Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 Dated 16
August 2017 
 China ECA Facility Framework Agreement 

in respect of a 
 USD 440,000,000
Secured Credit Facility Agreement originally dated 4 December 2012 
 between 

Seadrill Limited 
 as
original borrower 
 Seadrill T-15 Ltd., Seadrill T-16
Ltd., Seadrill Telesto Ltd. and others named therein 
 as original guarantors 

and 
 Citibank Europe plc, UK
Branch 
 as Agent 

White & Case LLP 

5 Old Broad Street 
 London EC2N 1DW

 Table of Contents 

 

							
	 	 	 	  	Page	 
			
	 1.
	 	 Interpretation
	  	 	3	 
			
	 2.
	 	 Novation of the T-15 and
T-16 Loans
	  	 	4	 
			
	 3.
	 	 New T-15/T-16
Facility Agreement
	  	 	6	 
			
	 4.
	 	 Payoff and Release of T-15 Loans and T-16 Loans
	  	 	6	 
			
	 5.
	 	 Amendment and Restatement of the Original Facility Agreement
	  	 	8	 
			
	 6.
	 	 Effective Time and Designation
	  	 	8	 
			
	 7.
	 	 Guarantors
	  	 	9	 
			
	 8.
	 	 Agreement by Obligors
	  	 	9	 
			
	 9.
	 	 Representations and Warranties
	  	 	9	 
			
	 10.
	 	 Counterparts
	  	 	10	 
			
	 11.
	 	 Governing Law
	  	 	10	 
			
	 12.
	 	 Enforcement
	  	 	10	 

  

							
			
	 Schedule 1
	  	 Form of New
T-15/T-16 Facility Agreement
	  	 	11	 
			
	 Schedule 2
	  	 Form of Telesto Facility Agreement
	  	 	2	 
			
	 Schedule 3
	  	 Conditions Precedent
	  	 	1	 
			
	 Schedule 4
	  	 Security Documents
	  	 	3	 
			
	 Part 1
	  	Continuing West Telesto Security Documents in favour of the lenders under the Legacy Telesto Facility Agreement	  	 	3	 
			
	 Part 2
	  	 First Ranking Security Documents in favour of the lenders under the New T-15/T-16 Facility Agreement
	  	 	4	 
			
	 Part 3
	  	 Second Ranking Security Documents in favour of the lenders under the SDLP Facility
Agreements
	  	 	4	 
			
	 Schedule 5
	  	 Form of Release Documents
	  	 	6	 

  
 (i) 

 This Deed is dated
                    August 2017 and made between: 
  

	(1)	 Seadrill Limited of
Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM08, Bermuda, with registration
number 36832, as original borrower (“Seadrill”); 

  

	(2)	 Seadrill UK Ltd. of 2nd Floor, Building 11
Chiswick Business Park, 566 Chiswick High Road, London, with company number 6537528, as original guarantor; 

  

	(3)	 Seadrill T-15 Ltd. of Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM08, Bermuda, with registration number 45021, as original guarantor
(“T-15 Ltd”); 

  

	(4)	 Seadrill T-16 Ltd. of Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM08, Bermuda, with registration number 45022, as original guarantor
(“T-16 Ltd”); 

  

	(5)	 Seadrill Telesto Ltd. of
Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM08, Bermuda, with registration
number 44716, as original guarantor; 

  

	(6)	 Seadrill International Limited of Level 54, Hopewell Center, 183 Queen’s Road East, Hong
Kong, with company number 1470846, as original guarantor; 

  

	(7)	 Seadrill Partners LLC of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
Islands MH96960, a limited liability company formed under the laws of the Republic of the Marshall Islands with registration number 962166, as original guarantor; 

 

	(8)	 Seadrill Partners Operating LLC a limited liability company formed under the laws of the Republic of
the Marshall Islands with registration number 962381 and whose registered address is situated at Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands MH96960; 

 

	(9)	 Seadrill Partners B.V. of Hoogoorddreef 15, 1101 BA, Amsterdam, The Netherlands, with registration
number 67634818, as guarantor; and 

  

	(10)	 Citibank Europe plc, UK Branch of 25 Canada Square, London, E14 5LB, as facility agent (the
“Agent”) for and on behalf of itself as Agent and the other Finance Parties, 

 each a
“Party” and collectively referred to as the “Parties”. 
 Whereas: 

 

	(A)	 Pursuant to the secured credit facility agreement originally dated 4 December 2012 as amended on
28 April 2016 and 28 March 2017 (and as further amended and/or amended and restated from time to time) (other than pursuant to this Deed) entered into between, amongst others, the Parties (the “Original Facility
Agreement”), the Lenders (as defined therein) made available to Seadrill as original borrower a USD 440,000,000 senior secured credit facility pursuant to the terms of the said agreement and for the purposes described therein.

  

	(B)	 As part of the restructuring of Seadrill and its subsidiaries (the “Seadrill Group”) it has
been agreed to amend or amend and restate: (i) the Original Facility Agreement, (ii) the USD 420,000,000 term loan and revolving credit facility agreement originally dated 28 December 2012 (as later amended and/or amended and
restated) between, inter alia, Seadrill Polaris Ltd as borrower and DNB Bank ASA as agent (the “Polaris Facility Agreement”), and (iii) the USD 1,450,000,000 senior secured credit facility agreement originally dated
20 March 2013 (as later amended and/or amended and restated) between, inter alia, each of Seadrill Tellus Ltd and Seadrill Vela Ltd (as later substituted by Seadrill Vela Hungary Kft. pursuant to an accession letter dated 28 March 2013),
as borrowers and ING Bank N.V. as agent (the “ECA I Facility Agreement”) ((i), (ii) and (iii) jointly the “SDLP Facility Agreements”), in order to separate the financing of assets of the Seadrill Group
(excluding, for these purposes, Seadrill Partners LLC and its subsidiaries) from the financing of assets of 

 
Seadrill Partners LLC and its subsidiaries (the “SDLP Group”) under the SDLP Facility Agreements. 
  

	(C)	 The SDLP Facility Agreements (other than the Polaris Facility Agreement) currently have recourse against
certain assets of the Seadrill Group and the SDLP Group. The Polaris Facility Agreement currently has recourse against certain assets of the SDLP Group as well as a guarantee granted by Seadrill. 

 

	(D)	 The SDLP Facility Agreements shall be amended or amended and restated (as applicable) so that, inter alia:

  

	 	(i)	 the Original Facility Agreement will be split into two agreements, one new agreement which will govern the
financing of the T-15 and T-16 rigs (being the New T-15/T-16 Facility Agreement as
described below and in the form set out in Schedule 1 (Form of New T-15/T-16 Facility Agreement)) and one legacy agreement which will govern the financing of the
West Telesto rig (being the Original Facility Agreement as amended and restated in the form set out in Schedule 2 (Form of Telesto Facility Agreement), the “Telesto Facility Agreement”)); 

 

	 	(ii)	 the ECA I Facility Agreement will be split into two agreements, one agreement which will govern the financing
of the West Vela rig (that agreement being the “Vela Facility Agreement” and together with the Polaris Facility Agreement and the New T-15/T-16 Facility
Agreement, the “New SDLP Facility Agreements”) and one agreement which will govern the financing of the West Tellus rig (the “Tellus Facility Agreement”); and 

 

	 	(iii)	 Seadrill will resign and be released as a guarantor under the Polaris Facility Agreement.

  

	(E)	 New second ranking security will be granted in favour of the finance parties under the New SDLP Facility
Agreements over certain assets currently securing the SDLP Facility Agreements. 

  

	(F)	 The finance parties under the Telesto Facility Agreement will continue to be secured (i) under certain
existing security provided over the assets of entities within the Seadrill Group in respect of obligations under the Original Facility Agreement and (ii) for a temporary period on a subordinated silent second ranking basis pursuant to the
Intercreditor Agreement, under certain existing security provided over the assets of entities within the SDLP Group in respect of obligations under the Original Facility Agreement. 

 

	(G)	 The finance parties under the Tellus Facility Agreement will continue to be secured for a temporary period on
a subordinated silent second ranking basis pursuant to the Intercreditor Agreement under certain existing security provided over the assets of entities within the SDLP Group in respect of obligations under the ECA I Facility Agreement, including
certain assets which will continue to be secured in connection with the Vela Facility Agreement. 

  

	(H)	 On 16 May 2013, Seadrill, T-15 Ltd, Seadrill Partners Operating
LLC and Seadrill International Limited entered into a loan agreement (as amended from time to time) whereby, among other things, Seadrill agreed to grant a shareholder loan to T-15 Ltd which corresponded to
the amounts drawn by Seadrill as borrower under the Original Facility Agreement which had been applied to finance the tender rig named “T-15” (the
“T-15 Rig”) currently owned by T-15 Ltd (the “T-15 Intercompany Loan Agreement” with the
principal amount outstanding thereunder together with all interest and fees accrued thereon and all other amounts owing by T-15 to Seadrill arising under or in connection with the T-15 Intercompany Loan Agreement being collectively referred to as the “T-15 Principal Loan Amount”). 

  
 2 

	(I)	 In consideration for T-15 Ltd accepting the transfer by way of
novation of all of Seadrill’s rights, liabilities, duties and obligations under and in respect of the T-15 Loans (as defined in Clause 2.2 below) pursuant to the terms of this Deed, T-15 Ltd and Seadrill wish to terminate the T-15 Intercompany Loan Agreement. 

  

	(J)	 On 11 October 2013, Seadrill, T-16 Ltd and Seadrill Partners
Operating LLC entered into a loan agreement (as amended from time to time) whereby, among other things, Seadrill agreed to grant a shareholder loan to T-16 Ltd which corresponded to the amounts drawn by
Seadrill as borrower under the Original Facility Agreement which had been applied to finance the tender rig named “T-16” (the “T-16 Rig”)
currently owned by T-16 Ltd (the “T-16 Intercompany Loan Agreement” with the principal amount outstanding thereunder together with all interest and fees
accrued thereon and all other amounts owing by T-16 to Seadrill arising under or in connection with the T-16 Intercompany Loan Agreement being collectively referred to
as the “T-16 Principal Loan Amount”). 

  

	(K)	 In consideration for T-16 Ltd accepting the transfer by way of
novation of all of Seadrill’s rights, liabilities, duties and obligations under and in respect of the T-16 Loans (as defined in Clause 2.5) pursuant to the terms of this Deed, T-16 Ltd and Seadrill wish to terminate the T-16 Intercompany Loan Agreement. 

  

	(L)	 Certain of the Parties propose to enter into the New T-15/T-16 Facility Agreement (as defined and described below) in accordance with the terms of this Deed. 

  

	(M)	 Further, certain of the Parties wish to amend and restate the Original Facility Agreement on the terms and
subject to the conditions set out in this Deed in order to, amongst other things, (i) create, following such amendment and restatement, the Telesto Facility Agreement, (ii) limit the recourse of the finance parties under the Telesto Facility
Agreement to the Seadrill Group (save as contemplated under paragraph (F) above) and (iii) make certain adjustments to the collateral package under the Telesto Facility Agreement. 

 

	(N)	 This Deed is supplemental to the Original Facility Agreement. 

 

	(O)	 The Parties intend this Deed to take effect as a deed even though the Agent signs it under hand.

 It is agreed as follows: 
  

	1.	 Interpretation 

 

	1.1	 Save as defined in this Deed, words and expressions defined in the Original Facility Agreement shall have the
same meanings in this Deed. In addition: 

 “Day One Security Documents” means the
security documents listed in Schedule 4 (Security Documents); 
 “Effective Time” has the
meaning given to it in Clause 6.1; 
 “Intercreditor Agreement” has the meaning given to it in the Telesto
Facility Agreement; 
 “Non-Telesto Obligor” means each Obligor
other than the Telesto Obligors; 
 “R1 Waiver Approval Letter” means the waiver approval letter from the
Agent to the Parent dated 28 April 2016 (as amended from time to time); 
 “Refinanced Commitments”
means the Commitments under the Original Facility Agreement which correspond to the T-15 Loans and the T-16 Loans; 

“Refinanced Loans” means the T-15 Loans and the T-16 Loans; 

  
 3 

 “Release Documents” means the signed but undated release
documents relating to certain security interests granted over the share capital of T-15 Ltd and T-16 Ltd, substantially in the form set out in Schedule 4 (Form of
Release Documents); 
 “Subordinated Creditors” means Seadrill Partners Operating LLC and Seadrill
International Limited; 
 “Telesto Obligor” means the Borrower and each Guarantor under and as defined in
the Telesto Facility Agreement; and 
 “Total Redemption Amount” means the aggregate amount required to
discharge the outstanding amounts payable to the Agent for the benefit of and for distribution to the relevant Lenders with respect to the Refinanced Loans under the Finance Documents at or immediately prior to the Effective Time, being: 

 

					
	 Principal amount of the Refinanced Loans:
	  	USD 109,175,000	  	
	 Accrued and unpaid interest on Refinanced Loans (if any):
	  	USD 816,572.96	  	
	 Total Amount:
	  	USD 109,991,572.96	  	

  

	1.2	 Clauses 1.2 (Construction) and 1.3 (Third Party rights) of the Original Facility Agreement shall
be deemed to be incorporated into this Deed save that references in the Original Facility Agreement to “this Agreement” shall be construed as references to this Deed. 

 

	2.	 Novation of the T-15 and
T-16 Loans 

 Transfer by novation of T-15 Loans 
  

	2.1	 For the purposes of clause 26.1 of the Original Facility Agreement and notwithstanding any other provisions of
the Original Facility Agreement or any other Finance Document to the contrary, the Agent (acting on the instructions of all of the Lenders) hereby consents to the transfer from Seadrill to T-15 Ltd of all of
Seadrill’s rights, liabilities, duties and obligations as borrower under the Original Facility Agreement in respect of the T-15 Loans (as defined in Clause 2.2) on the terms set out in this Deed.

  

	2.2	 With effect from and including the Effective Time and without any further action on the part of any of the
Parties, Seadrill hereby irrevocably transfers by novation all of its rights, liabilities, duties and obligations in respect of an amount equal to USD 76,422,500 of the CEXIM Facility Loan and an amount equal to USD 32,752,500 of the Commercial
Facility Loan under the Original Facility Agreement in respect of the financing of the T-15 Rig (together, the “T-15 Loans”) to T-15 Ltd, and T-15 Ltd hereby accepts such transfer, so that: 

  

	 	(a)	 the respective rights of Seadrill, on the one hand, and the other parties to the Original Facility Agreement,
on the other hand, against each other under the Original Facility Agreement with respect to the T-15 Loans only shall be terminated and each party shall be released and discharged from all further obligations
to the others in respect of the T-15 Loans (all such rights, liabilities, duties and obligations to be so terminated or released and discharged being the “T-15
Loans Discharged Rights and Obligations”); 

  

	 	(b)	 T-15 Ltd, on the one hand, and the other parties to the Original
Facility Agreement on the other hand, shall each acquire rights against each other and assume obligations towards each other which differ from the T-15 Discharged Rights and Obligations only insofar as T-15 Ltd has acquired and assumed the same in place of Seadrill in respect of the T-15 Loans; 

  
 4 

	 	(c)	 the Finance Parties shall acquire the same rights and assume the same obligations between themselves as they
would have acquired and assumed had T-15 Ltd been the original borrower of the T-15 Loans under the Original Facility Agreement; and 

 

	 	(d)	 notwithstanding any provision in the Original Facility Agreement to the contrary, the Finance Parties hereby
agree that T-15 Ltd shall be deemed to have acceded to the Original Facility Agreement as a “Borrower” in respect of the T-15 Loans. 

 

	2.3	 In consideration for T-15 Ltd accepting the transfer by novation
detailed in Clause 2.2, with effect from and including the Effective Time and simultaneously with the transfer by way of novation detailed in Clause 2.2, the T-15 Principal Loan Amount shall be deemed to have
been satisfied and discharged in full and, accordingly, the T-15 Intercompany Loan Agreement shall be terminated. 

Transfer by novation of T-16 Loans 

 

	2.4	 For the purposes of clause 26.1 of the Original Facility Agreement, and notwithstanding any provisions of the
Original Facility Agreement or any other Finance Document to the contrary, the Agent (acting on the instructions of all of the Lenders) hereby consents to the transfer from Seadrill to T-16 Ltd of all of
Seadrill’s rights, liabilities, duties and obligations as borrower under the Original Facility Agreement in respect of the T-16 Loans (as defined below) on the terms set out in this Deed.

  

	2.5	 With effect from and including the Effective Time and without any further action on the part of any of the
Parties, Seadrill hereby irrevocably transfers by novation all of its rights, liabilities, duties and obligations under and in respect of an amount equal to USD 76,422,500 of the CEXIM Facility Loan and an amount equal to USD 32,752,500 of the
Commercial Facility Loan under the Original Facility Agreement in respect of the financing of the T-16 Rig (the “T-16 Loans”) to T-16 Ltd, and T-16 Ltd hereby accepts such transfer, so that: 

  

	 	(a)	 the respective rights of Seadrill, on the one hand, and the other parties to the Original Facility Agreement,
on the other hand, against each other under the Original Facility Agreement with respect to the T-16 Loans only shall be terminated and each party shall be released and discharged from all further obligations
to the others in respect of the T-16 Loans (all such rights, liabilities, duties and obligations to be so terminated or released and discharged being the “T-16
Loans Discharged Rights and Obligations”); 

  

	 	(b)	 T-16 Ltd, on the one hand, and other parties to the Original Facility
Agreement on the other hand, shall each acquire rights against each other and assume obligations towards each other which differ from the T-16 Discharged Rights and Obligations only insofar as T-16 Ltd has acquired and assumed the same in place of Seadrill in respect of the T-16 Loans; 

 

	 	(c)	 the Finance Parties shall acquire the same rights and assume the same obligations between themselves as they
would have acquired and assumed had T-16 Ltd been the original borrower of the T-16 Loans under the Original Facility Agreement; and 

 

	 	(d)	 notwithstanding any provision in the Original Facility Agreement to the contrary, the Finance Parties hereby
agree that T-16 Ltd shall be deemed to have acceded to the Original Facility Agreement as a “Borrower” in respect of the T-16 Loans. 

 

	2.6	 In consideration for T-16 Ltd accepting the transfer by novation
detailed in Clause 2.5, with effect from and including the Effective Time and simultaneously with the transfer by way of novation detailed in Clause 2.5, T-16 Principal Loan Amount shall be deemed to have been
satisfied and discharged in full and, accordingly, the T-16 Intercompany Loan Agreement shall be terminated. 

  
 5 

	3.	 New T-15/T-16 Facility
Agreement 

 With effect from and including the Effective Time and simultaneously with the transfers by
way of novation detailed in Clause 2, the Parties listed as parties in the New T-15/T-16 Facility Agreement (as defined below), including
T-15 Ltd and T-16 Ltd as borrowers, shall: 
  

	 	(a)	 enter into a new facility agreement in the form set out in Schedule 1 (Form of New T-15/T-16 Facility Agreement) (the “New T-15/T-16 Facility Agreement”);
and 

  

	 	(b)	 deliver all of the documents and other evidence listed in schedule 3 (Conditions Precedent) in form and
substance satisfactory to the facility agent under the New T-15/T-16 Facility Agreement. 

 

	4.	 Payoff and Release of T-15 Loans and
T-16 Loans 

  

	4.1	 T-15 Ltd and T-16 Ltd hereby
advise the Agent in their capacity as Borrowers under the Original Facility Agreement that with effect from the Effective Time they intend to refinance the Refinanced Loans and that accordingly: 

 

	 	(a)	 without any further action on the part of any of the Parties, the proceeds of first utilisation (or deemed
first utilisation) by each of T-15 Ltd and T-16 Ltd under the New T-15/T-16 Facility
Agreement (the “New Facility Proceeds”) will be applied (or deemed applied) towards repayment in full of the principal amount outstanding in respect of the Refinanced Loans as at the Effective Time; and 

 

	 	(b)	 Seadrill will pay or will procure the payment of the remainder of the Total Redemption Amount (being accrued
but unpaid interest (if any)) on the Refinanced Loans as at the Effective Time; and 

  

	 	(c)	 without any further action on the part of any of the Parties, the Refinanced Commitments under the Finance
Documents will be cancelled with effect from the repayment (or deemed repayment) of the amounts described in paragraphs (a) and (b) above. 

  

	4.2	 T-15 Ltd and T-16 Ltd and the
Agent (acting on the instructions of the Finance Parties) shall ensure that the New Facility Proceeds are applied (or deemed applied) in repayment of the principal amount outstanding in respect of the Refinanced Loans as at the Effective Time in
accordance with Clause 4.4 by no later than the Effective Time. 

  

	4.3	 Seadrill shall ensure that the remainder of the Total Redemption Amount (including accrued and unpaid interest
on the Refinanced Loans (if any)) is paid to the Agent in accordance with clause 30 (Payment Mechanics) of the Original Facility Agreement by no later than the Effective Time. 

 

	4.4	 If: 

  

	 	(a)	 the principal amount outstanding in respect of the Refinanced Loans immediately prior to the Effective Time is
the same as the amount of the New Facility Proceeds; and 

  

	 	(b)	 the proportion borne by each Lender’s participation in the Refinanced Loans outstanding immediately prior
to the Effective Time to the Refinanced Loans outstanding at that time is the same as the proportion borne by that Lender’s participation (in its capacity as a lender thereunder) in the New Facility Proceeds, 

then the New Facility Proceeds shall be deemed to be advanced in or towards payment of the principal amount outstanding in
respect of the Refinanced Loans so that T-15 Ltd and T-16 Ltd shall not be required to make a payment in respect of such outstanding principal amounts 

  
 6 

 under clause 30 (Payment Mechanics) of the Original Facility Agreement and
each Lender’s participation in the New Facility Proceeds shall be deemed to have been made available and applied in or towards repayment in full of the principal amount outstanding in respect of the Refinanced Loans. 

 

	4.5	 The Agent (acting on the instructions of the Finance Parties) hereby confirms that upon the payment (or deemed
payment) of the Total Redemption Amount by the Effective Time in the manner set out in this Clause 4: 

  

	 	(a)	 all amounts owing as at the Effective Time to the Finance Parties in respect of the Refinanced Loans shall
have been paid; 

  

	 	(b)	 no amount shall be owing or shall have accrued (without yet having become due for payment) under any of the
Finance Documents with respect to the Refinanced Loans; 

  

	 	(c)	 T-15 Ltd and T-16 Ltd shall
have no future or contingent liability with respect to the Refinanced Loans under any provision of the Original Facility Agreement or the other Finance Documents and shall be deemed to have resigned as Borrowers and Guarantors under the Original
Facility Agreement with the consent of all the Finance Parties; 

  

	 	(d)	 the Refinanced Commitments shall have been cancelled and shall no longer be in force; 

 

	 	(e)	 all present and future obligations and liabilities (whether actual, accrued, contingent or otherwise) under
the Finance Documents of (i) T-15 Ltd and T-16 Ltd as borrowers, and (ii) Seadrill Partners LLC, Seadrill Partners Operating LLC, T-15 Ltd, T-16 Ltd and Seadrill International Limited as guarantors contained in clause 18 (Guarantee and Indemnity) of the Original Facility Agreement, are deemed
terminated and absolutely, irrevocably and unconditionally released and discharged in full; 

  

	 	(f)	 the Agent, on behalf of itself and the other Finance Parties, and each of their respective successors,
assigns, and legal representatives (collectively referred to as the “Releasor”), hereby irrevocably and unconditionally release and discharge each of Seadrill Partners LLC and each of its Subsidiaries, including T-15 Ltd and T-16 Ltd, each of such entities’ subsidiaries and affiliates, and their respective officers, directors, employees, agents, attorneys, advisors, successors
and assigns, both present and former (in such capacity, collectively referred to as the “Discharged Parties”) from any and all manner of claims, losses, costs, defenses, damages, liabilities, deficiencies, actions, causes of action,
suits, indebtedness, controversies, damages, judgments, executions, demands, and out-of-pocket expenses whatsoever, asserted or unasserted, known or unknown, foreseen or
unforeseen, absolute or contingent, due or to become due, disputed or undisputed, liquidated or unliquidated, in contract, tort, law or equity, that any Releasor has, has ever had, or may have against any Discharged Party by reason of any
liabilities under the Original Facility Agreement and any other Finance Document, action, failure to act, event, statement, accusation, assertion, matter, or thing whatsoever, in each case arising from or based on facts occurring prior to the
effectiveness of this Deed that arise out of or is related to the obligations under any Finance Document (collectively, “Claims” and, individually, a “Claim”). Each Releasor hereby acknowledges and agrees that the
execution of this Deed by a Discharged Party shall not constitute an acknowledgment of or admission by such Discharged Party of the existence of any Claim, or precedent upon which any Claim may be asserted; and 

  
 7 

	 	(g)	 White & Case LLP are irrevocably authorised and instructed to release the signatures of the Security
Agent to the Release Documents, to date the Release Documents, and to release the Release Documents to Slaughter and May. 

  

	5.	 Amendment and Restatement of the Original Facility Agreement 

 

	5.1	 For the avoidance of doubt, the R1 Waiver Approval Letter shall continue in full force and effect in
accordance with its terms notwithstanding this Deed and the amendment and restatement being made to the Original Facility Agreement under this Deed. 

  

	5.2	 Pursuant to the terms of the Original Facility Agreement, each Party (in the case of the Agent, acting on the
instructions of all of the Lenders) consents to the amendment and restatement of the Original Facility Agreement as contemplated by this Deed. 

  

	5.3	 With effect from and including the Effective Time and, for the avoidance of doubt, immediately following the
steps described in Clauses 2 to 4 above, the Original Facility Agreement shall be amended and restated as set out in Schedule 2 (Form of Telesto Facility Agreement) to form the ongoing Telesto Facility Agreement and all references in the
Original Facility Agreement to “this Agreement” shall include the Original Facility Agreement as amended and restated so that it will be read and construed for all purposes as set out in Schedule 2 (Form of Telesto Facility
Agreement). 

  

	6.	 Effective Time and Designation 

 

	6.1	 Subject to (i) the lenders under the ECA I Facility Agreement and the lenders under the West Polaris
Facility Agreement consenting to the amendments to those facility agreements as described in Recital (D) taking effect concurrently and (ii) such amendments taking effect concurrently with the amendment and restatement of the Original
Facility Agreement pursuant to the terms of this Deed, the amendment and restatement of the Original Facility Agreement as set out in Clause 5 (Amendment and Restatement of the Original Facility Agreement) shall be effective on the later of
the date of this Deed and the date on which the Agent confirms in writing to the Lenders that: 

  

	 	(a)	 it has received, or waived receipt of, all of the documents and other evidence listed in Schedule 3
(Conditions Precedent), and that, to the extent not waived, each of such documents and other evidence is in form and substance satisfactory to it; and 

  

	 	(b)	 each of the documents and other evidence listed in schedule 3 (Conditions Precedent) to the New T-15/T-16 Facility Agreement have been delivered in form and substance satisfactory to the facility agent under the New T-15/T-16 Facility Agreement and in accordance with the terms of the New T-15/T-16 Facility Agreement, 

(such date being the “Effective Time”). 

 

	6.2	 The Agent shall notify Seadrill, T-15 Ltd, T-16 Ltd, Seadrill Partners LLC, the Lenders and the facility agent and lenders under the New T-15/T-16 Facility Agreement in writing
promptly after: 

  

	 	(a)	 each of the documents and other evidence listed in Schedule 3 (Conditions Precedent) have been received
by it in form and substance satisfactory to it or waived by it (as applicable); and 

  

	 	(b)	 each of the documents and other evidence listed in schedule 3 (Conditions Precedent) to the New T-15/T-16 Facility Agreement have been delivered in form and substance satisfactory to the facility agent under the New T-15/T-16 Facility Agreement, 

 that the Effective Time has
therefore occurred. 

  
 8 

	6.3	 Seadrill and the Agent designate this Deed as a Finance Document for the purposes of the definition of
“Finance Documents” in the Original Facility Agreement. 

  

	7.	 Guarantors 

Each of Seadrill Telesto Ltd. and Seadrill UK Ltd agrees that the guarantees provided by Seadrill Telesto Ltd. and Seadrill UK
Ltd contained in clause 18 (Guarantee and Indemnity) of the Original Facility Agreement shall, on and after the Effective Time, continue in full force and effect and extend to the liabilities and obligations of each of the Obligors under the
Telesto Facility Agreement and the other Finance Documents (as amended from time to time) including as varied, amended, supplemented or extended by this Deed. 
  

	8.	 Agreement by Obligors 

 

	8.1	 Each of the Telesto Obligors agrees and acknowledges that, save as amended by this Deed, the Original Facility
Agreement and each Finance Document to which it is a party shall continue in full force and effect. 

  

	8.2	 Each Telesto Obligor confirms that: 

 

	 	(a)	 its obligations arising under the Original Facility Agreement as amended and restated by this Deed constitute
secured obligations (howsoever defined) under each Security Document to which it is a party; and 

  

	 	(b)	 the Security Interests created under each Security Document to which it is a party: 

 

	 	(i)	 continue in full force and effect; and 

 

	 	(ii)	 extend to the obligations of that Telesto Obligor under the Finance Documents, including the Original Facility
Agreement as amended and restated by this Deed, subject to the limitations set out in those Security Documents. 

  

	8.3	 Each Non-Telesto Obligor confirms that the Security Interests created
under each Security Document to which it is a party continue in full force and effect. 

  

	8.4	 Each Obligor shall, at the request of the Agent and at its own expense, do all such acts and things necessary
or desirable to give effect to the amendments effected or to be effected pursuant to this Deed. 

  

	9.	 Representations and Warranties 

 

	9.1	 Each Obligor makes the representations and warranties to the Lenders on the terms set out in clause 20
(Representations and Warranties) of the Original Facility Agreement as if such clause was set out in full in this Deed and as if references to “this Agreement” in that clause were references to this Deed on the date of execution of
this Deed, by reference to the facts and circumstances then existing. 

  

	9.2	 Each Telesto Obligor makes the representations and warranties to the Lenders on the terms set out in clause 20
(Representations and Warranties) of the Telesto Facility Agreement as if such clause was set out in full in this Deed and as if references to “this Agreement” in that clause were references to this Deed at the Effective Time and as
contemplated in clause 20 (Representations and Warranties) of the Telesto Facility Agreement, by reference to the facts and circumstances then existing. 

  
 9 

	10.	 Counterparts 

This Deed may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to
constitute one and the same instrument. 
  

	11.	 Governing Law 

This Deed and any non-contractual obligations arising out of or in connection with it
are governed by English law. 
  

	12.	 Enforcement 

  

					
	 12.1
	  	 (a)
	  	 The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed
(including a dispute relating to the existence, validity or termination of this Deed or any non-contractual obligation arising out of or in connection with this Deed) (a
“Dispute”).

			
		  	 (b)
	  	 The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and
accordingly no Party will argue to the contrary.

			
		  	 (c)
	  	 This Clause 12.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from
taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.

  

	12.2	 Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an
Obligor incorporated in England and Wales): 

  

	 	(a)	 irrevocably appoints Frontline Corporate Services Ltd. as its agent for service of process in relation to any
proceedings before the English courts in connection with any Finance Document; and 

  

	 	(b)	 agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the
proceedings concerned. 

 In witness whereof this Deed has been executed as a deed by the Obligors and has been signed by the Agent

  
 10 

 Schedule 1 

Form of New T-15/T-16 Facility Agreement 

  
 11 

 EXECUTION VERSION 
  

 
 Dated
                August 2017 
 Secured Credit Facility
Agreement 
 USD 119,100,000 

between 
 Seadrill T-15 Ltd. and Seadrill T-16 Ltd. 
 each as a Borrower 

Seadrill T-15 Ltd., Seadrill T-16 Ltd., Seadrill Partners
LLC and others named herein 
 as Guarantors 

The Export-Import Bank of China and Citibank, N.A., London Branch 

as Bookrunners and Mandated Lead Arrangers 

The Banks and Financial Institutions Named Herein 

as Lenders 
 Citibank Europe
plc, UK Branch 
 as Agent 

Citibank, N.A., London Branch 

as Security Agent 
 and 

Citibank, N.A., London Branch 

as Account Bank 
 White &
Case LLP 
 5 Old Broad Street 

London EC2N 1DW 

 Table of Contents 

 

							
		  		  	 	Page	 
			
	 1.
	  	 Definitions and Interpretation
	  	 	3	 
			
	 2.
	  	 The Facility
	  	 	22	 
			
	 3.
	  	 Purpose
	  	 	25	 
			
	 4.
	  	 Conditions Precedent
	  	 	25	 
			
	 5.
	  	 Intentionally Omitted
	  	 	26	 
			
	 6.
	  	 Repayment and Reductions
	  	 	26	 
			
	 7.
	  	 Voluntary Prepayment and Cancellation
	  	 	27	 
			
	 8.
	  	 Mandatory Reduction, Prepayment and Cancellation
	  	 	28	 
			
	 9.
	  	 Interest
	  	 	32	 
			
	 10.
	  	 Interest Periods
	  	 	32	 
			
	 11.
	  	 Changes to the Calculation of Interest
	  	 	33	 
			
	 12.
	  	 Fees
	  	 	34	 
			
	 13.
	  	 Tax Gross-Up and Indemnities
	  	 	34	 
			
	 14.
	  	 Increased Costs
	  	 	36	 
			
	 15.
	  	 Other Indemnities
	  	 	37	 
			
	 16.
	  	 Mitigation by the Lenders
	  	 	38	 
			
	 17.
	  	 Costs and Expenses
	  	 	39	 
			
	 18.
	  	 Guarantee and Indemnity
	  	 	40	 
			
	 19.
	  	 Security
	  	 	43	 
			
	 20.
	  	 Representations and Warranties
	  	 	44	 
			
	 21.
	  	 Information Undertakings
	  	 	49	 
			
	 22.
	  	 Financial Covenants
	  	 	51	 
			
	 23.
	  	 General Undertakings
	  	 	52	 
			
	 24.
	  	 Rig Covenants
	  	 	57	 
			
	 25.
	  	 Events of Default
	  	 	62	 
			
	 26.
	  	 Changes to the Parties
	  	 	66	 
			
	 27.
	  	 Roles of Agent, Security Agent, Mandated Lead Arrangers and Bookrunners
	  	 	71	 
			
	 28.
	  	 Conduct of Business by the Finance Parties
	  	 	89	 
			
	 29.
	  	 Sharing among the Finance Parties
	  	 	91	 
			
	 30.
	  	 Payment Mechanics
	  	 	92	 
			
	 31.
	  	 Set-Off
	  	 	94	 
			
	 32.
	  	 Notices
	  	 	94	 
			
	 33.
	  	 Calculations
	  	 	95	 
			
	 34.
	  	 Miscellaneous
	  	 	96	 
			
	 35.
	  	 Governing Law and Enforcement
	  	 	98	 

  
 (i) 

							
		  		  	 	Page	 
		
	 36. Enforcement
	  	 	98	 
			
	 Signatories
	  		  	 	100	 
			
	 Schedule 1
	  	 Lenders and Commitments
	  	 	104	 
			
	 Schedule 2
	  	 Borrowers, Guarantors and Collateral Rigs
	  	 	106	 
			
	 Schedule 3
	  	 Conditions Precedent
	  	 	107	 
			
	 Schedule 4
	  	 Form of Compliance Certificate
	  	 	110	 
			
	 Schedule 5
	  	 Form of Transfer Certificate
	  	 	113	 
			
	 Schedule 6
	  	 Indicative Repayments/Reductions
	  	 	116	 
			
	 Schedule 7
	  	 Corporate Structure
	  	 	117	 
			
	 Schedule 8
	  	 Form of Selection Notice
	  	 	1	 
			
	 Schedule 9
	  	 Second Ranking Security Documents
	  	 	2	 
			
	 Schedule 10
	  	 Combined Senior Secured Net Leverage Ratios
	  	 	4	 

  
 (ii) 

			
	 This Secured Credit Facility Agreement is made on
	  	 August 2017

		
	Between:	  	

  

	(11)	 Seadrill Partners LLC of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
Islands MH96960, a limited liability company formed under the laws of the Republic of the Marshall Islands with registration number 962166 (the “Parent”); 

 

	(12)	 Seadrill T-15 Ltd. of Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM08, Bermuda, with registration number 45021 and Seadrill T-16 Ltd. of Par-la-Ville Place, 14 Par-la-Ville
Road, Hamilton, HM08, Bermuda, with registration number 45022, each as a borrower (each a “Borrower” and together the “Borrowers”); 

 

	(13)	 The companies listed as Rig Owners and Intra-Group Charterers in Schedule 2 (Borrowers, Guarantors
and Collateral Rigs) hereto, together with Seadrill Operating, the Borrowers and the Parent as joint and several guarantors (each a “Guarantor”, together the “Guarantors”) all (other than the Parent itself)
being wholly owned (directly or indirectly) subsidiaries of the Parent; 

  

	(14)	 The Banks and Financial Institutions listed in Schedule 1 (Lenders and Commitments), as original
lenders (together, the “Original Lenders”); 

  

	(15)	 Citibank Europe plc, UK Branch of 25 Canada Square, London, E14 5LB, as facility agent (the
“Agent”); 

  

	(16)	 Citibank, N.A., London Branch of 25 Canada Square, London, E14 5LB, as security agent (the
“Security Agent”); 

  

	(17)	 Citibank, N.A., London Branch of 25 Canada Square, London, E14 5LB, as account bank (the
“Account Bank”); 

  

	(18)	 The Export-Import Bank of China and Citibank, N.A., London Branch whose addresses are listed in
Schedule 1 (Lenders and Commitments) as mandated lead arrangers (the “Mandated Lead Arrangers”); and 

  

	(19)	 The Banks and Financial Institutions listed in Schedule 1 (Lenders and Commitments) as
bookrunners (the “Bookrunners”). 

 It is agreed as follows: 

 

	13.	 Definitions and Interpretation 

 

	13.1	 Definitions 

In this Agreement, unless the context otherwise requires: 

“Account Bank Agreement” means any account bank agreement entered into or to be entered into between the Rig
Owners, the Intra-Group Charterers (if any) and the Account Bank in respect of any Earnings Account. 
 “Account
Security” means each assignment agreement and/or account security deed, collateral to this Agreement for the provision of a Security Interest in the Earnings Accounts to be made between the relevant Obligors and the Security Agent (on
behalf of the Finance Parties) as security for the Obligors’ obligations under the Finance Documents, in form and substance satisfactory to the Finance Parties. 

“Accounting Principles” means generally accepted accounting principles in the United States of America for the
Parent and in the jurisdiction of incorporation of such other Obligors and Subsidiaries of the Parent. 
  

 “Affiliate” means, in relation to any person, a Subsidiary of
that person or a Holding Company of that person or any other Subsidiary of that Holding Company. 

“Agreement” means this secured credit facility agreement, as it may be amended, supplemented and varied from
time to time, including its Schedules and any Transfer Certificate. 
 “Applicable Margin” means
4.25 per cent per annum. 
 “Approved Brokers” means the ship broker/consultancy firms Clarksons
Platou, Fearnleys and ODS Petrodata or such other reputable and independent consultancy or ship broker firm approved by the Agent (acting upon the instructions of the Required Lenders), such consent not to be unreasonably withheld or delayed. 

“Auditors” means reputable and internationally recognised accountancy firms acceptable to the Required Lenders
such as PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG or such other firm approved in advance by the Required Lenders (such approval not to be unreasonably withheld or delayed). 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing,
notarisation or registration. 
 “Available Commitment” means a Lender’s Commitment less: 

 

	(a)	 the amount of its participation in any outstanding Loans; and 

 

	(b)	 in relation to any proposed Loan the amount of its participation in the Loan that is due to be made on or
before the proposed Utilisation Date. 

 “Base Case Model” means the financial model and
statements including profit and loss, balance sheet and cash flow projections reflecting the forecasted consolidated financial conditions of the Group for at least three (3) years following the date of this Agreement, prepared and approved by
an authorised officer of the Parent, each in form and substance satisfactory to the Finance Parties addressed to, and/or capable of being relied upon by the Finance Parties. 

“Basel II Accord” means the “International Convergence of Capital Measurement and Capital Standards, a
Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 as updated prior to, and in the form existing on 4 December 2012, excluding any amendment thereto arising out of the Basel III Accord. 

