Document:

Exhibit

Exhibit 4.1

[FACE OF NOTE]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTA­TIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE “DEPOSITARY”) (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESEN­TATIVE OF THE DEPOSITARY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR OF THE DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR.

REGISTERED

		
	NO. R-001

	PRINCIPAL AMOUNT

	CUSIP NO. 49446R AN9

	$500,000,000

KIMCO REALTY CORPORATION

3.400% Note due 2022

KIMCO REALTY CORPORATION, a Maryland corporation (herein referred to as the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to CEDE & Co., c/o The Depository Trust Company, 55 Water Street, New York, New York 10041, or registered assigns, the principal amount of FIVE HUNDRED MILLION Dollars ($500,000,000) on November 1, 2022 (the “Stated Maturity Date”), unless redeemed on a Redemption Date (as defined on the reverse hereof) (the Stated Maturity Date or any Redemption Date is also referred to herein as the “Maturity Date” with respect to the principal repayable on such date), and to pay interest on the outstanding principal amount hereof from October 19, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on May 1 and November 1 in each year, commencing May 1, 2016 (each, an “Interest Payment Date”), at the rate of 3.400% per annum, until the principal hereof is paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the April 15 or October 15 (whether or not a Business Day, as defined below), as the case may be, next preceding such Interest Payment Date (each, a “Regular Record Date”). Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Note (or one or more Predecessor Securities, if applicable) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee referred to on the reverse hereof, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

The principal of and premium, if any, and interest, if any, on this Note payable on the Maturity Date will be paid against presentation of this Note at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York. The Company hereby appoints The Bank of New York Mellon (successor by merger to IBJ Schroder Bank & Trust Company) as Paying Agent for the Notes where Notes of this series may be presented or surrendered for payment and where notices, designations or requests in respect of payments with respect to the Notes may be served.

Interest payable on this Note on any Interest Payment Date and, if applicable, on the Maturity Date, as the case may be, will include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including October 19, 2015, if no interest has been paid or duly provided for on this Note) to but excluding such Interest Payment Date or the Maturity Date, as the case may be; provided, however, that the Company will pay any interest installment due on an Interest Payment Date that occurs on or before a Redemption Date to the Holder of this Note as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date.

If any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, principal, premium, if any, and/or interest payable on such Interest Payment Date or the Maturity Date, as the case may be, will be paid on the succeeding Business Day with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or the Maturity Date, as the case may be.  “Business Day” means any day, other than a Saturday or Sunday, on which banks in The City of New York are not required or authorized by law or executive order to close.

Payments of principal, premium, if any, and/or interest by the Company in respect of this Note will be made by wire transfer of immediately available funds to the Holder hereof in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

Unless the Certificate of Authentication hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its facsimile corporate seal.

Dated:  October 19, 2015

			
	 
	KIMCO REALTY CORPORATION

	 
	 
	 

	 
	By:

	 

	 
	Name:

	Glenn G. Cohen

	 
	Title:

	Executive Vice President, Chief Financial Officer and Treasurer

Attest:

	
	 

	Assistant Secretary

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture.

			
	 
	THE BANK OF NEW YORK MELLON

(successor by merger to IBJ Schroder Bank & Trust Company), as Trustee

	 
	 
	 

	 
	By:

	 

	 
	 
	Authorized Signatory

[Signature Page to Note]

[REVERSE OF NOTE]

KIMCO REALTY CORPORATION

3.400% Note due 2022

This Note is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of September 1, 1993, as amended by the First Supplemental Indenture, dated as of August 4, 1994, the Second Supplemental Indenture, dated as of April 7, 1995, the Third Supplemental Indenture, dated as of June 2, 2006, the Fourth Supplemental Indenture, dated as April 26, 2007, the Fifth Supplemental Indenture, dated as of September 24, 2009, the Sixth Supplemental Indenture, dated as May 23, 2013, and the Seventh Supplemental Indenture, dated as of April 24, 2014 (the “Seventh Supplemental Indenture”), and as further amended or supplemented from time to time (herein called the “Indenture”) between the Company and The Bank of New York Mellon (successor by merger to IBJ Schroder Bank & Trust Company), as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of which this Note is a part), to which the Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Note is one of the duly authorized series of Securities designated as “3.400% Notes due 2022” (collectively, the “Notes”), and the aggregate principal amount of the Notes to be issued under such series is initially limited to $500,000,000 (except for Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Notes).  However, the Company may, without the consent of the Holders of the Notes, create and issue additional Notes in the future having the same terms as the Notes other than the date of original issuance, the date on which interest begins to accrue and the first interest payment date, so as to form a single series with the Notes.  All terms used but not defined in this Note shall have the meanings assigned to such terms in the Indenture.

