mortgage over the [            ] Star Rig
in favour of the Assignee; and 

  

	 	(f)	the notice of transfer of security trustee role dated 30 December 2008, whereby ING Bank Nederland N.V. gave you notice that it had transferred its role as
Assignee to Esbelto B.V., 

 (together, the “Notices”). 

  
 52 

	2	We hereby give you notice that notwithstanding anything to the contrary in the Notices, Eiffel Ridge Group C.V. intends to deliver the
[            ] Star Rig to you under and pursuant to the terms of the Rig [    ] Charter. 

 

	3	We hereby give you notice that, until the Assignee notifies you to the contrary in writing (with which notification you are hereby irrevocably authorised and instructed
to comply) you are irrevocably authorised and instructed to pay all amounts payable to us as Contractor under and pursuant to the Rig [    ] Charter to the account number 001-1-643293 with JP MORGAN CHASE BANK, New York, swift
code CHAS US 33, in the name of ING BANK N.V., swift code INGB NL 2A, for further credit to account number 02.00.34.[    ] in the name of the Contractor and
[            ] (IBAN: [            ]) designated “Eiffel Ridge – Earnings [    ] Account” with
ING Bank N.V. acting through its branch at Bijlmerplein 888, P.O. Box 1800, 1000 BV Amsterdam, The Netherlands. 

  

	4	We confirm that the General Assignment (as defined in the Notices) does not impose any rights on you, or affect in any way your rights or obligations under the Rig B
Charter. 

  

	5	The instructions and authority contained in this letter cannot be withdrawn, revoked or varied in any way without the prior consent of the Assignee. The Assignee has
signed this notice to confirm its prior consent to the varying of the instructions contained in the Notices. 

  

	6	Please acknowledge receipt of this notice and confirm your agreement to the matters stated above. 

 

			
	For and on behalf of
	[                    ] as owner
		
	by	 	  

		
	Dated	 	  

	
	For and on behalf of
	 Eiffel Ridge Group C.V.
 as Contractor

		
	by	 	  

		
	Dated	 	  

	
	For and on behalf of
	 Esbelto B.V.

as Assignee

		
	by	 	  

		
	Dated	 	  

  
 53 

 Part B 
 Form of Bank Notice of Assignment in respect of the Charter - Rig Swap 
  

			
	To:	    	Petróleo Brasileiro S.A. - Petrobrás
		    	Executive Management, Exploration and Production Services
		    	Sectioral` Contract Management E&P - SERV/CNTR
		    	Avenida República do Chile, 65-room 1102
		    	Rio de Janeiro - RJ
		    	Brazil
		
		    	Fax: 55-21-3224-2537
		    	Attention: General Manager
		
	Copy:	    	ING Bank N.V.
		    	Bijlmerplein 888
		    	P.O. Box 1800
		    	1000 BV Amsterdam
		    	The Netherlands
		    	(in its capacity as bank trustee on behalf of itself and the other banks) (the “Assignee”)

 Re: [            ] semi-submersible drilling rig named
[            ] Star (“the [            ] Star Rig”) 

 

	7	We refer to: 

  

	 	(a)	the notice dated on or about the date hereof (the “Notice of Assignment”) relating to contract number
[            ] between you and Eiffel Ridge Group C.V. (the “Contractor”) (the “Rig [    ] Charter”); 

 

	 	(b)	the notice dated 15 August 2007 relating to the charterparty with contract number [            ]
between you and the Contractor (the “Rig [    ] Charter”) from us to you, whereby we gave you notice that we had assigned the benefit of the receivables under the Rig [    ] Charter in favour
of the Assignee; 

  

	 	(c)	[the notice dated 22 October 2009 relating to the Rig A Charter given by us to you whereby we gave you further notice that we had assigned the benefit of the
receivables under the Rig A Charter in favour of the Assignee][Rig B/Rig A Charter only]; 

  

	 	(d)	the notice dated [            ] relating to the mortgage over the semi-submersible drilling rig
[            ] Star (the “[            ] Star Rig”), whereby we gave you notice that we had assigned the benefit
of our rights, title, interest and benefit in that mortgage in favour of the Assignee; 

  

	 	(e)	the notice dated [            ] relating to the mortgage over the
[            ] Star Rig, whereby we gave you notice that we had assigned the benefit of our rights, title, interest and benefit in that mortgage in favour of the Assignee; and

  

	 	(f)	the notice dated 30 December 2008 whereby ING Bank Nederland N.V. gave you notice that it had transferred its role as security trustee to Esbelto B.V.,

 (together the “Notices”). 