“Basel II Approach” means, in relation to any Finance Party, either the Standardised Approach or the relevant
Internal Ratings Based Approach (each as defined in the Basel II Accord) adopted by that Finance Party (or any of its Affiliates) for the purposes of implementing or complying with the Basel II Accord. 

“Basel II Regulation” means: 
  

	 	(a)	 any law or regulation implementing the Basel II Accord; or 

 

	 	(b)	 any Basel II Approach adopted by a Finance Party or any of its Affiliates. 

“Basel III Accord” means, together: 
  

	 	(a)	 the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III:
A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities

  
 4 

	 	 operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in
December 2010, each as amended, supplemented or restated; 

  

	 	(b)	 the rules for global systemically important banks contained in “Global systemically important banks:
assessment methodology and the additional loss absorbency requirement—Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

 

	 	(c)	 any further guidance or standards published by the Basel Committee on Banking Supervision relating to
“Basel III”. 

 “Basel III Regulation” means any law or regulation implementing
the Basel III Accord save and to the extent that it re-enacts a Basel II Regulation. 

“Break Costs” means the amount (if any) by which: 

 

	 	(a)	 the interest (subject to Clause 11.3 (Break Costs) excluding the Applicable Margin) which a Lender
should have received for the period from the date of receipt of all or part of its participation in the Loan or Unpaid Sum to the last day of the current Interest Period in respect of the Loan or Unpaid Sum, had the principal amount or Unpaid Sum
been paid on the last day of that Interest Period; exceeds 

  

	 	(b)	 the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or
Unpaid Sum received by it on deposit with a leading bank in the relevant interbank market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period, 

as further described in Clause 11.3 (Break Costs). 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for business in Oslo,
Beijing, New York and London (or any other relevant place of payment under Clause 30 (Payment Mechanics)). 

“Cash Flow Projections” means: 
  

	 	(a)	 the Base Case Model in agreed form to be delivered by the Parent to the Agent pursuant to Schedule 3
(Conditions Precedent); and 

  

	 	(b)	 any cash flow projections based on the Base Case Model delivered by the Parent to the Agent pursuant to and
for such period as described in Clause 21.1 (Financial Statements), 

 in form and substance
satisfactory to the Agent. 
 “CEXIM Facility” means the Facility made available under this Agreement as
described in Clause 2.1(a)(i) (Facility). 
 “CEXIM Facility Commitment” means USD 76,422,500, as
that amount may be reduced, cancelled or terminated in accordance with this Agreement. 
 “CEXIM Facility
Loan” means the principal amount of the CEXIM Facility for the time being outstanding under this Agreement. 

“Charged Property” means all of the assets of the Obligors which from time to time are, or are expressed or
intended to be, the subject of the Security Documents. 
 “Charter Contracts” means each of the charter
contracts for the Rigs listed in Schedule 2 (Borrowers, Guarantors and Collateral Rigs) and entered into between an Obligor and an oil company satisfactory to the Lenders and any renewal, extension or replacement of such charter contracts.

  
 5 

 “Charter Rates” means the rates identified as Charter Rates in
Schedule 2 (Borrowers, Guarantors and Collateral Rigs). 
 “Code” means the US Internal Revenue Code
of 1986 as amended. 
 “Commercial Facility” means the Facility made available under this Agreement as
described in Clause 2.1(a)(ii) (Facility). 
 “Commercial Facility Loan” means the principal amount
of the Commercial Facility for the time being outstanding under this Agreement. 
 “Commercial Facility
Commitment” means USD 32,752,500, as that amount may be reduced, cancelled or terminated in accordance with this Agreement. 

“Commitment(s)” means: 
  

	 	(a)	 in relation to a Lender the amount set opposite its name under the heading “Commitments” in
Schedule 1 (Lenders and Commitments) and the amount of any other Commitment transferred to it pursuant to Clause 26.2 (Assignments and Transfers by the Lenders); and 

 

	 	(b)	 in relation to any New Lender, the amount of any Commitment transferred to it pursuant to Clause 26.2
(Assignments and Transfers by the Lenders), 

 to the extent not cancelled, reduced or transferred
by it under this Agreement. 
 “Common Security Agent” has the meaning given to it in the Intercreditor
Agreement. 
 “Compliance Certificate” means a certificate substantially in the form as set out in Schedule
4 (Form of Compliance Certificate) and delivered pursuant to Clause 21.2 (Compliance Certificate). 

“Continuing Telesto Security Documents” means: 

 

	 	(a)	 the mortgage dated 18 December 2012 granted by Seadrill T-15 Ltd.
against the Rig “T-15” in favour of the Security Agent; 

  

	 	(b)	 the charge over earnings account dated 18 December 2012 granted by Seadrill T-15 Ltd. in favour of the Security Agent; 

  

	 	(c)	 the owner’s assignment of earnings and insurances dated 18 December 2012 granted by Seadrill T-15 Ltd. in favour of the Security Agent; 

  

	 	(d)	 the general assignment of interests in insurances, charter documents and earnings dated 15 June 2017
granted by Seadrill T-15 Ltd., Seadrill Partners B.V. and Seadrill International Ltd. in favour of the Security Agent; 

 

	 	(e)	 the mortgage dated 25 April 2013 granted by Seadrill T-16 Ltd.
against the Rig “T-16” in favour of the Security Agent; 

  

	 	(f)	 the charge over earnings account dated 18 December 2012 granted by Seadrill T-16 Ltd. in favour of the Security Agent; 

  

	 	(g)	 the charge over earnings account dated 18 December 2012 granted by Seadrill International Ltd. in favour
of the Security Agent; 

  

	 	(h)	 the assignment of earnings and insurances dated 25 April 2013 granted by Seadrill T-16 Ltd. in favour of the Security Agent; 

  

  
 6 

	 	(i)	 the general assignment of interests in insurances, charter documents and earnings dated 15 June 2017
granted by Seadrill T-16 Ltd. Seadrill Partners B.V. and Seadrill International Ltd. in favour of the Security Agent; and 

 

	 	(j)	 the charge over earnings account dated 15 June 2017 granted by Seadrill Partners B.V. in favour of the
Security Agent. 

 “Default” means an Event of Default or any event or circumstance
specified in Clause 25 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

 “Delivery” means, in relation to a Rig, the delivery and acceptance of the Rig by the relevant Rig Owner
under the building contract between that Rig Owner and the Yard in respect of such Rig. 
 “Delivery Date”
means, in relation to a Rig, the date on which its Delivery actually occurs. 
 “Earnings” means all moneys
whatsoever which are now, or later become, payable (actually or contingently) to any Obligor and which arise out of the use of or operation of any of the Rigs, including (but not limited to): 

 

	 	(a)	 all freight, hire and passage moneys payable to an Obligor, including (without limitation) payments of any
nature under any charter or agreement for the employment, use, possession, management and/or operation of any of the Rigs; 

  

	 	(b)	 any claim under any guarantees related to freight and hire payable to an Obligor as a consequence of the
operation of any of the Rigs; 

  

	 	(c)	 compensation payable to an Obligor in the event of any requisition (whether for title or otherwise),
confiscation or compulsory acquisition of any of the Rigs or for the use of any of the Rigs by any government authority or other competent authority; 

  

	 	(d)	 remuneration for salvage, towage and other services performed by any of the Rigs payable to an Obligor;

  

	 	(e)	 demurrage and retention money receivable by an Obligor in relation to any of the Rigs; 

 

	 	(f)	 all moneys which are at any time payable under the Insurances in respect of loss of earnings;

  

	 	(g)	 if and whenever any of the Rigs is employed on terms whereby any moneys falling within paragraph (a) to
(f) above are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to such Rig(s); and 

 

	 	(h)	 any other money whatsoever due or to become due to an Obligor from third parties in relation to any of the
Rigs, or otherwise. 

 “Earnings Accounts” means the bank accounts of each of the Obligors
from time to time each of which shall be held with the Security Agent or any of the Security Agent’s corresponding banks (or, if applicable law require that the bank account in question be maintained by another bank, then with such other bank
as acceptable to the Security Agent) and to which all the Earnings and any proceeds of the Insurances shall be paid. 

“Effective Time” has the meaning given to that term in the Framework Agreement. 

 

  
 7 

 “Environmental Approval” means any permit, licence, consent,
approval and other authorisations and the filing of any notification, report or assessment required under any Environmental Law for the operation of the Rigs and for the operation of the business of any member of the Group. 

“Environmental Claim” means any claim, proceeding or investigation by any party in respect of any
Environmental Law or Environmental Approval. 
 “Environmental Law” means any applicable law or regulation
which relates to: 
  

	 	(a)	 the pollution or protection of the environment; 

 

	 	(b)	 harm to or the protection of human health; 

 

	 	(c)	 the conditions of the workplace; or 

 

	 	(d)	 any emission or substance capable of causing harm to any living organism or the environment.

 “Escrow Account” has the meaning given to that term in the Intercreditor Agreement.

 “Escrow Account Pledge” has the meaning given to that term in the Intercreditor Agreement. 

“Event of Default” means any event or circumstance specified as such in Clause 25 (Events of Default)
(except for Clause 25.18 (Acceleration) and Clause 25.19 (Automatic Acceleration)). 

“Exchange” means the Oslo Stock Exchange or the New York Stock Exchange. 

“Facility” means the secured credit facility, divided into the CEXIM Facility and the Commercial Facility,
made available under this Agreement. 
 “Facility Office” means: 

 

	 	(a)	 in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before the
date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice) as the office through which it will perform its obligations under this Agreement; and 

 

	 	(b)	 in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax
purposes. 

 “FATCA” means: 

 

	 	(a)	 sections 1471 to 1474 of the Code or any associated regulations; 

 

	 	(b)	 any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between
the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or 

  

	 	(c)	 any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. 

“FATCA Application Date” means: 
  

	 	(a)	 in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which
relates to payments of interest and certain other payments from sources within the US), 1 July 2014; 

  

  
 8 

	 	(b)	 in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which
relates to “gross proceeds” from the disposition of property of a type that can produce interest from sources within the US), 1 January 2019; or 

 

	 	(c)	 in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within
paragraphs (a) or (b) above, 1 January 2019, 

 or, in each case, such other date from which such
payment may become subject to a deduction or withholding required by FATCA as a result of any change in FATCA after the date of this Agreement. 

“FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA.

 “FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction.

 “Fee Letters” means any letters entered into by reference to this Agreement in relation to any fees. 

“Final Maturity Date” means 19 June 2020. 

“Finance Documents” means this Agreement, the Intercreditor Agreement, the Framework Agreement, the
Subordination Undertaking, any Compliance Certificate, any Fee Letters, the Security Documents, and any other document (whether creating a Security Interest or not) which is executed at any time by any of the Obligors as security for, or to
establish any form of subordination to the Finance Parties under this Agreement or any of the other documents referred to herein or therein and any such other document designated as a “Finance Document” by the Agent and the Parent. 

“Finance Lease” means a lease, charter party or hire purchase contract which would be classified as a finance
lease in accordance with the Accounting Principles of the Parent or any other transaction which is required to be classified and accounted for as a liability or asset on the face of the Group’s consolidated balance sheet in accordance with
Accounting Principles. 
 “Finance Party” means each of the Agent, the Security Agent, the Mandated Lead
Arrangers, the Bookrunners, the Account Bank and the Lenders. 
 “Financial Indebtedness” means any of the
following (whether or not the same are required to be classified and accounted for as a liability on the face of the Group’s consolidated balance sheet in accordance with Accounting Principles): 

 

	 	(a)	 moneys borrowed and debit balances at banks or other financial institutions; 

 

	 	(b)	 any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent);

  

	 	(c)	 any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

  

	 	(d)	 the amount of any liability in respect of Finance Leases; 

 

	 	(e)	 receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	 any derivative transaction (and, when calculating the value of that transaction, only the marked to market
value (or, if any actual amount is due as a result of the termination or close-out of that transaction, that amount) shall be taken into account); 

  
 9 

	 	(g)	 any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or
any other instrument issued by a bank or financial institution in respect of an underlying liability of any entity which is not a member of the Group which liability would fall within one of the other paragraphs of this definition;

  

	 	(h)	 any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the
issuer) before the Final Maturity Date or are otherwise classified as borrowings under the Accounting Principles; 

  

	 	(i)	 any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary
reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more
than thirty (30) days after the date of supply; 

  

	 	(j)	 any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or
sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under the Accounting Principles; and 

  

	 	(k)	 the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs
(a) to (j) above, 

 but shall not include any borrowings or other such liabilities owed by any member
of the Group to another member of the Group as permitted pursuant to the terms of this Agreement. 
 “Financial
Support” means loans, guarantees, credits, indemnities or other form of financial support. 
 “First Ranking
Security Documents” means: 
  

	 	(a)	 the Mortgages; 

  

	 	(b)	 the Account Security; 

 

	 	(c)	 the General Assignments; 

 

	 	(d)	 the Share Charges; and 

 

	 	(e)	 all or any security documents as may be entered into from time to time pursuant to Clause 19.1 (First
Ranking Security). 

 “First Utilisation Date” means the date on which the first
Utilisation under this Agreement actually occurs or is deemed to have occurred. 
 “Framework Agreement”
means the China ECA Facility Framework Agreement dated on or about the date of this Agreement in respect of a USD 440,000,000 Secured Credit Facility Agreement originally dated 4 December 2012 between, among others, Seadrill Limited as original
borrower, Seadrill Telesto Ltd and others as guarantors and Citibank Europe plc, UK Branch as agent. 
 “General
Assignments” means, in respect of a Rig, each assignment agreement, collateral to this Agreement for (a) the first priority assignment of the Insurances and Earnings to be made between each Rig Owner and the Security Agent (on behalf
of the Finance Parties) and (b) the first priority assignment of the Insurances, Earnings and each relevant intra-group charter to be made between each Rig Owner, each Intra-Group Charterer (as the case may be) and the Security Agent (on behalf
of the Finance Parties) each as security for the Obligors’ 

  
 10 

 obligations under the Finance Documents, each in form and substance satisfactory
to the Finance Parties. 
 “Group” means the Parent and its Subsidiaries from time to time. 

“Group Cash” means: 
  

	 	(a)	 cash in hand legally and beneficially owned by a member of the Group; and 

 

	 	(b)	 all other cash legally and beneficially owned by a member of the Group and which are deposited with (i) a
Lender in respect of the Commercial Facility, (ii) any other deposit taking institution having a credit rating of at least A from Standard & Poor’s Ratings Group or the equivalent with any other principal credit rating agency in
the United States of America or Europe or (iii) any other bank or financial institution approved by the Agent which in each case: 

  

	 	(i)	 is free from any Security Interest, other than pursuant to the SDLP Security Documents or any security
documents in respect of the TLB Agreement or the Vencedor Loan Agreement (as each may be amended, renewed, replaced and/or refinanced from time to time); 

  

	 	(ii)	 is otherwise at the free and unrestricted disposal of the relevant member of the Group by which it is owned;
and 

  

	 	(iii)	 in the case of cash deposits legally and beneficially owned by a member of the Group other than the Borrowers,
is (in the opinion of the Agent, upon such documents and evidence as the Agent may require the Borrowers to provide in order to form the basis of such opinion) capable or, upon the occurrence of an Event of Default under this Agreement, would become
capable of being paid without restriction to the Borrowers within five (5) Business Days of its request or demand therefore by way of a dividend, by way of an equity injection, by way of an intercompany loan in accordance with Clause
23.15(b)(ii) (Restrictions on Indebtedness) or by way of a repayment of principal (or the payment of interest thereon) in respect of an intercompany loan from the relevant Borrower to that Subsidiary. 

“Guarantee(s)” means the guarantee(s) and indemnity(ies) provided by the Guarantors pursuant to Clause 18
(Guarantee and Indemnity). 
 “Guarantee Obligations” means the obligations of each Guarantor
pursuant to Clause 18 (Guarantee and Indemnity). 
 “Holding Company” means, in relation to a person,
any other person in respect of which it is a Subsidiary. 
 “Insurance Report” means an insurance report in
respect of the Insurances confirming that such Insurances are placed with such insurers, insurance companies and/or clubs in such amounts, against such risks and in such form as acceptable to the Agent (acting on the instructions from the Finance
Parties) and comply with the requirements under Clause 24.2 (Insurance) prepared by Aon Benfield, or such other reputable insurance advisor approved by the Agent, and dated 4 December 2012 and addressed to, and capable of being relied
upon by the Finance Parties. 
 “Insurances” means all the insurance policies and contracts of insurance
including (without limitation) those entered into in order to comply with the terms of Clause 24.2 (Insurance) which are from time to time in place or taken out or entered into by or for the benefit of the Obligors (whether in the sole name
of the Obligors or in the joint names of the Obligors and 

  
 11 

 any other person) in respect of the Rigs or otherwise in connection with the Rigs
and all benefits thereunder (including claims of whatsoever nature and return of premiums). 
 “Intercreditor
Agreement” means the intercreditor agreement dated on or about the date of this Agreement and entered into between, inter alios, the Obligors and the Finance Parties. 

“Interest Payment Date” means the last day of each Interest Period. 

“Interest Period” means, in relation to a Loan, each of the successive periods determined in accordance with
Clause 10.1 (Selection of Interest Periods), and, in relation to an Unpaid Sum, each period determined in accordance with Clause 9.3 (Default Interest). 

“Intra-Group Charterer” means each Subsidiary named as Intra-Group Charterer pursuant to Schedule 2
(Borrowers, Guarantors and Collateral Rigs) as well as any other Subsidiary which enters into a Charter Contract for the hiring of any of the Rigs in the future. 

“ISM Code” means the International Management Code for the Safe Operation of Ships and for Pollution
Prevention. 
 “ISPS Code” means the International Ship and Port Facility Security (ISPS) Code as adopted by
the International Maritime Organization’s (IMO) Diplomatic Conference of December 2002. 

“Lenders” means: 
  

	 	(a)	 any Original Lender; and 

 

	 	(b)	 any New Lender, which in each case has not ceased to be a Party in accordance with the terms of this
Agreement. 

 “LIBOR” means, in relation to a Loan: 

 

	 	(a)	 The applicable interest settlement rate for the relevant period as displayed on Reuters screen page Libor 01;
or 

  

	 	(b)	 (if Reuters screen page referred to in (a) is not available for the Interest Period of that Loan or other
sum) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request quoted by the Reference Banks to leading banks in the London interbank market, 

as of 11.00 a.m. (London time) on the second Business Day prior to the relevant Interest Period for the offering of deposits in
USD and for a period comparable to the Interest Period for that Loan or other sum, and if any such rate is below zero, LIBOR will be deemed to be zero. 

“Loan(s)” means the aggregate of the CEXIM Facility Loans and the Commercial Facility Loans outstanding under
this Agreement from time to time or a loan made or to be made under the Facility. 
 “Losses” means any
costs, expenses (including, but not limited to, legal fees), payments, charges, losses, demands, liabilities, taxes (including VAT), claims, actions, proceedings, penalties, fines, damages, judgments, orders or other sanctions. 

“Management Agreement” means (if applicable or required) the management services agreement(s) relating to the
management of the Rigs to be entered into with a company (being a wholly owned Subsidiary of the Seadrill Entity or the Parent) to perform management services in respect of the Rigs. 

“Market Value” means the fair market value of each of the Rigs, being the average of valuations of the Rig
obtained from two (2) of the Approved Brokers (elected by the Parent), 

  
 12 

 with or without physical inspection of the Rig (as the Agent may require) on the
basis of a sale for prompt delivery for cash at arm’s length on normal commercial terms as between a willing buyer and a willing seller, on an “as is, where is” basis, free of any existing contract of employment and/or similar
arrangement. 
 “Material Adverse Effect” means a material adverse effect on: 

 

	 	(a)	 the financial condition, assets, business or operation of any Obligor or the Group as a whole; or

  

	 	(b)	 the ability of any of the Obligors or the Group as a whole to perform any of their obligations under the
Finance Documents; or 

  

	 	(c)	 the validity or enforceability of, or the effectiveness or ranking of any security granted or purporting to be
granted pursuant to any of the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents. 

“Material Subsidiary” shall mean any Subsidiary of the Parent: 

 

	 	(a)	 owning a drilling unit; or 

 

	 	(b)	 which holds a charter contract for a drilling unit; or 

 

	 	(c)	 which is a Holding Company for any of the above. 

“Minimum Group Liquidity” means, as at any date, the Group Cash. 

“Minimum Non-TLB SDLP Obligor Group Liquidity” means, as at any date,
the Non-TLB SDLP Obligor Group Cash. 
 “Mortgages” means each of
the first priority mortgages to be executed by each of the Rig Owners against each of the respective Rigs in a Ship Registry in favour of the Security Agent (on behalf of the Finance Parties) as security for the Obligors’ obligations under the
Finance Documents, in form and substance satisfactory to the Agent (on behalf of the Finance Parties) and the Security Agent. 

“New Lender” has the meaning set out in Clause 26 (Changes to the Parties). 

“Non-TLB SDLP Obligor Group” means each member of the Group that is an
“Obligor” under (and as each such term is defined in) each of the SDLP Facility Agreements. 
 “Non-TLB SDLP Obligor Group Cash” means the aggregate amount of: 
  

	 	(a)	 cash in hand legally and beneficially owned by a member of the Non-TLB
SDLP Obligor Group; and 

  

	 	(b)	 all other cash legally and beneficially owned by a member of the
Non-TLB SDLP Obligor Group and which are deposited with (i) a Lender in respect of the Commercial Facility, (ii) any other deposit taking institution having a credit rating of at least A from
Standard & Poor’s Ratings Group or the equivalent with any other principal credit rating agency in the United States of America or Europe or (iii) any other bank or financial institution approved by the Agent which in each case:

  

	 	(i)	 is free from any Security Interest, other than pursuant to the SDLP Security Documents; 

 

	 	(ii)	 is otherwise at the free and unrestricted disposal of the relevant member of the Non-TLB SDLP Obligor Group by which it is owned; and 

  
 13 

	 	(iii)	 in the case of cash deposits legally and beneficially owned by a member of the
Non-TLB SDLP Obligor Group other than the Borrowers, is (in the opinion of the Agent, upon such documents and evidence as the Agent may require the Borrowers to provide in order to form the basis of such
opinion) capable or, upon the occurrence of an Event of Default under this Agreement, would become capable of being paid without restriction to the Borrowers within five (5) Business Days of its request or demand therefore by way of a dividend,
by way of an equity injection, by way of an intercompany loan in accordance with Clause 23.15(b)(ii) (Restrictions on Indebtedness) or by way of a repayment of principal (or the payment of interest thereon) in respect of an intercompany loan
from the relevant Borrower to that member of the Non-TLB SDLP Obligor Group. 

“Obligors” means each Borrower and each Guarantor and an “Obligor” means any of them. 

“Omnibus Agreement” means the Omnibus Agreement dated on or about 24 October 2012 between Seadrill
Limited, Seadrill Member, the Parent, Seadrill Operating GP LLC, Seadrill Operating LP and Seadrill Capricorn Holdings LLC. 

“Operating Agreement” means the first amended and restated operating agreement of the Parent, entered into by
Seadrill Member and Seadrill Limited, as amended from time to time in accordance with this Agreement. 
 “Original
Financial Statements” means in relation to (a) the Parent, the audited consolidated financial statements for the financial year ending on 31 December 2016, (b) the Rig Owners and the other Guarantors, the audited consolidated
financial statements for the financial year ending on 31 December 2016 and the unaudited unconsolidated financial statements for the financial year ending on 31 December 2016 (to the extent applicable). 

“Original TLB Agreement” means the TLB Agreement in force as of the date of this Agreement. 

“Party” means a party to this Agreement (including its successors and permitted transferees). 

“Permitted Encumbrances” means in respect of any Rig owned by any of the Rig Owners: 

 

	 	(a)	 liens for current crews’ wages and salvage; 

 

	 	(b)	 any ship repairer’s or outfitter’s possessory lien arising by operation of law and not exceeding USD
5,000,000; 

  

	 	(c)	 any other liens incurred in the ordinary course of operating such Rig not exceeding USD 5,000,000; and

  

	 	(d)	 security created pursuant to the Security Documents and, subject to the Intercreditor Agreement, the
Continuing Telesto Security Documents. 

 “Polaris Facility Agreement” means the USD
420,000,000 Term Loan and Revolving Credit Facilities Agreement originally dated 28 December 2012 as amended pursuant to amendment agreements dated 28 February 2014, 31 October 2014, 29 December 2014, 19 June 2015 and as
further amended or amended and restated between, among others, Seadrill Polaris Ltd as borrower, the Parent as parent, DNB Bank ASA and Nordea Bank AB, London Branch as bookrunners and DNB Bank ASA as agent. 

“Quarter Date” means each of 31 March, 30 June, 30 September and 31 December. 

“Quiet Enjoyment Letter” means a letter agreement between the Agent (on behalf of the Finance Parties) and the
relevant end-user of a Rig, to be entered into, if it is required by the 

  
 14 

 relevant end-user pursuant to the
relevant drilling contract, regulating the enforcement of a Mortgage on terms acceptable to the Agent (on behalf of the Finance Parties). 

“Quotation Day” means the day occurring two (2) Business Days prior to the commencement of an Interest
Period, unless market practice differs, in which case the Quotation Day for USD will be determined by the Agent in accordance with market practice (and if quotations would normally be given by leading banks in the market on more than one day, the
Quotation Day will be the last of those days). 
 “Receiver” means a receiver or a receiver and manager or
an administrative receiver appointed in relation to the whole or any part of any Charged Property under any relevant Security Document. 

“Reference Banks” means the London offices of Citibank, N.A., HSBC Bank plc and Nordea Bank AB (publ), filial
i Norge (formerly known as Nordea Bank Norge ASA) or such other banks as appointed by the Agent in consultation with the Parent. 

“Required Lenders” means: 
  

	 	(a)	 if there are no Loans outstanding, a Lender or Lenders whose Commitments aggregate more than 66 2/3% of the
Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66 2/3% of the Total Commitments immediately prior to the reduction); or 

 

	 	(b)	 at any other time, a Lender or Lenders whose participations in the Loans then outstanding aggregate more than
66 2/3% of the Loans then outstanding provided that the outstanding Loans shall be measured in respect of both the Lender’s part in the CEXIM Facility Loans outstanding and the CEXIM Facility Commitment available (to the extent
applicable), as well as the Lender’s part in the Commercial Facility Loans outstanding and the Lender’s Commercial Facility Commitment available (to the extent applicable), 

provided always, that in the case of (a) and (b) above, the Required Lenders shall always include either (i) the sole
Lender in respect of the Commercial Facility if there is only one (1) such Lender or (ii) at any other time, at least two (2) Lenders for the Commercial Facility. 

“Restricted Party” means a person that: 

 

	 	(a)	 is listed on any Sanctions List; 

 

	 	(b)	 is domiciled, registered as located or has its main place of business in, or is incorporated under the laws
of, a Sanctioned Country; and 

  

	 	(c)	 is directly or indirectly owned more than 50 per cent by or controlled by a person referred to in
(a) and/or (b) above. 

 “Rig” means each of the collateral rigs listed in
Schedule 2 (Borrowers, Guarantors and Collateral Rigs) each of which is owned by the respective Rig Owner as set out therein. 

“Rig 1” means the Rig described as such in Schedule 2 (Borrowers, Guarantors and Collateral Rigs). 

“Rig 2” means the Rig described as such in Schedule 2 (Borrowers, Guarantors and Collateral Rigs). 

“Rig Advance” means, in respect of a Rig, each borrowing of a proportion of the Total Commitments by a
Borrower or (as the context may require) the outstanding principal amount of such borrowing relating to that Rig. 

  
 15 

 “Rig Owner” means each company named as owner of a Rig pursuant
to Schedule 2 (Borrowers, Guarantors and Collateral Rigs). 
 “Sanctioned Country” means: 

 

	 	(a)	 as of 28 December 20121, Iran, Sudan, Cuba,
North-Korea, Syria and Burma (Myanmar); and 

  

	 	(b)	 any country or territory to the extent that it is or becomes the subject of Sanctions similar to those in
force as of 28 December 2012 against any of the countries referred to in (a) above. 

“Sanctions” means the economic sanctions laws and/or regulations imposed by any Sanctions Authority with
respect to any country or person. 
 “Sanctions Authority” means the Norwegian State, the United Nations,
the European Union, the United Kingdom, the United States of America and any authority acting on behalf of any of them in connection with Sanctions. 

“Sanctions List” means any list of persons or entities subject to Sanctions published in connection with
Sanctions by or on behalf of any Sanctions Authority. 
 “SDLP Facilities” means: 

 

	 	(a)	 the Facility; 

  

	 	(b)	 the “Facility” or “Facilities” under (and as such term is defined in) the Polaris Facility
Agreement; and 

  

	 	(c)	 the “Facility” or “Facilities” under (and as such terms are defined in) the West Vela
Facility Agreement. 

 “SDLP Facility Agreements” means each of: 

 

	 	(a)	 this Agreement 

  

	 	(b)	 the Polaris Facility Agreement; and 

 

	 	(c)	 the West Vela Facility Agreement. 

“SDLP Finance Parties” has the meaning given to that term in the Intercreditor Agreement. 

“SDLP Security Documents” means each of: 

 

	 	(a)	 the Security Documents; 

 

	 	(b)	 the “Security Documents” under (and as such term is defined in) the Polaris Facility Agreement; and

  

	 	(c)	 the “Security Documents” under (and as such term is defined in) the West Vela Facility Agreement.

 “SDLP Secured Obligations” has the meaning given to that term in the Intercreditor
Agreement. 
 “SDRL Restructuring Completion Date” has the meaning given to that term in the Intercreditor
Agreement. 
  

	1 	 Note : To reflect the commercial deal that the sanctions language herein shall match the West Polaris facility
agreement sanctions wording, therefore the reference point is to the date of the West Polaris facility agreement. 

  
 16 

 “Seadrill Entity” means Seadrill Limited, any successor of
Seadrill Limited or any entity in each case to which all or substantially all of Seadrill Limited’s assets are directly or indirectly transferred in connection with the restructuring of Seadrill Limited (whereafter Seadrill Limited shall no
longer constitute a Seadrill Entity). 
 “Seadrill Ghana” means Seadrill Ghana Operations Limited, of Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM08, Bermuda, with registration number
45056. 
 “Seadrill Member” means Seadrill Member LLC, a limited liability company, being a wholly (directly
or indirectly) owned Subsidiary of the Seadrill Entity, incorporated under the laws of the Republic of the Marshall Islands with registration number 962165. 

“Seadrill Operating” means Seadrill Partners Operating LLC, a limited liability company formed under the laws
of the Republic of the Marshall Islands with registration number 962381 and whose registered address is situated at Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands MH96960. 

“Second Ranking Security Documents” means the security documents listed in Schedule 9 (Second Ranking
Security Documents). 
 “Secured Obligations” has the meaning given to such term in Clause 19.1(a)
(Security). 
 “Security Documents” means: 

 

	 	(a)	 the First Ranking Security Documents; and 

 

	 	(b)	 the Second Ranking Security Documents. 

“Security Interest” means any mortgage, charge (whether fixed or floating), encumbrance, pledge, lien,
assignment by way of security, finance lease, sale and repurchase or sale and leaseback arrangement, sale of receivables on a recourse basis or other security interest or any other agreement or arrangement having the effect of conferring security.

 “Security Period” means the period commencing on the date of this Agreement and ending the date on which
the Agent notifies each Borrower and the other Finance Parties that: 
  

	 	(a)	 all amounts which have become due for payment by the Borrowers or any other Obligor under the Finance
Documents have been paid; 

  

	 	(b)	 no amount is owing or has accrued (without yet having become due for payment) against any Obligor under any of
the Finance Documents; 

  

	 	(c)	 no Borrower has any future or contingent liability under any provision of this Agreement and the other Finance
Documents; 

  

	 	(d)	 the Agent and the Required Lenders do not consider that there is a significant risk that any payment or
transaction under a Finance Document would be set aside, or would have to be reversed or adjusted, in any present or possible future proceeding relating to a Finance Document or any asset covered (or previously covered) by a Security Interest
created by a Finance Document; and 

  

	 	(e)	 there are no Commitments in force. 

“Selection Notice” means a notice substantially in the form set out in Schedule 8 (Selection Notice)
given in accordance with Clause 10 (Interest Periods). 
 “Share Charges” means the first priority
share charges over all the shares of each of the Rig Owners and the Intra-Group Charterers (other than Seadrill Partners B.V.) from the Parent or Seadrill Operating (as applicable) collateral to this Agreement as security for the Obligors’ 

  
 17 

 obligations under the Finance Documents in the form and substance satisfactory to
the Security Agent. 
 “Ship Registry” means the ship registry of Panama and such other ship registry as
approved by the Agent (acting on the instructions of the Required Lenders) and the Security Agent. 
 “Subordination
Undertaking” means the undertaking(s) in favour of the Agent for the subordination, in point of payment and priority, of any intercompany loans made to any Obligor (other than the Parent) in accordance with Clause 23.15(b)(ii)
(Restrictions on Indebtedness) to the liabilities and obligations under the Finance Documents. 

“Subsidiary” means an entity from time to time of which a person: 

 

	 	(a)	 has direct or indirect control; or 

 

	 	(b)	 owns directly or indirectly more than fifty per cent (50%) (votes and/or capital). 

For the purpose of paragraph (a), an entity shall be treated as being controlled by a person if that person is able to direct
its affairs and/or control the composition of its board of directors or equivalent body. 
 “Supra Majority
Lenders” has the meaning given to that term in the Intercreditor Agreement. 
 “Tax on Overall Net
Income” means a Tax imposed on a Finance Party by the jurisdiction under the laws of which it is incorporated, or in which it is located or treated as resident for tax purposes, on: 

 

	 	(a)	 the net income, profits or gains of that Finance Party worldwide; or 

 

	 	(b)	 such of the net income, profits or gains of that Finance Party as are considered to arise in or relate to or
are taxable in that jurisdiction. 

 “Taxes” means all present and future taxes, levies,
imposts, duties, charges, fees, deductions and withholdings, and any restrictions and or conditions resulting in a charge together with interest thereon and penalties in respect thereof and “tax” and “taxation” shall be construed
accordingly. 
 “Telesto Facility Agreement” means the USD 440,000,000 Secured Credit Facility Agreement
originally dated 4 December 2012 (as amended from time to time) and as amended and restated on or about the date of this Agreement relating to the West Telesto rig between, among others, Seadrill Telesto Ltd as borrower and Citibank, N.A.,
London Branch as agent. 
 “Third Parties Act” means the Contracts (Rights of Third Parties) Act 1999. 

“TLB Agreement” means the USD 1,900,000,000 credit agreement dated 21 February 2014 (as amended and
restated on 26 June 2014) between, amongst others, Seadrill Operating LP, Seadrill Capricorn Holdings LLC and Seadrill Partners Finco LLC as revolving borrowers, the lenders named therein and Deutsche Bank AG New York Branch as administrative
agent and collateral agent (as amended from time to time). 
 “TLB RCF” means the USD 100,000,000 revolving
credit facility under the TLB Agreement. 
 “Total Commitments” means the aggregate of the CEXIM Facility
Commitment and the Commercial Facility Commitment, being USD 109,175,000 as at the date of this Agreement as that amount may be reduced, cancelled or terminated in accordance with this Agreement. 

  
 18 

 “Total Loss” means, in relation to any of the Rigs: 

 

	 	(a)	 the actual, constructive, compromised, agreed, arranged or other total loss of such Rig; and/or

  

	 	(b)	 any hijacking, piracy, theft, condemnation, capture, seizure, destruction, abandonment, arrest, expropriation,
confiscation, requisition or acquisition of such Rig, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by
any person or persons claiming to be or to represent a governmental or official authority (excluding a requisition for hire for a fixed period not exceeding one (1) year without any right to extension) unless it is within one (1) month
from the Total Loss Date redelivered to the full control of the relevant Borrower or any of the Guarantors. 

“Total Loss Date” means: 
  

	 	(a)	 in the case of an actual total loss of any of the Rigs, the date on which it occurred or, if that is unknown,
the date when such Rig was last heard of; 

  

	 	(b)	 in the case of a constructive, compromised, agreed or arranged total loss of any of the Rigs, the earlier of:
(i) the date on which a notice of abandonment is given to the insurers (provided a claim for total loss is admitted by such insurers) or, if such insurers do not forthwith admit such a claim, at the date at which either a total loss is
subsequently admitted by the insurers or a total loss is subsequently adjudged by a competent court of law or arbitration panel to have occurred or, if earlier, the date falling six (6) months after notice of abandonment of such Rig was given
to the insurers; and (ii) the date of compromise, arrangement or agreement made by or on behalf of the relevant Borrower or the Parent with the relevant Rig’s insurers in which the insurers agree to treat such Rig as a total loss; or

  

	 	(c)	 in the case of any other type of total loss, on the date (or the most likely date) on which it appears to the
Agent that the event constituting the total loss occurred. 

 “Transfer Certificate” means
a certificate substantially in the form as set out in Schedule 5 (Form of Transfer Certificate) or any other form agreed between the Agent and the Parent. “Transfer Date” means, in respect of a Transfer (as defined in Clause
26.2 (Assignments and Transfers by the Lenders)) the later of:  
  

	 	(a)	 the proposed Transfer Date as set out in the Transfer Certificate relating to the Transfer; and

  

	 	(b)	 the date on which the Agent executes the Transfer Certificate. 

“Trust Property” means, collectively: 

 

	 	(a)	 all moneys duly received by the Security Agent under or in respect of the Finance Documents;

  

	 	(b)	 any portion of the balance on any Earnings Account held by or charged to the Security Agent at any time;

  

	 	(c)	 the Security Interests, guarantees, security, powers and rights given to the Security Agent under and pursuant
to the Finance Documents including, without limitation, the covenants given to the Security Agent in respect of all obligations of any Obligor; 

  
 19 

	 	(d)	 all assets paid or transferred to or vested in the Security Agent or its agent or received or recovered by the
Security Agent or its agent in connection with any of the Finance Documents whether from any Obligor or any other person; and 

  

	 	(e)	 all or any part of any rights, benefits, interests and other assets at any time representing or deriving from
any of the above, including all income and other sums at any time received or receivable by the Security Agent or its agent in respect of the same (or any part thereof). 

“Unpaid Sum” means any sum due and payable but unpaid by any Borrower under the Finance Documents. 

“US” means the United States of America. 

“US Bankruptcy Code” means Title 11 of The United States Code (entitled “Bankruptcy”), as amended
from time to time and as now or hereafter in effect, or any successor thereto. 
 “US Tax Obligor” means:

  

	 	(a)	 a Borrower which is resident for tax purposes in the US; or 

 

	 	(b)	 an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US
federal income tax purposes. 

 “USD” means the lawful currency of the United States of
America. 
 “Utilisation” means utilisation of a Loan. 

“Utilisation Date” means the date on which a Utilisation is made. 

“VAT” means value added tax. 

“Vencedor Loan Agreement” means the USD 115,226,338 loan agreement dated 28 September 2012 between,
Seadrill Vencedor Ltd as borrower and Seadrill Limited as lender (as amended from time to time). 
 “West Vela
Facility Agreement” means the USD 483,333,333.34 senior secured credit facility agreement originally dated 20 March 2013 (as amended from time to time) and as amended and restated on or about the date of this Agreement relating to the
West Vela rig between, among others, Seadrill Vela Hungary Kft. as borrower and ING Bank N.V. as agent. 

“Yard” means, in relation to each Rig, the yard named in Schedule 2 (Borrowers, Guarantors and Collateral
Rigs) as the builder of such Rig. 
  