Optional Redemption

Prior to September 1, 2022 (the date that is two months prior to the Stated Maturity Date), this Note will be redeemable in whole at any time or in part from time to time, at the Company’s option, on a date fixed for redemption therefor (a “Redemption Date”) at a redemption price equal to the sum of (1) an amount equal to 100% of the principal amount of this Note to be redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date and (2) a make-whole premium. At any time on or after September 1, 2022 (the date that is two months prior to the Stated Maturity Date), this Note will be redeemable in whole at any time or in part from time to time, at the Company’s option, at a redemption price equal to 100% of the principal amount of this Note to be redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date.  

The make-whole premium with respect to any note redeemed prior to September 1, 2022 (the date that is two months prior to the Stated Maturity Date) will be calculated as the excess, if any, of: 

(a)

the aggregate present value as of the Redemption Date of each dollar of principal being redeemed and the amount of interest (exclusive of interest accrued thereon to, but not including, the Redemption Date) that would have been payable in respect of such dollar if such redemption had been made on September 1, 2022 (the date that is two months prior to the Stated Maturity Date), determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of redemption is given) from the respective dates on which such principal and interest would have been payable if such redemption had been made on September 1, 2022 (the date that is two months prior to the Stated Maturity Date); over

(b)

the principal amount of this Note.

“Reinvestment Rate” means 0.30 percent (0.30%), plus the arithmetic mean of the yields under the respective headings “This Week” and “Last Week” published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available prior to the date of determining the make-whole premium (or if such statistical release is no longer published, any such other reasonably comparable index which shall be designated by the Company) under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the then remaining maturity of this Note. If no maturity exactly corresponds to such maturity of this Note, the applicable Reinvestment Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the yields for the two published maturities most closely corresponding to such maturity of this Note. 

Written notice of any redemption will be mailed or transmitted in accordance with the applicable procedures of the Depositary at least 15 days but not more than 60 days before the Redemption Date to the Holder of this Note.  Unless the Company defaults in payment of the Redemption Price, on and after the applicable Redemption Date, interest will cease to accrue on this Note or the portion hereof called for redemption.

If less than all of the Notes are to be redeemed at the option of the Company, the Depositary will select Notes for redemption in accordance with the applicable procedures of the Depositary.

 Other Terms

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

This Note is not entitled to the benefit of any sinking fund.

The Notes shall not be entitled to the benefit of the covenant set forth in Section 1005 of the Indenture. For purposes of determining compliance with Section 1014 of the Indenture, the definition of “Unencumbered Total Asset Value” has been modified by the Seventh Supplemental Indenture.  

The Indenture contains provisions for defeasance of (i) the entire indebtedness of the Notes or (ii) certain covenants and Events of Default with respect to the Notes, in each case upon compliance with certain conditions set forth therein, which provisions apply to the Notes.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount of all Securities issued under the Indenture at the time outstanding and affected thereby. The Indenture also contains provi­sions permitting the Holders of not less than a majority of the aggregate principal amount of the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compli­ance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the aggregate principal amount of the Outstanding Securities of any series, in certain instances, to waive, on behalf of all of the Holders of Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and other Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed.

As provided in the Indenture and subject to certain limitations therein and herein set forth, the transfer of this Note is registrable in the Security Register of the Company upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and premium, if any, and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

As provided in the Indenture and subject to certain limitations therein and herein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same.

The Notes are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

No service charge shall be made for any such regis­tration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other govern­mental charge payable in connection therewith.

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

The Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State.

ABBREVIATIONS

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

		
	TEN COM -

	as tenants in common

	TEN ENT -

	as tenants by the entireties

	JT TEN - 

	as joint tenants with right of survivorship an not as tenants in common

				
	UNIF GIFT MIN ACT

	 
	Custodian

	 

	 
	(Cust)

	 
	(Minor)

	
	under Uniform Gifts to Minors Act

	 

	 

	(State)

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

	 

	 

	 

ASSIGNMENT

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

	
	 

	 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

	
	 

	 

	(Please print or Typewrite Name and Address

Including Postal ZIP Code of Assignee)

                                                                                                                                                                            the within Note and all rights thereunder, and hereby irrevocably constitute and appoints                                                                                                  to transfer said Note on the books of the Company, with full power of substitution in the premises.

Dated:                       

Signature Guaranteed

			
	 
	 
	 

	NOTICE:  Signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

	 
	NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatever.EX-4.1

 Exhibit 4.1 

Execution Version 

AMENDMENT NO. 1 AND COMMITMENT INCREASE SUPPLEMENT 

This AMENDMENT NO. 1 AND COMMITMENT INCREASE SUPPLEMENT (this “Commitment Increase Supplement”) is made as of
October 13, 2015 by and among McDermott International, Inc., a Panamanian corporation (the “LC Borrower”), Crédit Agricole Corporate and Investment Bank, as administrative agent for the Lenders and the Issuers (in such
capacity, the “Administrative Agent”), and the parties signatory hereto as Issuers, the Increasing Lenders (hereinafter defined) and the Added Lenders (hereinafter defined). 