 

	8	We hereby give you notice: 

  

	 	(a)	that notwithstanding anything to the contrary in the Notices, Eiffel Ridge Group C.V. intends to deliver the
[            ] Star Rig to you under and pursuant to the Rig [    ] Charter; and 

  
 54 

	 	(b)	that, until the Assignee notifies you to the contrary in writing (with which notification you are hereby irrevocably authorised and instructed to comply) you are
irrevocably authorised and instructed to pay all amounts payable to the Contractor under and pursuant to the Rig [    ] Charter to the account number 001-1-643293 with JP MORGAN CHASE BANK, New York, swift code CHAS US 33, in the
name of ING BANK N.V., swift code INGB NL 2A, for further credit to account number 02.00.34.[    ] in the name of the Contractor and [            ] (IBAN:
[            ]) designated “Eiffel Ridge – Earnings [    ] Account” with ING Bank N.V. acting through its branch at Bijlmerplein 888, P.O. Box 1800, 1000
BV Amsterdam, The Netherlands. 

  

	9	We confirm that the Bank Security Assignment does not impose any rights on you, or affect in any way your rights or obligations under the Rig B Charter.

  

	10	The instructions and authority contained in this letter cannot be withdrawn, revoked or varied in any way without the prior consent of the Assignee. The Assignee has
signed this notice to confirm its prior consent to the varying of instructions contained in the Notices. 

  

	11	Please acknowledge receipt of this notice and confirm your agreement to the matters stated above. 

 

			
	For and on behalf of
	Mimosa Finance B.V.
		
	by	 	  

		
	Dated	 	  

	
	For and on behalf of
	 Esbelto B.V.

as security trustee

		
	by	 	  

		
	Dated	 	  

	
	For and on behalf of
	 ING Bank N.V.

as Assignee

		
	by	 	  

		
	Dated	 	  

  
 55 

 EXECUTION PAGE - AMENDMENT DEED NO. 1 

 

					
	Project Security Parties	  		 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	EIFFEL RIDGE GROUP C.V.	  	)	 	
	by	  	)	 	/s/ Carlos G. E. Rameh
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Marcus V.S. Dezem	  	)	 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	GOLD STAR EQUITIES LTD	  	)	 	
	by	  	)	 	/s/ Carlos G. E. Rameh
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Marcus V.S. Dezem	  	)	 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	LONE STAR OFFSHORE LTD	  	)	 	
	by	  	)	 	/s/ Carlos G. E. Rameh
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Marcus V.S. Dezem	  	)	 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	CONSTELLATION OVERSEAS LTD	  	)	 	
	by	  	)	 	/s/ Carlos G. E. Rameh
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Marcus V.S. Dezem	  	)	 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	QUEIROZ GALVÃO ÓLEO E GÁS S.A.	  	)	 	
	by	  	)	 	/s/ Viviane Saraiva Whehaibe
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Felipe Pelo	  	)	 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	QUEIROZ GALVÃO S.A.	  	)	 	
	by	  	)	 	/s/ C. Mathias Bueno Hesse
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Thiago Nolasco	  	)	 	

  
 56 

					
	Facility Agent	  		 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	ING BANK N.V.	  	)	 	
	by	  	)	 	/s/ Kenneth Basch
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Amanda Alves Gobira	  	)	 	
			
	Security Trustee	  		 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	ESBELTO B.V.	  	)	 	
	by	  	)	 	/s/ Kenneth Basch
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Amanda Alves Gobira	  	)	 	
			
	Account Bank	  		 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	ING BANK N.V.	  	)	 	
	by	  	)	 	/s/ Kenneth Basch
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Amanda Alves Gobira	  	)	 	
			
	Hedging Provider	  		 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	ING CAPITAL MARKETS LLC	  	)	 	
	by	  	)	 	/s/ Kenneth Basch
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Amanda Alves Gobira	  	)	 	
			
	Bank Security Parties	  		 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	MIMOSA FINANCE C.V	  	)	 	
	by	  	)	 	/s/ Kenneth Basch
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Amanda Alves Gobira	  	)	 	

  
 57 

					
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	MIMOSA FINANCE B.V.	  	)	 	
	by	  	)	 	/s/ Kenneth Basch
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Amanda Alves Gobira	  	)	 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	CENTAURUS S.à.r.L.	  	)	 	
	by	  	)	 	/s/ Carlos G.E. Rameh
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Marcus V.S. Dezem	  	)	 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	BECRUX B.V.	  	)	 	
	by	  	)	 	/s/ Carlos G.E. Rameh
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Marcus V.S. Dezem	  	)	 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	ING BANK N.V.	  	)	 	
	by	  	)	 	/s/ Kenneth Basch
			
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Amanda Alves Gobira	  	)	 	
			
	Bank Agent	  		 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	ING BANK N.V.	  	)	 	
	by	  	)	 	/s/ Kenneth Basch
			
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of: /s/ Amanda Alves Gobira	  	)	 	

  
 58 

					
	Bank Trustee	  		 	
			
	EXECUTED as a DEED	  	)	 	
	for and on behalf of	  	)	 	
	ING BANK N.V.	  	)	 	
	by	  	)	 	/s/ Kenneth Basch
	its duly authorised attorney-in-fact	  	)	 	
	in the presence of:	  	)	 	

  
 59

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