	13.2	 Construction 

In this Agreement, unless the context otherwise requires: 

 

	 	(a)	 clause and Schedule headings are for ease of reference only; 

 

	 	(b)	 words denoting the singular number shall include the plural and vice versa; 

 

	 	(c)	 references to clauses and Schedules are references, respectively, to the clauses and Schedules of this
Agreement; 

  

	 	(d)	 a term used in any other Finance Document or in any notice given under or in connection with any Finance
Document has the same meaning in that Finance Document or notice as in this Agreement; 

  
 20 

	 	(e)	 references to a provision of law is a reference to that provision as it may be amended or re-enacted, and to any regulations made by the appropriate authority pursuant to such law; 

  

	 	(f)	 the “Agent”, the “Security Agent”, a “Bookrunner”, a
“Mandated Lead Arranger”, any “Finance Party”, any “Lender”, any “Obligor”, any “Party”, 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 Agent and the Security Agent, any person for the time being appointed as Agent or Security Agent (as the case may be) in accordance with the Finance Documents;

  

	 	(g)	 a “Finance Document” or any other agreement or instrument is a reference to that Finance
Document or other agreement or instrument as amended, novated, supplemented, extended or restated; 

  

	 	(h)	 references to “control” means the power to appoint a majority of the board of directors or to
direct the management and policies of an entity, whether through the ownership of voting capital, by contract or otherwise; 

  

	 	(i)	 references to “indebtedness” includes any obligation (whether incurred as principal or as
surety) for the payment or repayment of money, whether present or future, actual or contingent; 

  

	 	(j)	 reference to a “month” is a reference to a period starting on one day in a calendar month and
ending on the numerically corresponding day in the next calendar month save that: 

  

	 	(i)	 if any such numerically corresponding day is not a Business Day, such period shall end on the immediately
succeeding Business Day to occur in that next succeeding calendar month or, if none, it shall end on the immediately preceding Business Day; and 

  

	 	(ii)	 if there is no numerically corresponding day in that next succeeding calendar month, that period shall end on
the last Business Day in that next succeeding calendar month, 

 (and references to
“months” shall be construed accordingly); 
  

	 	(k)	 “USD” and “dollars” denotes the lawful currency of the United States of
America; 

  

	 	(l)	 references to a “person” shall include any individual, firm, partnership, joint venture,
company, corporation, trust, fund, body, corporate, unincorporated body of persons, or any state or any agency of a state or association (whether or not having separate legal personality); and 

 

	 	(m)	 a Default (other than an Event of Default) is “continuing” if it has not been remedied or
waived and an Event of Default is “continuing” if it has not been remedied or waived. 

  

	13.3	 Third Party Rights 

Unless expressly provided to the contrary in a Finance Document for the benefit of a Finance Party or another person who
benefits from any indemnity under any Finance Document, a person who is not a party to a Finance Document has no right under the Third Parties Act to enforce or enjoy the benefit of any term of the relevant Finance Document. 

  
 21 

	14.	 The Facility 

 

	14.1	 Facility 

  

	 	(a)	 Subject to the terms of this Agreement, the Lenders make available to the Borrowers a USD secured credit
facility for Utilisations in the aggregate principal amount of up to the Total Commitments: 

  

	 	(i)	 a term loan facility involving two (2) advances of Loans in an aggregate amount equal to the CEXIM
Facility Commitment; and 

  

	 	(ii)	 a term loan facility involving two (2) advances of Loans in an aggregate amount equal to the Commercial
Facility Commitment. 

  

	 	(b)	 Subject to satisfaction of the conditions precedent set out in Schedule 3 (Conditions Precedent), with
effect on and from the Effective Time, the Lenders shall be deemed to have advanced Loans in the following amounts: 

  

	 	(i)	 USD 38,692,500 to Seadrill T-15 Ltd. under the CEXIM Facility;

  

	 	(ii)	 USD 16,582,500 to Seadrill T-15 Ltd. under the Commercial Facility;

  

	 	(iii)	 USD 37,730,000 to Seadrill T-16 Ltd. under the CEXIM Facility; and

  

	 	(iv)	 USD 16,170,000 to Seadrill T-16 Ltd. under the Commercial Facility,

 in each case in accordance with the terms of the Framework Agreement. 

 

	14.2	 Finance Parties’ Rights and Obligations 

 

	 	(a)	 The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to
perform its obligations under the Finance Documents does not affect the obligations of any other Finance Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

  

	 	(b)	 The rights of each Finance Party under or in connection with the Finance Documents are separate and
independent rights and any debt arising under the Finance Documents to a Finance Party from any of the Obligors shall be a separate and independent debt. A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce
its rights under the Finance Documents. 

  

	14.3	 Borrowers’ Rights and Obligations 

 

	 	(a)	 The obligations of each Borrower under this Agreement are joint and several. Failure by a Borrower to perform
its obligations under this Agreement shall constitute a failure by all of the Borrowers. 

  

	 	(b)	 Each Borrower irrevocably and unconditionally jointly and severally with each other Borrower:

  

	 	(i)	 agrees that it is responsible for the performance of the obligations of each other Borrower under this
Agreement; 

  

	 	(ii)	 acknowledges and agrees that it is a principal and original debtor in respect of all amounts due from the
Borrowers under this Agreement; and 

  

	 	(iii)	 agrees with each Finance Party that, if any obligation of another Borrower under this Agreement is or becomes
unenforceable, invalid or illegal for any reason it will, as an independent and primary obligation, indemnify that 

  
 22 

	 	    	 Finance Party immediately on demand against any and all Losses it incurs as a result of another Borrower not
paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by that other Borrower under this Agreement. The amount payable under this indemnity shall be equal to the amount which that Finance Party
would otherwise have been entitled to recover. 

  

	 	(c)	 The obligations of each Borrower under the Finance Documents shall continue until all amounts which may be or
become payable by the Borrowers under or in connection with the Finance Documents have been irrevocably and unconditionally paid or discharged in full, regardless of any intermediate payment or discharge in whole or in part. 

 

	 	(d)	 If any discharge, release or arrangement (whether in respect of the obligations of a Borrower or any security
for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without
limitation, then the liability of the Borrowers under this Agreement will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	 	(e)	 The obligations of each Borrower under the Finance Documents shall not be affected by an act, omission, matter
or thing which, but for this clause (whether or not known to it or any Finance Party), would reduce, release or prejudice any of its obligations under the Finance Documents including: 

 

	 	(i)	 any time, waiver or consent granted to, or composition with, any Obligor or other person;

  

	 	(ii)	 the release of any other Obligor or any other person under the terms of any composition or arrangement with
any creditor of any other Obligor; 

  

	 	(iii)	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up
or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement
in respect of any instrument or any failure to realise the full value of any security; 

  

	 	(iv)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of an Obligor or any other person; 

  

	 	(v)	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of a Finance Document or any other document or security; 

  

	 	(vi)	 any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or
any other document or security; or 

  

	 	(vii)	 any insolvency or similar proceedings. 

 

	 	(f)	 Each Borrower waives any right it may have of first requiring any Finance Party (or any trustee or agent on
its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Borrower under any Finance Document. This waiver applies irrespective of any law or any provision of a Finance Document
to the contrary. 

  
 23 

	 	(g)	 Until all amounts which may be or become payable by the Obligors under or in connection with the Finance
Documents have been irrevocably and unconditionally paid or discharged in full, each Finance Party (or any trustee or agent on its behalf) may: 

  

	 	(i)	 refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party
(or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Borrower will be entitled to the benefit of the same; and

  

	 	(ii)	 hold in an interest-bearing suspense account any money received from any Borrower or on account of any
Borrower’s liability under any Finance Document. 

  

	 	(h)	 Until all amounts which may be or become payable by the Obligors under or in connection with the Finance
Documents have been irrevocably paid in full and unless the Agent otherwise directs (on such terms as it may require), no Borrower shall exercise any rights (including rights of set-off) which it may have by
reason of performance by it of its obligations under the Finance Documents: 

  

	 	(i)	 to be indemnified by another Obligor; 

 

	 	(ii)	 to claim any contribution from any other Obligor or any guarantor of any Obligor’s obligations under the
Finance Documents; and/or 

  

	 	(iii)	 to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the
Finance Parties under the Finance Documents or of any guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party. 

 

	14.4	 Parent’s Authority 

 

	 	(a)	 Each Obligor (other than the Parent), by its execution of this Agreement, irrevocably authorises the Parent to
act on its behalf as its agent in relation to the Finance Documents and authorises: 

  

	 	(i)	 the Parent, on its behalf, to supply all information concerning itself, its financial condition and otherwise
to the Finance Parties as contemplated under this Agreement and to give all notices and instruction to be given by such Obligor under the Finance Documents, to execute, on its behalf, any Finance Document and to enter into any agreement and
amendment in connection with the Finance Documents (however fundamental and notwithstanding any increase in obligations of or other effect on an Obligor) including confirmation of guarantee obligations in connection with any amendment or consent in
relation to the Facility, without further reference to or the consent of such Obligor and each Obligor to be obliged to confirm such authority in writing upon the request of the Agent; and 

 

	 	(ii)	 each Finance Party to give any notice, demand or other communication to be given to or served on such Obligor
pursuant to the Finance Documents to the Parent on its behalf, and in each such case such Obligor will be bound thereby (and shall be deemed to have given/received notice thereof) as though such Obligor itself had been given such notice and
instructions, executed such agreement or received any such notice, demand or other communication. 

  
 24 

	 	(b)	 Every act, omission, agreement, undertaking, waiver, notice or other communication given or made by the Parent
under this Agreement, or in connection with this Agreement (whether or not known to any Obligor) shall be binding for all purposes on all other Obligors as if the other Obligors had expressly made, given or concurred with the same. In the event of
any conflict between any notice or other communication of the Parent and any other Obligor, the choice of the Parent shall prevail. 

  

	15.	 Purpose 

  

	15.1	 Purpose 

The Borrowers shall apply all amounts utilised by them hereunder towards partially financing the remaining capital expenditure
related to the Rig to which the relevant Utilisation relates. 
  

	15.2	 Monitoring 

Without prejudice to the obligations of the Borrowers under this Clause 3 (Purpose), no Finance Party is bound to
monitor or verify the application of any amount borrowed pursuant to this Agreement. 
  

	16.	 Conditions Precedent 

 

	16.1	 Conditions Precedent for the First Utilisation Date 

 

	 	(a)	 The Parent shall ensure that, on or before the First Utilisation Date, the Agent, or its duly authorised
representative, has received all of the documents and other evidence listed in Schedule 3 (Conditions Precedent) in form and substance satisfactory to the Agent. 

 

	 	(b)	 The CEXIM Facility and the Commercial Facility shall be deemed to be utilised in full with effect on and from
the Effective Time in accordance with Clause 2.1(b) and the terms of the Framework Agreement. 

  

	16.2	 Further Conditions Precedent 

The Parent shall ensure that on the First Utilisation Date: 

 

	 	(a)	 no Default is continuing or would result from the proposed Utilisation; and 

 

	 	(b)	 the representations and warranties contained in Clause 20 (Representations and Warranties) deemed to be
repeated on those dates are true and correct in all material respects. 

  

	16.3	 Waiver of Conditions Precedent 

The conditions specified in this Clause 4 (Conditions Precedent) are solely for the benefit of the Finance Parties and
may be waived on their behalf in whole or in part and with or without conditions by the Agent (acting on the instructions of the Required Lenders unless it is a non-material matter of administrative or
technical character where the Agent may act in its sole discretion), save for conditions which are comprised by Clause 34.4(c) (Exceptions) which will be subject to consent from all the Lenders. The Finance Parties shall be notified by the
Agent of a waiver granted pursuant to this clause. 

  
 25 

	17.	 Intentionally Omitted 

 

	18.	 Repayment and Reductions 

 

	18.1	 Scheduled Repayments 

 

	 	(a)	 Each Borrower shall repay the Rig Advances made to it by consecutive quarterly repayments in the amounts as
set out in Schedule 6 (Indicative Repayments/Reductions) and the first repayment shall occur three months after the Utilisation Date in respect of such Rig Advances. The repayments received by the Agent in respect of the Rig Advances shall be
applied against each Rig Advance on a pro rata basis as between each Facility. 

  

	 	(b)	 On or around the Utilisation Date relating to the Rig Advances in respect of a Rig, the Agent shall (if deemed
necessary by the Agent) provide to the Lenders and each Borrower a repayment and reduction schedule (a “Repayment Schedule”) for the relevant Rig Advances setting out the repayment dates and the amount of each instalment for such
Rig. Each Repayment Schedule shall be binding on the Borrowers and the Lenders. 

  

	18.2	 Other Scheduled Repayments 

 

	 	(a)	 Without prejudice to Clause 6.1 (Scheduled Repayments), each Borrower shall repay the relevant
Facilities: 

  

	 	(i)	 at the Effective Time, in an amount equal to the proportionate share of USD 100,000,000 that relates to the
amount of principal deemed to be utilised under the Facilities with effect on and from the Effective Time in accordance with Clause 2.1(b) and the terms of the Framework Agreement as a proportion of the amount of principal outstanding under the SDLP
Facilities on such date; 

  

	 	(ii)	 on the date falling six (6) months after the Effective Time, in an amount equal to the proportionate
share of USD 25,000,000 that relates to the amount of principal outstanding under the Facilities as a proportion of the amount of principal outstanding under the SDLP Facilities on such date; and 

 

	 	(iii)	 on the date falling twelve (12) months after the Effective Time, in an amount equal to the proportionate
share of USD 25,000,000 that relates to the amount of principal outstanding under the Facilities as a proportion of the amount of principal outstanding under the SDLP Facilities on such date. 

 

	 	(b)	 Any repayment under this Clause 6.2 shall be applied towards the CEXIM Facility Loan and the Commercial
Facility Loan and shall reduce the amount under the CEXIM Facility and the Commercial Facility in the following proportions: 

  

	 	(i)	 CEXIM Facility, 70%; and 

 

	 	(ii)	 Commercial Facility, 30%, 

and shall reduce the amount to be repaid on the Final Maturity Date in respect of each facility in a corresponding amount.

  

	 	(c)	 Following a repayment made under this Clause 6.2 the Commercial Facility Commitment and the CEXIM Facility
Commitment (as appropriate) shall be cancelled and reduced in a corresponding amount to any such repayment. 

  
 26 

	 	(d)	 Upon any such scheduled repayment under this Clause 6.2 the Agent shall, if applicable, replace Schedule 6
(Indicative Repayments/Reductions) with an amended and new repayment and reduction schedule reflecting the correct scheduled amounts and provide a copy to each Borrower and the Lenders thereof. 

 

	18.3	 Final Repayment of each Rig Advance 

On the Final Maturity Date each Borrower shall repay all applicable sums then outstanding in its capacity as Borrower under
this Agreement and the other Finance Documents in full at such date (if any). 
  

	19.	 Voluntary Prepayment and Cancellation 

 

	19.1	 Voluntary Prepayment 

Subject to Clause 7.3(f) (Application) below, a Borrower may, by giving the Agent not less than three (3) Business
Days prior written notice, prepay the whole or any part of any Rig Advance (but if in part, in a minimum amount of USD 1,000,000 and in integral multiples of USD 1,000,000 (or such lesser amount as consented to by the Agent)). Each and any
prepayment shall relate to one Rig Advance only. 
  

	19.2	 Voluntary Cancellation 

A Borrower may, by giving the Agent not less than three (3) Business Days prior written notice, permanently reduce, cancel
or terminate all or part of the unutilised portions of the CEXIM Facility Commitment and Commercial Facility Commitment (but if in part, in a minimum amount of USD 1,000,000 and in integral multiples of USD 1,000,000), provided that any
cancellation shall be made on a pro rata basis as between the CEXIM Facility and the Commercial Facility). 
  

	19.3	 Terms and Conditions for Prepayments and Cancellation 

 

	 	(a)	 Irrevocable Notice 

No Borrower shall prepay or cancel all or part of the Loans except as expressly provided in this Agreement or in accordance
with the terms of the Intercreditor Agreement. 
 Any notice of prepayment or cancellation by a Borrower under this Clause 7
shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date upon which the prepayment or cancellation is to be made and the amount of the prepayment or cancellation. 

 

	 	(b)	 Additional Payments 

Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any
Break Costs, without premium or penalty. 
  

	 	(c)	 Time of Prepayment and Cancellation 

No Borrower shall repay or prepay all or any part of any Rig Advance made to it or cancel all or any part of the CEXIM
Facility Commitment or the Commercial Facility Commitment except at the times and in the manner expressly provided for in this Agreement. 

  
 27 

	 	(d)	 No Reinstatement 

No amount of the Commitments cancelled nor any amount of any Rig Advance prepaid under this Agreement may subsequently be
reinstated. No Borrower may utilise any part of the Facility which has been cancelled. 
  

	 	(e)	 Forwarding of Notice of Prepayment and Cancellation 

If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice to the Lenders. 

 

	 	(f)	 Application 

Any voluntary cancellation and prepayment made pursuant to this Clause 7 shall, in respect of the relevant Rig Advance, be
applied pro rata against the CEXIM Facility Loan outstanding and Commercial Facility Loan outstanding in respect of such Rig Advance and against cancellation of the Commitment pro rata on each of the scheduled repayments as set out in
Schedule 6 (Indicative Repayments/Reductions) (as amended or replaced from time to time). 
  

	 	(g)	 Amended Repayment and Reduction Schedule 

Upon any such prepayment or cancellation the Agent shall, if applicable, replace Schedule 6 (Indicative
Repayments/Reductions) with an amended and new repayment and reduction schedule reflecting the correct scheduled amounts and provide a copy to each Borrower and the Lenders thereof. 

 

	20.	 Mandatory Reduction, Prepayment and Cancellation 

 

	20.1	 Total Loss or Sale 

  

	 	(a)	 If any of the Rigs are sold or otherwise disposed of in whole or in part, or suffers a Total Loss, on the
Disposal Reduction Date, the Loan(s) shall be prepaid with an amount equal to the Disposal Reduction Amount and otherwise in accordance with Clause 8.7 (Terms and Conditions for Prepayments/Reductions and Cancellation). For the purpose of
this Clause 8.1 the following definition shall apply: 

 “Disposal Reduction Amount”
means the amount equal to the Loans outstanding plus the Available Commitments multiplied with such proportion as the Market Value of such Rig bears to the aggregate of the Market Values of all the Rigs immediately prior to its Total Loss or
completion of its sale or disposal at the date of the Total Loss or completion of the sale or disposal of such Rig; 

“Disposal Reduction Date” means, in relation to a Rig: 

 

	 	(i)	 where such Rig has become a Total Loss, the date which is the earlier of the date the disposal reduction
amount is available and ninety (90) days after such Rig became a Total Loss or such later date as may be agreed in writing by the Agent (acting on the instructions of the Lenders); or 

 

	 	(ii)	 where such Rig is sold or otherwise disposed of, the date upon which the sale or disposal of such Rig is
completed. 

  
 28 

	20.2	 Illegality and Lender’s Financial Requirements 

If it becomes unlawful under any law, regulation, treaty or directive (whether or not having the force of law) in any
applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in the Loan: 
  

	 	(a)	 that Lender shall promptly notify the Agent upon becoming aware of that event; 

 

	 	(b)	 the Agent shall promptly notify each Borrower (specifying the obligations the performance of which is thereby
rendered unlawful and the law giving rise to the same and/or the Lenders’ financial status) upon receipt of notification in accordance with paragraph (a) above; 

 

	 	(c)	 upon the Agent notifying each Borrower, the Commitment of that Lender will be immediately reduced to zero and
cancelled; and 

  

	 	(d)	 the applicable Borrower shall repay that Lender’s participation in the Loans on the last day of the
Interest Period occurring after the Agent has notified the applicable Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by
law). 

  

	20.3	 Sanctions 

Upon the occurrence of any Obligor or any Subsidiary of any Obligor being in breach of Sanctions (including non-compliance with Clause 23.2(b) (Compliance with Laws) and Clause 23.28 (Sanctions)) or becoming a Restricted Party, and such event remains un-remedied (if
capable of being remedied), the Total Commitments shall be automatically cancelled, and all Loans and other amounts outstanding under the Finance Documents shall become due and payable with ten (10) Business Days’ prior written notice from
the Agent. 
  

	20.4	 Minimum Market Value 

 

	 	(a)	 Subject to sub-paragraph (b) below, upon a non-compliance with Clause 24.1 (Minimum Market Value), the Facility shall be repaid or reduced (as applicable) in accordance with Clause 8.7 (Terms and Conditions for Prepayments/Reductions and
Cancellation) on the date falling 60 days after such breach by an amount equal to the amount which is required for the Borrowers to become compliant with Clause 24.1 (Minimum Market Value) again. 

 

	 	(b)	 The application of sub-paragraph (a) above has been waived by the
Finance Parties up until the Final Maturity Date and the provisions of sub-paragraph (a) above are therefore suspended until the Final Maturity Date. 

 

	20.5	 Change of Control 

  

	 	(a)	 If: 

  

	 	(i)	 

  

	 	(A)	 any of Seadrill T-15 Ltd, Seadrill
T-16 Ltd or Seadrill International Limited ceases to be a one hundred per cent (100%) owned Subsidiary of Seadrill Operating; or 

 

	 	(B)	 any of Seadrill Operating or Seadrill Partners B.V. ceases to be a one hundred per cent (100%) owned
Subsidiary of the Parent; or 

  
 29 

	 	(C)	 the Seadrill Entity ceases to own (directly or indirectly) one hundred per cent (100%) of the interests
(capital and voting rights) of Seadrill Member, 

 unless in each case a prior written consent from the
Lenders has been given; 
  

	 	(ii)	 any person, other than the Seadrill Entity, or group of persons acting in concert, obtains more than fifty per
cent (50%) of the voting rights or share capital or otherwise control the appointment of members of the board of directors of the Parent, unless the new controlling shareholder(s) is/are acceptable to the Lenders; or 

 

	 	(iii)	 Hemen Holding Limited (and/or one or more companies controlled more than fifty per cent (50%) by the John
Fredriksen Family) ceases to own a minimum of twenty per cent (20%) or more of the voting rights or share capital or otherwise control the appointment of members of the board of directors of the Seadrill Entity, unless a prior written consent from
the Lenders has been given, 

 the Total Commitment shall be automatically cancelled and all Loans and
other amounts outstanding under the Finance Documents shall be prepaid within sixty (60) days thereafter. 
  

	 	(b)	 To the extent that any change of control provision relating to Hemen Holding Limited’s minimum ownership
in the voting rights or share capital or its ability to otherwise control of the appointment of members of the board of directors of the Seadrill Entity contained in the Telesto Facility Agreement is amended, waived, deleted or no longer in effect
on the SDRL Restructuring Completion Date, with effect from the SDRL Restructuring Completion Date, this Clause 8.4 shall be deemed to be automatically amended to reflect such amended, waived, deleted or no longer in effect provision.

  

	 	(c)	 For the purpose of this Clause 8.5 the following definition shall apply: 

“John Fredriksen Family” shall mean John Fredriksen, his direct lineal descendants, the personal estate of any
of the aforementioned persons and any trust created for the benefit of one or more of the aforementioned persons and their estates. 
  

	20.6	 Charter Contract Termination 

 

	 	(a)	 If any Charter Contract in respect of a Rig is terminated (for whatever reason) or ceases to be in force
(except as a result of it being a Total Loss) and no Replacement Charter is awarded within one hundred and eighty (180) days of such termination etc., on the one hundred and eightieth (180th) day after such termination etc, the Loan shall be
prepaid with an amount equal to the Charter Contract Reduction Amount and otherwise in accordance with Clause 8.7 (Terms and Conditions for Prepayments/Reductions and Cancellation). If any Charter Contract in force at this date of this
Agreement expires through effluxion of time or if a Replacement Charter is entered into pursuant to this Clause 8.6, the relevant Borrower shall provide the Agent with a replacement Schedule 2 (Borrowers, Guarantors and Collateral Rigs) (a
“Replacement Schedule”) as soon as practicable, which Replacement Schedule shall, when initiated by the Rig Owners, the Parent and the Agent, shall replace the Schedule 2 (Borrowers, Guarantors and Collateral Rigs) then
scheduled to this Agreement. 

  

	 	(b)	 For the purpose of this Clause 8.6 the following definitions shall apply: 

“Charter Contract Reduction Amount” means the amount equal to the Loans outstanding plus the Available
Commitments multiplied with such proportion as the 

  
 30 

 Market Value of such Rig bears to the aggregate of the Market Values of all the
Rigs immediately prior to the relevant termination, cancellation, rescinding or frustration. 
 “Replacement
Charter” means a drilling contract with a duration exceeding six (6) months including an operating rate of minimum USD 85,000 per day in respect of a Rig. 
  

	20.7	 Terms and Conditions for Prepayments/Reductions and Cancellation 

 

	 	(a)	 Application 

  

	 	(i)	 Any mandatory prepayments and/or reductions and/or cancellations (as the case may be) shall be applied pro
rata against the CEXIM Facility Loan outstanding and the Commercial Facility Loan outstanding and pro rata on each of the scheduled repayments as set out in Schedule 6 (Indicative Repayments/Reductions) other than in respect of a
prepayment pursuant to Clause 8.2 (Illegality and Lender’s Financial Requirements). 

  

	 	(ii)	 Upon any such reduction, the Agent shall, if applicable, replace Schedule 6 (Indicative
Repayments/Reductions) with an amended and new repayment and reduction schedule reflecting the correct scheduled amounts and provide a copy to each Borrower and the Lenders thereof. 

 

	 	(b)	 Additional Payments 

Upon any reduction of the Commitments under this Clause 8, the applicable Borrower shall repay the Loans outstanding by an
amount sufficient to ensure that the total aggregate amount of the outstanding Loans shall constitute no more than the amount of the Commitment(s) of all the Lenders following the relevant reduction (less any amounts remaining to be drawn), such
repayment to be made no later than on the day that the relevant reduction becomes effective. Any such prepayments shall be applied pro rata between the Lenders. 

Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any
Break Costs, without premium or penalty. 
  

	 	(c)	 No Reinstatement 

No amount of the Commitments cancelled or repaid under this Clause 8 may subsequently be reinstated. No Borrower may
utilise any part of the Facility which has been cancelled or any of the Facility which has been prepaid under this Clause 8. 
  

	 	(d)	 Forwarding of Notice of Prepayment and Cancellation 

If the Agent receives a notice under this Clause 8 it shall promptly forward a copy of that notice to the Lenders and the
Borrowers (if applicable). 
  

	 	(e)	 Amended Repayment and Reduction Schedule 

Upon any mandatory prepayments and/or reductions and/or cancellations the Agent shall, if applicable, replace Schedule 6
(Indicative Repayments/Reductions) with an amended and new repayment and reduction schedule reflecting the correct scheduled amounts and provide a copy to each Borrower and the Lenders thereof. 

  
 31 

	21.	 Interest 

  

	21.1	 Calculation of Interest 

The rate of interest for the Loan for each Interest Period is the percentage rate per annum which is the aggregate of: 

 

	 	(a)	 the Applicable Margin; and 

 

	 	(b)	 LIBOR. 

  

	21.2	 Payment of Interest 

Each Borrower shall pay accrued interest on each Loan provided to it on each Interest Payment Date, however, if the Interest
Period is longer than six (6) months, on the date falling at six (6) monthly intervals after the first day of the Interest Period. 
  

	21.3	 Default Interest 

If an Obligor fails to pay any amount payable by it under the Finance Documents on its due date, interest shall accrue on the
overdue amount from the due date and up to the date of actual payment (both before and after judgment) at a rate determined by the Agent to be two per cent (2.00%) higher than the rate which would have been payable if the overdue amount had, during
the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under
this Clause 9.3 shall be immediately payable by the Obligors on demand by the Agent. Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue
amount but will remain immediately due and payable. 
  

	21.4	 Notification of Rates of Interest 

The Agent shall promptly notify the Lenders and the Borrowers of the determination of a rate of interest under this Agreement.

  

	22.	 Interest Periods 

 

	22.1	 Selection of Interest Periods 

 

	 	(a)	 The first Interest Period for each Loan shall begin as at the Effective Time and shall expire on19 September
2017. 

  

	 	(b)	 The applicable Borrower may select an Interest Period (subject to
sub-paragraph (a) above and paragraph (e) below) for a Loan in a Selection Notice. 

  

	 	(c)	 Each Selection Notice is irrevocable and must be received by the Agent not later than 10:00 am (London time)
three (3) Business Days before the commencement of that Interest Period. 

  

	 	(d)	 If a Borrower fails to deliver a Selection Notice to the Agent in accordance with paragraph (c) above,
the relevant Interest Period will be three (3) months. 

  

	 	(e)	 The applicable Borrower may select an Interest Period of three (3) or six (6) months.

  

	 	(f)	 An Interest Period for a Loan shall not extend beyond the Final Maturity Date, but shall be shortened so that
it ends on the Final Maturity Date. 

  
 32 

	 	(g)	 An Interest Period for the maturing part of a Loan shall not extend beyond the first subsequent scheduled
repayment date after the Utilisation Date of such Loan, but shall be shortened so that it ends on such scheduled repayment date. 

  

	 	(h)	 Each Interest Period for a Loan shall start on the relevant Utilisation Date or (if already made) on the last
day of its preceding Interest Period. The first Interest Period of a Loan shall be shortened so as to be aligned with the next occurring Interest Period of the other Loans. 

 

	22.2	 Non-Business Day 

If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the
next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	22.3	 Notification of Interest Periods 

The Agent will notify the Borrowers and the Lenders of the Interest Periods determined in accordance with this Clause 10. 

 

	23.	 Changes to the Calculation of Interest 

 

	23.1	 Market Disruption 

  

	 	(a)	 If a Market Disruption Event occurs in relation to the Loan for any Interest Period, then the rate of interest
on each Lender’s share of the Loan for the Interest Period shall be the rate per annum which is the sum of: 

  

	 	(i)	 the Applicable Margin; and 

 

	 	(ii)	 the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due
to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in the Loan from whatever source it may reasonably select. 

 

	 	(b)	 In this Agreement, “Market Disruption Event” means: 

 

	 	(i)	 at or about 11:00 am (London time) on the Quotation Day for the relevant Interest Period LIBOR is not
available; or 

  

	 	(ii)	 before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives
notifications from: 

  

	 	(A)	 a Lender or Lenders (whose participations exceed fifty per cent (50%) of the Loan); or 

 

	 	(B)	 a Lender or Lenders in respect of the Commercial Facility (whose participations in the Commercial Facility
exceed fifty per cent (50%) of the Commercial Facility Loan), 

  

	 	    	 that the cost to it or them of obtaining matching deposits in the London interbank market would be in excess
of LIBOR. 

  

	23.2	 Alternative Basis of Interest or Funding 

If a Market Disruption Event occurs and the Agent or the Parent so require, the Agent and the Parent shall enter into
negotiations (for a period of not more than thirty (30) days) with a view to agreeing a substitute basis for determining the rate of interest instead of LIBOR. Any 

  
 33 

 alternative basis agreed pursuant to this Clause 11.2 shall, with the prior
consent of all the Lenders and the Parent, be binding on all Parties. 
  

	23.3	 Break Costs 

  

	 	(a)	 A Borrower shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance Party
its Break Cost attributable to all or any part of the Loan or Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest Period for the Loan or Unpaid Sum. 

 

	 	(b)	 Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate
confirming the amount of its Break Cost for any Interest Period in which they accrue. 

  

	24.	 Fees 

The Borrowers shall pay such fees as set out in the Fee Letters. 

 

	25.	 Tax Gross-Up and Indemnities 

 

	25.1	 Taxes 

  

	 	(a)	 No Withholding 

All payments by the Obligors under the Finance Documents shall be made free and clear of and without deduction or withholding
for or on account of any Tax or any other governmental or public payment imposed by the laws of any jurisdiction from which or through which such payment is made, unless a Tax deduction or withholding is required by law. 

 

	 	(b)	 Tax Gross-Up 

 

	 	(i)	 The relevant Obligor shall promptly upon becoming aware that it must make a Tax deduction or withholding (or
that there is any change in the rate or the basis of a Tax deduction or withholding) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives
such notification from a Lender it shall notify the Parent. 

  

	 	(ii)	 If a Tax deduction or withholding is required by law to be made by an Obligor: 

 

	 	(A)	 the amount of the payment due from the Obligor shall be increased to an amount which (after making any Tax
deduction or withholding) leaves an amount equal to the payment which would have been due if no Tax deduction or withholding had been required; and 

  

	 	(B)	 that Obligor shall make that Tax deduction or withholding within the time allowed and in the minimum amount
required by law. 

  

	 	(iii)	 Within thirty (30) days of making either a Tax deduction or withholding or any payment required in
connection with that Tax deduction or withholding, the Obligor shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax deduction or withholding has been made or (as
applicable) any appropriate payment paid to the relevant taxing authority. 

  
 34 

	25.2	 Tax Indemnity 

The applicable Borrower shall (within three (3) Business Days of demand by the Agent) pay to the Agent for the account of
the relevant Finance Party an amount equal to the loss, liability or cost which a Finance Party determines will be or has been (directly or indirectly) suffered for or on account of any Tax by such Finance Party in respect of a Finance Document,
save for any Tax on Overall Net Income assessed on a Finance Party or to the extent such loss, liability or cost is: 
  

	 	(a)	 compensated under Clause 13.1(b) (Tax Gross-Up); or

  

	 	(b)	 relates to a FATCA Deduction required to be made by a Party. 

 

	25.3	 VAT 

All amounts set out, or expressed to be payable under a Finance Document by any Party to a Finance Document shall be deemed to
be exclusive of any VAT. If VAT is chargeable, the applicable Borrower shall pay to the Agent for the account of such Finance Party (in addition to the amount required pursuant to the Finance Documents) an amount equal to such VAT. 

 

	25.4	 FATCA Deduction 

  

	 	(a)	 Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in
connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

 

	 	(b)	 Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any
change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Company and the Agent and the Agent shall notify the other Finance Parties. 

 

	25.5	 FATCA Information 

  

	 	(a)	 Subject to paragraph (c) below, each Party shall, within ten (10) Business Days of a reasonable
request by another Party: 

  

	 	(i)	 confirm to that other Party whether it is: 

 

	 	(A)	 a FATCA Exempt Party; or 

 

	 	(B)	 not a FATCA Exempt Party; 

 

	 	(ii)	 supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; 

  

	 	(iii)	 supply to that other Party such forms, documentation and other information relating to its status as that
other Party reasonably requests for the purposes of that other Party’s compliance with any other law, regulation, or exchange of information regime. 

  

	 	(b)	 If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it
subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. 

  
 35 

	 	(c)	 Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall
not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: 

  

	 	(i)	 any law or regulation; 

 

	 	(ii)	 any fiduciary duty; or 

 

	 	(iii)	 any duty of confidentiality. 

 

	 	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments
under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 

 

	26.	 Increased Costs 

 

	26.1	 Increased Costs 

  

	 	(a)	 The applicable Borrower shall, upon demand from the Agent, pay for the account of a Finance Party the amount
of any Increased Cost incurred by that Finance Party or any of its affiliates which comes as a result of the introduction of or any change in (or in the interpretation, administration or application of) any law, regulation or treaty or any directive
of any monetary authority (whether or not having the force of law) (including, but not limited to any laws and regulations implementing new or modified capital adequacy requirements), compliance with any law or regulation made after the date of this
Agreement in relation to any Loan provided to it. 

  

	 	(b)	 In this Agreement, the term “Increased Costs” means: 

 

	 	(i)	 a reduction in the rate of return from the Facility or on a Finance Party’s (or its affiliate’s)
overall capital; 

  

	 	(ii)	 an additional or increased cost; or 

 

	 	(iii)	 a reduction of any amount due and payable under any Finance Document, 

which is incurred or suffered by a Finance Party or any of its affiliates to the extent that it is attributable to that
Finance Party having entered into its Commitments or funding or performing its obligations under any Finance Document. 
  

	 	(c)	 A Finance Party intending to make a claim pursuant to this Clause 14.1 shall notify the Agent of the event
giving rise to the claim, following which the Agent shall promptly notify the Parent. Each Finance Party shall as soon as practicable after a demand by the Agent, provide a confirmation showing the amount of its Increased Costs.

  

	26.2	 Exceptions 

Clause 14.1 does not apply to the extent any Increased Cost is: 

 

	 	(a)	 attributable to a Tax deduction or withholding required by law to be made by a Borrower;

  

	 	(b)	 attributable to a FATCA Deduction required to be made by a Party; 

  
 36 

	 	(c)	 compensated for by Clause 13.1(b) (Tax Gross-Up) or Clause 13.2
(Tax Indemnity); or 

  

	 	(d)	 attributable to gross negligence or the wilful misconduct by the relevant Finance Party or its affiliates of
any law or regulation. 

  

	27.	 Other Indemnities 

 

	27.1	 Currency Indemnity 

  

	 	(a)	 If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgement
or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of:

  

	 	(i)	 making or filing a claim or proof against a Borrower or any other Obligor; or 

 

	 	(ii)	 obtaining or enforcing an order, judgement or award in relation to any litigation or arbitration proceedings,

 the applicable Borrower shall as an independent obligation, within three (3) Business Days of
demand, indemnify each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First
Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. 
  

	 	(b)	 Each of the Obligors waives any right it may have in any jurisdiction to pay any amount under the Finance
Documents in a currency other than that in which it is expressed to be payable. 

  

	27.2	 Other Indemnities 

Each Borrower shall within three (3) Business Days of demand, indemnify each Finance Party against any documented costs,
loss or liability incurred by that Finance Party as a result of: 
  

	 	(a)	 the occurrence of any Event of Default; 

 

	 	(b)	 any Environmental Claim; 

 

	 	(c)	 a failure by an Obligor to pay any amount due under the Finance Documents on its due date, including without
limitation, any cost, loss or liability arising as a result of Clause 29 (Sharing among the Finance Parties); 

  

	 	(d)	 the funding, or making arrangements to fund, its participation in the Loan requested by the applicable
Borrower but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Lender alone); or 

 

	 	(e)	 a Loan (or part thereof) not being prepaid in accordance with a notice of prepayment given by the applicable
Borrower. 

  
 37 

	27.3	 Indemnity to the Agent, the Security Agent, Mandated Lead Arrangers and Bookrunners 

Each Borrower shall promptly on demand indemnify the Agent, Security Agent, the Mandated Lead Arrangers, the Bookrunners and
any Lenders against any and all documented Losses incurred by the Agent, Security Agent, the Mandated Lead Arrangers, the Bookrunners or any Lenders (acting properly) as a result of: 

 

	 	(a)	 without prejudice to Clause 27.9 as applied by Clause 27.22 to the Security Agent, investigating any event
which it reasonably believes is a possible Event of Default; or 

  

	 	(b)	 acting or verifying any notice, request or instruction which it reasonably believes to be genuine, correct or
appropriately authorised; or 

  

	 	(c)	 any action taken by the Agent or the Security Agent or any of their representatives, agents or contractors in
connection with any powers conferred by any Security Document to remedy any breach of any Obligor’s obligations under the Finance Documents; or 

  

	 	(d)	 making a demand under Clause 18 (Guarantee and Indemnity) or enforcing any security under a Security
Document. 

  

	28.	 Mitigation by the Lenders 

 

	28.1	 Mitigation 

Without in any way limiting the obligations of the Borrowers hereunder, each Finance Party shall, in consultation with the
Parent, take all reasonable steps for a period of fifteen (15) Business Days to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of: 

 

	 	(a)	 Clause 8.2 (Illegality and Lender’s Financial Requirements); 

 

	 	(b)	 Clause 13 (Tax Gross-Up and Indemnities); and

  

	 	(c)	 Clause 14 (Increased Costs), 

including (but not limited to) transferring its rights and obligations under the Finance Documents to another affiliate. 

A Finance Party is not obliged to take any steps under this Clause 16.1 if, in the opinion of that Finance Party (acting
reasonably), to do so might be prejudicial to it. 
  

	28.2	 Replacement of a Lender 

 

	 	(a)	 If: 

  

	 	(i)	 any sum payable to any Lender by an Obligor is required to be increased under Clause 13 (Tax Gross-Up and Indemnities); or 

  

	 	(ii)	 any Lender claims indemnification from a Borrower under Clause 14 (Increased Costs),

 the Parent may, whilst the circumstance giving rise to the requirement for that increase or
indemnification continues, give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in each Loan or give the Agent notice of its intention to replace that
Lender in accordance with paragraph (d) below. 

  
 38 

	 	(b)	 On receipt of a notice referred to in paragraph (a) above, the Commitment of that Lender shall
immediately be reduced to zero. 

  

	 	(c)	 On the last day of each Interest Period which ends after the Parent has given notice under paragraph
(a) above (or, if earlier, the date specified by the Parent in that notice), the applicable Borrower shall repay that Lender’s participation in each Loan. 