RECITALS 
 A. The LC Borrower,
McDermott Finance L.L.C., the Administrative Agent, the Issuers and the Lenders from time to time party thereto are parties to that certain Credit Agreement dated as of April 16, 2014 (as amended, supplemented, restated, increased, extended or
otherwise modified from time to time, the “Credit Agreement”). All terms used herein and not otherwise defined shall have the same meaning given to them in the Credit Agreement; 

B. Pursuant to Section 2.21 of the Credit Agreement, upon prior notice to the Administrative Agent, the LC Borrower may request
one or more increases to the existing Letter of Credit Facility Commitments (any such increase, a “Letter of Credit Commitment Increase” and, any additional Letter of Credit Facility Commitments provided pursuant to any Letter of
Credit Commitment Increase, a “New Letter of Credit Facility Commitment”) by an amount (i) not in excess of $200,000,000.00 in the aggregate for all New Letter of Credit Facility Commitments obtained since the Effective Date
and (ii) not less than $25,000,000.00 with respect to the aggregate New Letter of Credit Facility Commitments obtained for any individual Letter of Credit Commitment Increase (or such lesser amount which shall be approved by Administrative
Agent); 
 C. LC Borrower has notified the Administrative Agent that the LC Borrower proposes that (a) a Letter of Credit Commitment
Increase shall be effective on or about the date hereof and (b) such Letter of Credit Commitment Increase shall be effected by adding to the Credit Agreement one or more Eligible Assignees as additional LC Lenders (referred to herein as the
“Added Lenders”) and by allowing one or more LC Lenders to increase their respective Letter of Credit Facility Commitment (such Lenders being referred to herein as the “Increasing Lenders”); and 

D. LC Borrower has requested, and the Administrative Agent and the Requisite LC Lenders agree, on the terms and conditions set forth herein,
to make certain amendments to the Credit Agreement. 
 AGREEMENT 

1. Section 6.1(e)(ii) of the Credit Agreement is hereby amended in its entirety to read as follows: 

(ii) thereafter, on or before the last Business Day of each month, a cash forecast for the following 13 weeks (a “13 Week Cash
Forecast”), together with a report comparing actual results to the results projected for such month in the most recently delivered 13 Week Cash Forecast, including a narrative explaining any significant variances. 

  
 [McDermott Commitment
Increase Supplement] 

 2. Section 8.14 of the Credit Agreement is hereby amended by adding “not”
before each instance of “in excess of” therein. 
 3. The LC Borrower and the parties signatory hereto as the Increasing Lenders
and as the Added Lenders hereby agree that, from and after the Increase Effective Date (as defined below), the Increasing Lenders and the Added Lenders shall have the respective Letter of Credit Facility Commitments as set forth on the attached
Supplement to Schedule I as the “New Letter of Credit Commitment Amount”. By its execution and delivery of this Commitment Increase Supplement, each Added Lender hereby assumes all of the rights and obligations of a LC Lender
under the Credit Agreement and agrees to be bound by the terms of the Credit Agreement applicable to LC Lenders. Such Letter of Credit Facility Commitments of the Added Lenders and the increase in the Letter of Credit Facility Commitments of the
Increasing Lenders shall represent a Letter of Credit Commitment Increase pursuant to Section 2.21 of the Credit Agreement. 

4. Administrative Agent, the Issuers party hereto and the LC Borrower hereby consent to and approve the Letter of Credit Facility Commitment
of each Added Lender and the increase in the Letter of Credit Facility Commitment of each Increasing Lender, and such resulting increase in the aggregate Letter of Credit Facility Commitments pursuant to Section 2.21 of the Credit
Agreement. 
 5. The LC Borrower, the Administrative Agent and the Persons signatory hereto as Issuers hereby agree that, from and after the
Increase Effective Date (as defined below), (a) each Person signatory hereto as an “Issuer” that was not heretofore an Issuer (each, a “New Issuer”) hereby becomes an Issuer under the Credit Agreement with a Letter of
Credit Issuer Commitment in the amount set forth on the attached Supplement to Schedule III as the “New Letter of Credit Issuer Commitment” with the same force and effect as if originally named in the Credit Agreement as an Issuer
and (b) each Person signatory hereto as an Issuer that is not a New Issuer shall have the respective Letter of Credit Issuer Commitment as set forth on the attached Supplement to Schedule III as the “New Letter of Credit Issuer
Commitment”. By its execution and delivery of this Commitment Increase Supplement, each New Issuer hereby assumes all of the rights and obligations of an Issuer under the Credit Agreement and agrees to be bound by the terms of the Credit
Agreement applicable to Issuers. 
 6. Administrative Agent and the LC Borrower hereby consent to and approve the addition of each New
Issuer as Issuers as contemplated by the definition of “Issuer”. 
 7. Each Added Lender and each Increasing Lender hereby
represents and warrants as follows: (a) it has full power and authority, and has taken all action necessary, to execute and deliver this Commitment Increase Supplement, to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (b) from and after the Increase Effective Date (hereinafter defined), it shall be bound by the provisions of the Credit Agreement as a LC Lender thereunder and, to the extent of its Letter of Credit Facility
Commitment, shall have the obligations of a LC Lender thereunder, and (c) it has received a copy of the Credit 

  
 [McDermott Commitment
Increase Supplement] 

 
Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.1 thereof, as applicable, and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Commitment Increase Supplement on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent, any Issuer
or any other Lender; and agrees that (i) it will, independently and without reliance on the Administrative Agent, any Issuer or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as
a LC Lender. 
 8. This Commitment Increase Supplement shall be effective on the date (the “Increase Effective
Date”) that (i) each Issuer, the LC Borrower, each Added Lender, each Increasing Lender and the Requisite LC Lenders shall each have executed a counterpart hereof and delivered the same to the Administrative Agent, (ii) the
Administrative Agent executes and delivers a counterpart hereof, (iii) each of the conditions to the Letter of Credit Commitment Increase in Section 2.21(c)(i) and (ii) of the Credit Agreement shall have occurred and
(iv) the Administrative Agent shall have received each item listed on Schedule A hereto. The Administrative Agent shall provide notice to the parties hereto of the occurrence of the Increase Effective Date. From and after the Increase
Effective Date, (a) each Added Lender and each Increasing Lender shall be a “LC Lender” under the Loan Documents and (b) each New Issuer shall be an “Issuer” under the Loan Documents. 

9. Upon any increase in the Aggregate Commitments pursuant to Section 2.21 of the Credit Agreement, subject to the terms and
conditions set forth therein, each of the existing LC Lenders shall assign to each of the Added Lenders, and each of the Added Lenders shall purchase from each of the existing LC Lenders, at the principal amount thereof (together with accrued
interest), such interests in the Reimbursement Obligations outstanding on the Increased Amount Date as shall be necessary in order that, after giving effect to all such assignment and purchases, such Reimbursement Obligations will be held by
existing LC Lenders and Added Lenders ratably in accordance with their Letter of Credit Facility Commitments after giving effect to the Letter of Credit Commitment Increase. 

10. The LC Borrower (a) represents and warrants that, on and as of the Increase Effective Date, before and after giving effect to the
increase in Letter of Credit Facility Commitments resulting hereunder, (i) the representations and warranties set forth in Article IV of the Credit Agreement and the other Loan Documents that have no materiality or Material Adverse
Effect qualification are true and correct in all material respects and the representations and warranties set forth in Article IV of the Credit Agreement and the other Loan Documents that have a materiality or Material Adverse Effect qualification
are true and correct in all respects, in each case with the same effect as though made on and as of the date hereof or, to the extent such representations and warranties expressly relate to an earlier date, as of such earlier date, (ii) no
Default or Event of Default exists before or after giving effect to such Letter of Credit Commitment Increase and (iii) the Parent is in pro forma compliance with each of the covenants set forth in Article V as of the most recent date of
determination after giving effect to such Letter of Credit Commitment Increase, (b) ratifies and confirms each of the Loan Documents, (c) agrees that all Loan Documents shall apply to the Obligations as they are or may

  
 [McDermott Commitment
Increase Supplement] 

 
be increased by this Commitment Increase Supplement and (d) agrees that its obligations and covenants under each Loan Document are otherwise unimpaired hereby and shall remain in full force
and effect. 
 11. The LC Borrower shall deliver to the Administrative Agent each of the agreements, documents, instruments or certificates
described on Schedule B hereto and perform each of the actions described on Schedule B hereto, in each case within the time periods set forth opposite such item or action on Schedule B hereto. 

12. This Commitment Increase Supplement is an Increase and Joinder Agreement and a Loan Document, and all provisions in the Credit Agreement
pertaining to Loan Documents apply hereto. 
 13. This Commitment Increase Supplement may not be amended, changed, waived or modified,
except by a writing executed by the parties hereto. 
 14. This Commitment Increase Supplement embodies the entire agreement among each
Added Lender, each Increasing Lender, the LC Borrower, each Issuer, the other LC Lenders party hereto and the Administrative Agent with respect to the subject matter hereof and supersedes all other prior arrangements and understandings relating to
the subject matter hereof. Except as specifically modified by this Commitment Increase Supplement, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 

15. The execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any
right, power or remedy of any Agent, Lender or Issuer under the Credit Agreement or any of the other Loan Documents. 
 16. This Commitment
Increase Supplement may be executed in any number of counterparts, each of which shall be deemed to be an original. Each such counterpart shall become effective when counterparts have been executed by all parties hereto. Delivery of an executed
counterpart of this Commitment Increase Supplement by telecopier shall be effective as delivery of a manually executed counterpart of this Commitment Increase Supplement. 