 

	 	(d)	 The Parent may, in the circumstances set out in paragraph (a) above, on ten (10) Business Days’
prior consultation with the Agent and the relevant Lender, replace that Lender by requiring that Lender to transfer (and, to the extent permitted by law, that Lender shall transfer) pursuant to Clause 26 (Changes to the Parties) all (and not
part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Parent which confirms its willingness to assume and does not assume all the obligations of
the transferring Lender in accordance with Clause 26 (Changes to the Parties) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the aggregate of: 

 

	 	(i)	 the outstanding principal amount of such Lenders’ participation in each Loan; 

 

	 	(ii)	 all accrued interest owing to such Lender; 

 

	 	(iii)	 the Break Costs which would have been payable to such Lender pursuant to Clause 11.3 (Break Costs) had
the applicable Borrower prepaid in full that Lender’s participation in the Loan on the date of the transfer; and 

  

	 	(iv)	 all other amounts payable to that Lender under the Finance Documents on the date of the transfer.

  

	 	(e)	 The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions:

  

	 	(i)	 neither the Borrowers nor the Parent shall have any right to replace the Agent; 

 

	 	(ii)	 neither the Agent nor the Lender shall have any obligation to find a replacement Lender; and

  

	 	(iii)	 in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender any of
the fees received by such Lender pursuant to the Finance Documents. 

  

	28.3	 Indemnity 

The Borrowers shall indemnify each Finance Party for all documented costs and expenses reasonably incurred by that Finance
Party as a result of steps taken by it under Clauses 16.1 (Mitigation) and 16.2 (Replacement of a Lender). 
  

	29.	 Costs and Expenses 

 

	29.1	 Transaction Expenses 

The Borrowers shall promptly on demand pay to the Agent or the Security Agent, as the case may be, the amount of all documented
costs and expenses (including legal fees) properly incurred by any of the Lenders and the Security Agent in connection with the negotiation, preparation, printing, perfection, execution, registration and syndication of: 

 

	 	(a)	 this Agreement and any other documents referred to in this Agreement; and 

  
 39 

	 	(b)	 any other Finance Documents executed after the date of this Agreement. 

 

	29.2	 Amendment and Enforcement Costs, Etc. 

The Borrowers shall, within three (3) Business Days of demand, reimburse the Agent, the Security Agent or another Finance
Party for the amount of all costs and expenses (including legal fees) incurred by it in connection with: 
  

	 	(a)	 the granting of any release, waiver or consent under the Finance Documents; 

 

	 	(b)	 any amendment or variation of any of the Finance Documents; and 

 

	 	(c)	 the preservation, protection, enforcement or maintenance of, or attempt to preserve or enforce, any of the
rights of the Finance Parties under the Finance Documents. 

  

	30.	 Guarantee and Indemnity 

 

	30.1	 Guarantee and Indemnity 

Each Guarantor irrevocably and unconditionally jointly and severally: 

 

	 	(a)	 guarantees to the Security Agent (as trustee for the Finance Parties) and the other Finance Parties punctual
performance by each other Obligor of all such Obligor’s obligations under the Finance Documents; 

  

	 	(b)	 undertakes with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that
whenever another Obligor does not pay any amount when due under or in connection with any Finance Document, it shall immediately on demand pay that amount as if it was the principal obligor; and 

 

	 	(c)	 agrees with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that if any
obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor
not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by that Obligor under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity
will not exceed the amount it would have had to pay under this Clause 18.1 if the amount claimed had been recoverable on the basis of a guarantee. 

  

	30.2	 Continuing Guarantee 

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the
Finance Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	30.3	 Reinstatement 

If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those
obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation,
then the liability of each Guarantor under this Clause 18 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

  
 40 

	30.4	 Waiver of Defences 

The obligations of each Guarantor under this Clause 18 will not be affected by an act, omission, matter or thing (whether or
not known to it or any Finance Party) which, but for this clause, would reduce, release or prejudice any of its obligations under this Clause 18 including (without limitation): 

 

	 	(a)	 any time, waiver or consent granted to, or composition with, any Obligor or other person;

  

	 	(b)	 the release of any other Obligor or any other person under the terms of any composition or arrangement with
any creditor of any other Obligor; 

  

	 	(c)	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up
or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement
in respect of any instrument or any failure to realise the full value of any security; 

  

	 	(d)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of an Obligor or any other person; 

  

	 	(e)	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of any Finance Document or any other document or security including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance
Document or other document or security; 

  

	 	(f)	 any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or
any other document or security; or 

  

	 	(g)	 any insolvency or similar proceedings. 

 

	30.5	 Immediate Recourse 

Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to
proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 18. 

This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 

 

	30.6	 Appropriations 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been
irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	 refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party
(or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same;
and 

  

	 	(b)	 hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any
Guarantor’s liability under this Clause 18. 

  
 41 

	30.7	 Deferral of Guarantors’ Rights 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been
irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or
liability arising, under this Clause 18: 
  

	 	(a)	 to be indemnified by another Obligor; 

 

	 	(b)	 to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance
Documents; 

  

	 	(c)	 to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the
Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party; 

 

	 	(d)	 to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any
obligation, in respect of which the Guarantors has given a guarantee, undertaking or indemnity under this Clause 18; 

  

	 	(e)	 to exercise any right of set-off against any other Obligor; and/or

  

	 	(f)	 to claim or prove as a creditor of any other Obligor in competition with any Finance Party.

 If a Guarantor receives any benefit, payment or distribution in relation to such rights it will promptly
pay an equal amount to the Agent for application in accordance with Clause 30 (Payment Mechanics). This only applies until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been
irrevocably paid in full. 
  

	30.8	 Additional Security 

This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held
by any Finance Party. 
  

	30.9	 Maximum Liability 

Notwithstanding anything to the contrary contained in this Agreement or any of the Finance Documents including this Clause 18,
the total and aggregate liability of each Guarantor hereunder shall be limited to USD 125,551,250 (maximum outstanding sums owed under the Finance Documents), plus any interest and costs. 

  
 42 

	31.	 Security 

  

	31.1	 First Ranking Security 

 

	 	(a)	 The Obligors’ obligations and liabilities under the Finance Documents, including (without limitation)
each Borrower’s obligation to repay the Facility together with all unpaid interest, default interest, commissions, charges, expenses and any other derived liability whatsoever of the Obligors towards the Finance Parties in connection with the
Finance Documents (“Secured Obligations”), shall throughout the Security Period, be secured by the First Ranking Security Documents (in the case of the Mortgages (including deeds of covenant), subject to contractually agreed Quiet
Enjoyment Letters (where relevant under a drilling contract with a third party). 

  

	 	(b)	 Each of the Obligors undertakes to ensure that the above First Ranking Security Documents are duly executed by
the parties thereto in favour of the Security Agent (on behalf of the Finance Parties) in form and substance satisfactory to the Agent (on behalf of the Finance Parties) in accordance with Clause 4 (Conditions Precedent), legally valid and in
full force and effect with first priority, and to execute or procure the execution of such further documentation (in form and substance satisfactory to the Agent (on behalf of the Finance Parties)) as the Agent may reasonably require in order for
the relevant Finance Parties to maintain the security position envisaged under this Clause 19.1. 

  

	31.2	 Second Ranking Security Documents 

 

	 	(a)	 The relevant Obligors shall enter into and grant the Second Ranking Security Documents in favour of the Common
Security Agent as security for the SDLP Facilities. 

  

	 	(b)	 Each relevant Obligor undertakes to ensure that the Second Ranking Security Documents are duly executed by the
parties thereto in favour of the Common Security Agent in a form and substance satisfactory to the Common Security Agent (on behalf of the SDLP Finance Parties) legally valid and in full force and effect with second priority, and to execute or
procure the execution of such further documentation as the Common Security Agent may reasonably require in order for the Common Security Agent to maintain the security position envisaged under this Clause 19.2. 

 

	31.3	 Further Assurance 

  

	 	(a)	 Each Obligor shall promptly do all such acts or execute all such documents (including assignments, transfers,
mortgages, charges, notices and instructions) as the Agent may reasonably specify (and in such form as the Agent may reasonably require): 

  

	 	(i)	 to perfect the Security Interests created or intended to be created by that Obligor 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 Security Agent provided by or pursuant to the Finance Documents or by law; 

  

	 	(ii)	 to confer on the Security Agent Security Interests over any property and assets of that Obligor located in any
jurisdiction equivalent or similar to the Security Interest intended to be conferred by or pursuant to the Security Documents; and/or 

  

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

  
 43 

	 	(b)	 Each Obligor 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 Interest conferred or intended to be conferred on the Security Agent by or pursuant to the Finance Documents. 

 

	32.	 Representations and Warranties 

Each of the Obligors represents and warrants to each Finance Party as follows: 

 

	32.1	 Status 

  

	 	(a)	 Each Obligor is a limited liability company, duly incorporated (in the case of the Obligors other than the
Parent and Seadrill Operating), formed (in the case of the Parent and Seadrill Operating), organised and validly existing under the laws of the jurisdiction of their incorporation or formation, in each case as applicable, as set out in Schedule 7
(Corporate Structure) and registration and have the power to own their assets and carry on their business as they are currently being conducted. 

  

	 	(b)	 None of the Parent or Seadrill Operating are physically present in the Republic of the Marshall Islands or
doing business within the geographic boundaries of the Republic of the Marshall Islands. 

  

	32.2	 Binding Obligations 

 

	 	(a)	 Subject to (b) below, the Finance Documents to which any Obligors are a party constitute legal, valid,
binding and enforceable obligations, and each Security Document creates the security interests which that Security Document purports to create and those security interests are, or will be, legal, valid, binding and enforceable securities with the
priority designated therein, and no registration, filing, payment of tax or fees or other formalities are necessary or desired to render the Finance Documents enforceable in accordance with their terms against the Obligors, save for the registration
of the Mortgages with the relevant Ship Registry (and the registration of the relevant Security Documents (if any) with the relevant Company Register of the Obligors which shall be completed within the applicable time limit in each relevant
jurisdiction). 

  

	 	(b)	 Finance Documents which according to this Agreement are not deemed to be delivered until the First Utilisation
Date or subsequent Utilisation Date, will be in compliance with (a) above from the First Utilisation Date or subsequent Utilisation Date respectively. 

  

	32.3	 No Conflict with other Obligations 

The entry into and performance by it of, and the transactions contemplated by, the Finance Documents to which it is a party do
not and will not conflict with: 
  

	 	(a)	 any law or regulation or any order or decree of any judicial or official agency or court;

  

	 	(b)	 any constitutional documents of such Obligor; or 

 

	 	(c)	 the Charter Contracts or any agreement or document to which it is a party or by which it is bound.

  

	32.4	 Power and Authority 

It has the power to enter into, perform and deliver, and has taken all necessary corporate actions to authorise its entry into
and delivery of, performance, validity and enforceability of 

  
 44 

 the Finance Documents to which it is a party and the transactions contemplated by
those Finance Documents. 
  

	32.5	 Authorisations and Consents 

All authorisations, approvals, consents and other matters, official or otherwise, required (i) in connection with the
entering into, performance, validity and enforceability of the Finance Documents and the transactions contemplated hereby and thereby and (ii) for it to carry on its business as currently being conducted have been obtained or effected and are
in full force and effect. 
  

	32.6	 Taxes 

It has complied with all taxation laws in all jurisdictions where it is subject to taxation and has paid all Taxes and other
amounts due to governments and other public bodies. No claims are being asserted against it with respect to any Taxes or other payments due to public or governmental bodies save as disclosed to the Agent pursuant to Clause 23.4 (Taxation). It
is not required to make any withholdings or deductions for or on account of Tax from any payment it may make under any of the Finance Documents. 
  

	32.7	 No Default 

No Event of Default, Default or any prepayment event pursuant to Clause 8 (Mandatory Reduction, Prepayment and
Cancellation) is existing or might reasonably be expected to result from the making of the Utilisation or the entry into and performance of or any transaction contemplated by any of the Finance Documents. No other event or circumstance is
outstanding which (in the reasonable opinion of the Agent or the Required Lenders) constitutes a default or (with the expiry of a grace period, giving of notice or the making of any determination or the fulfilment of any other applicable conditions
or any combination of the foregoing) might constitute a default under any Charter Contracts, other agreement or instrument which is binding on it or any of its Subsidiaries (if any) or to which its (or any of its Subsidiaries’ (if any)) assets
are subject and which has or might have a Material Adverse Effect. 
  

	32.8	 No Misleading Information 

Any factual information, documents, exhibits or reports relating to the Obligors and their respective Subsidiaries and which
have been furnished to the Finance Parties by or on behalf of the Obligors are complete and correct in all material respects and do not contain any misstatement of fact or omit to state a fact making such information, exhibits or reports misleading
in any material respect or no omission to disclose any off-balance sheet liabilities or other information, documents or agreements which if disclosed could reasonably be expected to affect the decision of a
Finance Party to enter into a Finance Document. 
  

	32.9	 Original Financial Statements 

 

	 	(a)	 Complete and Correct 

The Original Financial Statements and the financial information most recently delivered to the Agent or the Lenders pursuant to
Clause 21 (Information Undertakings), save as disclosed to an Exchange, fairly and accurately represent the assets, liabilities and the financial condition of the Obligors and their respective Subsidiaries as at the time that they were
prepared and have been prepared in accordance with Accounting Principles consistently applied. 

  
 45 

	 	(b)	 No Undisclosed Liabilities 

As of the later of date of the Original Financial Statements and the financial information most recently delivered to the
Agent or the Lenders pursuant to Clause 21 (Information Undertakings), none of the Obligors or any of its Subsidiaries had any material liabilities, direct or indirect, actual or contingent, and there is no material, unrealised or anticipated
losses from any unfavourable commitments not disclosed by or reserved against in the Original Financial Statements, the most recent delivered financial information or in the notes thereto (save as disclosed to an Exchange). 

 

	 	(c)	 No Material Change 

Since the later of the date of the Original Financial Statements and the financial information most recently delivered to the
Agent or the Lenders pursuant to Clause 21 (Information Undertakings), there has been no material adverse change in the business, operations, assets or condition (financial or otherwise) of any Obligor or its Subsidiaries which might have a
Material Adverse Effect. 
  

	32.10	 Pari Passu Ranking 

Its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured
and unsubordinated creditors, except for obligations preferred by mandatory law applying to companies generally. 
  

	32.11	 No Proceedings Pending or Threatened 

No litigation, judgment, order, injunction, restraint, arbitration or administrative proceedings (private or public) of or
before any court, arbitral body or agency, which if adversely determined, might reasonably be expected to have a Material Adverse Effect, have been started or are pending or (to the best of its knowledge and belief) have been threatened against it.

  

	32.12	 No Existing Security Interest 

Save as described in Clause 19 (Security), as from the First Utilisation Date, no Security Interest (other than pursuant
to the Security Documents and Permitted Encumbrances) exists over all or any of the present or future revenues or assets of any Obligor relating to assets which are or will become the subject of the Security Documents and all of the Obligors’
rights, title and interest are freely assignable and chargeable in the manner contemplated by the Security Documents. 
  

	32.13	 No Immunity 

  

	 	(a)	 The execution and delivery by it of each Finance Document to which it is a party constitute, and its exercise
of its rights and performance of its obligations under each Finance Document will constitute, private and commercial acts performed for private and commercial purposes, and it will not (except for bankruptcy or any similar proceedings) be entitled
to claim for itself or any or all of its assets immunity from suit, execution, attachment or other legal process in any proceedings taken in relation to any Finance Document. 

 

	 	(b)	 None of the assets or membership interests of Seadrill Operating or the Parent are owned or held by the
government of the Republic of the Marshall Islands or any agency or instrumentality of each such government or republic. 

  
 46 

	32.14	 No Winding-Up 

It has not taken any corporate action nor have any other steps been taken or legal proceedings been started or threatened
against it for its reorganisation, winding-up, dissolution or administration or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer of it or any or all of its
assets. 
  

	32.15	 No Breach of Laws 

  

	 	(a)	 It has not (and none of its Subsidiaries has) breached any law or regulation which breach (in the opinion of
the Agent or the Required Lenders) has or is reasonably likely to have a Material Adverse Effect. 

  

	 	(b)	 No labour disputes are current or, to the best of its knowledge and belief (having made due and careful
enquiry), threatened against any member of the Group which have or are reasonably likely to have a Material Adverse Effect. 

  

	32.16	 Environmental Laws 

  

	 	(a)	 Each Obligor is in compliance with Clause 23.3 (Environmental Compliance) and to the best of its
knowledge and belief (having made due and careful enquiry) no circumstances have occurred which would prevent such compliance in a manner or to an extent which (in the opinion of the Agent or the Required Lenders) has or is reasonably likely to have
a Material Adverse Effect. 

  

	 	(b)	 No Environmental Claim and no other event or circumstances is outstanding which (with the expiry of a grace
period, giving of notice or the making of any determination or the fulfilment of any other applicable conditions or any combination of the foregoing) might constitute an Environmental Claim has been commenced or is pending (to the best of its
knowledge and belief (having made due and careful enquiry)) is threatened against any member of the Group where that claim has or is reasonably likely, if determined against that member of the Group, which (in the opinion of the Agent or the
Required Lenders) have or are reasonably likely to have a Material Adverse Effect. 

  

	32.17	 Ownership 

  

	 	(a)	 The Parent owns (directly or indirectly) 100% of the shares and the ownership interests in each of the Rig
Owners and the Intra-Group Charterers as described in Schedule 7 (Corporate Structure) hereto. 

  

	 	(b)	 Seadrill Operating owns (directly or indirectly) 100% of the shares and the ownership interests in each of
Seadrill T-15 Ltd., Seadrill T-16 Ltd. and Seadrill International Limited. 

  

	 	(c)	 The Parent owns (directly or indirectly) 100% of the shares and the ownership interests in each of Seadrill
Operating and Seadrill Partners B.V. 

  

	 	(d)	 The Seadrill Entity owns (directly or indirectly) one hundred per cent (100%) of the shares and ownership
interests in Seadrill Member. 

  

	32.18	 The Rigs 

Each of the Rigs is: 
  

	 	(a)	 in the absolute ownership of the relevant Rig Owner described in Schedule 2 (Borrowers, Guarantors and
Collateral Rigs) hereto free and clear of all encumbrances (other than current crew wages, the relevant Mortgage and any 

  
 47 

 Permitted Encumbrance) and, the respective Rig Owner will be the sole, legal and
beneficial owner of such Rig; 
  

	 	(b)	 registered in the name of the relevant Rig Owner as described in Schedule 2 (Borrowers, Guarantors and
Collateral Rigs) with a Ship Registry; 

  

	 	(c)	 operationally seaworthy in every way and fit for service; and 

 

	 	(d)	 classed with a classification society acceptable to the Required Lenders, free of all overdue requirements and
recommendations. 

  

	32.19	 No Money Laundering 

It is acting for its own account in relation to the Facility and in relation to the performance and the discharge of its
obligations and liabilities under the Finance Documents and the transactions and other arrangements effected or contemplated by the Finance Documents to which an Obligor is a party, and the foregoing will not involve or lead to contravention of any
law or regulation relating to terrorist financing or money laundering (as defined in Article 1 of the Directive (2015/849/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of money laundering and terrorist
financing (amending Regulation (EU) No 648/2012 of the European Parliament and the Council and Commission Directive 2006/70/EC, as amended from time to time))) applicable to it. 

 

	32.20	 Corrupt Practices 

It has observed, and to the best of its knowledge and belief, parties acting on its behalf have observed in the course of
acting for it, all applicable laws and regulations relating to bribery or corrupt practices. 
  

	32.21	 Sanctions 

No Obligor, nor any Subsidiary of any Obligor, nor any of their joint ventures, nor any of their respective directors,
officers, employees, agents or representatives: 
  

	 	(a)	 has breached any Sanctions; 

 

	 	(b)	 is a Restricted Party; or 

 

	 	(c)	 has received notice of or is aware of any claim, action, suit, proceeding or investigation against it with
respect to Sanctions. 

  

	32.22	 Material Adverse Effect 

No event or circumstance has occurred which has had, or could reasonably be expected to have, a Material Adverse Effect. 

 

	32.23	 Repetition 

The representations and warranties set out in this Clause 19 are deemed to be made by each of the Obligors on the date of this
Agreement and (except for the representations and warranties in Clause 20.21 (Sanctions)) shall be deemed to be repeated: 
  

	 	(a)	 on each Utilisation Date; 

 

	 	(b)	 on the first day of each Interest Period; and 

 

	 	(c)	 in each Compliance Certificate forwarded to the Agent pursuant to Clause 21.2 (Compliance Certificate)
(or, if no such Compliance Certificate is forwarded, on each day such certificate should have been forwarded to the Agent at the latest). 

  
 48 

	33.	 Information Undertakings 

The Parent gives the undertakings set out in this Clause 21 to each Finance Party and such undertakings shall remain in force
throughout the Security Period. 
  

	33.1	 Financial Statements 

The Parent shall supply to the Agent in sufficient copies for all of the Lenders: 

 

	 	(a)	 as soon as the same become available, but in any event within one hundred and eighty (180) days after the
end of each of the Obligors’ financial year respectively; 

  

	 	(i)	 the Parent’s audited consolidated financial statements; and 

 

	 	(ii)	 each of the Rig Owner’s and the remaining Guarantor’s audited (to the extent applicable)
unconsolidated accounts for that financial year; 

  

	 	(b)	 as soon as the same become available, but in any event within seventy (70) days after each relevant
Quarter Date, the Parent’s consolidated unaudited financial statements for that financial quarter; 

  

	 	(c)	 as soon as the same become available, but in any event no later than 70 days after 30 June and
31 December each calendar year copies of the Group’s Cash Flow Projections for the following three (3) calendar years after such dates; and 

  

	 	(d)	 any other financial information as the Agent or any of the Lenders may from time to time reasonably request.

  

	33.2	 Compliance Certificate 

The Parent shall supply to the Agent, with each set of financial statements delivered pursuant to Clause 21.1 (Financial
Statements), a Compliance Certificate signed by an authorised officer of the Parent setting out (in reasonable detail) inter alia computations as to compliance with Clause 22 (Financial Covenants) as at the date at which those
financial statements were drawn up together with any relevant supporting documentation enabling the Lenders to determine and monitor the Parent’s compliance with Clause 22 (Financial Covenants), Clause 24.1 (Minimum Market Value)
and Clause 24.2 (Insurances) together with confirmation that the Rigs are either employed on the contracts described in Schedule 2 (Borrowers, Guarantors and Collateral Rigs) hereto or, in the circumstances set out in Clause 8.6
(Charter Contract Termination), are employed in contract with a counterparty and on terms satisfactory to the Required Lenders. 

For the avoidance of doubt, information in respect of Clause 24.1(a) (Minimum Market Value) is to be provided in
accordance with this Clause notwithstanding that the covenant in Clause 24.1(a) (Minimum Market Value) has been suspended. 
  

	33.3	 Requirements as to Financial Statements 

The Parent shall procure that each set of financial statements delivered pursuant to Clause 21.1 (Financial Statements)
consist of balance sheets, profit and loss statements and cash flow analysis and is prepared using Accounting Principles, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial
Statements for each of the Obligors, as the case may be, unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in Accounting Principles, the accounting practices or reference periods and its
Auditors deliver to the Agent: 
  

	 	(a)	 a description of any change necessary for those financial statements to reflect Accounting Principles,
accounting practices and reference periods upon which the Original Financial Statements were prepared; and 

  
 49 

	 	(b)	 sufficient information, in form and substance as may be reasonably required by the Agent, to enable the
Lenders to determine whether Clause 22 (Financial Covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements.

 Any reference in this Agreement to those financial statements shall be construed as a reference to those
financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared. 
  

	33.4	 Information—Miscellaneous 

The Parent shall notify the Agent and/or supply to the Agent (in sufficient copies for all the Lenders, if the Agent so
requests): 
  

	 	(a)	 all documents dispatched by the Parent (and by each of the Obligors, to the extent requested by the Agent) to
its shareholders, or to or from its creditors generally at the same time as they are dispatched; 

  

	 	(b)	 promptly upon becoming aware of them, the details of: 

 

	 	(i)	 any breach of material contracts (including rig building contracts and charter contracts) or any material
litigation, judgment, order, injunction, restraint, arbitration or administrative proceedings which is current, threatened, alleged or pending against any of the Obligors or any member of the Group; and 

 

	 	(ii)	 any changes to the senior management of (A) the Parent or (B) any member of the Group where the
change of senior management concerned is of material significance to the Group as a whole; 

  

	 	(c)	 immediately such further information regarding the business, properties, assets and operations (financial or
otherwise) of the Obligors and its Subsidiaries as any Finance Party (through the Agent) may reasonably request; 

  

	 	(d)	 all filings with or reports forwarded to any Exchange; and 

 

	 	(e)	 such updates of forecasts as the Agent may reasonably request. 

 

	33.5	 Notification of Default 

 

	    	 The Parent shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly
upon becoming aware of its occurrence. 

  

	33.6	 Notification of Environmental Claims 

The Parent shall inform the Agent in writing as soon as reasonably practicable upon becoming aware of the same: 

 

	 	(a)	 if any material Environmental Claim has been commenced or (to the best of the Obligors’ knowledge and
belief) is threatened against any of the Obligors, any of the Intra-Group Charterers or any of the Rigs; and 

  

	 	(b)	 of any incident, event, fact or circumstances which will or are reasonably likely to result in any material
Environmental Claim being commenced or threatened against any of the Obligors, any of the Intra-Group Charterers or any of the Rigs. 

  

	33.7	 “Know your Customer” Checks 

 

	 	(a)	 If: 

  
 50 

	 	(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 an Obligor after the date of this Agreement; or 

 

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

 obliges the Agent, the Security Agent
or any Lender (or, in the case of any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall
promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent or the Security Agent (for itself or on behalf of any Lender) or any Lender (for
itself or, in the case of any prospective new Lender, on behalf of any prospective new Lender) in order for the Agent, the Security Agent, such Lender or, in the case of any prospective new Lender, any prospective new Lender to carry out and be
satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

 

	 	(b)	 Each Lender shall promptly upon the request of the Agent or the Security Agent supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Agent or the Security Agent (for itself) in order for the Agent or the Security Agent to carry out and be satisfied it has complied with all necessary “know your
customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

  

	34.	 Financial Covenants 

The financial covenants in this Clause 22 are granted in favour of each Finance Party by the Parent and such financial
covenants shall remain in force throughout the Security Period. 
  

	34.1	 Combined Senior Secured Net Leverage Ratios 

Each Obligor shall comply with the covenants set out in Schedule 10 (Combined Senior Secured Net Leverage Ratios). 

 

	34.2	 Minimum Liquidity 

  

	    	 The Parent will procure that: 

 

	 	(a)	 the Minimum Group Liquidity will not fall below USD 150,000,000; and 

 

	 	(b)	 the Minimum Non-TLB SDLP Obligor Group Liquidity will not fall below
USD 25,000,000 stepping up to USD 50,000,000 upon the earlier to occur of: 

  

	 	(i)	 a final, non-appealable judgment of an English court being given, or a
binding settlement being reached, in respect of the USD 277,000,000 West Leo litigation with Tullow plc in favour of Seadrill Ghana and, in either case, receipt by Seadrill Ghana of the full amount of (in the case of such final, non-appealable judgment) any amount awarded or (in the case of such settlement) any settlement amount agreed to be paid to Seadrill Ghana; and 

 

	 	(ii)	 31 December 2018, 

  
 51 

 provided that no breach of this covenant under either paragraph (a) or
paragraph (b) will occur if any non-compliance with this clause has been remedied or waived within five (5) Business Days of such breach. 

 

	34.3	 Financial Testing 

Except as set forth in Schedule 10 (Combined Senior Secured Net Leverage Ratio), the financial covenants set out in this
Clause 22 shall be calculated in accordance with Accounting Principles applicable to the Original Financial Statements and tested by reference to the latest financial statements (whether audited or unaudited) and each Compliance Certificate provided
under this Clause 22, and presented to the Agent in satisfactory form and substance. 
  

	35.	 General Undertakings 

Each Obligor gives the undertakings set out in this Clause 23 to each Finance Party and such undertakings shall remain in force
throughout the Security Period. 
  

	35.1	 Authorisations Etc. 

 

	    	 Each of the Obligors shall promptly: 

 

	 	(a)	 obtain, comply and do all that is necessary to maintain in full force and effect; and 

 

	 	(b)	 supply certified copies to the Agent (if so requested) of, any authorisation, consent, approval, resolution,
licence, exemption, filing, notarisation or registration required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity,
enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document. 

  

	35.2	 Compliance with Laws and Sanctions 

 

	 	(a)	 Each of the Obligors shall, and shall procure that each member of the Group will, comply, in all respects with
all laws and regulations and constitutional documents to which it and the relevant Rigs may be subject, where failure to do so, in the opinion of the Agent or the Required Lenders, has or is reasonably likely to have a Material Adverse Effect.

  

	 	(b)	 Each of the Obligors shall, and shall procure that each member of the Group will, comply in all respects with
Sanctions, including, but not limited to, laws, regulations and executive orders relating to the U.S. economic embargoes of countries, entities or individuals as administered by the Treasury Department, Office of Foreign Assets Control, and in the
event of non-compliance, the Borrowers shall prepay in accordance with Clause 8.3 (Sanctions). 

  

	35.3	 Environmental Compliance 

Each Obligor shall (and shall ensure that each member of the Group will): 

 

	 	(a)	 comply with all Environmental Law; 

 

	 	(b)	 obtain, maintain and ensure compliance with all requisite Environmental Approvals; and 

 

	 	(c)	 implement procedures to monitor compliance with and to prevent liability under any Environmental Law,

  
 52 

 where failure to do so, (in the opinion of the Agent or the Required Lenders) has
or is reasonably likely to have a Material Adverse Effect. 
  

	35.4	 Taxation 

  

	 	(a)	 Each Obligor shall (and the Parent shall ensure that each member of the Group will) pay and discharge all
Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that: 

  

	 	(i)	 such payment is being contested in good faith; 

 

	 	(ii)	 adequate reserves are being maintained for those Taxes and the costs required to contest them which have been
disclosed in its latest financial statements delivered to the Agent under Clause 21.1 (Financial Statements); and 

  

	 	(iii)	 such payments can be lawfully withheld and failure to pay such Taxes does not (in the opinion of the Agent or
the Required Lenders) have or is not likely to have a Material Adverse Effect. 

  

	 	(b)	 None of the Obligors may change its residence for Tax purposes. 

 

	35.5	 Pari Passu Ranking 

Each of the Obligors shall ensure that its obligations under the Finance Documents do and will rank at least pari passu
with all its other present and future unsecured and unsubordinated obligations, except for those obligations which are preferred by mandatory law applying to companies generally in the jurisdictions of their incorporation or in the jurisdiction
in the ports of calls. 
  

	35.6	 Title 

Each Rig Owner shall (or will as of the time of delivery of a Rig, as the case may be), and the Parent shall procure that all
Intra-Group Charterers will (to the extent applicable), hold full legal title to and own the entire beneficial interest in the Rigs, the Insurances and their Earnings, free of any Security Interest and other interests and rights of every kind,
except for those created by the Finance Documents or as permitted under Clause 23.7 (Negative Pledge). 
  

	35.7	 Negative Pledge 

  

	 	(a)	 None of the Rig Owners shall create or permit to subsist any Security Interest save for Permitted Encumbrances
over any of its present or future undertakings, property, assets, rights or revenues (whether secured by the Security Documents or not). 

  

	 	(b)	 None of the Intra-Group Charterers shall create or permit to subsist any Security Interest save for Permitted
Encumbrances over any of its present or future undertakings, property, assets, rights or revenues that are subject to any Security Interest by the Security Documents. 

 

	35.8	 Change of Business 

Except with the prior written consent of the Required Lenders, the Obligors will not, and shall procure that no other member of
the Group will, cease to carry on or make any change in all or any part of its business and activities as conducted as of the date hereof, or carry on any other business, except for similar related business as presently conducted. The Parent will
not change the place of its jurisdiction or its organisation without the prior written consent of the Required Lenders. 

  
 53 

	35.9	 Finance Documents 

The Obligors shall perform all of their obligations under the Finance Documents at all times in the manner and upon the terms
set out therein. 
  

	35.10	 Undertaking to Procure Subordination of Additional Debt 

 

	 	(a)	 Subject to Clause 23.7 (Negative Pledge), the Obligors undertake to procure (in terms acceptable to the
Required Lenders) the subordination, in point of payment and priority, of any Financial Indebtedness attributable to any Rig Owners to any debt created pursuant to this Agreement. 

 

	 	(b)	 Any subordination and associated ranking created pursuant to the terms of the Intercreditor Agreement, the
Subordination Undertaking and any related finance document shall be deemed acceptable and satisfactory to the Required Lenders in respect of the subject matter thereof. 

 

	35.11	 Mergers and Demergers 

Except with the prior written consent of the Required Lenders, the Obligors will not (i) enter into any merger or
consolidation with any other company unless with another Group member and each Obligor will survive as a separate legal entity remaining bound in all respects by its obligations and liabilities under the Finance Documents, (ii) demerge itself
into any two or more companies or (iii) undertake any other form of corporate restructuring. 
  

	35.12	 Financial Year 

Except with the prior written consent of the Required Lenders, the Obligors will not, and shall procure that no other member of
the Group will, alter its financial year end (currently 31 December as of the date of this Agreement). 
  

	35.13	 Bank Accounts 

  

	 	(a)	 It shall pay and credit all its Earnings (excluding service income for manning, services and procurement etc.
held with separate third party contractors for the purpose of optimising the fiscal structure of the drilling operations) to the Earnings Accounts and maintain all its Earnings Accounts with the Account Bank pursuant to the Account Bank Agreement,
unless otherwise agreed to by the Security Agent (on behalf of all Lenders) and subject to satisfactory security arrangements being entered into in favour of the Finance Parties. 

 

	 	(b)	 It shall procure that the Earnings which derive from the Charter Rates are paid to the Earnings Accounts as
soon as possible after the receipt by such Intra-Group Charterer of the Charter Rate or any other rate or hire for the relevant Rig. 

  

	35.14	 Dividends of the Parent and Rig Owners 

 

	 	(a)	 The Parent may 

  

	 	(i)	 pay dividends (or make any other distributions to its shareholders), 

 

	 	(ii)	 buy-back its own common stock and/or 

 

	 	(iii)	 make new material investments in any company, shares, common stock or enter into any kind of new forward
contracts (including total return swaps), 

 only to the extent that: 

 

	 	(A)	 no Default is continuing or would result from the proposed transaction, and 

  
 54 

	 	(B)	 after giving effect to such transaction, the Parent and its Subsidiaries are in compliance with the Financial
Covenants set out in Clause 22 (Financial Covenants) of this Agreement. 

  

	 	(b)	 The Rig Owners may pay dividends (or make any other distributions to its shareholders), only

  

	 	    	 to the extent that: 

 

	 	(A)	 no Default is continuing or would result from the proposed transaction, and 

 

	 	(B)	 after giving effect to such transaction, the Parent and its Subsidiaries are in compliance with the Financial
Covenants set out in Clause 22 (Financial Covenants) of this Agreement. 

  

	35.15	 Restrictions on Indebtedness 

 

	 	(a)	 None of the Rig Owners shall incur, create or permit to subsist any Financial Indebtedness other than as
incurred under the Finance Documents. 

  

	 	(b)	 The restrictions in paragraph (a) above do not apply to; 

 

	 	(i)	 Hedging 

Indebtedness incurred under any interest rate or foreign exchange agreement entered into in the ordinary course of business
and which are not of a speculative nature and which is subordinated in point of payment and priority to any debt created pursuant to this Agreement; 
  

	 	(ii)	 Intercompany Loans 

Loans and advances made to the Rig Owners by members of the Group on the conditions that the Loans are subordinated pursuant
to the Subordination Undertaking and unsecured in form and substance satisfactory to the Agent; 
  

	 	(iii)	 Required Lenders 

Financial Indebtedness consented to by the Required Lenders. 

 

	 	(c)	 To the extent that there are at any time loans between members of the Group, which are or may affect the
ability of the Borrowers or the Guarantors in fulfilling its or their obligations to the Finance Parties under this Agreement, such loans will be subordinated to the rights of the Finance Parties under the Finance Documents. 

 

	35.16	 Transactions with Affiliates 

Each Obligor shall (and shall procure that each Subsidiary will) procure that all transactions entered into with an Affiliate
are made on market terms and otherwise on arm’s length terms. 
  

	35.17	 Disposals 

Subject to Clause 8 (Mandatory Reduction, Prepayment and Cancellation), no Obligor shall: 

 

	 	(a)	 enter into a single transaction or series of transactions (whether related or not and whether voluntary or
involuntary) to sell, lease, transfer, or otherwise dispose of any Rig or other asset being the subject of a Security Interest pursuant to the Security Documents or the whole or a substantial part of its other assets; or 

  
 55 

	 	(b)	 enter into a single transaction or series of transactions (whether related or not and whether voluntary or
involuntary) to sell, lease, transfer, or otherwise dispose of its assets other than made on market value and arm’s length terms, 

without the prior written consent of the Required Lenders. 

 

	35.18	 Financial Support 

None of the Rig Owners shall provide, procure, create or permit to subsist any Financial Support (including contingent support)
other than: 
  

	 	(a)	 Financial Support permitted pursuant to the Finance Documents; 

 

	 	(b)	 Financial Support consented to by the Required Lenders; or 

 

	 	(c)	 the issuance of performance guarantees to any ultimate charterer of a Rig. 

 

	35.19	 Centre of Main Interest 

None of the Obligors shall change its centre of main interest or establishment to another jurisdiction without obtaining the
prior written consent from the Required Lenders. 
  

	35.20	 Assignment of Contracts 

If an Event of Default has occurred and is continuing the Obligors will, upon the Agent’s request, use their best
endeavours to have assigned or transferred the rights and obligations under contracts pertaining to the Rigs (with members of the Group as well as ultimate charterers) or any of them to one or several parties nominated by the Agent (which may
include assigning such rights to the Security Agent). 
  

	35.21	 Sale or Total Loss of a Rig 

Subject to Clause 23.17 (Disposals), the Obligors will ensure that a Rig is not sold in whole or in part without prior
written notice to the Agent, and in the event of such sale or in the event of a Total Loss, make such prepayment as provided for in Clause 8.1 (Total Loss or Sale) and comply with Clause 24.13 (Total Loss). 

 

	35.22	 Investment Restrictions 

 

	 	(a)	 Subject to Clause 23.14(a)(ii) and (iii) (Dividends of the Parent and Borrowers) and subject to
paragraph (b) below, neither the Parent nor its Subsidiaries (other than the Rig Owners) shall make any investments and acquisitions unless: 

  

	 	(i)	 after giving effect to any such investment, the Parent and its Subsidiaries are in pro forma (“pro
forma” meaning that the calculation of the financial covenants shall take into account any effect of the investment or acquisition made) compliance (evidenced by adjusted financial calculations taking into account any effect of the investment
or acquisition made) with the financial covenants set out in Clause 22 (Financial Covenants) of this Agreement; and 

  

	 	(ii)	 no Default is continuing or would result from the proposed investment and acquisition. 

 

	 	(b)	 None of the Rig Owners shall make any further investments or acquisitions, except for any capital expenditure
or investments related to ordinary upgrade or maintenance work of the Rigs. 

  

	35.23	 Ownership 

  

	 	(a)	 

  
 56 

	 	(i)	 The Parent shall keep one hundred per cent (100%) ownership (capital and voting rights) in each of the Rig
Owners and the Intra-Group Charterers either directly or indirectly. 

  

	 	(ii)	 Seadrill Operating shall keep one hundred per cent (100%) ownership (capital and voting rights) in each of
Seadrill T-15 Ltd., Seadrill T-16 Ltd. and Seadrill International Limited either directly or indirectly. 

 

	 	(iii)	 The Parent shall keep one hundred per cent (100%) ownership (capital and voting rights) in each of Seadrill
Operating and Seadrill Partners B.V. either directly or indirectly. 

  

	 	(b)	 Immediately upon a change to the ownership structure as set out in Schedule 7 (Corporate Structure),
the Parent shall advise the Lenders of such change. 

  

	35.24	 Corrupt Practices 

Each Obligor shall act in compliance with all applicable laws and regulations relating to bribery and corrupt practices and
shall use all reasonable endeavours to procure that any person acting on its behalf acts in such manner in the course of acting for it. 
  

	35.25	 Use of proceeds 

No proceeds of a Loan shall be made available, directly or indirectly, to or for the benefit of a Restricted Party nor shall
they be otherwise, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions. 
  