17. This Commitment Increase Supplement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns, except that no party hereto may assign or transfer any of its rights or obligations hereunder without the prior written consent of the other party. 

18. This Commitment Increase Supplement and the rights and obligations of the parties hereto shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York, without regard to its conflicts of laws provisions. 

[REMAINDER OF PAGE IS INTENTIONALLY LEFT
BLANK.] 

  
 [McDermott Commitment
Increase Supplement] 

 IN WITNESS WHEREOF, the undersigned have executed this Commitment Increase Supplement as of the
date shown above. 
  

					
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as Administrative Agent, as an Issuer and as an Increasing Lender
		
	By:	 	 /s/ PAGE DILLEHUNT

		 	Name:	 	Page Dillehunt
		 	Title:	 	Managing Director
		
	By:	 	 /s/ MICHAEL D. WILLIS

		 	Name:	 	Michael D. Willis
		 	Title:	 	Managing Director

  
 [McDermott Commitment
Increase Supplement] 

 
			
	MCDERMOTT INTERNATIONAL, INC., as LC Borrower
		
	By:	 	 /s/ KATHERINE A. MURRAY

	Name:	 	Katherine A. Murray
	Title:	 	Vice President, Treasurer

  
 [McDermott Commitment
Increase Supplement] 

 
			
	WELLS FARGO BANK, N.A., as an Increasing Lender and an Issuer
		
	By:	 	 /s/ SHANNON CUNNINGHAM

	Name:	 	Shannon Cunningham
	Title:	 	Vice President

  
 [McDermott Commitment
Increase Supplement] 

 
			
	COMPASS BANK, as an Increasing Lender
		
	By:	 	 /s/ KHOA DUONG

	Name:	 	Khoa Duong
	Title:	 	Vice President

  
 [McDermott Commitment
Increase Supplement] 

 
			
	ABN AMRO CAPITAL USA LLC, as an Added Lender
		
	By:	 	 /s/ FRANCIS BIRKELAND

	Name:	 	Francis Birkeland
	Title:	 	Managing Director
		
	By:	 	 /s/ URVASHI ZUTSHI

	Name:	 	Urvashi Zutshi
	Title:	 	Managing Director

 [Commitment Increase Supplement] 

 SUPPLEMENT TO SCHEDULE I 

OF THE CREDIT AGREEMENT 
  

													
	 LC Lender
	  	Existing Letter of
Credit Commitment
Amount	 	  	New Letter of
Credit
Commitment
Amount	 	  	Amount of Letter of
Credit Commitment
Increase	 
				
	 Crédit Agricole Corporate and Investment Bank
	  	$	95,000,000.00	  	  	$	125,000,000.00	  	  	$	30,000,000.00	  
				
	 Wells Fargo Bank, N.A.
	  	$	95,000,000.00	  	  	$	125,000,000.00	  	  	$	30,000,000.00	  
				
	 Compass Bank
	  	$	50,000,000.00	  	  	$	75,000,000.00	  	  	$	25,000,000.00	  
				
	 ABN AMRO Capital USA LLC
	  	$	0.00	  	  	$	35,000,000.00	  	  	$	35,000,000.00	  

 [Supplement to Schedule I] 

 SUPPLEMENT TO SCHEDULE III 

OF THE CREDIT AGREEMENT 
  

													
	 Issuer
	  	Existing Letter of
Credit Issuer
Commitment
Amount	 	  	New Letter of
Credit Issuer
Commitment
Amount	 	  	Amount of Letter of
Credit Issuer
Commitment
Increase	 
				
	 Crédit Agricole Corporate and Investment Bank
	  	$	225,000,000.00	  	  	$	275,000,000.00	  	  	$	50,000,000.00	  
				
	 Wells Fargo Bank, N.A.
	  	$	225,000,000.00	  	  	$	275,000,000.00	  	  	$	50,000,000.00	  

 [Schedule A] 

 SCHEDULE A 

Additional Deliverables 
 A duly executed Consent
and Agreement attached hereto (a “Consent and Agreement”) from each Guarantor in the form attached to this Commitment Supplement Increase. 

A certificate as to the good standing of the LC Borrower as of a recent date from the applicable governmental authority in Panama. 

A certificate of (i) an Authorized Officer, the Secretary or the Assistant Secretary of each Loan Party dated the Increase Effective Date and certifying
(A) (I) that attached thereto is a true and complete copy of the by-laws or similar document of such Loan Party as in effect on the Increase Effective Date and at all times since a date prior to the date of the resolutions described in
clause (B) below or (II) that the by-laws or similar document of such Loan Party previously certified to the Administrative Agent has not been modified, rescinded or amended and are in full force and effect on the Increase Effective Date and at
all times since a date prior to the date of the resolutions described in (B) below; (B) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or similar governing body) of such Loan Party
authorizing the execution, delivery and performance of the Commitment Increase Supplement, the Consent and Agreement or any other document delivered in connection herewith on behalf of such Loan Party, and that such resolutions have not been
modified, rescinded or amended and are in full force and effect; (C) (I) that the certificate or articles of incorporation or other formation documents of such Loan Party have not been amended since the date of the last certification of
such documents to the Administrative Agent or (II) that attached thereto is a copy of the certificate or articles of incorporation or other formation documents of such Loan Party; and (D) as to the incumbency and specimen signature of each
officer executing the Commitment Increase Supplement, the Consent and Agreement or any other document delivered in connection herewith on behalf of such Loan Party; and (ii) a certificate of another officer as to the incumbency and specimen
signature of the Authorized Officer executing the certificate pursuant to clause (i) above. 
 Canada 

Deed of amendment in form and substance reasonably satisfactory to the Administrative Agent between McDermott Gulf Operating Company, Inc. and Crédit
Agricole Corporate and Investment Bank in respect of the deed of covenants dated April 16, 2014 between McDermott Gulf Operating Company, Inc. and Crédit Agricole Corporate and Investment Bank relating to the marine mortgage over the
Thebaud Sea vessel and governed by the laws of Nova Scotia, Canada. 

  
 [Schedule A] 

 Cayman Islands 

An amended version of the register of members of each Guarantor incorporated in the Cayman Islands, updated to reflect the confirmation of the security granted
over such Guarantor’s shares by the Consent and Agreement provided by the relevant member of such Guarantor. 
 An amended version of the register of
mortgages and charges of each Guarantor incorporated in the Cayman Islands, updated to reflect the confirmation of the security granted by that Guarantor by the Consent and Agreement provided by that Guarantor. 

Malta 
 Consent of Second Priority Mortgagee in form and
substance reasonably satisfactory to the Administrative Agent by Wells Fargo Bank, National Association. 
 United Kingdom 

A deed of confirmation in form and substance reasonably satisfactory to the Administrative Agent between McDermott Marine Construction Limited and
Crédit Agricole Corporate and Investment Bank as Collateral Agent. 
 A charge over accounts in form and substance reasonably satisfactory to the
Administrative Agent between McDermott Marine Construction Limited and Crédit Agricole Corporate and Investment Bank as Collateral Agent. 

United States 
 Amendment No. 1 to Deed of Covenants
in form and substance reasonably satisfactory to the Administrative Agent between Hydro Marine Services, Inc. and Crédit Agricole Corporate and Investment Bank as Collateral Agent. 

Amendment No. 1 to Deed of Covenants in form and substance reasonably satisfactory to the Administrative Agent between J. Ray McDermott (Norway) AS and
Crédit Agricole Corporate and Investment Bank as Collateral Agent. 

  
 [Schedule A] 

 SCHEDULE B 

Post-Closing Deliverables 
 Australia 

Within 90 days of the Increase Effective Date or as extended by the Administrative Agent in its sole discretion, the Parent shall cause those steps necessary
or desirable for the duty stamping or increase in duty stamping of (a) the security interests in the pledged equity of J. Ray McDermott (Aust.) Holding Pty. Limited, McDermott Australia Pty. Ltd., and each other issuer of pledged equity
organized in Australia, and (b) the security interests in the Inpex accounts receivable of McDermott Australia Pty. Ltd. 
 Malta 

Within one (1) Business Day of the Increase Effective Date or as such date may be extended by the Administrative Agent in its sole discretion, the
Mortgage Amendment to the First Priority Mortgage “H” dated and duly registered on May 19, 2015 over North Ocean 102 in form and substance reasonably satisfactory to the Administrative Agent by J. Ray McDermott (Norway) AS in
favor of Crédit Agricole Corporate and Investment Bank as Collateral Agent. 
 Within one (1) Business Day of the Increase Effective Date or as
such date may be extended by the Administrative Agent in its sole discretion, the Mortgage Amendment to the First Priority Mortgage “A” dated and duly registered on October 8, 2014 over Lay Vessel 108 in form and substance
reasonably satisfactory to the Administrative Agent by Hydro Marine Services Inc. in favor of Crédit Agricole Corporate and Investment Bank as Collateral Agent. 