	35.26	 Operating Agreement and Seadrill Member 

 

	 	(a)	 The Borrowers shall procure that none of the material terms, in the opinion of the Agent or the Required
Lenders, of the Operating Agreement are amended, terminated, or waived without the prior written consent of the Agent (on behalf of the Required Lenders). 

  

	 	(b)	 The Borrowers shall procure that Seadrill Member shall continue to be the Seadrill Member. Amendments solely
related to the issuance of additional Membership Interests (as defined in the Operating Agreement), provided that Seadrill Member’s pre-emptive right applies to these Membership Interests, shall not be
regarded as a material amendment. 

  

	35.27	 Extension of TLB RCF 

The Parent shall use reasonable endeavours to obtain consent from the lenders of the TLB RCF to extend its maturity date so
that the Final Maturity Date under this Agreement falls prior to that of the TLB RCF. 
  

	35.28	 Sanctions 

Each Obligor shall ensure that none of their, nor any of their Subsidiaries’, respective directors, officers, employees,
agents or representatives or any other persons acting on any of their behalf, is a person listed on any Sanctions List and in the event of non-compliance, the Borrower shall prepay in accordance with Clause
8.3 (Sanctions). 
  

	36.	 Rig Covenants 

The Obligors give the undertakings set out in this Clause 24 to each Finance Party and such undertakings shall remain in force
throughout the Security Period. 
  

  
 57 

	36.1	 Minimum Market Value 

 

	 	(a)	 Subject to sub-paragraph (b), the Obligors will procure that the
Market Value of all the Rigs (taken in aggregate) is at least one hundred and thirty five per cent (135%) of the sum of the Loans outstanding from, and tested first time with reference to the period ending on 31 December 2017 and up until the
Final Maturity Date. 

  

	 	(b)	 The application of sub-paragraph (a) above has been waived by the
Finance Parties until the Final Maturity Date and the provisions of sub-paragraph (a) above are therefore suspended until the Final Maturity Date. For the avoidance of doubt, Clause 8.3 (Minimum Market
Value) will not apply whilst the covenant in Clause 24.1 is suspended. 

  

	36.2	 Market Valuation of the Rigs 

 

	 	(a)	 The Parent shall (at its own expense): 

 

	 	(i)	 arrange for the Market Value of each of the Rigs to be determined and valued, in order for the same to be
communicated to the Agent (but not for the purpose of determining any compliance with Clause 24.1 (Minimum Market Value)) at the same time as each Compliance Certificate is delivered to the Agent pursuant to Clause 21.2 (Compliance
Certificate) for the financial quarters ending 30 June and 31 December each year; and 

  

	 	(ii)	 if an Event of Default has occurred and is continuing, upon the Agent’s request, arrange for the Market
Value of each of the Rigs to be determined. 

  

	 	(b)	 For the avoidance of doubt, there shall be no requirement for the Parent to provide the Market Value of each
of the Rigs in any Compliance Certificate delivered to the Agent in respect of any testing period after the date of this Agreement. 

  

	36.3	 Insurance 

  

	 	(a)	 Each Obligor shall maintain or ensure that each of the Rigs is insured against such risks, including the
following risks, Hull and Machinery, Protection & Indemnity (including an adequate club cover for pollution liability as normally adopted by the industry for similar rigs), Hull Interest and/or Freight Interest and War Risk (including
piracy, terrorism and confiscation) insurances, in such amounts and currencies, on such terms (always applying the terms of the Nordic Marine Insurance Plan of 2013, version 2016 (as amended from time to time)) and with such insurers and placed
through insurance brokers as the Agent shall approve as appropriate for an internationally reputable major drilling contractor. The Parent shall seek the approval of the Agent in writing, on behalf of the Lenders, prior to placing any insurances
through any captive vehicle. 

  

	 	(b)	 The insured value of each of the Rigs shall at all times be at least equal to or higher than the Market Value
of each of the Rigs. The aggregate insured value of the Rigs, shall at all times be at least equal to the higher of the Market Values of the Rigs and one hundred and twenty per cent (120%) of the Total Commitments. 

 

	 	(c)	 The value of the Hull and Machinery insurance shall cover at least eighty per cent (80%) of the Market Value
of each of the Rigs and the aggregate insured values in the hull and machinery insurances of the Rigs, shall at all times be at least equal to the Total Commitments. 

 

	 	(d)	 Each Obligor shall procure that the Security Agent (on behalf of the Finance Parties) is noted as first
priority mortgagee and sole loss payee in the insurance contracts, together with the confirmation from the underwriters to the Security Agent that the 

  

  
 58 

	 	 notice of assignment with regards to the Insurances and the loss payable clauses (with a monetary threshold of
USD 25,000,000) are noted in the insurance contracts and that standard letters of undertaking confirming this are executed by the insurers, always provided that the evidence thereof is in form and substance satisfactory to the Security Agent
(on behalf of the Finance Parties). The Parent shall provide the Finance Parties with details of terms and conditions of the insurances and break down of insurers. 

 

	 	(e)	 Not later than seven (7) days prior to the expiry date of the relevant Insurances, the Parent shall
procure the delivery to the Agent of a certificate from the insurance broker(s) or the Insurers, confirming that the Insurances referred to in paragraph (a) have been renewed and taken out in respect of the Rigs with insurance values as
required by paragraph (b), that such Insurances are in full force and effect and that the Agent (on behalf of the Finance Parties) have been noted as first priority mortgagee by the relevant insurers. 

 

	 	(f)	 The Agent may effect: 

 

	 	(i)	 at the Lenders’ expense and for the exclusive benefit of the Security Agent and the Lenders
mortgagees’ interest insurance and/or, subject to Clause 24.3(f)(ii) below, at the Lenders’ expense and for the exclusive benefit of the Security Agent and the Lenders, mortgagees’ additional perils and pollution insurance on such
terms as the Agent may approve; and 

  

	 	(ii)	 at the Borrowers’ expense and for the exclusive benefit of the Lenders and the Security Agent when any of
the Rigs is or may be located in an Area (as defined therein), insurance policies such as mortgagees’ additional perils and pollution insurance on such terms as the Agent may approve. The Parent will notify the Agent in writing prior to any Rig
entering an Area (as defined herein). The term “Area” will mean the territorial waters of the United States of America or the Exclusive Economic Zone (as defined in the US Oil Pollution Act, 1990) or the territorial waters of any
other jurisdiction having (in the Agent’s reasonable opinion) similar or comparable pollution or environmental protection legislation specified from time to time by the Agent to the Parent. 

 

	 	(g)	 If any of the Insurances referred to in paragraph (a) form part of a fleet cover, the Parent shall
procure that the insurers shall undertake to the Security Agent that they shall neither set-off against any claims in respect of any of the Rigs any premiums due in respect of other rigs under such fleet cover
or any premiums due for other insurances, nor cancel this Insurance for reason of non-payment of premiums for other rigs under such fleet cover or of premiums for such other insurances, and shall undertake to
issue a separate policy in respect of each of the Rigs if and when so requested by the Security Agent. 

  

	 	(h)	 The Parent shall procure that the Rigs always are employed in conformity with the terms of the instruments of
Insurances (including any warranties expressed or implied therein) and comply with such requirements as to extra premium or otherwise as the insurers may prescribe. 

 

	 	(i)	 No Obligor will make any material change to the Insurances described under paragraphs (a) and (b) above
without the prior written consent of the Agent (on behalf of the Lenders). 

  

	 	(j)	 Each of the Insurances shall be reviewed, at the cost of the relevant Borrower, by the Lender’s insurance
advisor on an annual basis and on each date on which the Insurances are due for renewal if so required by the Agent. 

  
 59 

	36.4	 Alteration to the Rigs 

Each Obligor shall ensure that no Rig is materially altered except as necessary in the ordinary course of business and upon
prior written notice to the Agent, and then only if and to the extent such alteration is carried out in accordance with the terms of the contractual obligations pertaining to the said Rig existing at the date of this Agreement. 

 

	36.5	 Conditions of the Rigs 

Each Obligor shall ensure that the Rigs are maintained and preserved in good working order and repair and operated in
accordance with good internationally recognised standards, complying with the ISM Code and the ISPS Code (to the extent applicable, and if not applicable, to conduct its affairs in accordance with prudent industry practices) and all other marine
safety and other regulations and requirements from time to time applicable to vessels registered in the relevant Ship Registry under the relevant flag and applicable to vessels trading in any jurisdiction in which the Rigs may operate from time to
time. 
  

	36.6	 Trading, Classification and Repairs 

The Obligors shall keep or shall procure that: 
  

	 	(a)	 the Rigs are kept in a good, safe and efficient condition and state of repair consistent with prudent
ownership and management practice; 

  

	 	(b)	 that the Rigs maintain their class at the highest level with Det Norske Veritas, Lloyd’s Register,
American Bureau of Shipping or another classification society approved by the Required Lenders, free of any overdue recommendations and qualifications; 

  

	 	(c)	 they comply with the laws, regulations (statutory or otherwise), constitutional documents and international
conventions applicable to the classification society, the Ship Registry, the Obligors (ownership, operation, management and business) and to the Rigs in any jurisdiction in which any of the Rigs or the Obligors may operate from time to time;

  

	 	(d)	 none of the Rigs enter the territorial waters (twelve (12) mile limit) of the United States of America
unless (i) it is an emergency situation, (ii) if no Event of Default has occurred and is continuing, upon obtaining the prior written consent from the Agent, or (iii) if an Event of Default has occurred and is continuing, upon
obtaining the prior written consent of the Lenders; and 

  

	 	(e)	 they provide the Agent of evidence of such compliance upon request from the Agent. 

 

	36.7	 Notification of Certain Events 

The Parent shall immediately notify the Agent of: 
  

	 	(a)	 any accident to any of the Rigs involving repairs where the costs will or are likely to exceed USD 25,000,000
(or the equivalent amount in any other currency); 

  

	 	(b)	 any requirement or recommendation made by any insurer or classification society or by any competent authority
which is not, or cannot be, immediately complied with; 

  

	 	(c)	 any exercise or purported exercise of any capture, seizure, arrest or lien on any of the assets secured by the
Security Documents; and 

  

	 	(d)	 any occurrence as a result of which any of the Rigs has become or is, by the passing of time or otherwise,
likely to become a Total Loss. 

  
 60 

	36.8	 Operation of the Rigs 

Each Obligor shall comply, and procure that any charterer and manager complies in all material respects with all Environmental
Laws and all other laws or regulations relating to the Rigs, their ownership, operation and management or to the business of the Obligor and shall not employ any of the Rigs nor allow their employment: 

 

	 	(a)	 in any manner contrary to law or regulation in any relevant jurisdiction; and 

 

	 	(b)	 in the event of hostilities in any part of the world (whether war is declared or not), in any zone which is
declared a war zone by any government or by the war risk insurers of any of the Rigs unless the Parent has (at its expense) effected any special, additional or modified insurance cover which shall be necessary or customary for good shipowners
trading Rigs within the territorial waters of such country at such time and has provided evidence of such cover to the Agent. 

  

	36.9	 ISM Code, ISPS Code Etc. 

Each Borrower shall comply and shall procure that a charter and/or manager comply with the ISM Code, ISPS Code, Marpol and any
other international maritime safety regulation relevant to the operation and maintenance of its relevant Rig and provide copies of certificates evidencing such compliance to the Agent upon written request thereof. 

 

	36.10	 Inspections and Class Records 

 

	 	(a)	 The Obligors shall permit, and shall procure that any charterers and/or managers permit, one person appointed
by the Agent to inspect upon the Agent giving prior written notice each of the Rigs once a year, as long as such inspection does not interfere with the operation of the Rigs. Such inspection shall be for the account of the Lenders unless an Event of
Default has occurred and is continuing, in which case it shall be for the account of the relevant Borrower. 

  

	 	(b)	 The Parent shall instruct the classification society to send to the Agent, following a written request from
the Agent, copies of all class records held by the classification society in relation to the Rigs. 

  

	36.11	 Surveys 

The Parent shall submit to or cause the Rigs to be submitted to such periodic or other surveys as may be required for
classification purposes and to ensure full compliance with regulations of the Ship Registry of the Rigs and if consented to by the Agent pursuant to Clause 24.14 (Ship Registry, Name and Flag) such parallel Ship Registry of the Rig. 

 

	36.12	 Arrest 

The Obligors shall promptly pay and discharge: 
  

	 	(a)	 all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against
any of the Security Interests each Security Document creates or purports to create; 

  

	 	(b)	 all tolls, taxes, dues, fines, penalties and other amounts charged in respect of any of the Security Interests
each Security Document creates or purports to create; and 

  

	 	(c)	 all other outgoings whatsoever in respect of any of the Security Interests each Security Document creates or
purports to create, 

 and forthwith upon receiving a notice of arrest of any of the Rigs, or their
detention in exercise or purported exercise of any lien or claim, the Parent shall procure its release by 

  
 61 

 providing bail or providing the provision of security or otherwise as the
circumstances may require. 
  

	36.13	 Total Loss 

In the event that any of the Rigs shall suffer a Total Loss, the Obligors shall, within a period of ninety (90) days after
the Total Loss Date, obtain and present to the Agent, a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, and the insurance proceeds shall be paid to the Agent for application in
accordance with Clause 8.1 (Total Loss or Sale). 
  

	36.14	 Ship Registry, Name and Flag 

Each Borrower shall, in respect of its relevant Rig: 
  

	 	(a)	 procure that its Rig is registered in the name of the respective Rig Owner as described in Schedule 2
(Borrowers, Guarantors and Collateral Rigs) hereto in the relevant Ship Registry; and 

  

	 	(b)	 not change the Ship Registry, name or flag of any of its Rig or parallel register its Rig in any Ship Registry
without the prior written consent of the Required Lenders (such consent not to be unreasonably withheld or delayed). If such change would be to a Ship Registry, flag, or parallel register which is not generally recognised by the oil industry, then
such change is subject to the prior written consent of all of the Lenders. 

 The Agent may determine
whether a register or flag is “generally recognised”, upon consultation with the Lenders, and the Agent may pursuant to Clause 27.7 (Rights and Discretions of the Agent), rely upon the advice of experts and/or advisors appointed by
it to make such determination. 
  

	36.15	 Management 

A company (being a wholly owned Subsidiary of the Seadrill Entity or the Parent) shall perform management services in respect
of the Rigs, and no material change or any adverse change (having an adverse effect on the Finance Parties rights and/or obligations under the Finance Documents) shall be made to such existing management arrangements without the prior written
consent of the Agent (such consent not to be unreasonably withheld or delayed). 
  

	37.	 Events of Default 

 

	 	(a)	 Subject to paragraph (b) below, each of the events or circumstances set out in this Clause 25 is an Event
of Default (except for Clause 25.18 (Acceleration) and Clause 25.19 (Automatic Acceleration)). 

  

	 	(b)	 Notwithstanding anything to the contrary herein or any other Finance Document, no Default or Event of Default
shall arise, directly or indirectly, as a result of, or otherwise in connection with any Seadrill Entity and/or any of its Subsidiaries (for the avoidance of doubt excluding any member of the Group) taking any action (or otherwise being subject to a
proceeding) described in Clauses 25.3 (Other Obligations) (other than arising as a result of breach of Clauses 20.17(d) (Ownership) and 23.25 (Operating Agreement and Seadrill Member)), 25.5 (Cross Default), 25.6
(Insolvency), 25.7 (Insolvency Proceedings) and 25.8 (Creditor’s Process), including as a result of any indebtedness accelerating or otherwise not being paid in connection therewith. 

  
 62 

	37.1	 Non-Payment 

Any of the Obligors does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the
currency in which it is expressed to be payable unless: 
  

	 	(a)	 its failure to pay is caused by administrative or technical error affecting the transfer of funds despite
timely payment instructions by the Obligor; and 

  

	 	(b)	 payment is made within three (3) Business Days of its due date. 

 

	37.2	 Financial Covenants, Change of Business and Insurance 

Any requirement in Clause 22 (Financial Covenants), Clause 23.8 (Change of Business) and Clause 24.2
(Insurance) is not satisfied. 
  

	37.3	 Other Obligations 

  

	 	(a)	 Any of the Obligors does not comply with any provision of the Finance Documents (other than those referred to
in Clause 25.1 (Non-Payment) and Clause 25.2 (Financial Covenants, Change of Business and Insurance)); and 

 

	 	(b)	 No Event of Default under (a) above will occur if the failure to comply is (in the reasonable opinion of
the Agent) capable of remedy and is remedied within thirty (30) calendar days of the earlier of the Agent giving notice to the Parent or the relevant Obligor becoming aware of the failure to comply. 

 

	37.4	 Misrepresentations 

Any representation, warranty or statement made or deemed to be made by any of the Obligors in the Finance Documents or any
other document delivered by or on behalf of the Obligors under or in connection with any of the Finance Documents is or proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

 

	37.5	 Cross Default 

  

	 	(a)	 Any Financial Indebtedness of any Obligor or any member of the Group (including under the TLB Agreement) is
not paid when due nor within any originally applicable grace period; 

  

	 	(b)	 any Financial Indebtedness of any Obligor or any member of the Group (including under the TLB Agreement) is
declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described); 

  

	 	(c)	 any commitment for any Financial Indebtedness of any Obligor or any member of the Group (including under the
TLB Agreement) is cancelled or suspended by a creditor of any Obligor as a result of an event of default (however described); or 

  

	 	(d)	 any creditor of any Obligor or any member of the Group is entitled to declare any Financial Indebtedness of
any Obligor or any member of the Group (including under the TLB Agreement) due and payable prior to its specified maturity as a result of an event of default (however described), 

in circumstances where the aggregate amount of all such Financial Indebtedness referred to in all or any of sub-clauses (a) to (d) is USD 25,000,000 (or its equivalent in other currencies) or more. 
  

	37.6	 Insolvency 

  

	 	(a)	 Any of the Obligors or any other Material Subsidiary is unable or admits inability to pay its debts as they
fall due, suspends making payments on any of its debts or, by 

  
 63 

	 	 reason of actual or anticipated financial difficulties, commences negotiations with one or more of its
creditors with a view to rescheduling any of its indebtedness. 

  

	 	(b)	 The value of the assets of any of the Obligors or any other Material Subsidiary is less than its liabilities
(taking into account contingent and prospective liabilities). 

  

	 	(c)	 A moratorium is declared in respect of any indebtedness of any of the Obligors or any other Material
Subsidiary. 

  

	37.7	 Insolvency Proceedings 

Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

 

	 	(a)	 the suspension of payments, a moratorium of any indebtedness,
winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme or arrangement or otherwise) of any Obligor or any other Material Subsidiary; 

 

	 	(b)	 a composition, compromise, assignment or arrangement with any creditor of any Obligor or any other Material
Subsidiary; 

  

	 	(c)	 the appointment of a liquidator, receiver, administrative receiver, administrator or other similar officer in
respect of any Obligor or any other Material Subsidiary; or 

  

	 	(d)	 enforcement of any Security Interest over any assets of any Obligor or any other Material Subsidiary.

  

	37.8	 Creditor’s Process 

Any maritime lien or other lien (not being a Permitted Encumbrance), expropriation, injunction restraint, arrest attachment,
sequestration, distress or execution affects any asset secured by the Security Documents or undertakings, property, assets, rights or revenues (not secured by the Security Documents) of any Obligor and is not discharged within thirty (30) days
after the Obligor becomes aware of the same unless the Finance Parties have been provided with additional security in such form and substance and for such amounts as the Finance Parties may require. 

 

	37.9	 Unlawfulness and Invalidity 

It is or becomes unlawful or impossible for any Obligor and/or any of the parties to any of the Security Documents to perform
any of their respective obligations under the Finance Documents or for the Agent or Security Agent to exercise any right or power vested to it under the Finance Documents. 
  

	37.10	 Amendment or Termination of the Management Agreement or Omnibus Agreement 

Any material amendment to, termination of, or expiry of the Omnibus Agreement or the Management Agreement occurs which would
result in a material adverse effect on the operations, business, properties or financial condition of the Group taken as a whole. 
  

	37.11	 Cessation of Business 

Any Obligor (whether by one or a series of transactions) suspends, changes or ceases to carry on (or threatens to suspend,
change or cease to carry on) all or a material part of its business. 
  

	37.12	 Stock Exchange Listing 

The Parent no longer is listed on an Exchange. 

  
 64 

	37.13	 Material Adverse Change 

Any event or condition or circumstance or series of events or conditions or circumstances occur which, in the reasonable
opinion of the Required Lenders has had or could reasonably be expected to have a Material Adverse Effect. 
  

	37.14	 Authorisation and Consents 

Any authorisation, licence, consent, permission or approval required in connection with the entering into, validity,
enforcement, completion or performance of any of the Finance Documents or any transactions contemplated thereby is revoked, terminated or modified or otherwise cease to be in full force and effect. 

 

	37.15	 Loss of Property 

Any part of an Obligor’s or its Subsidiaries’ property is destroyed, abandoned, seized, appropriated or forfeited or
the authority or ability of any member of the Group to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any
governmental, regulatory or other authority or other person in relation to any member of the Group or any of its assets which in the opinion of the Agent or the Required Lenders has or could reasonably be expected to have, if adversely determined, a
Material Adverse Effect. 
  

	37.16	 Litigation 

There is current, pending or threatened any claims, litigation, arbitration or administrative proceedings against any Obligor
which in the opinion of the Agent or the Required Lenders has or could reasonably be expected to have, if adversely determined, a Material Adverse Effect. 
  

	37.17	 Failure to Comply with Final Judgment 

Any of the Obligors fails within five (5) Business Days after becoming obliged to do so to comply with or pay any sum in
an amount exceeding USD 25,000,000 (or the equivalent in any other currencies) due from it under any final judgment or any final order (being one against which there is no right of appeal or if a right of appeal exists the time limit for making such
appeal has expired and no appeal has been dismissed) made or given by any court of competent jurisdiction, provided, however, that such event shall not be deemed to constitute an Event of Default if the Obligor is entitled to
insurance cover for the whole of such sum and the relevant insurers have confirmed liability and undertaken to make payment of the whole of such sum in writing to the person(s) entitled to payment and it is likely (in the reasonable opinion of the
Required Lenders) that the insurers will be able to make such payment within thirty (30) days. 
  

	37.18	 Acceleration 

Upon the occurrence of an Event of Default which is continuing, the Agent may, and shall if so directed by the Required Lenders
(and in the case of (e) below, the Supra Majority Lenders), by written notice to the Borrowers: 
  

	 	(a)	 cancel the Total Commitments whereupon they shall immediately be cancelled; and/or 

 

	 	(b)	 declare that all or part of any Loan together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents, be either immediately due and payable and/or payable upon demand, whereupon they shall become either immediately due and payable or payable on demand; and/or 

 

	 	(c)	 declare that no withdrawals be made from any Earnings Account; and/or 

  
 65 

	 	(d)	 direct the Security Agent to start enforcement in respect of the Security Interests established by the First
Ranking Security Documents; and/or 

  

	 	(e)	 subject to the terms of the Intercreditor Agreement, direct the Common Security Agent to start enforcement in
respect of the Security Interests established by the Second Ranking Security Documents; and/or 

  

	 	(f)	 take any other action, with or without notice to the Parent and/or the Borrower, exercise or direct the
Security Agent to exercise any other right or pursue any other remedy conferred upon the Agent, the Security Agent or the other Finance Parties by any of the Finance Documents or by any applicable law or regulation or otherwise as a consequence of
such Event of Default. 

  

	37.19	 Automatic Acceleration 

Notwithstanding Clause 25.18 (Acceleration), if any Obligor or any other Material Subsidiary commences a voluntary case
concerning itself under the US Bankruptcy Code, or an involuntary case is commenced under the US Bankruptcy Code against any Obligor and the petition is not controverted within 10 days, or is not dismissed within 45 days after commencement of the
case, or a custodian (as defined in the US Bankruptcy Code) is appointed for, or takes charge of, all or substantially all of the property of any Obligor, or any order of relief or other order approving any such case or proceeding is entered, the
Facilities shall cease to be available to such Obligor and all obligations of such Obligor under Clause 18 (Guarantee and Indemnity) or any other provision of this Agreement or any other Finance Document to which such Obligor is a party shall
become immediately due and payable, in each case automatically and without any further action by any Party. 
  

	38.	 Changes to the Parties 

 

	38.1	 Assignment by the Obligors 

None of the Obligors may assign or transfer or assume any part of, or any interest in, its rights and/or obligations under the
Finance Documents without the consent of all Lenders. 
  

	38.2	 Assignments and Transfers by the Lenders 

A Lender (the “Existing Lender”) may, at any time assign, transfer or have assumed its rights or obligations
under the Finance Documents (a “Transfer”) to: 
  

	 	(a)	 another Existing Lender or an Affiliate of an Existing Lender (without the prior written consent of the
Parent); 

  

	 	(b)	 a central bank or federal reserve (without the prior written consent of the Parent); 

 

	 	(c)	 another bank or financial institution (together with such institutions as mentioned in paragraphs (a) and
(b) above, each regarded a “New Lender”), subject to the prior consent of the Parent and the Agent (such consent not to be unreasonably withheld or delayed and which shall be deemed to have been given fifteen (15) Business Days
after being sought unless expressly refused within that period); or 

  

	 	(d)	 regardless of paragraph (c) above, to a New Lender (as defined above in paragraph (c)) if an Event of
Default has occurred and is continuing, 

 in a minimum transfer amount of USD 12,500,000, unless such
Existing Lender’s Commitment and participation in the Loan (if any) is less than USD 12,500,000, in which case such Existing Lender’s minimum transfer amount is the whole amount of its Commitment and participation in the Loan (if any).

  
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	38.3	 Assignment or Transfer Fee 

Unless the Agent otherwise agrees, the New Lender shall, on the date upon which an assignment or transfer takes place pay to
the Agent (for its own account) a fee of USD 3,000. 
  

	38.4	 Conditions of Assignment 

An assignment will only be effective: 
  

	 	(a)	 on receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the
Agent) that the New Lender will assume the same obligations to the Borrowers and the other Finance Parties as it would have been under if it was an Original Lender; 

 

	 	(b)	 on the New Lender entering into any documentation required for it to accede as a party to any Security
Document to which the Existing Lender is a party in its capacity as a Lender and, in relation to such Security Documents, completing any filing, registration or notice requirements; 

 

	 	(c)	 if an assignment takes effect after there has been a Utilisation, the assignment of an Existing Lender’s
participation in the Utilisations (if any) under the Facility shall take effect in respect of the same fraction of each such Utilisation; 

  

	 	(d)	 on the performance by the Agent of all “know your customer” or other checks relating to any person
that it is required to carry out in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Lender and the New Lender; 

 

	 	(e)	 if that Existing Lender assigns equal fractions of its Commitment and participation in the Loan and each
Utilisation (if any) under the relevant Facility; and 

  

	 	(f)	 if such assignment is accepted by the Parent and the New Lender confirms to the Borrowers and the Agent that,
at the time of the assignment, it has no knowledge of any circumstance which may lead to such New Lender making any claims in respect of Clauses 13 (Tax Gross-Up and Indemnities) and/or 14 (Increased
Costs). 

 Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance
of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with the Finance Documents on or prior to the date on which the
assignment becomes effective in accordance with the Finance Documents and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. 

 

	38.5	 Limitation of Responsibility of Existing Lenders 

 

	 	(a)	 Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no
responsibility to a New Lender for: 

  

	 	(i)	 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other
documents; 

  

	 	(ii)	 the financial condition of any Obligor; 

 

	 	(iii)	 the performance and observance by any Obligor or any other person of its obligations under the Finance
Documents or any other documents; 

  

	 	(iv)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents; or 

  
 67 

	 	(v)	 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or
any other document, 

 and any representations or warranties implied by law are excluded. 

 

	 	(b)	 Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

 

	 	(i)	 has made (and shall continue to make) its own independent investigation and assessment of:

  

	 	(A)	 the financial condition and affairs of the Obligors and their related entities in connection with its
participation in this Agreement; and 

  

	 	(B)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents, 

 and has not relied exclusively on any information provided to it by the Existing
Lender or any other Finance Party in connection with any Finance Document; 
  

	 	(ii)	 will continue to make its own independent appraisal of the application of any Basel II Regulation or Basel III
Regulation to the transactions contemplated by the Finance Documents; and 

  

	 	(iii)	 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. 

  

	 	(c)	 Nothing in any Finance Document obliges an Existing Lender to: 

 

	 	(i)	 accept a re-assignment from a New Lender of any of the rights assigned
under this Clause 26 (Changes to the Parties); or 

  

	 	(ii)	 support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or by reason of the application of any Basel II Regulation to the transactions contemplated by the Finance Documents or otherwise.

  

	38.6	 Procedure for Transfer 

 

	 	(a)	 Subject to the conditions set out in Clause 26.4 (Conditions of Assignment) an assignment may be
effected in accordance with paragraph (b) below when (i) the Agent executes an otherwise duly completed Transfer Certificate and (ii) the Agent executes any document required under Clause 26.4 (Conditions of Assignment) which
it may be necessary for it to execute in each case delivered to it by the Existing Lender and the New Lender duly executed by them and, in the case of any such other document, any other relevant person. The Agent shall, as soon as reasonably
practicable after receipt by it of a Transfer Certificate and any such other document each duly completed, appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that
Transfer Certificate and such other document. 

  

	 	(b)	 The Obligors and the other Finance Parties irrevocably authorise the Agent to execute any Transfer Certificate
on their behalf without any consultations with them. 

  
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	 	(c)	 On the Transfer Date: 

 

	 	(i)	 to the extent that in the Transfer Certificate the Existing Lender seeks to be released from its obligations
under the Finance Documents, the Existing Lender shall be released from further obligations towards the Obligors and the other Finance Parties under the Finance Documents and the rights of the Obligors and the other Finance Parties against the
Existing Lender under the Finance Documents shall be cancelled (being the “Discharged Rights and Obligations”) (but the obligations owed by the Obligors under the Finance Documents shall not be released); 

 

	 	(ii)	 the New Lender shall assume obligations towards each of the Obligors who are a Party and/or the Obligors and
the other Finance Parties shall acquire rights against the New Lender which differ from the Discharged Rights and Obligations only insofar as the New Lender has assumed and/or the Obligors and the other Finance Parties have acquired the same in
place of the Existing Lender; 

  

	 	(iii)	 the other Finance Parties and the New Lender shall acquire the same rights and assume the same obligations
between themselves as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Existing Lender and the other
Finance Parties shall each be released from further obligations to each other under the Finance Documents; 

  

	 	(iv)	 the New Lender shall become a Party to the Finance Documents as a “Lender” for the purposes
of all the Finance Documents; and 

  

	38.7	 Interest 

If the Agent has notified the Lenders that it is able to distribute interest payment on a “pro rata basis” to
Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 26.6 (Procedure for Transfer) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest
Period): 
  

	 	(a)	 any interest or fees in respect of the relevant participation which are expressed to accrue by reference to
the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date (“Accrued Amounts”) and shall become due and payable to the Existing Lender (without further interest accruing on
them) on the last day of the current Interest Period (or, if the Interest Period is longer than six months, on the next of the dates which falls at six (6) monthly intervals after the first day of that Interest Period); and

  

	 	(b)	 the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts,
so that, for the avoidance of doubt: 

  

	 	(i)	 when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and

  

	 	(ii)	 the amount payable to the New Lender on that date will be the amount which would, but for the application of
this Clause 26.7 have been payable to it on that date, but after deduction of the Accrued Amounts 

  
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	38.8	 Copy of Transfer Certificate to Parent 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate and any other document required
under Clause 26.4 (Conditions of Assignment), send a copy of that Transfer Certificate and such documents to the Parent. 
  

	38.9	 Security over Lenders’ Rights 

In addition to the other rights provided to Lenders under this Clause 26, each Lender may without consulting with or obtaining
consent from an Obligor, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including,
without limitation: 
  

	 	(a)	 any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank;
and 

  

	 	(b)	 in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any
holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities, except that no such charge, assignment or Security Interest shall: 

 

	 	(i)	 release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the
relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents; or 

  

	 	(ii)	 require any payments to be made by an Obligor other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents. 

  

	38.10	 Further Assurances 

Each of the Obligors undertakes to procure that in relation to any Transfer, each of the Obligors shall (at its own cost) at
the request of the Agent execute such documents as may in the discretion of the Agent be necessary to ensure that the New Lender attains the benefit of the Finance Documents. 
  

	38.11	 Disclosure of Information 

Any Lender may disclose: 
  

	 	(a)	 to any of its affiliates, branches, subsidiaries, its parent company, head office or regional office (together
the “Permitted Parties”) and a potential assignee; 

  

	 	(b)	 to whom that Lender 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 any of the Obligors; 

 

	 	(c)	 to auditors or professional advisers or service providers employed in the normal course of a Permitted
Party’s business who are under a duty of confidentiality to the Permitted Parties; 

  

	 	(d)	 to any rating agency, insurer or insurance broker of, or direct or indirect provider of credit protection to
any Permitted Party; and 

  

	 	(e)	 to whom, to the extent that, information is required to be disclosed by any applicable law,

 such information about the Obligors and the Finance Documents as that Lender shall consider appropriate,
provided that such disclosure shall, except if an Event of Default has occurred or 

  
 70 

 is occurring, be subject to the prior written approval by the Parent if such
potential assignee is not an affiliate of any of the Lenders. 
  

	39.	 Roles of Agent, Security Agent, Mandated Lead Arrangers and Bookrunners 

For the purposes of this Clause 27 only, a reference to a “Finance Document” or the “Finance Documents”
means a Finance Document other than a Second Ranking Security Document or the Finance Documents other than the Second Ranking Security Documents, as applicable. 
  

	39.1	 Appointment of the Agent 

 

	 	(a)	 Each other Finance Party (other than the Security Agent) appoints the Agent to act as its agent under and in
connection with the Finance Documents. 

  

	 	(b)	 Each such other Finance Party authorises the Agent: 

 

	 	(i)	 to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and
discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions; and 

 

	 	(ii)	 to execute each of the Security Documents and all other documents that may be approved by the Required Lenders
for execution by it. 

  

	39.2	 Instructions to Agent 

 

	 	(a)	 The Agent shall: 

  

	 	(i)	 unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Agent in accordance with any instructions given to it by: 

  

	 	(A)	 all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

  

	 	(B)	 in all other cases, the Required Lenders; and 

 

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above. 

  

	 	(b)	 The Agent shall be entitled (but not obliged) to request instructions, or clarification of any instruction,
from the Required Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from
exercising any right, power, authority or discretion and the Agent may refrain from acting unless and until it receives those instructions or that clarification. 

 

	 	(c)	 Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the
relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Required Lenders shall override any conflicting instructions given by any other Parties and will be binding on all
Finance Parties except for the Security Agent. 

  

	 	(d)	 The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until
it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in 

  
 71 

	 	 the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may
incur in complying with those instructions. 

  

	 	(e)	 In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best
interest of the Lenders. 

  

	 	(f)	 The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent)
in any legal or arbitration proceedings relating to any Finance Document. This Clause (f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or
enforcement of the Security Documents. 

  

	39.3	 Duties of the Agent 

 

	 	(a)	 The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature.

  

	 	(b)	 The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the
Agent (in its capacity as Agent) for that Party by any other Party. 

  

	 	(c)	 Without prejudice to Clause 26.8 (Copy of Transfer Certificate to Parent), paragraph (b) above
shall not apply to any Transfer Certificate. 

  

	 	(d)	 Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check
the adequacy, accuracy or completeness of any document it forwards to another Party. 

  

	 	(e)	 If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that
the circumstance described is a Default, it shall promptly notify the other Finance Parties. 

  

	 	(f)	 If the Agent is aware of the non-payment of any principal, interest,
commitment fee or other fee payable to a Finance Party (other than the Agent or a Bookrunner or Mandated Lead Arranger or the Security Agent for their own account) under this Agreement it shall promptly notify the other Finance Parties.

  

	 	(g)	 The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance
Documents to which it is expressed to be a party (and no others shall be implied). 

  

	39.4	 Role of the Bookrunners or Mandated Lead Arrangers 

Except as specifically provided in the Finance Documents, no Bookrunner or Mandated Lead Arranger has obligations of any kind
to any other Party under or in connection with any Finance Document or the transactions contemplated by the Finance Documents. 
  

	39.5	 No Fiduciary Duties 

 

	 	(a)	 Nothing in this Agreement constitutes the Agent or any Mandated Lead Arranger or Bookrunner as a trustee or
fiduciary of any other person. 

  

	 	(b)	 None of the Agent, the Security Agent or any Bookrunner or Mandated Lead Arranger shall be bound to account to
any Lender for any sum or the profit element of any sum received by it for its own account or have any obligations to the other Finance Parties beyond those expressly stated in the Finance Documents. 

  
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	39.6	 Business with the Group 

The Agent, the Security Agent, any Bookrunner and any Mandated Lead Arranger may accept deposits from, lend money to and
generally engage in any kind of banking or other business with any Obligor or member of the Group or their Affiliates. 
  

	39.7	 Rights and Discretions of the Agent 

 

	 	(a)	 The Agent may 

  

	 	(i)	 rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised; 

  

	 	(ii)	 assume that: 

  

	 	(A)	 any instructions received by it from the Required Lenders, any Lenders or any group of Lenders are duly given
in accordance with the terms of the Finance Documents; and 

  

	 	(B)	 unless it has received notice of revocation, that those instructions have not been revoked; and

  

	 	(iii)	 rely on a certificate from any person: 

 

	 	(A)	 as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that
person; or 

  

	 	(B)	 to the effect that such person approves of any particular dealing, transaction, step, action or thing,

 as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume
the truth and accuracy of that certificate. 
  

	 	(b)	 The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the other
Finance Parties) that: 

  

	 	(i)	 no Default has occurred (unless it has actual knowledge of a Default arising under Clause 25.1 (Non-Payment)); 

  

	 	(ii)	 any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised;
and 

  

	 	(iii)	 any notice or request made by the Parent (other than a Selection Notice) is made on behalf of and with the
consent and knowledge of all the Obligors. 

  

	 	(c)	 The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors
or other professional advisers or experts in the conduct of its obligations and responsibilities under the Finance Documents. 

  

	 	(d)	 Without prejudice to the generality of Clause 27.7(c) or (e), the Agent may at any time engage and pay for the
services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable. 

 

	 	(e)	 The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other
professional advisers or experts (whether obtained by the Agent or by any other Party and whether or not liability thereunder is limited by reference to monetary cap or otherwise) and shall not be liable for any damages, costs or losses to any
person, any diminution in value or any liability whatsoever arising as a result of its so relying. 

  
 73 

	 	(f)	 The Agent may act in relation to the Finance Documents through its officers, employees and agents and the
Agent shall not: 

  

	 	(i)	 be liable for any error of judgment made by any such person; or 

 

	 	(ii)	 be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or
default on the part, of any such person, 

 unless such error or such loss was directly caused by the
Agent’s gross negligence or wilful misconduct. 
  

	 	(g)	 Unless a Finance Document expressly provides otherwise, the Agent may disclose to any other Party any
information it reasonably believes it has received as agent under this Agreement. 

  

	 	(h)	 Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor any
Bookrunner nor any Mandated Lead Arranger is obliged to do or omit to do anything if it would or might in its opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. The Agent, each Bookrunner
and each Mandated Lead Arranger may do anything which in its opinion, is necessary or desirable to comply with any law or regulation of any jurisdiction. 

  

	 	(i)	 Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or
risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds
or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 

  

	 	(j)	 Neither the Agent nor any Bookrunner nor any Mandated Lead Arranger shall be obliged to request any
certificate, opinion or other information under Clause 21 (Information Undertakings) unless so required in writing by a Lender, in which case the Agent shall promptly make the appropriate request of the Parent if such request would be in
accordance with the terms of this Agreement. 