[Schedule B] 

 CONSENT AND AGREEMENT 

October 13, 2015 
 The
undersigned each hereby consents to the provisions of this Commitment Increase Supplement and the transactions contemplated herein and hereby ratifies and confirms each of the Loan Documents to which it is a party, and, without limiting the
foregoing, agree that such Loan Documents shall apply to the Obligations as they are or may be increased by this Commitment Increase Supplement and that its obligations and covenants (including, without limitation, any guarantee it has given or
security it has granted pursuant thereto) under such Loan Documents are otherwise unimpaired hereby and shall remain in full force and effect. All terms used herein and not otherwise defined shall have the same meaning given to them in the Credit
Agreement dated as of April 16, 2014 (as amended, supplemented, restated, increased, extended or otherwise modified from time to time) by and among McDermott International, Inc., McDermott Finance L.L.C., Crédit Agricole Credit and
Investment Bank, the Issuers and the Lenders from time to time party thereto. 
 This Consent and Agreement and the rights and obligations
of the undersigned shall be governed by, and construed and interpreted in accordance with, the law of the State of New York, without regard to its conflicts of laws provisions. 

[Signature pages follow] 

[Consent and Agreement] 

 
			
	 CHARTERING COMPANY (SINGAPORE) PTE. LTD.

	 DEEPSEA (AMERICAS) LLC

	 DEEPSEA (EUROPE) LIMITED

	 DEEPSEA (UK) LIMITED

	 DEEPSEA GROUP LIMITED

	 DEEPSEA (US) INCORPORATED

	 EASTERN MARINE SERVICES, INC.

	 GLOBAL ENERGY - MCDERMOTT LIMITED

	 HYDRO MARINE SERVICES, INC.

	 J. RAY HOLDINGS, INC.

	 INTERNATIONAL VESSELS LTD.

	 J. RAY MCDERMOTT (AUST.) HOLDING PTY. LIMITED

	 J. RAY MCDERMOTT CANADA HOLDING, LTD.

	 J. RAY MCDERMOTT CANADA, LTD.

	 J. RAY MCDERMOTT (CASPIAN), INC.

	 J. RAY MCDERMOTT ENGINEERING SERVICES PRIVATE LIMITED

	 J. RAY MCDERMOTT FAR EAST, INC.

	 J. RAY MCDERMOTT HOLDINGS, LLC

	 J. RAY MCDERMOTT, S.A.

	 J. RAY MCDERMOTT INTERNATIONAL, INC.

	 J. RAY MCDERMOTT KAZAKHSTAN LIMITED LIABILITY PARTNERSHIP

	 J. RAY MCDERMOTT LOGISTIC SERVICES PVT. LIMITED

	 J. RAY MCDERMOTT (NORWAY), AS

	 J. RAY MCDERMOTT (QINGDAO) PTE. LTD.

	 J. RAY MCDERMOTT SOLUTIONS, INC.

	 J. RAY MCDERMOTT TECHNOLOGY, INC.

	 J. RAY MCDERMOTT UNDERWATER SERVICES, INC.

		
	By:	 	 /s/ JAMES P. GOODWIN

	Name:	 	James P. Goodwin
	Title:	 	Assistant Treasurer

  
 [Consent and Agreement]

 
			
	 J. RAY MCDERMOTT WEST AFRICA HOLDINGS, INC.

	 J. RAY MCDERMOTT WEST AFRICA, INC.

	 MALMAC SDN. BHD.

	 MCDERMOTT ASIA PACIFIC PTE. LTD.

	 MCDERMOTT AUSTRALIA PTY. LTD.

	 MCDERMOTT BLACKBIRD HOLDINGS, LLC

	 MCDERMOTT CASPIAN CONTRACTORS, INC.

	 MCDERMOTT EASTERN HEMISPHERE, LTD.

	 MCDERMOTT ENGINEERING, LLC

	 MCDERMOTT FAR EAST, INC.

	 MCDERMOTT FINANCE L.L.C.

	 MCDERMOTT GULF OPERATING COMPANY, INC.

	 MCDERMOTT, INC.

	 MCDERMOTT INTERNATIONAL INVESTMENTS CO., INC.

	 MCDERMOTT INVESTMENTS, LLC

	 MCDERMOTT INTERNATIONAL MANAGEMENT, S. DE RL.

	 MCDERMOTT INTERNATIONAL TRADING CO., INC.

	 MCDERMOTT INTERNATIONAL VESSELS, INC.

	 MCDERMOTT MARINE CONSTRUCTION LIMITED

	 MCDERMOTT MIDDLE EAST, INC.

	 MCDERMOTT OFFSHORE SERVICES COMPANY, INC.

	 MCDERMOTT OLD JV OFFICE, INC.

	 MCDERMOTT OVERSEAS, INC.

MCDERMOTT SUBSEA, INC.

	 MCDERMOTT SUBSEA ENGINEERING, INC.

	 MCDERMOTT TRADE CORPORATION

	 NORTH ATLANTIC VESSEL, INC.

	 OPI VESSELS, INC.

	 SABINE RIVER REALTY, INC.

	 SPARTEC, INC.

		
	By:	 	 /s/ JAMES P. GOODWIN

	Name:	 	James P. Goodwin
	Title:	 	Assistant Treasurer

  
 [Consent and Agreement]

 
			
	 DEEPSEA (HOLLAND) B.V.

	 J. RAY MCDERMOTT INVESTMENTS B.V.

	 J. RAY MCDERMOTT (LUXEMBOURG), S.AR.L.

	 J. RAY MCDERMOTT (NIGERIA) LIMITED

	 MCDERMOTT HOLDINGS (U.K.) LIMITED

	 MCDERMOTT INTERNATIONAL B.V.

	 MCDERMOTT INTERNATIONAL MARINE INVESTMENTS N.V.

	 MC DERMOTT OVERSEAS INVESTMENT CO. N.V.

	 MCDERMOTT SERVICOS OFFSHORE DO BRASIL LTDA.

	 PT. BAJA WAHANA INDONESIA

	 SINGAPORE HUANGDAO PTE. LTD.

	 VARSY INTERNATIONAL N.V.

	 ELDRIDGE PTE. LTD.

		
	By:	 	 /s/ JAMES P. GOODWIN

	Name:	 	James P. Goodwin
	Title:	 	Authorized Person

  
 [Consent and Agreement]

 
			
	 J. RAY MCDERMOTT DE MEXICO, S.A. DE C.V.

	 MCDERMOTT MARINE MEXICO, S.A. DE C.V.

	 SERVICIOS PROFESIONALES DE ALTAMIRA, S.A. DE C.V.

	 SERVICIOS DE FABRICACION DE ALTAMIRA, S.A. DE C.V.

		
	By:	 	 /s/ ANA LAURA MENDEZ BURKART

	Name:	 	Ana Laura Mendez Burkart
	Title:	 	Attorney-in-fact

  
 [Consent and Agreement]

 
			
	EXECUTED AND DELIVERED
	as deed on behalf of
	J. RAY MCDERMOTT INTERNATIONAL VESSELS, LTD.
		
	By:	 	 /s/ JAMES P. GOODWIN

	Name:	 	James P. Goodwin
	Title:	 	Assistant Treasurer
	
	Witnessed
		
	By:	 	 /s/ ROBERT E. STUMPF

	Name:	 	Robert E. Stumpf
	Title:	 	Assistant Secretary
	
	 EXECUTED AND DELIVERED
 as
deed on behalf of

	MCDERMOTT CAYMAN LTD.
		
	By:	 	 /s/ JAMES P. GOODWIN

	Name:	 	James P. Goodwin
	Title:	 	Assistant Treasurer
	
	Witnessed
		
	By:	 	 /s/ ROBERT E. STUMPF

	Name:	 	Robert E. Stumpf
	Title:	 	Assistant Secretary
	
	 EXECUTED AND DELIVERED
 as
deed on behalf of

	OFFSHORE PIPELINES INTERNATIONAL, LTD.
		
	By:	 	 /s/ JAMES P. GOODWIN

	Name:	 	James P. Goodwin
	Title:	 	Assistant Treasurer
	
	Witnessed
		
	By:	 	 /s/ ROBERT E. STUMPF

	Name:	 	Robert E. Stumpf
	Title:	 	Assistant Secretary

  
 [Consent and Agreement]

					
	Executed by J. Ray Mcdermott (Aust.) Holding Pty. Limited. ACN 002 797 668 acting by the following persons or, if the seal is affixed, witnessed by the following persons in accordance with s127 of the Corporations Act
2001:	 		 	
			
	 /s/ HUGH JOHN CUTHBERTSON
	 		 	 /s/ GREGORY DEACON POWELL

	Signature of director	 		 	Signature of director/company secretary
			
	 Hugh John Cuthbertson
	 		 	 Gregory Deacon Powell

	Name of director (print)	 		 	Name of director (print)
			
	Executed by Mcdermott Australia Pty. Ltd. ACN 002 736 352 acting by the following persons or, if the seal is affixed, witnessed by the following persons in accordance with s127 of the Corporations Act 2001:	 		 	
			
	 /s/ HUGH JOHN CUTHBERTSON
	 		 	 /s/ GREGORY DEACON POWELL

	Signature of director	 		 	Signature of director/company secretary
			
	 Hugh John Cuthbertson
	 		 	 Gregory Deacon Powell

	Name of director (print)	 		 	Name of director (print)

  
 [Consent and Agreement]

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