  

	39.8	 Responsibility for Documentation and other Matters 

None of the Agent or any Bookrunner or any Mandated Lead Arranger is responsible or liable for: 

 

	 	(a)	 the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent,
any Bookrunner or any Mandated Lead Arranger, an Obligor or any other person given in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into,
made or executed in anticipation of, under or in connection with any Finance Document or of any representations in any Finance Document or of any copy of any document delivered under any Finance Document; 

 

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any Charter
Contract or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or any Charter Contract; 

 

	 	(c)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents; 

  
 74 

	 	(d)	 any loss to the Trust Property arising in consequence of the failure, depreciation or loss of any Charged
Property or any investments made or retained in good faith or by reason of any other matter or thing; 

  

	 	(e)	 accounting to any person for any sum or the profit element of any sum received by it for its own account;

  

	 	(f)	 the failure of any Obligor or any other party to perform its obligations under any Finance Document or any
Charter Contract or the financial condition of any such person; 

  

	 	(g)	 ascertaining whether all deeds and documents which should have been deposited with it (or the Security Agent)
under or pursuant to any of the Security Documents have been so deposited; 

  

	 	(h)	 investigating or making any enquiry into the title of any Obligor to any of the Charged Property or any of its
other property or assets; 

  

	 	(i)	 failing to register any of the Security Documents with any applicable registrar of companies or any other
public office; 

  

	 	(j)	 failing to register any of the Security Documents in accordance with the provisions of the documents of title
of any Obligor to any of the Charged Property; 

  

	 	(k)	 failing to take or require any Obligor to take any steps to render any of the Security 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; 

  

	 	(l)	 (unless it is the same entity as the Security Agent) the Security Agent and/or any other beneficiary of a
Security Document failing to perform or discharge any of its duties or obligations under the Security Documents; or 

  

	 	(m)	 any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by any applicable law or regulation relating to insider dealing or otherwise. 

 

	39.9	 No Duty to Monitor 

The Agent shall not be bound to enquire: 
  

	 	(a)	 whether or not any Default has occurred; 

 

	 	(b)	 as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

  

	 	(c)	 whether any other event specified in any Finance Document has occurred. 

 

	39.10	 Exclusion of Liability 

 

	 	(a)	 Without limiting Clause 27.10(b) (and without prejudice to any other provision of the Finance Documents
excluding or limiting the liability of the Agent) the Agent will not be liable (including, without limitation, for negligence or any other category of liability whatsoever) for: 

 

	 	(i)	 any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a
result of taking or not taking any action under or in connection with any Finance Document or the Charged Property, unless directly caused by its gross negligence or wilful default or fraud. For the avoidance of doubt and not withstanding anything
contained in the 

  
 75 

	 	 Finance Documents, the Security Agent shall not in any event be liable for any indirect or consequential loss
(including, without limitation, loss of profit, business or goodwill) regardless of whether it was informed of the likelihood of such loss and irrespective of whether any such claim is made for breach of contract, in tort or otherwise;

  

	 	(ii)	 exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection
with, any Finance Document, the Charged Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Charged Property; or 

 

	 	(iii)	 without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any
person, any diminution in value or any liability whatsoever arising as a result of: 

  

	 	(A)	 any act, event or circumstance not reasonably within its control; or 

 

	 	(B)	 the general risks of investment in, or the holding of assets in, any jurisdiction, 

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a
result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown,
failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

 

	 	(b)	 No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent
in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this clause
subject to Clause 1.3 (Third Party Rights) and the provisions of the Third Parties Act. 

  

	 	(c)	 The Agent will not be liable for any delay (or any related consequences) in crediting an account with an
amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system
used by the Agent for that purpose. 

  

	 	(d)	 Nothing in this Agreement shall oblige the Agent, any Bookrunner or any Mandated Lead Arranger to carry out:

  

	 	(i)	 any “know your customer” or other checks in relation to any person; or 

 

	 	(ii)	 any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any
Lender, 

 on behalf of any Lender and each Lender confirms to the Agent and each Bookrunner and each
Mandated Lead Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or any Bookrunner or any Mandated Lead Arranger. 

 

	 	(e)	 Without prejudice to any provision of any Finance Document excluding or limiting the Agent’s liability,
any liability of the Agent arising under or in connection with 

  
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	 	 any Finance Document or the Charged Property shall be limited to the amount of actual loss which has been
finally judicially determined to have been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or
circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect
or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages. 

  

	39.11	 Lenders’ Indemnity to the Agent 

 

	 	(a)	 Each Lender shall (in proportion (if no part of the Loan is then outstanding) to its share of the Total
Commitments or (at any other time) to its participation in the Loan) indemnify the Agent, within three Business Days of demand, against any Losses (otherwise than by reason of the Agent’s gross negligence or wilful default) incurred by the
Agent in acting as such under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document or out of the Trust Property) including the costs of any person engaged in accordance with Clause 27.7(c)
(Rights and Discretions of the Agent) and any Receiver in acting as its agent under the Finance Documents and any Losses incurred by the Agent prior to its replacement pursuant to Clause 27.13 (Replacement of the Agent). The
indemnities contained in this Clause 27.11 shall survive the termination or discharge of this Agreement. 

  

	 	(b)	 Subject to paragraph (c) below, the Borrowers shall immediately on demand reimburse any Lender for any
payment that Lender makes to the Agent pursuant to paragraph (a). 

  

	 	(c)	 Paragraph (b) shall not apply to the extent that the indemnity payment in respect of which the Lender
claims reimbursement relates to a liability of the Agent to an Obligor. 

  

	39.12	 Resignation of the Agent 

 

	 	(a)	 The Agent may resign without giving any reason therefor and, after consultation with the Parent, appoint one
of its Affiliates as successor by giving notice to the Lenders, the Security Agent and the Parent. 

  

	 	(b)	 Alternatively the Agent may resign without giving any reason therefor by giving thirty (30) days’
notice to the other Finance Parties and the Parent, in which case the Required Lenders (after consultation with the Parent) may appoint a successor Agent. 

  

	 	(c)	 If the Required Lenders have not appointed a successor Agent in accordance with paragraph (b) above
within twenty (20) days after notice of resignation was given, the retiring Agent (after consultation with the Parent) may appoint a successor Agent. 

  

	 	(d)	 If the Agent wishes to resign because it has concluded that it is no longer appropriate for it to remain as
agent and the Agent is entitled to appoint a successor Agent under paragraph (c) above, the Agent may (if it concludes that it is necessary to do so in order to persuade the proposed successor Agent to become a party to this Agreement as Agent)
agree with the proposed successor Agent amendments to this Clause 27 and any other term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice for the appointment and protection of
corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Agent’s normal fee rates and those amendments will bind the Parties. 

  
 77 

	 	(e)	 The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records
and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. 

  

	 	(f)	 The Agent’s resignation notice shall only take effect upon the appointment of a successor.

  

	 	(g)	 The appointment of the successor Agent shall take effect on the date specified in the notice from the Required
Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the
benefit of Clause 15.3 (Indemnity to the Agent, Security Agent and Mandated Lead Arrangers) and this Clause 27 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any
successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

 

	 	(h)	 The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use
reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three (3) months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance
Documents, either: 

  

	 	(i)	 the Agent fails to respond to a request under Clause 13.5 (FATCA Information) and the Parent or a
Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 

  

	 	(ii)	 the information supplied by the Agent pursuant to Clause 13.5 (FATCA Information) indicates that the
Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or 

  

	 	(iii)	 the Agent notifies the Parent and the Lenders that the Agent will not be (or will have ceased to be) a FATCA
Exempt Party on or after that FATCA Application Date, 

 and (in each case) the Parent or a Lender
reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Parent or that Lender, by notice to the Agent, requires it to resign. 

 

	39.13	 Replacement of the Agent 

 

	 	(a)	 After consultation with the Parent, the Required Lenders may, by giving thirty (30) days’ notice to
the Agent replace the Agent by appointing a successor Agent. 

  

	 	(b)	 The retiring Agent shall make available to the successor Agent such documents and records and provide such
assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. 

  

	 	(c)	 The appointment of the successor Agent shall take effect on the date specified in the notice from the Required
Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) above) but shall remain entitled to the
benefit of Clause 15.3 (Indemnity to the Agent, the Security Agent and 

  
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	 	 Mandated Lead Arrangers) and this Clause 27 (and any agency fees for the account of the retiring Agent
shall cease to accrue from (and shall be payable on) that date). 

  

	 	(d)	 Any successor Agent and each of the other Parties shall have the same rights and obligations amongst
themselves as they would have had if such successor had been an original Party. 

  

	39.14	 Confidentiality 

  

	 	(a)	 In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its department,
division or team directly responsible for the management of the Finance Documents which shall be treated as a separate entity from any other of its divisions, departments or teams. 

 

	 	(b)	 If information is received by another division or department of the Agent, it may be treated as confidential
to that division or department and the Agent shall not be deemed to have notice of it. 

  

	 	(c)	 Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent, any Bookrunner
nor any Mandated Lead Arranger is obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or
regulation or a breach of a fiduciary duty. 

  

	39.15	 Relationship with the Lenders 

 

	 	(a)	 The Agent may treat the person shown in its records as Lender at the opening of business (in the place of the
Agent’s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office: 

  

	 	(i)	 entitled to or liable for any payment due under any Finance Document on that day; and 

 

	 	(ii)	 entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day, 

 unless it has received not less
than five (5) Business Days prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 
  

	 	(b)	 Each Lender shall supply the Agent with any information that the Agent may reasonably specify as being
necessary or desirable to enable the Agent to perform its functions as Agent. 

  

	 	(c)	 Each Lender shall deal with the Security Agent exclusively through the Agent and shall not deal directly with
the Security Agent. 

  

	39.16	 Credit Appraisal by the Lenders 

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any
Finance Document, each Lender confirms to each other Finance Party that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance
Document including but not limited to: 
  

	 	(a)	 the financial condition, status and nature of each Obligor and other member of the Group;

  
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	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, each Charter
Contract and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or any Charter Contract; 

 

	 	(c)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents; 

  

	 	(d)	 whether any Finance Party has recourse, and the nature and extent of that recourse, against any Party or any
of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or the Charged Property; 

  

	 	(e)	 the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other
person under or in connection with any Finance Document or any Charter Contract, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or any Charter Contract; and 

  

	 	(f)	 the right or title of any person in or to, or the value or sufficiency of, any part of the Charged Property,
the priority of the Security Documents or the existence of any Security Interest affecting the Charged Property. 

  

	39.17	 Reference Banks 

If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender,
the Agent shall (in consultation with the Parent) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 
  

	39.18	 Deduction from Amounts Payable by the Agent 

If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct
an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the
Finance Documents that Party shall be regarded as having received any amount so deducted. 
  

	39.19	 Reliance and Engagement Letters 

Each Finance Party confirms that each of the Bookrunners, Mandated Lead Arrangers, the Security Agent and the Agent has
authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Bookrunners, the Mandated Lead Arrangers, the Security Agent or the Agent) the terms of any reliance letter or engagement
letters relating to any reports, opinions or letters provided by accountants or other professional advisers in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those
reports, opinions or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters. 
  

	39.20	 Common Parties 

Although the Agent and the Security Agent may from time to time be the same entity, that entity will have entered into the
Finance Documents (to which it is party) in its separate capacities as agent for the Finance Parties and (as appropriate) security agent and trustee for 

  
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 the Finance Parties. Where any Finance Document provides for the Agent or
Security Agent to communicate with or provide instructions to the other, while they are the same entity, such communication or instructions will not be necessary. 
  

	39.21	 Security Agent 

  

	 	(a)	 Each other Finance Party appoints the Security Agent to act as its agent and (to the extent permitted under
any applicable law) trustee under and in connection with the Security Documents and confirms that the Security Agent shall have a lien on the Security Documents and the proceeds of the enforcement of those Security Documents for all moneys payable
to the beneficiaries of those Security Documents. 

  

	 	(b)	 Each other Finance Party authorises the Security Agent: 

 

	 	(i)	 to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and
discretions specifically given to the Security Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions; and 

 

	 	(ii)	 to execute each of the Security Documents and all other documents that may be approved by the Agent and/or the
Required Lenders for execution by it. 

  

	 	(c)	 The Security Agent accepts its appointment under Clause 27.21 (Security Agent) as trustee of the Trust
Property with effect from the date of this Agreement and declares that it holds the Trust Property on trust for itself, the other Finance Parties (for so long as they are Finance Parties) on and subject to the terms set out in Clauses
27.21—27.34 (inclusive) and the Security Documents to which it is a party. 

  

	39.22	 Application of Certain Clauses to Security Agent 

 

	 	(a)	 Clauses 27.3(a) (Duties of Agent), 27.7 (Rights and Discretions of the Agent), 27.8
(Responsibility for Documentation and other Matters), Clauses 27.9 (No Duty to Monitor), 27.10 (Exclusion of Liability), 27.11 (Lenders’ Indemnity to the Agent), 27.12 (Resignation of the Agent), 27.14
(Confidentiality), 27.15 (Relationship with the Lenders), 27.16 (Credit Appraisal by the Lenders) and 27.18 (Deduction from Amounts Payable by the Agent) shall each extend so as to apply to the Security Agent in its
capacity as such and for that purpose each reference to the “Agent” in these clauses shall extend to include in addition a reference to the “Security Agent” in its capacity as such and, in Clause 27.7 (Rights and
Discretions of the Agent), references to the Lenders and a group of Lenders shall refer to the Agent. 

  

	 	(b)	 In addition: 

  

	 	(i)	 Clause 27.10 (Exclusion of Liability) shall, for the purposes of its application to the Security Agent
pursuant to paragraph (a) above, have the following additional sub-clauses: 

  

	 	(A)	 any losses to any person or any liability arising as a result of taking or refraining from taking any action
in relation to any of the Finance Documents or otherwise whether in accordance with an instruction from an Agent or otherwise unless directly caused by its gross negligence or wilful misconduct; 

 

	 	(B)	 the exercise of, or the failure to exercise (or the failure to consider the exercise or non-exercise of), any judgment, discretion or power given to it by or in connection with any of the Finance Documents or any other agreement, arrangement or document entered into, made or 

  
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	 	 executed in anticipation of, under or in connection with, the Finance Documents or the Security Interests; or

  

	 	(C)	 any shortfall which arises on the enforcement or realisation of the Security Interests; 

 

	 	(ii)	 Clause 27.12 (Resignation of the Agent) shall, for the purposes of its application to the Security
Agent pursuant to paragraph (a) above, have the following additional sub-clause: 

At any time after the appointment of a successor, the retiring Security Agent shall do and execute all acts, deeds and
documents reasonably required by its successor to transfer to it (or its nominee, as it may direct) any property, assets and rights previously vested in the retiring Security Agent pursuant to the Security Documents and which shall not have vested
in its successor by operation of law; and 
  

	 	(iii)	 Clause 27.14 (Confidentiality) shall, for the purposes of its application to the Security Agent
pursuant to paragraph (a) above, be read and construed as to refer to “its agency and trust department” instead of “its department, division or team directly responsible for the management of the Finance Documents”.

  

	39.23	 Instructions to Security Agent 

 

	 	(a)	 The Security Agent shall: 

 

	 	(i)	 unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Security Agent in accordance with any instructions given to it by the Agent; and 

  

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above. 

  

	 	(b)	 The Security Agent shall be entitled (but not obliged) to request instructions, or clarification of any
instruction, from the Agent as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security Agent may refrain from acting unless and until it receives those instructions or
that clarification. 

  

	 	(c)	 Unless a contrary indication appears in a Finance Document, any instructions given to the Security Agent by
the Agent shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties. 

  

	 	(d)	 The Security Agent may refrain from acting in accordance with any instructions of the Agent until it has
received any indemnification and/or security and/or pre-funding and/or insurance that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may
include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions. 

  

	 	(e)	 In the absence of instructions, the Security Agent may act (or refrain from acting) as it considers to be in
the best interest of the Lenders. 

  

	 	(f)	 The Security Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s
consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (f) shall not apply to any legal or arbitration 

  
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	 	 proceeding relating to the perfection, preservation or protection of rights under the Security Documents or
enforcement of the Security Documents. 

  

	39.24	 Security Agent’s Actions 

Without prejudice to the provisions of Clause 27.23 (Instructions to Security Agent) the Security Agent may (but shall
not be obliged to), in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate. 

 

	39.25	 Application following an Event of Default 

 

	 	(a)	 Following an Event of Default all moneys received by the Agent or the Security Agent shall be applied in the
following order: 

  

	 	(i)	 firstly, in respect of all costs and expenses whatsoever incurred by the Security Agent in connection with or
pursuant to the performance of its functions under the Finance Documents, including the costs of realising and enforcing the Security Documents; 

  

	 	(ii)	 secondly, in respect of all costs and expenses whatsoever incurred by the Agent; 

 

	 	(iii)	 thirdly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed which in
any such case have been evidenced to the Finance Parties and take priority over any moneys received in respect of the Security Interests constituted by the Security Documents) secured on the Finance Parties’ secured assets;

  

	 	(iv)	 fourthly, in or towards payment pro rata of all sums owed to the Finance Parties under the Finance
Documents (in the case of distributions by the Security Agent, it shall pay such sums to the Agent for distribution to the Finance Parties); and 

  

	 	(v)	 fifthly, the balance (if any) to each Borrower or to its order. 

 

	 	(b)	 The Security Agent and the Agent shall make each application as soon as is practicable after the relevant
moneys are received by, or otherwise become available to, it save that (without prejudice to any other provision contained in any of the Security Documents) the Security Agent (acting on the instructions of the Agent) or any receiver or
administrator may credit any moneys received by it to a suspense account for so long and in such manner as the Security Agent), or such receiver or administrator may from time to time determine with a view to preserving the rights of the Finance
Parties or any of them to prove for the whole of their respective claims against the Borrowers or any other person liable. 

  

	 	(c)	 The Security Agent and the Agent shall obtain a good discharge in respect of the amounts expressed to be due
to the other Finance Parties as referred to in this Clause 27.25 by paying such amounts to the Agent for distribution in accordance with Clause 30 (Payment Mechanics). 

 

	39.26	 Partial Payments 

If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the
Finance Documents, the Agent shall apply that payment towards the obligations of the Obligor under the Finance Documents in the following order: 
  

	 	(a)	 firstly, in or towards payment of any unpaid fees, costs and expenses of the Security Agent under the Finance
Documents; 

  
 83 

	 	(b)	 secondly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the
Finance Documents; 

  

	 	(c)	 thirdly, in or towards payment pro rata of any accrued interest (including default interest), fee or
commissions due but unpaid under this Agreement; 

  

	 	(d)	 fourthly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and

  

	 	(e)	 fifthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

  

	39.27	 Powers and Duties of the Security Agent as Trustee of the Security 

In its capacity as trustee in relation to the Trust Property, the Security Agent: 

 

	 	(a)	 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 Security 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
Security Agent by this Agreement and/or any Security Document but so that the Security Agent may only exercise such powers and discretions to the extent that it is authorised to do so by the provisions of this Agreement of a natural person;

  

	 	(b)	 shall (subject to Clause 27.25 (Application following an Event of Default)) be entitled (in its own
name or in the names of nominees) to invest moneys from time to time forming part of the Trust Property or otherwise held by it as a consequence of any enforcement of the security constituted by any Finance Document which, in the reasonable opinion
of the Security Agent, it would not be practicable to distribute immediately, by placing the same on deposit in the name or under the control of the Security Agent as the Security Agent may think fit without being under any duty to diversify the
same and the Security Agent shall not be responsible for any loss due to interest rate or exchange rate fluctuations except for any loss arising from the Security Agent’s gross negligence or wilful default if the Security Agent places it in an
account held with itself or through a subsidiary of the Security Agent, the Security Agent shall only be liable to account for the standard amount of interest that would have been payable by it on such a deposit to an independent customer;

  

	 	(c)	 may, in the conduct of its obligations under and in respect of the Security Documents, instead of acting
personally, employ and pay any agent (whether being a lawyer 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 Security Agent (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 all usual professional and other charges for business transacted and acts done by him or any partner or employee of his or her in
connection with such employment and (ii) the Security Agent 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 Security Agent shall have exercised reasonable care
in the selection of such agent; 

  

	 	(d)	 may place all deeds and other documents relating to the Trust Property which are from time to time deposited
with it pursuant to the Security Documents in any safe deposit, safe or receptacle selected by the Security Agent or with any firm of solicitors or company whose business includes undertaking the safe custody of documents selected by the Security
Agent and may make any such arrangements as it thinks fit for allowing Obligors access to, or its solicitors or auditors possession of, 

  
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	 	 such documents when necessary or convenient and the Security Agent shall not be responsible for any loss
incurred in connection with any such deposit, access or possession if it has exercised reasonable care in the selection of a safe deposit, safe, receptacle or firm of solicitors or company; 

 

	 	(e)	 may, unless and to the extent the express provisions of any Security Document provide otherwise, do any act or
thing in the exercise of any of its duties under the Finance Documents which in its absolute discretion (in the absence of any instructions of the Agent as to the doing of such act or thing) it deems advisable for the protection and benefit of all
the Finance Parties; and 

  

	 	(f)	 may, unless the express provisions of any such Security Document provide otherwise, if authorised by the
Agent, amend or vary the terms of or waive breaches of or defaults under, or otherwise excuse performance of any provision of, or grant consents under any of the Security Documents to which it is a party, any such amendment, variation, waiver or
consent so authorised to be binding on all the parties hereto and that Security Agent to be under no liability whatsoever in respect thereof. 

  

	 	(g)	 shall not be bound to disclose to any other person (including but not limited to any Finance Party) (i)
any confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty; and 

 

	 	(h)	 shall not have or be deemed to have any relationship of trust or agency with, any Obligor.

 The rights, powers and discretions conferred upon the Security Agent by this Agreement shall be
supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by general law or otherwise. 

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts
constituted by this Agreement. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law, prevail and, in the
case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act. 
  

	39.28	 Insurance by Security Agent 

Where the Security Agent is named on any insurance policy (including the Insurances) as an insured party and/or loss payee, the
Security Agent shall not be responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any
kind, unless an Agent shall have requested it to do so in writing and the Security Agent shall have failed to do so within 14 days after receipt of that request. The Security Agent shall have no obligation to, or any liability for any failure to,
insure any of the Charged Property. 
  

	39.29	 Custodians and Nominees 

The Security Agent may (to the extent legally permitted) appoint and pay any person to act as a custodian or nominee on any
terms in relation to any assets of the trust as the Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall
not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings
or acts of any person. 

  
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	39.30	 Acceptance of Title 

The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title
that any of the Obligors have to any of the Charged Property and shall not be liable for or bound to require any debtor to remedy any defect in its right or title. 
  

	39.31	 Refrain from Illegality 

Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent may refrain from
doing anything which in its opinion will or may be contrary to any relevant law, directive or regulation of any applicable jurisdiction and the Security Agent may do anything which is, in its opinion, necessary to comply with any such law, directive
or regulation. 
  

	39.32	 All Enforcement Action through the Security Agent 

 

	 	(a)	 None of the other Finance Parties shall have any independent power to enforce any of those Security Documents
which are executed in favour of the Security Agent only or to exercise any rights, discretions or powers or to grant any consents or releases under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or
guarantees constituted by such Security Documents except through the Security Agent. 

  

	 	(b)	 None of the other Finance Parties shall have any independent power to enforce any of those Security Documents
which are executed in their favour or to exercise any rights, discretions or powers or to grant any consents or releases under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by
such Security Documents except through the Security Agent. If any Finance Party (other than the Security Agent) is a party to any Security Document it shall promptly upon being requested by the Agent to do so grant a power of attorney or other
sufficient authority to the Security Agent to enable the Security Agent to exercise any rights, discretions or powers or to grant any consents or releases under such Security Document. 

 

	39.33	 Co-Operation to Achieve Agreed Priorities of Application

 The other Finance Parties shall co-operate with each other and
with the Security Agent and any receiver or administrator under the Security Documents in realising the property and assets subject to the Security Documents and in ensuring that the net proceeds realised under the Security Documents after deduction
of the expenses of realisation are applied in accordance with Clause 27.25 (Application following an Event of Default). 
  

	39.34	 Indemnity from Trust Property 

In respect of all liabilities, costs or expenses for which the Obligors are liable under this Agreement, the Security Agent and
each Affiliate of the Security Agent and each officer or employee of the Security Agent or its Affiliate (each a “Relevant Person”) shall be entitled to be indemnified out of the Trust Property in respect of all liabilities,
damages, costs, claims, charges or expenses whatsoever properly incurred or suffered by such Relevant Person: 
  

	 	(a)	 in the execution or exercise or bona fide purported execution or exercise of the trusts, rights,
powers, authorities, discretions and duties created or conferred by or pursuant to the Finance Documents; 

  

	 	(b)	 as a result of any breach by an Obligor of any of its obligations under any Finance Document;

  
 86 

	 	(c)	 in respect of any Environmental Claim made or asserted against a Relevant Person which would not have arisen
if the Finance Documents had not been executed; and 

  

	 	(d)	 in respect of any matter or thing done or omitted in any way in accordance with the terms of the Finance
Documents relating to the Trust Property or the provisions of any of the Finance Documents. 

 The rights
conferred by this Clause 27.34 are without prejudice to any right to indemnity by law given to trustees generally and to any provision of the Finance Documents entitling the Security Agent or any other person to an indemnity in respect of, and/or
reimbursement of, any liabilities, costs or expenses incurred or suffered by it in connection with any of the Finance Documents or the performance of any duties under any of the Finance Documents. Nothing contained in this Clause 27.34 shall entitle
the Security Agent or any other person to be indemnified in respect of any liabilities, damages, costs, claims, charges or expenses to the extent that the same arise from such person’s own gross negligence or wilful default. 

 

	39.35	 Finance Parties to Provide Information 

The other Finance Parties shall provide the Security Agent with such written information as it may reasonably require for the
purposes of carrying out its duties and obligations under the Security Documents and, in particular, with such necessary directions in writing so as to enable the Security Agent to make the calculations and applications contemplated by Clause
27.25(a) (Application following an Event of Default) above and to apply amounts received under, and the proceeds of realisation of, the Security Documents as contemplated by the Security Documents, Clause 27.26 (Partial Payments) and
Clause 27.25(a) (Application following an Event of Default). 
  

	39.36	 No Reliance on Security Agent 

It is understood and agreed by each Finance Party (other than the Security Agent) that it has itself been, and will continue to
be, solely responsible for making its own independent appraisal of and investigations into the financial condition, creditworthiness, condition, affairs, status and nature of each Obligor and, accordingly, the Security Agent shall not have any
liability or responsibility for and each other Finance Party warrants to the Security Agent that it has not relied and will not hereafter rely on the Security Agent: 
  

	 	(a)	 to check or enquire on its behalf into the adequacy, accuracy or completeness of any information provided to
it by any Obligor or any other person in connection with any of the Finance Documents or the transactions therein contemplated (whether or not such information has been or is hereafter circulated to such Finance Party by the Security Agent);

  

	 	(b)	 to check or enquire on its behalf into the adequacy, accuracy or completeness of any communication delivered
to it under any of the Finance Documents, any legal or other opinions, reports, valuations, certificates, appraisals or other documents delivered or made or required to be delivered or made at any time in connection with any of the Finance
Documents, any security to be constituted thereby or any other report or other document, statement or information circulated, delivered or made, whether orally or otherwise and whether before, on or after the date of this Agreement;

  

	 	(c)	 to check or enquire on its behalf into the due execution, delivery, validity, legality, perfection, adequacy,
suitability, performance, enforceability or admissibility in evidence of any of the Finance Documents or any other document referred to in paragraph (b) above or of any guarantee, indemnity or security given or created thereby or any
obligations imposed thereby or assumed thereunder; 

  
 87 

	 	(d)	 to check or enquire on its behalf into the ownership, value, existence or sufficiency of any property the
subject of any of the Security Document, the priority of any of the Security Interests or the registration thereof, the right or title of any person in or to any property comprised therein or the existence of any encumbrance affecting the same; or

  

	 	(e)	 to assess or keep under review on its behalf the identity, financial condition, creditworthiness, condition,
affairs, status or nature of any Obligor. 

  

	39.37	 Release to Facilitate Enforcement and Realisation 

Each Finance Party acknowledges that pursuant to any enforcement action by the Security Agent (or a Receiver) carried out on
the instructions of the Agent it may be desirable for the purpose of such enforcement and/or maximising the realisation of the Charged Property being enforced against, that any rights or claims of or by the Security Agent (for the benefit of the
Finance Parties) and/or any Finance Parties against any Obligor and/or any Security Interest over any assets of any Obligor (in each case) as contained in or created by any Finance Document, other than such rights or claims or security being
enforced, be released in order to facilitate such enforcement action and/or realisation and, notwithstanding any other provision of the Finance Documents, each Finance Party hereby irrevocably authorises the Security Agent (acting on the
instructions of the Agent) to grant any such releases to the extent necessary to fully effect such enforcement action and realisation including, without limitation, to the extent necessary for such purposes to execute release documents in the name
of and on behalf of the Finance Parties. Where the relevant enforcement is by way of disposal of shares in an Obligor, the requisite release shall include releases of all claims (including under guarantees) of the Finance Parties and/or the Security
Agent against such Obligor and of all Security Interests over the assets of such Obligor. 
  

	39.38	 Undertaking to Pay 

Each Obligor which is a Party undertakes with the Security Agent on behalf of the Finance Parties that it will, on demand by
the Security Agent, pay to the Security Agent all money from time to time owing, and discharge all other obligations from time to time incurred, by it under or in connection with the Finance Documents. 

 

	39.39	 Additional Trustees 

The Security Agent shall have power by notice in writing to the other Finance Parties and the Parent to appoint any person,
unless an Event of Default has occurred and is continuing, approved by the Parent (such approval not to be unreasonably withheld or delayed) either to act as separate trustee or as co-trustee jointly with the
Security Agent: 
  

	 	(a)	 if the Security Agent reasonably considers such appointment to be in the best interests of the Finance
Parties; 

  

	 	(b)	 for the purpose of conforming with any legal requirement, restriction or condition in any jurisdiction in
which any particular act is to be performed; or 

  

	 	(c)	 for the purpose of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction against any
person of a judgment already obtained, 

 and any person so appointed shall (subject to the provisions of
this Agreement) have such rights (including as to reasonable remuneration), powers, duties and obligations as shall be conferred or imposed by the instrument of appointment. The Security Agent shall have power to remove any person so appointed. At
the request of the Security Agent, the other parties to this Agreement shall forthwith execute all such documents and do all such things as may be required to perfect such appointment or removal and each such party irrevocably authorises the
Security Agent in its name and on its behalf to do the same. Such a person shall accede to 

  
 88 

 this Agreement as a Security Agent to the extent necessary to carry out their
role on terms satisfactory to the Security Agent and (subject always to the provisions of this Agreement) have such trusts, powers, authorities, liabilities and discretions (not exceeding those conferred on the Security Agent by this Agreement and
the other Finance Documents) and such duties and obligations as shall be conferred or imposed by the instrument of appointment (being no less onerous than would have applied to the Security Agent but for the appointment). The Security Agent shall
not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of, any such person if the Security Agent shall have exercised reasonable care in the selection of such person. 

 

	39.40	 Non-Recognition of Trust 

It is agreed by all the parties to this Agreement that: 

 

	 	(a)	 in relation to any jurisdiction the courts of which would not recognise or give effect to the trusts expressed
to be constituted by this Clause 27, the relationship of the Security Agent and the other Finance Parties shall be construed as one of principal and agent, but to the extent permissible under the laws of such jurisdiction, all the other provisions
of this Agreement shall have full force and effect between the parties to this Agreement; and 

  

	 	(b)	 the provisions of this Clause 27 insofar as they relate to the Security Agent in its capacity as trustee for
the Finance Parties and the relationship between themselves and the Security Agent as their trustee may be amended by agreement between the other Finance Parties and the Security Agent. The Security Agent may amend all documents necessary to effect
the alteration of the relationship between the Security Agent and the other Finance Parties and each such other party irrevocably authorises the Security Agent in its name and on its behalf to execute all documents necessary to effect such
amendments. 

  

	39.41	 Release of Security 

If the Agent determines that the Security Period has expired, then the Security Agent shall, with the approval of all the other
Finance Parties, release, without recourse or warranty, all of the security then held by it, whereupon the Security Agent, the other Finance Parties and all Obligors shall be released from their obligations hereunder (save for those which arose
prior to such winding up). 
  

	40.	 Conduct of Business by the Finance Parties 

 

	40.1	 Finance Parties Tax Affairs 

No provision of this Agreement will: 
  

	 	(a)	 interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it
thinks fit; 

  

	 	(b)	 oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or
the extent, order and manner of any claim; or 

  

	 	(c)	 oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax. 

  

	40.2	 Finance Parties Acting Together 

Notwithstanding Clause 2.1 (Finance Parties’ Rights and Obligations), if the Agent makes a declaration under Clause
25.18 (Acceleration) the Agent shall, in the names of all the Finance Parties (other than the Security Agent), take such action on behalf of the Finance Parties and 

  
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 conduct such negotiations with the Parent and any members of the Group and
generally administer the Facility in accordance with the wishes of the Required Lenders. All the Finance Parties shall be bound by the provisions of this Clause 28.2 and no Finance Party shall be entitled to take action independently against any
Obligor or any of its assets without the prior consent of the Required Lenders. 
 This clause shall not override Clause 27
(Roles of Agent, Security Agent, Mandated Lead Arrangers and Bookrunners) as it applies to the Security Agent. 
  

	40.3	 Required Lenders 

  

	 	(a)	 Where any Finance Document provides for any matter to be determined by reference to the opinion of, or to be
subject to the consent, approval or request of, the Required Lenders or for any action to be taken on the instructions of the Required Lenders (a “majority decision”), such majority decision shall (as between the Lenders) only be
regarded as having been validly given or issued by the Required Lenders if all the Lenders shall have received prior notice of the matter on which such majority decision is required and the relevant majority of Lenders shall have given or issued
such majority decision. However (as between any Obligor and the Finance Parties) the relevant Obligor shall be entitled (and bound) to assume that such notice shall have been duly received by each Lender and that the relevant majority shall have
been obtained to constitute Required Lenders when notified to this effect by the Agent whether or not this is the case. 

  

	 	(b)	 If, within ten (10) Business Days of the Agent despatching to each Lender a notice requesting
instructions (or confirmation of instructions) from the Lenders or the agreement of the Lenders to any amendment, modification, waiver, variation or excuse of performance for the purposes of, or in relation to, any of the Finance Documents, the
Agent has not received a reply specifically giving or confirming or refusing to give or confirm the relevant instructions or, as the case may be, approving or refusing to approve the proposed amendment, modification, waiver, variation or excuse of
performance, then (irrespective of whether such Lender responds at a later date) the Agent shall treat any Lender which has not so responded as having indicated a desire to be bound by the wishes of 662/3% of those Lenders (measured in terms of the
total Commitments of those Lenders) which have so responded. 

  

	 	(c)	 For the purposes of paragraph (b) above, any Lender which notifies the Agent of a wish or intention to
abstain on any particular issue shall be treated as if it had not responded. 

  

	 	(d)	 paragraph (b) and (c) above shall not apply in relation to those matters referred to in, or the subject
of, Clause 29.5 (Exceptions). 

  

	40.4	 Conflicts 

  

	 	(a)	 Each Borrower acknowledges that any Bookrunner or Mandated Lead Arranger and its parent undertaking,
subsidiary undertakings and fellow subsidiary undertakings (together an “Arranger Group”) may be providing debt finance, equity capital or other services (including financial advisory services) to other persons with which a Borrower
may have conflicting interests in respect of the Facility or otherwise. 

  

	 	(b)	 No member of an Arranger Group shall use confidential information gained from any Obligor by virtue of the
Facility or its relationships with any Obligor in connection with their performance of services for other persons. This shall not, however, affect any obligations that any member of an Arranger Group has as Agent in respect of the Finance Documents.
Each Obligor also acknowledges that no member of an 

  
 90 

 Arranger Group has any obligation to use or furnish to any Obligor information
obtained from other persons for their benefit. 
  

	 	(c)	 The terms parent undertaking, subsidiary undertaking and fellow subsidiary undertaking when used in this
clause have the meaning given to them in sections 1161 and 1162 of the Companies Act 2006. 

  

	41.	 Sharing among the Finance Parties 

 

	41.1	 Payments to Finance Parties 

If a Finance Party (other than the Security Agent in respect of its fees, costs and expenses received for its own account) (a
“Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 30 (Payment Mechanics) (a “Recovered Amount”) and applies that amount to a payment due under
the Finance Documents then: 
  

	 	(a)	 the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to
the Agent; 

  

	 	(b)	 the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with Clause 30 (Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to
the receipt, recovery or distribution; and 

  

	 	(c)	 the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an
amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 27.26
(Partial Payments). 

  

	41.2	 Redistribution of Payments 

The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance
Parties (other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 27.26 (Partial Payments) towards the obligations of that Obligor to the Sharing Finance Parties. 

 

	41.3	 Recovering Finance Party’s Rights 

On a distribution by the Agent under Clause 29.2 (Redistribution of Payments) of a payment received by a Recovering
Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor. 

 

	41.4	 Reversal of Redistribution 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that
Recovering Finance Party, then: 
  

	 	(a)	 each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which
that Recovering Finance Party is required to pay) (the Redistributed Amount); and 

  
 91 

	 	(b)	 as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Obligor. 

  

	41.5	 Exceptions 

  

	 	(a)	 This Clause 29 shall not apply to the extent that the Recovering Finance Party would not, after making any
payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor. 

  

	 	(b)	 A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the
Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if: 

  

	 	(i)	 it notified that other Finance Party of the legal or arbitration proceedings; 

 

	 	(ii)	 the taking legal or arbitration proceedings was in accordance with the terms of this Agreement; and

  

	 	(iii)	 that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did
not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings. 

  

	42.	 Payment Mechanics 

 

	42.1	 Payments to the Agent 

 

	 	(a)	 On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of
transactions in the relevant currency in the place of payment. 

  

	 	(b)	 Payment shall be made to such account in the principal financial centre of the country of that currency and
with such bank as the Agent, in each case, specifies. 

  

	42.2	 Distributions by the Agent 

Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 30.3
(Distributions to an Obligor) and Clause 30.4 (Clawback and Pre-Funding) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance
with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days’ notice with a bank specified by that Party in the principal
financial centre of the country of that currency. 
  

	42.3	 Distributions to an Obligor 

The Agent may (with the consent of the Obligor or in accordance with Clause 31
(Set-Off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents
or in or towards purchase of any amount of any currency to be so applied. 
  

	42.4	 Clawback and Pre-Funding 

 

	 	(a)	 Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged
to pay that sum to that other Party (or to enter into or 

  
 92 

 perform any related exchange contract) until it has been able to establish to
its satisfaction that it has actually received that sum. 
  

	 	(b)	 Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to be the
case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount
from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. 

  

	 	(c)	 If the Agent is willing to make available amounts for the account of a Borrower before receiving funds from
the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower: 

 

	 	(i)	 that Borrower shall on demand refund it to the Agent; and 

 

	 	(ii)	 the Lender by whom those funds should have been made available or, if that Lender fails to do so, that
Borrower, shall on demand pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

  

	42.5	 No Set-Off by Obligors 

All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear
of any deduction for) set-off or counterclaim. 
  

	42.6	 Business Days 

  

	 	(a)	 Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be
made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). 

  

	 	(b)	 During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest
is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

  

	42.7	 Currency of Account 

 

	 	(a)	 Subject to paragraphs (b) and (c) (inclusive) below, dollars is the currency of account and payment for
any sum due from an Obligor under any Finance Document. 

  

	 	(b)	 A repayment of all or part of the Loan or an Unpaid Sum and each payment of interest shall be made in dollars
on its due date. 

  

	 	(c)	 Each payment in respect of the amount of any costs, expenses or Taxes or other losses shall be made in dollars
and, if they were incurred in a currency other than dollars, the amount payable under the Finance Documents shall be the equivalent in dollars of the relevant amount in such other currency on the date on which it was incurred. 

 

	 	(d)	 All moneys received or held by the Security Agent or by a Receiver under a Security Document in a currency
other than dollars may be sold for dollars and the Obligor which executed that Security Document shall indemnify the Security Agent against the full cost in relation to the sale. Neither the Security Agent nor such Receiver will have any liability
to that Obligor in respect of any loss resulting from any fluctuation in exchange rates after the sale. 

  
 93 

	43.	 Set-Off 

A Finance Party may, to the extent permitted by applicable law, set off any matured obligation due from any Obligor under the
Finance Documents (to the extent beneficially owned by that Finance Party) against any credit balance on any account that Obligor has with that Finance Party or against any other obligations owed by that Finance Party to that Obligor, regardless of
the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of
the set-off. 
  

	44.	 Notices 

  

	44.1	 Communication in Writing 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise
stated, may be made by telefax or letter. Any such notice or communication addressed as provided in Clause 32.2 (Addresses) will be deemed to be given or made as follows: 

 

	 	(a)	 if by letter, when delivered at the address of the relevant Party; or 

 

	 	(b)	 if by telefax, when received, 

however, a notice given in accordance with the above but received on a day which is not a Business Day or after 16:00 hours in
the place of receipt will only be deemed to be given at 9:00 hours on the next Business Day in that place. 
  

	44.2	 Addresses 

Any communication or document to be made under or in connection with the Finance Documents shall be made or delivered to the
address and telefax number of each Party and marked for the attention of the department or persons set out below and, in case of any New Lender, to the address notified to the Agent: 

 

					
		 	 If to the Agent:
	  	 Citibank Europe plc, UK Branch

		 		  	 Loans Agency

		 		  	 5th Floor, Citigroup Centre

		 		  	 25 Canada Square

		 		  	 London E14 5LB

		 		  	 Attn: Loans Agency

		 		  	 Telefax No: +44 20 7492 3980

			
		 	 If to the Security Agent:
	  	 Citibank, N.A., London branch

		 		  	 13th Floor, Citigroup Centre

		 		  	 Canada Square

		 		  	 Canary Wharf

		 		  	 London E14 5LB

		 		  	 Attn: Agency & Trust

		 		  	 Telefax No: +44 20 7500 5877

			
		 	 If to the Parent (on behalf
	  	 Seadrill Partners LLC

		 	 of itself, the Borrowers
	  	 Trust Company Complex

		 	 and the Guarantors):
	  	 Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands,

		 		  	 MH96960

		 		  	 Attn: John Roche

		 		  	 Email: John.Roche@seadrill.com

  
 94 

					
		 		  	 With copy to:

13th Floor, One America Square

17 Crosswall
 London EC3N 2LB

Attn: John Roche
 Email:
John.Roche@seadrill.com

 or any substitute address and/or telefax number and/or marked for such other attention as the
Party may notify to the Agent (or the Agent may notify the other Parties if a change is made by the Agent) by not less than five (5) Business Days’ prior notice. 
  

	44.3	 Communication with the Obligors 

All communication from or to any of the Obligors shall be sent through the Agent, and any communication or document made or
delivered to the Parent in accordance with this Clause 32.3 will be deemed to have been made or delivered to each of the Obligors. 
  

	44.4	 Language 

Communication to be given by one Party to another under the Finance Documents shall be given in the English language or, if not
in English and if so required by the Agent, be accompanied by a certified English translation and, in this case, the English translation shall prevail unless the document is a statutory or other official document. 

 

	44.5	 Electronic Communication 

 

	 	(a)	 Any communication to be made between the Agent, the Security Agent, a Lender and an Obligor under or in
connection with the Finance Documents (except notices to be sent to the Security Agent) may be made by electronic mail or other electronic means, if the Agent, the Security Agent, the relevant Lender and the relevant Obligor (as the case may be):

  

	 	(i)	 agree that, unless and until notified to the contrary, this is to be an accepted form of communication;

  

	 	(ii)	 notify each other in writing of their electronic mail address and/or any other information required to enable
the sending and receipt of information by that means; and 

  

	 	(iii)	 notify each other of any change to their address or any other such information supplied by them.

  

	 	(b)	 Any electronic communication made between the Agent, a Lender and an Obligor will be effective only when
actually received in readable form and in the case of any electronic communication made by a Lender or an Obligor to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose. 

 

	45.	 Calculations 

All sums falling due by way of interest, fees and commissions under the Finance Documents accrue from day-to-day and shall be calculated on the basis of the actual number of days elapsed and a calendar year of 360 days. The calculations made by the Agent of any interest rate
or any amount payable pursuant to this Agreement shall be conclusive and binding upon each Borrower in the absence of any manifest error. 

  
 95 

	46.	 Miscellaneous 

 

	46.1	 Conflict with Intercreditor Agreement 

If there is any inconsistency between any term of the Intercreditor Agreement and any term of this Agreement, the Intercreditor
Agreement shall prevail. 
  

	46.2	 Partial Invalidity 

If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under
any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provisions under any law of any other jurisdiction will in any way be affected or
impaired. 
  

	46.3	 Remedies and Waivers 

No failure to exercise, nor any delay in exercising on the part of any Finance Party, any right or remedy under the Finance
Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are
cumulative and not exclusive of any rights or remedies provided by law. 
  

	46.4	 Amendments and Waivers 

 

	 	(a)	 Intercreditor Agreement 

This Clause 34.4 is subject to the terms of the Intercreditor Agreement. 

 

	 	(b)	 Required Consents 

 

	 	(i)	 Subject to Clause 34.4(c), any term of the Finance Documents may be amended or waived only with the written
consent of the Required Lenders, the Obligors and any such amendment will be binding on all Parties. 

  

	 	(ii)	 The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 34.4.

  

	 	(c)	 Exceptions 

  

	 	(i)	 Subject to paragraph (ii) below, an amendment to or waiver that has the effect of changing or which
relates to any of the following: 

  

	 	(A)	 the definition of “Required Lenders”; 

 

	 	(B)	 an extension of the date of any payment of any amount under the Finance Documents; 

 

	 	(C)	 a reduction in the Applicable Margin or a reduction in the amount of any payment of principal, interest, fees
or commission payable; 

  

	 	(D)	 an increase in or extension of any Lenders’ Commitment; 

 

	 	(E)	 a term of the Finance Documents which expressly requires the consent of all the Lenders;

  

	 	(F)	 a proposed substitution or replacement of any of the Obligors; 

 

	 	(G)	 Clause 2.1 (Finance Parties’ Rights and Obligations); 

  
 96 

	 	(H)	 a release of any Guarantors, any Guarantees provided by the Guarantors pursuant to this Agreement, the
Guarantee Obligations or any Security Interest under any First Ranking Security Document; or 

  

	 	(I)	 this Clause 34.4, 

shall not be made without the prior written consent of all the Lenders. 

 

	 	(ii)	 An amendment or waiver that has the effect of changing or which relates to the Intercreditor Agreement shall
be made in accordance with the terms of the Intercreditor Agreement. 

  

	 	(iii)	 Each Borrower shall (at its own cost) have the right, in the absence of a Default or Event of Default to
replace any Lender that refuses to consent to certain amendments or waivers of this Agreement which expressly require the consent of such Lender and which have been approved by the Required Lenders, with a New Lender (as defined in Clause 26.2
(Assignments and Transfers by the Lenders). 

  

	 	(iv)	 If any Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any of the
terms of any Finance Document (other than an amendment or waiver referred to in paragraphs (A) and (I) above) or other vote of Lenders under the terms of this Agreement within fifteen (15) Business Days (unless the Parent and the Agent
agree to a longer time period in relation to any request) of that request being made, its Commitment and/or participation shall not be included for the purpose of calculating the Total Commitments or participations under the relevant Facility when
ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments and/or participations has been obtained to approve that request. 

 

	 	(v)	 An amendment or waiver which relates to the rights or obligations of the Agent or the Security Agent may not
be effected without the written consent of the Agent or the Security Agent, as the case may be. 

  

	46.5	 Disclosure of Information and Confidentiality 

Each of the Finance Parties may disclose to each other or to their professional advisers any kind of information which the
Finance Parties have acquired under or in connection with any Finance Document. The Parties are obliged to keep confidential all information in respect of the terms and conditions of this Agreement. This confidentiality obligation shall not apply to
any information which: 
  

	 	(a)	 is publicised by a Party as required by applicable laws and regulations; 

 

	 	(b)	 has entered the public domain or is publicly known, provided that such information is not made publicly
known by the receiving Party of such information; 

  

	 	(c)	 was or becomes, as the Party is able to demonstrate by supporting documents, available to such Party on a non-confidential basis prior to the disclosure thereof; or 

  

	 	(d)	 in the case of the Security Agent, is disclosed to agents, delegates and other appointees in the course of the
performance of its functions under the Finance Documents. 

  
 97 

	46.6	 Process Agent 

Each Obligor hereby irrevocably appoints Frontline Corporate Services Ltd. as its agent for the service of process and/or any
other writ, notice, order or judgment in respect of this Agreement and/or the matters arising herefrom. 
  

	46.7	 Conflict 

In case of conflict between the Security Documents and this Agreement, the provisions of this Agreement shall prevail,
provided however that this will not in any way be interpreted or applied to prejudice the legality, validity or enforceability of any Security Document. 
  

	46.8	 Counterparts 

Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the
counterparts were on a single copy of the Finance Document. 
  

	47.	 Governing Law and Enforcement 

 

	 	(a)	 This Agreement and any non-contractual obligations connected with it
are governed by English law. 

  

	 	(b)	 Without prejudice to sub-paragraph (a) above and sub-paragraph (c) below, Schedule 10 (Combined Senior Secured Net Leverage Ratios) and any non-contractual obligations arising out of or in connection with it will
be interpreted in accordance with the laws of the State of New York; and 

  

	 	(c)	 Without prejudice to sub-paragraphs (a) and (b) above, the term
“material adverse effect” in Clause 25.10 (Amendment or Termination of the Management Agreement or Omnibus Agreement) will be interpreted in accordance with the laws of the State of Delaware. 

 

	48.	 Enforcement 

  

	48.1	 Jurisdiction of English Courts 

 

	 	(a)	 The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with
this Agreement or any non-contractual obligations connected with it (including a dispute regarding the existence, validity or termination of this Agreement) (a Dispute). 

 

	 	(b)	 The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes
and accordingly no Party will argue to the contrary. 

  

	 	(c)	 This Clause 36 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be
prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

 

	48.2	 Service of Process 

Without prejudice to any other mode of service allowed under any relevant law, each Obligor which is a Party: 

 

	 	(a)	 irrevocably appoints the person named in Clause 34.6 (Process Agent) as that Obligor’s English
process agent as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; 

  
 98 

	 	(b)	 agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the
proceedings concerned; and 

  

	 	(c)	 if any person appointed as process agent for an Obligor is unable for any reason to act as agent for service
of process, that Obligor must immediately (and in any event within ten days of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose.

 This Agreement has been entered into on the date stated at the beginning of this Agreement. 

* * * 

  
 99 

 Signatories 

The Borrowers 
 Seadrill T-15 Ltd. 
  

			
	 By:
	 	 /s/ Georgina E. Sousa

	 Name:
	 	 Georgina E. Sousa

	 Title:
	 	 Director

 Seadrill T-16 Ltd. 

 

			
	 By:
	 	 /s/ Georgina E. Sousa

	 Name:
	 	 Georgina E. Sousa

	 Title:
	 	 Director

 The Guarantors 

Seadrill Partners LLC 
  

			
	 By:
	 	 /s/ John T. Roche

	 Name:
	 	 John T. Roche

	 Title:
	 	 CFO

 Seadrill T-15 Ltd. 

 

			
	 By:
	 	 /s/ Georgina E. Sousa

	 Name:
	 	 Georgina E. Sousa

	 Title:
	 	 Director

 Seadrill T-16 Ltd. 

 

			
	 By:
	 	 /s/ Georgina E. Sousa

	 Name:
	 	 Georgina E. Sousa

	 Title:
	 	 Director

  
 100 

 Seadrill International Limited 
  

			
	 By:
	 	 /s/ JONAS YTRELAND

	 Name:
	 	 JONAS YTRELAND

	 Title:
	 	 AUTHORISED SIGNATORY

 Seadrill Partners B.V. 
  

			
	 By:
	 	 /s/ JONAS YTRELAND

	 Name:
	 	 JONAS YTRELAND

	 Title:
	 	 ATTORNEY

 Seadrill Partners Operating LLC 
  

			
	 By:
	 	 /s/ Georgina E. Sousa

	 Name:
	 	 Georgina E. Sousa

	 Title:
	 	 Director

 The Finance Parties 

Citibank, N.A., London Branch  

as Lender, Mandated Lead Arranger and Bookrunner 
  

			
	 By:
	 	 /s/ Jonathan Beasley

	 Name:
	 	 Jonathan Beasley

	 Title:
	 	 Director

  
 101 

 The Export-Import Bank of China  

as Lender, Mandated Lead Arranger and Bookrunner 
  

			
	 By:
	 	 /s/ Liu Ya

	 Name:
	 	 Liu Ya

	 Title:
	 	 General Manager, Transport Finance Dept.

The Export-Import Bank of China

 Nordea Bank AB, London Branch  

as Lender 
  

							
				
	 By:
	 	 /s/ David Andrews
	 		 	 /s/ KEVIN CONNORS

	 Name:
	 	 David Andrews
	 		 	      KEVIN CONNORS

	 Title:
	 	 Head of Cash Management and Banking Service
	 		 	      GENERAL MANAGER

 Danske Bank A/S, Norwegian Branch 

as Lender 
  

							
	 By:
	 	 /s/ Rolf Erik Linge
	 		 	 /s/ Oivind Haraldsen

	 Name:
	 	 Rolf Erik Linge
	 		 	      Oivind Haraldsen

	 Title:
	 	 Managing Director
	 		 	      Head of Shipping

 Norddeutsche Landesbank Girozentrale  

as Lender 
  

							
	 By:
	 	 /s/ Blomberg
	 		 	 /s/ Blerman

	 Name:
	 	 Blomberg
	 		 	      Blerman

	 Title:
	 	 Director
	 		 	      Director

 Bank of America, National Association  

as Lender 
  

			
	 By:
	 	 /s/ Elizabeth Gregan

	 Name:
	 	 Elizabeth Gregan

	 Title:
	 	 Authorised Signatory

  
 102 

 Scotiabank Europe plc  

as Lender 
  

							
	 By:
	 	 /s/ RICHARD WASH
	 		 	 /s/ Steve Dobson

	 Name:
	 	 RICHARD WASH
	 		 	      Steve Dobson

	 Title:
	 	 DIRECTOR
	 		 	      Managing Director

 Citibank Europe plc, UK Branch  

as Agent 
  

			
	 By:
	 	 /s/ Jane Styles

	 Name:
	 	 Jane Styles

	 Title:
	 	 Senior Vice President

 Citibank, N.A., London Branch  

as Security Agent 
  

			
	 By:
	 	 /s/ Chris Wilson

	 Name:
	 	 Chris Wilson

	 Title:
	 	 Director

 Citibank, N.A., London Branch  

as Account Bank 
  

			
	 By:
	 	 /s/ JONATHAN BEASLEY

	 Name:
	 	 JONATHAN BEASLEY

	 Title:
	 	 DIRECTOR

  
 103 

 Schedule 2 

Lenders and Commitments 
  

							
	 Lenders:
	  	 Contact details:
	  	 Commitments in USD

	 The Export-Import Bank
	  	 No. 30
	  	 CEXIM Facility:
	  	76,422,500
	 of China as Lender,
	  	 Fuxingmen Nei Street
	  		  	
	 Mandated Lead Arranger
	  	 Xicheng District
	  		  	
	 and Bookrunner
	  	 Beijing
	  		  	
		  	 P.R. China
	  		  	
				
		  	 Attn: Mr. Li Lingkai/Mr. Wu
	  		  	
		  	 Hongliang
	  		  	
		  	 Fax: +86 10 8357 8428/29
	  		  	
				
	 Citibank, N.A., London
	  	 Citibank, N.A. London
	  	 Commercial Facility:
	  	5,458,750
	 Branch as Lender,
	  	 c/o Citibank International Plc
	  		  	
	 Mandated Lead Arranger
	  	 Poland Branch Loans
	  		  	
	 and Bookrunner
	  	 Operations Department
	  		  	
		  	 8 Chalubinskiego Str.
	  		  	
		  	 8th Floor, Warsaw 00-613
	  		  	
		  	 Poland
	  		  	
				
		  	 Attn: Anzhela Halayko
	  		  	
		  	 Fax: +44-20-7942 7512
	  		  	
				
	 Nordea Bank AB, London
	  	 Essendropsgate 7, 0368 Oslo,
	  	 Commercial Facility:
	  	5,458,750
	 Branch
	  	 Norway
	  		  	
				
		  	 Attn: Helge Leikvang / Arne
	  		  	
		  	 Berglund
	  		  	
		  	 Telephone: +47 93 68 39 97 /
	  		  	
		  	 +47 41 44 20 67
	  		  	
		  	 Email:helge.leikvang@nordea.com /
	  		  	
		  	 arne.berglund@nordea.com
	  		  	
				
	 Danske Bank A/S,
	  	 Danske Bank A/S
	  	 Commercial Facility:
	  	5,458,750
	 Norwegian Branch
	  	 2-12 Holmens Kanal, DK
	  		  	
		  	 1092 Copenhagen K.
	  		  	
		  	 Telephone : + 45 45 14 63 59
	  		  	
		  	 Fax: + 45 45 12 87 22
	  		  	
		  	 Email:loanmanshi@danskebank.dk
	  		  	
				
		  	 Endre Storløkken / Vilde
	  		  	
		  	 Krogsrud
	  		  	
		  	 Bryggetorget 4, 0250 Oslo,
	  		  	
		  	 Norway
	  		  	
		  	 Telephone: +47 85 40 70 71
	  		  	
		  	 Email:
	  		  	
		  	 Endre.storlokken@danskebank.com
	  		  	
		  	 vilde.krogsrud@danskebank.com
	  		  	

  
 104 

							
	 Lenders:
	  	 Contact details:
	  	 Commitments in USD

	 Norddeutsche Landesbank
	  	 Friedrichswall 10
	  	 Commercial Facility:
	  	5,458,750
	 Girozentrale
	  	 30159 Hannover
	  		  	
				
		  	 Attn: Christine Biermann/
	  		  	
		  	 Stephan Somitsch
	  		  	
		  	 Telephone: +49 511 361
	  		  	
		  	 4649/ +49 511 361 2319
	  		  	
		  	 Fax: +49 511 361 4785
	  		  	
		  	 Email:
	  		  	
		  	 Christine.biermann@nordlb.de/
	  		  	
		  	 Stephan.somitsch@nordlb.de
	  		  	
				
	 Bank of America, National
	  	 2 King Edward Street, MLFC
	  	 Commercial Facility:
	  	5,458,750
	 Association
	  	 Main, London EC1A 1HQ
	  		  	
		  	 United Kingdom
	  		  	
				
		  	 Attn: Adrienne Nel
	  		  	
		  	 Telephone: +44 207 996
	  		  	
		  	 9350
	  		  	
		  	 Fax:+44 207 996 3131
	  		  	
		  	 Email:
	  		  	
		  	 Adrienne.nel@baml.com
	  		  	
				
	 Scotibank Europe plc
	  	 201 Bishopsgate. 6th Floor,
	  	 Commercial Facility:
	  	5,458,750
		  	 EC2M 3NS, London
	  		  	
				
		  	 Attn: Richard Walsh
	  		  	
		  	 Telephone: +44 207 8265751
	  		  	
		  	 Email:
	  		  	
		  	 richard.walsh@scotiabank.com
	  		  	
		  		  	 Total Commitments: USD
	  	109,175,000

 Aggregate Facility Allocation (In USD): 

 

					
	 CEXIM Facility
	  	 Commercial Facility
	  	 Total Commitment

	 76,422,500
	  	32,752,500	  	109,175,000

  
 105 

 Schedule 3 

Borrowers, Guarantors and Collateral Rigs 
  

															
	 Rig:
	 	 Average FMV:
	 	 Borrowers, Rig
Owners and
Guarantors:
	 	 Intra-Group
Charterer and
Guarantor
	 	 Charter Contract:
	 	 Duration of
Charter Contract:
	 	 Charter Rate

(per day):
	 	 Yard:

	Rig 1 (t.b.n “T-15”)	 	MUSD 127,500,000	 	Seadrill T-15 Ltd, Bermuda	 	Seadrill International Limited, Hong Kong and Seadrill Partners B.V.	 	Chevron Thailand Exploration & Production	 	5 years	 	Minimum 115,000	 	Cosco Nantong
								
	Rig 2 (t.b.n “T-16”)	 	MUSD 127,500,000	 	Seadrill T-16 Ltd, Bermuda	 	Seadrill International Limited, Hong Kong and Seadrill Partners B.V.	 	Chevron Thailand Exploration & Production	 	5 years	 	Minimum 115,499	 	Cosco Nantong

  
 106 

 Schedule 4 

Conditions Precedent 
  

	1.	 Corporate Authorisation 

 

	1.1	 In respect of each Obligor: 

 

	 	(a)	 Company certificate (or similar); 

 

	 	(b)	 Articles of Association, Memorandum of Incorporation and By-laws;

  

	 	(c)	 Updated Good Standing Certificate (or similar); 

 

	 	(d)	 Resolutions passed at a board meeting of the relevant Obligor: 

 

	 	(i)	 evidencing the approval of the terms of, and the transactions contemplated by, the Finance Documents to which
it is a party; and 

  

	 	(ii)	 evidencing the authorisation of its appropriate officer or officers or other representatives to execute the
Finance Documents and any other documents necessary for the transactions contemplated by the Finance Documents, on its behalf; and 

  

	 	(iii)	 attaching certified true copies of valid proof of identity and specimen signatures in respect of the persons
signing on behalf of the relevant Obligor; and 

  

	 	(iv)	 authorising the Parent to act as its agent in connection with the Finance Documents. 

 

	 	(e)	 Power of Attorney (notarised and legalised if requested by the Agent); and 

 

	 	(f)	 Directors Certificate, including, but not limited to confirmations on solvency both before and after the
incurrence of the indebtedness under the Finance Documents. 

  

	2.	 Authorisations 

Evidence that all approvals, authorisations and consents required by any government or other authorities for the Obligors and
if applicable its subsidiaries to enter into and perform their obligations under any of the Finance Documents shall have been obtained and remain in effect, and all applicable waiting periods shall have expired without any action being taken by any
competent authority which, in the opinion of the Agent, restrains, prevents or imposes materially adverse conditions upon the Obligors to enter into and perform their obligations under the Finance Documents. 

 

	3.	 Finance Documents 

Subject to the evidence being delivered pursuant to this Schedule 3 below, each of the Finance Documents, duly signed by all
the relevant parties thereto together with evidence that the security created thereunder is legally perfected with first priority in accordance with the terms of each of the Finance Documents and applicable laws including, but not limited to; 

 

	 	(a)	 the Agreement; 

  

	 	(b)	 the Security Documents other than the Escrow Account Pledge; 

 

	 	(c)	 the Fee Letters; 

  
 107 

	 	(d)	 the Framework Agreement; 

 

	 	(e)	 the Intercreditor Agreement; and 

 

	 	(f)	 a Subordination Undertaking duly executed by Seadrill Operating, Seadrill International Limited and the other
parties to it. 

  

	4.	 Legal Opinions 

 

	 	(a)	 Agreed form of legal opinion from Appleby (Bermuda) Limited relating to Bermuda law issues with confirmation
that the execution copy will follow as soon as possible thereafter. 

  

	 	(b)	 Agreed form of legal opinion from White & Case LLP relating to English law issues with confirmation
that the execution copy will follow as soon as possible thereafter. 

  

	 	(c)	 Agreed form of legal opinion from Arias Fabrega & Fabrega relating to Panama law with confirmation
that the execution copy will follow as soon as possible thereafter. 

  

	 	(d)	 Agreed form of legal opinion from Stephenson Harwood relating to Hong Kong law issues with confirmation that
the execution copy will follow as soon as possible thereafter. 

  

	 	(e)	 Agreed form of legal opinion from Holland & Knight relating to Marshall Islands law issues with
confirmation that the execution copy will follow as soon as possible thereafter. 

  

	 	(f)	 Agreed form of legal opinion from De Brauw Blackstone Westbroek N.V. relating to Dutch law issues with
confirmation that the execution copy will follow as soon as possible thereafter. 

  

	 	(g)	 Agreed form of legal opinion from Advokatfirmaet BA-HR DA to the
Lenders relating to Norwegian law issues with confirmation that the execution copy will follow as soon as possible thereafter. 

  

	 	(h)	 Any such other favourable legal opinions in form and substance satisfactory to the Agent (on behalf of all the
Finance Parties) and the Security Agent from lawyers appointed by the Agent on matters concerning all relevant jurisdictions. 

All legal opinions to be in form and substance satisfactory to the Agent (on behalf of all the Finance Parties) and the
Security Agent. 
  

	5.	 Miscellaneous 

 

	 	(a)	 Evidence that all fees, costs and expenses referred to in Finance Documents as payable on or prior to the
First Utilisation Date, have or will be paid on the applicable due date. 

  

	 	(b)	 An acceptance letter from the Process Agent. 

 

	 	(c)	 The Original Financial Statements. 

 

	 	(d)	 Cash Flow Projections. 

 

	 	(e)	 Evidence of ownership of the Obligors corporate and capital structure of the Group (assuming the assumption of
the Facility herein). 

  

	 	(f)	 “Know your customer” documents required by the Lenders. 

  
 108 

	 	(g)	 In respect of each Obligor which is incorporated in Bermuda, a copy of such Obligor’s exemption from
imposition of tax until 31 March 2035 issued by the Bermudan Ministry of Finance in favour of such Obligor. 

  

	 	(h)	 Any other documents as reasonably requested by the Agent. 

  
 109 

 Schedule 5 

Form of Compliance Certificate 
  

			
	 To:
	  	 Citibank Europe plc, UK Branch, as Agent

		
	 From:
	  	 Seadrill Partners LLC

		
	 Date:
	  	 [•] [To be delivered no later than hundred and eighty (180)/seventy (70) days after each reporting
date]

 Seadrill T-15 Ltd. and Seadrill
T-16 Ltd. – USD [109,175,000] Secured Credit Facility 
 Agreement dated [•] 2017
(the “Agreement”) 
 We refer to the Agreement. Terms defined in the Agreement shall have the same meaning when used in this
Compliance Certificate. 
 We confirm that as at [•] [insert relevant reporting date]: 

 

	1.	 Minimum Liquidity 

The Minimum Group Liquidity was [•] while the Minimum Group Liquidity required is USD 150,000,000. 

The Minimum Non-TLB SDLP Obligor Group Liquidity was [•] while the Minimum Non-TLB SDLP Obligor Group Liquidity required is [USD 25,000,000]/ [USD 50,000,000]. 
  

	2.	 Combined Senior Secured Net Leverage Ratios 

[•]. 
  

	3.	 Insurance 

We confirm that each of the Rigs is insured against such risks and in such amounts as set out in Appendix 1 hereto. 

 

	4.	 Fleet Report 

We confirm that each of the Rigs is employed in accordance with Appendix 2 hereto. 

 

	5.	 No Default 

We confirm that, as of the date hereof (i) each of the representations and warranties set out in Clause 20
(Representations and Warranties) of the Agreement is true and correct, and (ii) no event or circumstances has occurred and is continuing which constitute or may constitute a Default and/or an Event of Default. 

Yours sincerely 
 for and on behalf of 

Seadrill Partners LLC 
  

			
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	 [authorised officer]

  
 110 

 Appendix 1 

[●] 
  

											
	 Rig
	  	 Hull & Machinery
	  	 Freight Interest
	  	 Hull Interest
	  	 P&I
	  	 War Risk

		  	Insurer: Amount:	  	Insurer: Amount:	  	Insurer: Amount:	  	Insurer: Amount:	  	Insurer: Amount:

  
 111 

 Appendix 2 

[•] 

  
 112 

 Schedule 6 

Form of Transfer Certificate 
  

			
	 To:
	  	 Citibank Europe plc, UK Branch, as Agent

		
	 From:
	  	 [•] (the “Existing Lender” and [•] (the “New
Lender”)

		
	 Date:
	  	 [•]

 Seadrill T-15 Ltd. And Seadrill T-16 Ltd.
– USD [109,175,000] Senior Secured Credit Facility Agreement dated [•] 2017 (the “Agreement”) 
 on [•] 2017
(The “Agreement”) 
  

	1.	 We refer to the Agreement. This certificate shall take effect as a Transfer Certificate. Terms defined in the
Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate. 

  

	2.	 We refer to Clause 26.4 (Conditions of Assignment): 

 

	 	(a)	 The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the
Agreement and the other Finance Documents which relate to that portion of the Existing Lender’s Commitment(s) and participations in the Loan under the Agreement as specified in the Schedule. 

 

	 	(b)	 The Existing Lender is released from all the obligations of the Existing Lender which correspond to that
portion of the Existing Lender’s Commitment(s) and participations in the Loan under the Agreement specified in the Schedule. 

  

	 	(c)	 The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the
Existing Lender is released under paragraph (b) above. 

  

	 	(d)	 The proposed Transfer Date is [•]. 

 

	 	(e)	 The Facility Office and address, fax number and attention details for notices of the New Lender for the
purposes of Clause 32.2 (Addresses) are set out in the Schedule. 

  

	3.	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in sub-clause 26.5(c) of Clause 26.5 (Limitation of Responsibility of Existing Lenders). 

  

	4.	 This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the
signatures on the counterparts were on a single copy of this Transfer Certificate. 

  

	5.	 This Transfer Certificate and any non-contractual obligations
connected with it are governed by English law. 

  

	6.	 This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer
Certificate. 

 Note: The execution of this Transfer Certificate may not assign a proportionate share of the Existing Lender’s
interest in the Security Documents in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect an assignment of such a share in the Security Documents in any
jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities. 

  
 113 

 The Schedule 

Rights to be assigned and obligations to be released and undertaken 

 

					
	 I
	  	 Existing Lender:
	  	[•]
			
	 II
	  	 New Lender:
	  	[•]
			
	 III
	  	 Total Commitments of Existing Lender:
	  	 USD [•]

			
	 IV
	  	 Aggregate amount transferred:
	  	 USD [•]

			
	 V
	  	 Total Commitments of New Lender:
	  	 USD [•]

			
	 VI
	  	 Transfer Date:
	  	[•]

 Administrative Details / Payment Instructions of New Lender 

Notices to New Lender: 
  

			
	 [•]
	  	
		
	 [•]
	  	
		
	 Att:
	  	   [•]
		
	 Telefax no:
	  	+ [•]

 [Insert relevant office address, telefax number and attention details for notices and payments to the New
Lender.] 
 Account details of New Lender: [Insert relevant account details of the New Lender.] 

[Existing Lender] 
 By:
                                         
                                        

[New Lender] 
 By:
                                         
                                        

This certificate is accepted as a Transfer Certificate for the purposes of the Agreement by the Agent, and the Transfer Date is confirmed as
[•]. 
 Signature of this Transfer Certificate by the Agent constitutes confirmation by the Agent of receipt of notice of the
assignment referred to herein, which notice the Agent receives on behalf of each Finance Party. 

  
 114 

 Citibank Europe plc, UK Branch 

By:
                                         
                                        

Name: 
 Title: 

  
 115 

 Schedule 7 

Indicative Repayments/Reductions 
  

															
	 Repayments
	  	 Date
	  	Instalments	 	  	Other Scheduled
Repayments	 	  	Principal
Outstanding	 
	 0
	  	19 June 2017	  	 	9,925,000	 	  	 	—  	 	  	 	109,175,000	 
	 1
	  	On the date of the Framework Agreement	  	 	—  	 	  	 	15,836,298.07	 	  	 	93,338,701.93	 
	 2
	  	19 September 2017	  	 	4,962,500	 	  	 	—  	 	  	 	88,376,201.93	 
	 3
	  	15 December2017	  	 	4,962,500	 	  	 	—  	 	  	 	83,413,701.93	 
	 4
	  	19 March 2018	  	 	4,962,500	 	  	 	3,852,233.72	 	  	 	74,598,968.21	 
	 5
	  	19 June 2018	  	 	4,962,500	 	  				  	 	69,636,468.21	 
	 6
	  	19 September 2018	  	 	4,962,500	 	  	 	3,717,756.29	 	  	 	60,956,211.92	 
	 7
	  	19 December2018	  	 	4,962,500	 	  	 	—  	 	  	 	55,993,711.92	 
	 8
	  	19 March 2019	  	 	4,962,500	 	  	 	—  	 	  	 	51,031,211.92	 
	 9
	  	19 June 2019	  	 	4,962,500	 	  	 	—  	 	  	 	46,068,711.92	 
	 10
	  	19 September 2019	  	 	4,962,500	 	  	 	—  	 	  	 	41,106,211.92	 
	 11
	  	19 December 2019	  	 	4,962,500	 	  	 	—  	 	  	 	36,143,711.92	 
	 12
	  	19 March 2020	  	 	4,962,500	 	  	 	—  	 	  	 	31,181,211.92	 
	 13
	  	19 June 2020	  	 	4,962,500	 	  	 	26,218,711.92	 	  	 	0	 

  
 116 

 Schedule 8 

Corporate Structure 
  

 

  
 117 

 Schedule 9 

Form of Selection Notice 
 Selection
Notice 
  

			
	 From:
	 	 [the Borrower]

		
	 To:
	 	 Citibank Europe plc, UK Branch

		
	 Dated:
	 	 [•]

		
	Dear Sirs	 	

 USD [109,175,000] Secured Credit Facility Agreement dated [•] 2017 (the “Agreement”) 

 

	1.	 We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in
this Selection Notice unless given a different meaning in this Selection Notice. 

  

	2.	 We request that the next Interest Period for the Loan be [•] months. 

 

	3.	 This Selection Notice is irrevocable. 

Yours sincerely 
 for and on behalf of 

Seadrill T-15 Ltd.] / [Seadrill T-16 Ltd.] 

By:
                                         
                                

Name: 
 Title: [authorised officer
of the Borrower] 

 Schedule 10 

Second Ranking Security Documents 
  

	1.	 Mortgage over Rig 1 by Seadrill T-15 Ltd. in favour of the Common
Security Agent (as defined in the SDLP Intercreditor Agreement) securing the claims of the lenders arising under the SDLP Facilities (as defined in the SDLP Intercreditor Agreement). 

 

	2.	 Mortgage over Rig 2 by Seadrill T-16 Ltd. in favour of the Common
Security Agent securing the claims of the lenders arising under the SDLP Facilities. 

  

	3.	 Charge over the earnings account granted by Seadrill T-15 Ltd. in
favour of the Common Security Agent securing the claims of the lenders arising under the SDLP Facilities. 

  

	4.	 Charge over the earnings account granted by Seadrill T-16 Ltd. in
favour of the Common Security Agent securing the claims of the lenders arising under the SDLP Facilities. 

  

	5.	 Charge over the earnings account granted by Seadrill International Ltd. in favour of the Common Security Agent
securing the claims of the lenders arising under the SDLP Facilities. 

  

	6.	 Charge over the earnings account granted by Seadrill Partners B.V. in favour of the Common Security Agent
securing the claims of the lenders arising under the SDLP Facilities. 

  

	7.	 General assignment agreement (relating to insurances and earnings of Rig 1) granted by Seadrill T-15 Ltd. in favour of the Common Security Agent securing the claims of the lenders arising under the SDLP Facilities. 

  

	8.	 General assignment agreement (relating to insurances and earnings of Rig 2) granted by Seadrill T-16 Ltd. in favour of the Common Security Agent securing the claims of the lenders arising under the SDLP Facilities. 

  

	9.	 General assignment of interests in charter documents and earnings from the charter granted by Seadrill T-15 Ltd., Seadrill Partners B.V. and Seadrill International Limited in favour of the Common Security Agent securing the claims of the lenders arising under the SDLP Facilities. 

 

	10.	 General assignment of interests in charter documents and earnings from the charter granted by Seadrill T-16 Ltd., Seadrill Partners B.V. and Seadrill International Limited in favour of the Common Security Agent securing the claims of the lenders arising under the SDLP Facilities. 

 

	11.	 Mortgage over the West Polaris Rig (as defined in the SDLP Intercreditor Agreement) by Seadrill Polaris Ltd.
in favour of the Common Security Agent securing the claims of the lenders arising under the SDLP Facilities. 

  

	12.	 Charge over the earnings account granted by Seadrill Polaris Ltd. in favour of the Common Security Agent
securing the claims of the lenders arising under the SDLP Facilities. 

  

	13.	 Assignment agreement (relating to insurances and earnings of West Polaris Rig) granted by Seadrill Polaris
Ltd. in favour of the Common Security Agent securing the claims of the lenders arising under the SDLP Facilities. 

  

	14.	 Mortgage over the West Vela Rig (as defined in the SDLP Intercreditor Agreement) by Seadrill Vela Hungary Kft.
in favour of the Common Security Agent securing the claims of the lenders arising under the SDLP Facilities. 

  

	15.	 Assignment of earning and charterparty granted by Seadrill Vela Hungary Kft. in favour of the Common Security
Agent securing the claims of the lenders arising under the SDLP Facilities. 

  
 2 

	16.	 Assignment of earnings account granted by Seadrill Vela Hungary Kft in favour of the Common Security Agent
securing the claims of the lenders arising under the SDLP Facilities. 

  

	17.	 Assignment of insurance proceeds granted by Seadrill Vela Hungary Kft in favour of the Common Security Agent
securing the claims of the lenders arising under the SDLP Facilities. 

  

	18.	 The Escrow Account Pledge. 

 

	19.	 All or any security documents as may be entered into from time to time in favour of the Common Security Agent,
all to be in form and substance satisfactory to the Common Security Agent. 

  
 3 

 Schedule 11 

Combined Senior Secured Net Leverage Ratios 

Part 1 
 Combined Senior
Secured Net Leverage Ratio Covenant 
  

	1.	 The Parent will procure that the TLB Rigs Combined Senior Secured Net Leverage Ratio will not exceed 5.00:
1.00 as of the last day of any fiscal quarter (commencing with the fiscal quarter ending 30 June 2017). 

  

	2.	 The Parent will procure that the Non-TLB Rigs Combined Senior Secured
Net Leverage Ratio will not exceed as of the last day of any fiscal quarter ending on a date: 

  

	 	(d)	 from and including the date of this Agreement until and including 30 June 2019, 3.50:1.00; and

  

	 	(e)	 from and including 1 July 2019 until the Final Maturity Date, 3.00: 1.00. 

  
 4 

 Part 2 

Certain Definitions 
 Any
capitalised terms used in this Part 2 of this Schedule 10 that are not otherwise defined in this Part 2 of this Schedule 10 (including, without limitation, the term “Original Effective Date”) shall have the respective meanings given to
them in Clause 1.01 (Defined Terms) of the Original TLB Agreement or Clause 1.1 (Definitions) of this Agreement, as the case may be. The definitions set forth in this Schedule 10 shall be used only for the purposes of calculating
ratios set forth in Clause 22.1 (Combined Senior Secured Net Leverage Ratio – TLB Covenant) and not for any other purpose under this Agreement. Terms defined only in Clause 1.1 (Definitions) shall be construed and interpreted when
they are used in this Schedule 10 (and only for this purpose) in accordance with the law of the State of New York. This Schedule 10 and the rights and obligations of the parties under this Schedule 10 and Clause 22.1 of this Agreement shall be
interpreted and construed in accordance with the law of the State of New York. 
 Except as otherwise expressly provided herein, all terms
of an accounting or financial nature shall be construed in accordance with GAAP; provided that, if any Borrower notifies the Administrative Agent that the Borrowers request an amendment to any provision hereof to eliminate the effect of any change
in GAAP (including any conversion of the Borrowers’ accounting to IFRS) occurring after the Original Effective Date or in the application thereof on the operation of such provision (or if the Administrative Agent notifies any Borrower that the
Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis
of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms
of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of
any Borrower or any of its Subsidiaries at “fair value”, as defined therein and (ii) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and
such Indebtedness shall at all times be valued at the full stated principal amount thereof. The words “include,” “includes” and “including” as used herein shall be deemed to be followed by the phrase, “without
limitation”. The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. Unless otherwise expressly provided herein, (a) references to formation documents, governing
documents, agreements and other contractual instruments shall be deemed to include all subsequent refinancings, replacements, amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) references to any law, statute or regulation shall include all statutory and regulatory provisions consolidating,
amending, replacing, supplementing or interpreting such law, statute or regulation. 
 “Administrative Agent” shall mean:

  

	(I)	 with respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Administrative Agent under (and
as defined in) the Original TLB Agreement; and 

  

	(II)	 with respect to the Non-TLB Rigs Combined Senior Secured Net Leverage
Ratio, the Agent under (and as defined in) this Agreement. 

  
 5 

 “Affiliate” shall mean, with respect to any specified Person any other Person
directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control”, when used with respect to any specified Person, means the power to
direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”, “controlled” have
meanings correlative to the foregoing. 
 “Asset Sale” shall mean: 

 

	(I)	 any sale, lease, conveyance or other disposition, whether in a single transaction or a series of related
transactions, of property or assets of a Borrower or any of the Guarantors, including any disposition by means of a merger, consolidation or similar transaction; 

 

	(II)	 the issuance or sale of Equity Interests in any of the Guarantors, other than statutory or directors
qualifying shares and/or other Equity Interests that are required to be held by any Persons other than a Borrower or another Guarantor under applicable law or regulation (including local content regulations or requirements), whether in a single
transaction or a series of related transactions; and 

  

	(III)	 an Involuntary Transfer. 

Notwithstanding the preceding, the following items will be deemed not to be an Asset Sale: 

 

	(I)	 any single transaction or series of related transactions that involves assets having a Fair Market Value or
that results in generating Net Proceeds, in either case, of less than $50,000,000; 

  

	(II)	 a transfer of Equity Interests or other assets between or among the Borrowers and the Guarantors or between or
among any of them; 

  

	(III)	 an issuance of Equity Interests by a Guarantor to a Borrower or to another Guarantor; 

 

	(IV)	 the sale, lease or other disposition of products, services or accounts receivable or any charter, pool
agreement, drilling contract or lease of a Vessel and any related assets, in each case in the ordinary course of business and any sale or conveyance or other disposition of damaged, worn-out or obsolete assets
in the ordinary course of business; 

  

	(V)	 the sale or other disposition of cash or Cash Equivalents, hedging contracts or other financial instruments;

  

	(VI)	 licenses and sublicenses by a Borrower or any of the Guarantors of software or intellectual property in the
ordinary course of business; 

  

	(VII)	 a Restricted Payment (as defined in the Original TLB Agreement) that does not violate Section 7.15 of the
Original TLB Agreement or a Permitted Investment; 

  

	(VIII)	 the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Borrowers
and the Guarantors taken as a whole or in a manner governed by Section 7.14 of the Original TLB Agreement or any disposition that constitutes a Change of Control; 

 

	(IX)	 the creation or perfection of any Lien permitted pursuant to the Original TLB Agreement, and any disposition
of assets constituting Collateral resulting from foreclosure under any such Lien by the Collateral Agent under (and as defined in) the Original TLB Agreement, or any disposition of assets not constituting Collateral resulting from foreclosure under
any such Lien; 

  

	(X)	 any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract,
tort or other claims; 

  
 6 

	(XI)	 the sale, lease, conveyance or other disposition of any Equity Interests in, or properties or assets of,
(i) any Subsidiary of any Borrower that is not a Guarantor or (ii) any other Person in which a Borrower has an Equity Interest that is not a Guarantor; and 

 

	(XII)	 the sale, lease, conveyance or other disposition of any Collateral Vessel for which a Borrower or a Guarantor
has substituted a Replacement Vessel (as defined in the Original TLB Agreement). 

 “Attributable
Indebtedness” in respect of a Sale and Lease-Back Transaction shall mean, at the time of determination, the present value (discounted according to GAAP at the cost of indebtedness implied in the lease; provided that if such discount rate
cannot be determined in accordance with GAAP, the present value shall be discounted at the interest rate agreed to between the Administrative Agent and the Borrowers or, if issued, the rate borne by any senior notes or other long-term fixed rate
Indebtedness of the Borrowers issued to refinance the Term Loans, in each case compounded annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale and Lease-Back Transaction
(including any period for which such lease has been extended); provided, however, that if such Sale and Lease- Back Transaction results in a Capitalized Lease Obligation, the amount of Indebtedness represented thereby will be determined in
accordance with the definition of “Capitalized Lease Obligation.” 
 “Beneficial Owner” shall have the meaning
assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as
that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other
securities, whether such right is currently exercisable or is exercisable only after the passage of time. 
 “Borrowers”
shall mean: 
  

	(I)	 with respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Borrowers under (and as defined
in) the Original TLB Agreement; and 

  

	(II)	 with respect to the Non-TLB Rigs Combined Senior Secured Net Leverage
Ratio, the Borrower(s) under (and as defined in) the SDLP Facility Agreements. 

 “Capital Stock” shall
mean (1) in the case of a corporation, corporate stock, (2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock or share
capital, (3) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests and (4) any other interest or participation that confers on a Person the right to receive a
share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation
with Capital Stock. 
 “Capitalized Lease Obligation” shall mean, with respect to any Person, any obligation of such Person
under a lease of (or other agreement conveying the right to use) any property (whether real, personal or mixed), which obligation is required to be classified and accounted for as a capitalized lease obligation under GAAP, and, for purposes of this
Agreement, the amount of such obligation at any date will be the capitalized amount thereof at such date, determined in accordance with GAAP and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under
such lease prior to the first date such lease may be terminated without penalty. 
 “Cash Equivalents” shall mean any of
the following: 
  

	(I)	 direct obligations (or certificates representing an interest in such obligations) issued by, or
unconditionally guaranteed by, the government of a member state of the Pre-Expansion European Union, the United States of America, Norway or Canada (including, in each case, any agency or instrumentality
thereof), as the case may be, the payment of which is backed by 

  
 7 

	 	 the full faith and credit of the relevant member state of the
Pre-Expansion European Union or the United States of America, Norway or Canada, as the case may be, and which are not callable or redeemable at the issuer’s option; provided that such country (or agency
or instrumentality) has a longterm government debt rating of “A1” or higher by Moody’s or A+ or higher by S&P or the equivalent rating category of another internationally recognized rating agency as of the date of investment;

  

	(II)	 overnight bank deposits, time deposit accounts, certificates of deposit, bankers’ acceptances and money
market deposits with maturities (and similar instruments) of 12 months or less from the date of acquisition issued by a bank or trust company which is organized under, or authorized to operate as a bank or trust company under, the laws of a member
state of the Pre-Expansion European Union or of the United States of America or any state thereof, Norway or Canada; provided that such bank or trust company has capital, surplus and undivided profits
aggregating in excess of $200,000,000 (or the foreign currency equivalent thereof as of the date of such investment) and whose long-term debt is rated “A1” or higher by Moody’s or A+ or higher by S&P or the equivalent rating
category of another internationally recognized rating agency as of the date of investment; 

  

	(III)	 repurchase obligations with a term of not more than 30 days for underlying securities of the types described
in clauses (a) and (b) above entered into with any financial institution meeting the qualifications specified in clause (b) above; 

  

	(IV)	 commercial paper having one of the two highest ratings obtainable from Moody’s or S&P as of the date
of investment and, in each case, maturing within one year after the date of acquisition; and 

  

	(V)	 money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in
clauses (a) through (d) of this definition. 

 “Change of Control” shall mean the occurrence of any
of the following: 
  

	(I)	 the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of
amalgamation, merger or consolidation and other than operating leases arising as a result of a drilling contract or vessel employment contract entered into in the ordinary course of business and prevailing industry standards), in one or a series of
related transactions, of all or substantially all of the properties or assets of the Borrowers and the Guarantors taken as a whole to any “person” (as that term is used in Section 13(d) of the U.S. Securities Exchange Act of 1934, as
amended), other than to one or more Qualifying Holders; 

  

	(II)	 a Borrower is liquidated or dissolved or adopts a plan relating to the liquidation or dissolution of such
Borrower; 

  

	(III)	 the consummation of any transaction or any series of transactions (including any merger, consolidation or
other business combination), the result of which is that any “person”, other than one or more Qualifying Holders, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the voting stock of Seadrill Operating GP LLC or
Seadrill Capricorn Holdings LLC, measured by voting power rather than number of shares, units or other equity securities; 

  

	(IV)	 Seadrill Operating GP LLC ceases to be the sole general partner of Seadrill Operating LP; or

  

	(V)	 Seadrill Partners Finco LLC ceasing to be a wholly owned subsidiary of Seadrill Operating LP.

 “Collateral” shall mean all rights, assets and property, whether now owned or hereafter acquired, upon
which a Lien or Mortgage securing the Secured Obligations is granted or purported to be granted under any Collateral Agreement. Collateral shall not include Excluded Property. 

  
 8 

 “Collateral Agent” shall mean: 

 

	(I)	 with respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Collateral Agent under (and as
defined in) the Original TLB Agreement; and 

  

	(II)	 with respect to the Non-TLB Rigs Combined Senior Secured Net Leverage
Ratio, the Security Agents under (and as defined in) the SDLP Facility Agreements. 

 “Collateral
Agreements” shall mean: 
  

	(I)	 with respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Collateral Agreements under (and
as defined in) the Original TLB Agreement; and 

  

	(II)	 with respect to the Non-TLB Rigs Combined Senior Secured Net Leverage
Ratio, the Security Documents under (and as defined in) the SDLP Facility Agreements. 

 “Collateral
Vessels” shall mean: 
  

	(I)	 with respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Collateral Vessels under (and as
defined in) the Original TLB Agreement; and 

  

	(II)	 with respect to the Non-TLB Rigs Combined Senior Secured Net Leverage
Ratio, the Rigs/Drilling Units/Drillships under (and as defined in) the SDLP Facility Agreements. 

 “Collateral
Vessel Contract” shall mean any charterparty, pool agreement or drilling contract in respect of any Collateral Vessel or other contract for use of any Collateral Vessel. 

“Combined EBITDA” shall mean, with respect to any period, Combined Net Income attributable to the Collateral Vessels for such
period plus, without duplication: 
  

	(I)	 provision for taxes based on income or profits of the Loan Parties for such period, to the extent that such
provision for taxes was deducted in computing such Combined Net Income attributable to the Collateral Vessels; plus 

  

	(II)	 the combined interest expense of the Loan Parties to the extent that such combined interest expenses were
deducted in computing such Combined Net Income attributable to the Collateral Vessels; plus 

  

	(III)	 depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash
expenses that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for
cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of the Loan Parties for such period to the extent that such depreciation, amortization and other
non-cash expenses were deducted in computing such Combined Net Income attributable to the Collateral Vessels; 

minus 

non-cash items increasing such Combined Net Income attributable to the Collateral Vessels for such
period, other than the accrual of revenue in the ordinary course of business, in each case, on a combined basis and determined in accordance with GAAP. 

In the event that any Loan Party acquires a Collateral Vessel or a Collateral Vessel-owning entity with historical earnings before interest
expenses, taxes, depreciation and amortization (for purposes of its usage in this definition only, “EBITDA”) available for such Collateral Vessel’s previous ownership, such historical EBITDA shall be included for purposes of
calculating Combined EBITDA and, if necessary, be annualized to represent twelve (12) months of historical EBITDA. In the event that any Loan Party acquires a Collateral Vessel or a Collateral Vessel-owning entity without historical EBITDA
available for such Collateral Vessel’s previous ownership, the Borrowers shall be entitled to 

  
 9 

 base a twelve (12) month historical EBITDA calculation for such Collateral Vessel on future
projected EBITDA only subject to such Collateral Vessel having (i) a firm charter contract in place at the time of delivery of such Collateral Vessel with a duration of a minimum of 12 months and (ii) a firm charter contract in place at
the time of such EBITDA calculation, provided that the Borrowers provide the Administrative Agent with a detailed calculation of the future projected EBITDA for such Collateral Vessel. Furthermore, it is agreed that Combined EBITDA shall include any
realized gains and/or losses in respect of the disposal of Collateral Vessels or the disposal of Equity Interests in Collateral Vessel-owning entities. With respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Combined EBITDA
calculated hereunder for the applicable fiscal quarter (and any subsequent period that includes such fiscal quarter) for which a Cure Right (under and as defined in the Original TLB Agreement) has been exercised shall be increased by an amount equal
to the Cure Amount (as defined in the Original TLB Agreement) actually received by the Borrowers (under and as defined in the Original TLB Agreement); provided that (x) there shall be no pro forma reduction in Combined Senior Secured
Indebtedness with any portion of the Cure Amount (as defined in the Original TLB Agreement) (directly or through netting) for determining compliance with the TLB Rigs Combined Senior Secured Net Leverage Ratio for the fiscal quarter immediately
prior to the fiscal quarter in which such Cure Right (under and as defined in the Original TLB Agreement) was exercised and (y) no portion of the Cure Amount has previously been (and is not simultaneously being) applied to anything other than
to exercise the Cure Right (under and as defined in the Original TLB Agreement). The parties hereby acknowledge that the immediately preceding sentence may not be relied on for purposes of calculating any financial ratios other than the TLB Rigs
Combined Senior Secured Net Leverage Ratio and shall not result in any adjustment to any amounts (including any ratio-based conditions or any baskets with respect to the covenants contained herein), other than the amount of Combined EBITDA referred
to in the immediately preceding sentence. If after giving effect to the foregoing adjustment for the Cure Right, the Parent is in compliance with Clause 22.1 (Combined Senior Secured Net Leverage Ratio – TLB Covenant), the Parent shall
be deemed to have satisfied the requirements of Clause 22.1 (Combined Senior Secured Net Leverage Ratio – TLB Covenant) as of the relevant date of determination with the same effect as though there had been no failure to comply on such
date and the applicable breach or default of such Clause 22.1 that had occurred shall be deemed cured for purposes of the Agreement. 

“Combined Net Income” shall mean, with respect to any period, the aggregate of the Net Income of the Loan Parties for such
period attributable to the Collateral Vessels and determined on a combined basis in accordance with GAAP; provided that: 
  

	(I)	 the cumulative effect of a change in accounting principles will be excluded; 

 

	(II)	 non-cash gains and losses due solely to fluctuations in currency
values will be excluded; 

  

	(III)	 in the case of a successor to the referenced Person by consolidation or merger or as a transferee of the
referenced Person’s assets, any earnings (or losses) of the successor corporation prior to such consolidation, merger or transfer of assets will be excluded; 

 

	(IV)	 the effects resulting from the application of purchase accounting in relation to any acquisition that is
consummated after the Original Effective Date will be excluded; 

  

	(V)	 any unrealized gain (or loss) in respect of Hedging Obligations will be excluded; 

 

	(VI)	 non-cash charges or expenses with respect to the grant of stock
options, restricted stock or other equity compensation awards will be excluded; 

  

	(VII)	 goodwill write-downs or other non-cash impairments of assets, or
restructuring charges or severance costs associated with acquisitions or dispositions will be excluded; and 

  

	(VIII)	 drydock, shipyard stay and special survey expenses (other than Drydock, Shipyard Stay and Special Survey
Amortization Expense for the applicable period) will be excluded. 

  
 10 

 “Combined Senior Secured Indebtedness” shall mean, with respect to the Borrowers
and the Guarantors as of any date of determination, the total outstanding principal amount of Indebtedness (other than undrawn letters of credit and similar instruments, Hedging Obligations and Capitalized Lease Obligations) of the Borrowers and the
Guarantors that is secured by a Lien on any asset of any Borrower or Guarantor that constitutes Collateral and that is not subordinated in right of payment to the Loan Document Obligations. 

“Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and
any successor statute. 
 “Drydock, Shipyard Stay and Special Survey Amortization Expense” shall mean, for any period, the
amortized amount of all drydock, shipyard stay and special survey expenses in respect of Collateral Vessels of the Borrowers and the Guarantors for such period. Drydock, Shipyard Stay and Special Amortization Expense with respect to any Collateral
Vessel of the Borrowers or any Guarantor will be amortized over a period commencing with the fiscal quarter in which any such expense is incurred and ending with the fiscal quarter in which the next drydock, shipyard stay or special survey, as
applicable, with respect to such Collateral Vessel is scheduled to occur. 
 “Equity Interests” shall mean, with respect to
any Person, any and all shares, interests, partnership interests (whether general or limited), participations, rights in or other equivalents (however designated) of such Person’s equity, any other interest or participation that confers the
right to receive a share of the profits and losses, or distributions of assets of, such Person and any rights (other than debt securities convertible into or exchangeable for Capital Stock), warrants or options exchangeable for or convertible into
or to acquire such Capital Stock, whether now outstanding or issued after the Original Effective Date. 
 “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the U.S. Securities and Exchange Commission. 

“Excluded Property” shall mean the following, whether now owned or at any time hereafter acquired by any Borrower or any
Guarantor or in which any Borrower or any Guarantor now has or at any time in the future may acquire any right, title or interest and whether now existing or hereafter coming into existence: (i) all leasehold real property, all fee simple real
property and all other real property; (ii) all Collateral Vessel Contracts; (iii) all equipment and inventory; (iv) any general intangibles, governmental approvals or other rights arising under any contracts, instruments, permits,
licenses or other documents if (but only to the extent that) the grant of a security interest therein would constitute a breach of a valid and enforceable restriction on the granting of a security interest therein or assignment thereof in favor of a
third party (other than (A) to the extent that any such restriction or prohibition would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions), if applicable, or any other applicable law (including the US Bankruptcy Code and any other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in
effect and affecting the rights of creditors generally) or principles of equity, (B) to the extent that the other party has consented to the granting of a security interest therein or assignment thereof pursuant to the terms hereof or pursuant
to a grant or assignment for security purposes generally or (C) proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC or other applicable law notwithstanding any such prohibition); (v) all deposit
accounts other than the Earnings Accounts; (vi) cash and Cash Equivalents securing letters of credit, bank guarantees or similar instruments to the extent any Lien thereon constitutes a Permitted Lien; (vii) any Capital Stock of a
Subsidiary that is not a Guarantor; (viii) any Vessel (other than a Collateral Vessel) and the Related Assets for such Vessel (other than the Capital Stock of any Guarantor that also owns a Collateral Vessel); and (ix) any and all proceeds
of any of the Excluded Property to the extent constituting Excluded Property described in clauses (i) through (viii) above (other than proceeds of a Collateral Vessel Contract assigned pursuant to an assignment of Earnings made between each
Collateral Vessel-owning entity and the Collateral Agent). 

  
 11 

 “Excluded Swap Guarantor” shall mean any Borrower or Guarantor all or a portion
of whose Loan Guarantee of, or grant of a security interest to secure, any Swap Obligation (or any Loan Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading
Commission (or the application or official interpretation of any thereof). 
 “Excluded Swap Obligations” shall mean, with
respect to any Borrower or Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Loan Guarantee of such Borrower or Guarantor of, or the grant by such Borrower or Guarantor of a security interest to secure, such Swap
Obligation (or any Loan Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof). If a Swap
Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Loan Guarantee or security interest is or becomes illegal.

 “Fair Market Value” shall mean the value that would be paid by an informed and willing buyer to an unaffiliated,
informed and willing seller in a transaction not involving distress or necessity of either party, as determined in good faith by the Board of Directors of a Borrower (unless otherwise provided in the Original TLB Agreement). 

“GAAP” shall mean (i) from the Original Effective Date and until such time, if any, as the Borrowers convert their
accounting to IFRS, generally accepted accounting principles in the United States as in effect from time to time and (ii) thereafter, IFRS; provided, however, that when the term GAAP is used in this Schedule with reference to a financial
measure or other calculation that is to be made on a consolidated basis under, or in accordance with, GAAP, each Guarantor (by virtue of a Borrower owning at least a majority of the class of Voting Stock (without regard to any limitation on voting
power applicable to a holder thereof) or other class of voting equity ownership interest which class is entitled to vote in the election of directors, managers or trustees thereof (or other Person performing similar functions) of such Guarantor)
shall be deemed a part of the consolidated group of companies in connection with any determination of such financial measure or calculation and solely in respect of the TLB Rigs Combined Senior Secured Net Leverage Ratio, GAAP as in effect from time
to time shall be applied. 
 “Guarantors” shall mean: 

 

	(I)	 with respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Guarantors under (and as defined
in) the Original TLB Agreement; and 

  

	(II)	 with respect to the Non-TLB Rigs Combined Senior Secured Net Leverage
Ratio, the Guarantors under (and as defined in) the SDLP Facility Agreements. 

 “Hedging Obligations”
shall mean, with respect to any specified Person, the obligations of such Person under: 
  

	(I)	 interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap
agreements and interest rate collar agreements; 

  

	(II)	 other agreements or arrangements designed to manage interest rates or interest rate risk; and

  

	(III)	 other agreements or arrangements designed to protect such Person against fluctuations in currency exchange
rates or commodity prices (including prices of bunkers or lubricants) or freight rates. 

 Notwithstanding the foregoing,
in the case of any Excluded Swap Guarantor, “Hedging Obligations” shall not include any Excluded Swap Obligations of such Excluded Swap Guarantor. 

  
 12 

 “Indebtedness” shall mean, with respect to any specified Person, any
indebtedness of such Person (excluding accrued expenses and trade payables), whether recourse is to all or a portion of the assets of such Person and whether or not contingent: 

 

	(I)	 in respect of borrowed money; 

 

	(II)	 evidenced by bonds, notes, debentures or similar instruments; 

 

	(III)	 in respect of all reimbursement obligations of such Person in respect of letters of credit, bankers’
acceptances or other similar instruments (solely to the extent such letters of credit, bankers’ acceptances or other similar instruments have been drawn), other than such reimbursement obligations that relate to trade payables or other
obligations that are not themselves Indebtedness, in each case, that were entered into in the ordinary course of business of such Person to the extent such reimbursement obligations are satisfied within 10 Business Days following payment on the
letter of credit, bankers’ acceptance or similar instrument; 

  

	(IV)	 representing Capitalized Lease Obligations of such Person; 

 

	(V)	 representing the balance deferred and unpaid of the purchase price of any property or services due more than
six months after such property is acquired or such services are completed; 

  

	(VI)	 representing Hedging Obligations of such Person; or 

 

	(VII)	 representing Attributable Indebtedness, if and to the extent any of the preceding items (other than letters of
credit, Attributable Indebtedness, and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of
others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other
Person. 

 “Investment” shall mean, with respect to any Person, any direct or indirect advance, loan or
other extension of credit (including guarantees but excluding bank deposits, accounts receivable, trade credit, advances to customers or suppliers, commission, travel and similar advances to officers and employees, in each case, made in the ordinary
course of business) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase, acquisition or ownership by such Person of any
Equity Interests, bonds, notes, debentures or other securities or evidences of Indebtedness issued or owned by, any other Person and all other items, in each case that are required by GAAP to be classified on the balance sheet (excluding the
footnotes) of the relevant Person in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. In addition, the portion (proportionate to the equity interest
in such Guarantor) of the Fair Market Value of the net assets of any Guarantor at the time that such Guarantor is designated no longer to be a Guarantor will be deemed to be an “Investment” that such Borrower made in such Subsidiary at
such time. The portion (proportionate to the Borrowers’ equity interest in such Guarantor) of the Fair Market Value of the net assets of any Subsidiary at the time that such Subsidiary is designated a Guarantor will be considered a reduction in
outstanding Investments. “Investments” excludes extensions of trade credit on commercially reasonable terms in accordance with normal trade practices. 

“Involuntary Transfer” shall mean, with respect to any property or asset of any Borrower or any Guarantor, (a) any
damage to such property or asset that results in an insurance settlement with respect thereto on the basis of a total loss or a constructive or compromised total loss, (b) the confiscation, condemnation, requisition, appropriation or similar
taking regarding such asset by any government or instrumentality or agency thereof, including by deed in lieu of condemnation, or (c) 

  
 13 

 foreclosure or other enforcement of a Lien or the exercise by a holder of a Lien of any rights
with respect to it. 
 “Lender Creditors” shall mean: 

 

	(I)	 with respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Lender Creditors under (and as
defined in) the Original TLB Agreement; and 

  

	(II)	 with respect to the Non-TLB Rigs Combined Senior Secured Net Leverage
Ratio, the Lenders under (and as defined in) the SDLP Facility Agreements. 

 “Lien” shall mean with
respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in such asset and any filing of or agreement to give any financing statement under the UCC (or equivalent statutes) of any
jurisdiction. 
 “Loan Document Obligations” shall mean all advances to, and debts, liabilities, obligations, covenants,
duties and indebtedness (including all principal, premium, interest, penalties, fees, charges, expenses, indemnifications, reimbursement obligations, damages, guarantees and other liabilities or amounts payable or arising thereunder (including all
interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Loan Party at the rate provided for in the respective documentation, whether or
not a claim for post-petition interest is allowed in any such proceeding)) of each Loan Party to the Lender Creditors and Other Creditors, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter incurred
under, arising out of, or in connection with the Loan Documents to which such Loan Party is a party and the due performance and compliance by such Loan Party with all of the terms, conditions and agreements contained in the Loan Documents. 

“Loan Documents” shall mean: 
  

	(I)	 with respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Loan Documents under (and as
defined in) the Original TLB Agreement; and 

  

	(II)	 with respect to the Non-TLB Rigs Combined Senior Secured Net Leverage
Ratio, the Finance Documents under (and as defined in) the SDLP Facility Agreements. 

 “Loan Guarantee”
shall mean: 
  

	(I)	 with respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Loan Guarantee under (and as
defined in) the Original TLB Agreement; and 

  

	(II)	 with respect to the Non-TLB Rigs Combined Senior Secured Net Leverage
Ratio, the guarantees provided by the Borrowers and the Guarantors under (and as defined in) the SDLP Facility Agreements. 

“Loan Parties” shall mean: 
  

	(I)	 with respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Loan Parties under (and as
defined in) the Original TLB Agreement; and 

  

	(II)	 with respect to the Non-TLB Rigs Combined Senior Secured Net Leverage
Ratio, the Borrowers and each Guarantor under (and as defined in) the SDLP Facility Agreements. 

 “Local Content
Subsidiary” shall mean any Subsidiary of any Borrower that is a party to a Collateral Vessel Contract or otherwise holds the right to receive Earnings attributable to a Collateral Vessel or any Related Assets with respect to such Collateral
Vessel for the purpose of satisfying any local content law, regulation or requirement or similar law, regulation or requirement. 

  
 14 

 “Moody’s” shall mean Moody’s Investors Service, Inc. and its
successors. 
 “Mortgage” shall mean each Ship Mortgage (as defined in the Original TLB Agreement) or Mortgage, each other
mortgage, deed of trust, deed to secure debt and any other document or instrument under which any Lien on property owned or leased by any Borrower or any Guarantor is granted to secure the Secured Obligations or under which rights or remedies with
respect to any such Liens are governed, as the same may be amended, supplemented or modified from time to time. 
 “Net
Income” shall mean, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however: (1) any gain or
loss, together with any related provision for taxes on such gain or loss, realized in connection with (a) any Asset Sale or other asset dispositions (other than in the ordinary course of business) or (b) the disposition of any securities
by such Person or any of its Subsidiaries that are Guarantors or the extinguishment of any Indebtedness of such Person or any of its Subsidiaries that are Guarantors; and (2) any extraordinary gain or loss, together with any related provision
for taxes on such extraordinary gain or loss. 
 “Net Proceeds” shall mean the aggregate cash proceeds and Cash Equivalents
received by any Borrower or any Guarantor in respect of any Asset Sale (including any cash or Cash Equivalents received upon the sale or other disposition of any non-cash consideration received in any Asset
Sale), net of (1) the direct costs relating to such Asset Sale, including legal, accounting and investment banking fees, sales commissions, relocation expenses created, incurred, issued, assumed, guaranteed or otherwise became liable,
contingently or otherwise, as a result of such Asset Sale, and taxes paid or payable as a result of such Asset Sale after taking into account any available tax credits or deductions and any tax-sharing
arrangements, and (2) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP. 

Net Tangible Assets” shall mean, as of any date, total assets, less goodwill and other intangible assets and liabilities, in each
case as shown in the most recent consolidating financial information of the Borrowers and the Guarantors prepared in accordance with GAAP for which internal consolidating financial information is available immediately preceding the date on which any
calculation of Net Tangible Assets is being made. 
 “Non-TLB Rigs” shall mean the
rigs listed under the heading “SDLP Rigs” in Part 3 of this Schedule 10. 

“Non-TLB Rigs Combined Senior Secured Net Leverage Ratio” shall mean, as of
any date of determination, the ratio of (1) (a) Combined Senior Secured Indebtedness minus (b) the amount of Unrestricted Cash of the Loan Parties, in each case as of the date of determination to (2) Combined EBITDA for the most recently
ended four full fiscal quarters. 
 “Original Effective Date” shall mean February 21, 2014. 

“Other Creditors” shall mean each of GIEK, KEXIM and K-Sure as defined under the SDLP
Facility Agreements. 
 “Permitted Business” shall mean (a) any businesses, services or activities engaged in by any
Borrower or any Guarantor on the Original Effective Date and (b) any businesses, services and activities engaged in by any Borrower or any Guarantor that are related, complementary, incidental, ancillary or similar to any of the foregoing
referred to in clause (a) of this definition or are extensions or developments of any thereof. 
 “Permitted
Investments” shall mean any of the following: 
  

	(I)	 Investments in a Borrower or a Guarantor (including the Designated Intercompany Loan (as defined in the
Original TLB Agreement)); 

  

	(II)	 Investments in cash or Cash Equivalents; 

  
 15 

	(III)	 Investments by a Borrower or a Guarantor in a Person, if as a result of such Investment:

  

	 	(i)	 such Person becomes a Guarantor; or 

 

	 	(ii)	 such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of
its assets to, or is liquidated into, a Borrower and a Guarantor; 

  

	(IV)	 Investments in Loans and any other Indebtedness of a Borrower or a Guarantor; 

 

	(V)	 Investments existing on the Original Effective Date and any Investment consisting of an extension,
modification or renewal of any Investment existing on, or made pursuant to a binding commitment existing on, the Original Effective Date; provided that the amount of any such Investment may be increased (i) as required by the terms of such
Investment as in existence on the Original Effective Date or (ii) as otherwise permitted under the Original TLB Agreement; 

  

	(VI)	 Investments acquired after the Original Effective Date as a result of the acquisition by a Borrower and a
Guarantor of another Person, including by way of a merger, amalgamation or consolidation with or into a Borrower and a Guarantor in a transaction that is not prohibited by Section 7.14 of the Original TLB Agreement after the Original Effective
Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

 

	(VII)	 Investments in Hedging Obligations permitted under Section 7.16(b)(viii) of the Original TLB Agreement;

  

	(VIII)	 any Investments received in compromise or resolution of litigation, arbitration or other disputes;

  

	(IX)	 Investments in receivables owing to a Borrower or a Guarantor created or acquired in the ordinary course of
business; 

  

	(X)	 any Investment to the extent made using as consideration Equity Interests of a Borrower (other than
Disqualified Equity Interests (as defined in the Original TLB Agreement)); provided that the net proceeds of such sale have been excluded from, and shall not have been included in, the calculation of the amount determined under
Section 7.15(b)(iii)(A) of the Original TLB Agreement; 

  

	(XI)	 Investments of a Borrower or a Guarantor that constitute Indebtedness incurred in connection with a
transaction where (x) such Indebtedness is borrowed from a bank or trust company, having a combined capital and surplus and undivided profits of not less than $500,000,000, whose debt has a rating immediately prior to the time such transaction
is entered into of at least A or the equivalent thereof by S&P and A2 or the equivalent thereof by Moody’s and (y) a substantially concurrent Investment is made by such Borrower or such Guarantor in the form of cash deposited with the
lender of such Indebtedness, or a Subsidiary or Affiliate thereof, in amount equal to such Indebtedness; 

  

	(XII)	 any guarantee of Indebtedness permitted to be incurred by Section 7.16 of the Original TLB Agreement;

  

	(XIII)	 [Reserved]; 

  

	(XIV)	 other Investments in any Person having an aggregate Fair Market Value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (n) that are at the time outstanding not to exceed the greater of (x) $125,000,000 and
(y) 4.0% of Net 

  
 16 

	 	 Tangible Assets; provided, that if an Investment is made pursuant to this clause in a Person that is not a
Guarantor and such Person subsequently becomes a Guarantor or is subsequently designated a Guarantor pursuant to Section 7.19 of the Original TLB Agreement, such Investment, if applicable, shall thereafter be deemed to have been made pursuant
to (c) of the definition of “Permitted Investments” and not this clause; 

  

	(XV)	 (i) stock, obligations or securities received in satisfaction of judgments, foreclosure of liens or settlement
of debts and (ii) any Investments received in compromise of obligations of trade creditors or customers that were incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the
bankruptcy or insolvency of any trade creditor or customer; 

  

	(XVI)	 any Investments received in connection with an Asset Sale pursuant to Section 7.22 of the Original TLB
Agreement or any other disposition of assets permitted under the Original TLB 

 Agreement;

  

	(XVII)	 any Investments referred to in, and permitted by, Section 7.12(b)(ix) of the Original TLB Agreement; and

  

	(XVIII)	 any Investment constituting a Permitted Lien. 

“Permitted Liens” shall mean the following types of Liens: 

 

	(I)	 Liens existing on the Original Effective Date; 

 

	(II)	 Liens on any property or assets of a Guarantor granted in favor of any Borrower or any Guarantor;

  

	(III)	 Liens on any of any Borrower’s or any Guarantor’s property or assets securing the Secured
Obligations; 

  

	(IV)	 Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of
goods entered into by any Borrower or any Guarantor in the ordinary course of business; 

  

	(V)	 statutory Liens of landlords and carriers, warehousemen, mechanics, suppliers, materialmen, repairmen,
employees, pension plan, administrators or other like Liens arising in the ordinary course of business and with respect to amounts not yet delinquent or being contested in good faith or Liens arising solely by virtue of any statutory or common law
provisions relating to attorney’s liens or bankers’ liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depositary institution;

  

	(VI)	 Liens for taxes, assessments, government charges or claims that are not yet delinquent or that are being
contested in good faith by appropriate proceedings promptly instituted and diligently conducted; 

  

	(VII)	 Liens incurred or deposits made to secure the performance of tenders, bids or trade or government contracts,
or to secure leases, statutory or regulatory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business (other than obligations for the payment of money);

  

	(VIII)	 zoning restrictions, easements, licenses, reservations, title defects, rights of others for rights-of-way, utilities, sewers, electrical lines, telephone lines, telegraph wires, restrictions, encroachments and other similar charges, encumbrances or title defects and incurred in the ordinary course of
business that do not in the aggregate materially interfere with in any material respect the ordinary conduct of the business of the Borrowers and the Guarantors on the properties subject thereto, taken as a whole; 

  
 17 

	(IX)	 Liens arising by reason of any judgment, decree or order of any court so long as such Lien is adequately
bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment, decree or order shall not have been finally terminated or the period within which such proceedings may be initiated shall not have
expired; 

  

	(X)	 Liens on property or assets of, or on shares of Equity Interests or on Indebtedness of, any Person existing at
the time such Person becomes a Guarantor; provided that such Liens (i) do not extend to or cover any property or assets of any Borrower or any Guarantor other than the property or assets of, or shares of Equity Interests or on Indebtedness of,
such acquired Guarantor and (ii) were not created in connection with or in contemplation of such acquisition, merger or consolidation; 

  

	(XI)	 Liens on property or assets existing at the time such property or assets are acquired, including any
acquisition by means of a merger with or into or consolidation with, any Borrower or any Guarantor; provided that such Liens (i) do not extend to or cover any property or assets of any Borrower or any Guarantor other than (A) the property
or assets acquired or (B) the property or assets of the Person merged with or into or consolidated with a Borrower or a Guarantor and (ii) were not in connection with or in contemplation of such acquisition, merger or consolidation;

  

	(XII)	 Liens securing any Borrower’s or any Guarantor’s Hedging Obligations permitted under
Section 7.16(b)(viii) of the Original TLB Agreement; 

  

	(XIII)	 Liens incurred or deposits made in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other types of social security or other insurance (including unemployment insurance) or deposits to secure public or statutory obligations of any Borrower or any Guarantor or deposits of cash or government
bonds to secure performance, bid, surety or appeal bonds and completion bonds and guarantees to which any Borrower or any Guarantor is a party, or deposits as security for contested import duties or for the payment of rent, in each case incurred in
the ordinary course of business; 

  

	(XIV)	 Liens on insurance policies and proceeds thereof, or other deposits, to secure insurance premium financings;

  

	(XV)	 Liens incurred in connection with a cash management program established in the ordinary course of business;

  

	(XVI)	 Liens on (i) any Capital Stock of a Subsidiary that is not a Guarantor and that is owned by a Borrower or
a Guarantor securing Indebtedness or other obligations of such Subsidiary or securing Indebtedness of any Borrower or any Guarantor permitted to be incurred pursuant to Sections 7.16(a), 7.16(b)(ix), 7.16(b)(x) or 7.16(b)(xvii) of the Original TLB
Agreement and (ii) any property or assets of any Vessel Owner or on the earnings, bank accounts or insurance contracts and rights thereunder and any related proceeds of any Guarantor that has entered into a bareboat charter agreement with one
or more Collateral Vessel-owning entities in respect of one or more Vessels (excluding, for the avoidance of doubt any assignment or pledge of any charter contract and, in each case, excluding any Collateral), in each case securing Indebtedness of
any Borrower or any Guarantor permitted to be incurred pursuant to Sections 7.16(b)(ix), 7.16(b)(x) or 7.16(b) (xvii) of the Original TLB Agreement; 

  

	(XVII)	 Liens incurred to secure Permitted Refinancing Indebtedness permitted to be incurred under the Original TLB
Agreement or this Agreement, as applicable; provided that the new Lien shall be limited to all or part of the same property and assets that secured the original Lien (plus improvements and accessions to such property and assets and proceeds or
distributions thereof); 

  

	(XVIII)	 Liens on specific items of inventory or other goods (and the proceeds thereof) of any Borrower or any
Guarantor securing such Person’s obligations in respect of bankers’ 

  
 18 

	 	 acceptances issued or created in the ordinary course of business for the account of such Person to facilitate
the purchase, shipment or storage of such inventory or other goods; 

  

	(XIX)	 Liens incurred in the ordinary course of business of any Borrower or any Guarantor arising from Vessel
chartering, drydocking, maintenance, the furnishing of supplies and bunkers to Vessels, repairs and improvements to Vessels, crews’ wages and maritime Liens (other than in respect of Indebtedness); 

 

	(XX)	 leases, licenses, subleases and sublicenses of assets in the ordinary course of business;

  

	(XXI)	 Liens on property or assets under construction (and related rights) in favor of a contractor or developer or
arising from progress or partial payments by a third party relating to such property or assets; 

  

	(XXII)	 Liens securing or arising by reason of any netting or set-off
arrangement entered into in the ordinary course of banking or other trading activities; 

  

	(XXIII)	 pledges of goods, the related documents of title and/or other related documents arising or created in the
ordinary course of any Borrower’s or any Guarantor’s business or operations as Liens only for Indebtedness to a bank or financial institution directly relating to the goods or documents on or over which the pledge exists; (XXIV) Liens
over cash paid into an escrow account pursuant to any purchase price retention arrangement as part of any permitted disposal by any Borrower or any Guarantor on condition that the cash paid into such escrow account in relation to a disposal does not
represent more than 15% of the net cash proceeds of such disposal; 

  

	(XXIV)	 limited recourse Liens in respect of the ownership interests in, or assets owned by, any joint ventures which
are not Guarantors securing obligations of such joint ventures; 

  

	(XXV)	 [Reserved]; 

  

	(XXVI)	 Liens for salvage; and 

 

	(XXVII)	  any extension, renewal or replacement, in whole or in part, of any Lien described in the foregoing
clauses (a) through (bb); provided that any such extension, renewal or replacement shall be no more restrictive in any material respect than the Lien so extended, renewed or replaced and shall not extend in any material respect to any
additional property or assets. 

 “Permitted Refinancing Indebtedness” shall mean any renewals,
extensions, substitutions, refinancings or replacements of any Indebtedness of a Borrower or a Guarantor or pursuant to this definition, including any successive refinancings, so long as: 

 

	(I)	 such Indebtedness is in an aggregate principal amount (or if incurred with original issue discount, an
aggregate issue price) not in excess of the sum of (i) the aggregate principal amount (or if incurred with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced and (ii) an amount
necessary to pay any fees and expenses, including premiums and defeasance costs, related to such refinancing; 

  

	(II)	 the Weighted Average Life to Maturity of such Indebtedness is equal to or greater than the Weighted Average
Life to Maturity of the Indebtedness being refinanced; 

  

	(III)	 the Stated Maturity of such Indebtedness is no earlier than the Stated Maturity of the Indebtedness being
refinanced; 

  

	(IV)	 the new Indebtedness is not senior in right of payment to the Indebtedness that is being refinanced;

  
 19 

	(V)	 if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is expressly,
contractually, subordinated in right of payment to the Loans, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Loans on terms at least as favorable to the Lenders as those contained in the documentation governing
the Indebtedness being renewed, refunded, refinanced, replaced, exchanged, defeased or discharged; and 

  

	(VI)	 such Indebtedness is unsecured if the Indebtedness being refinanced is unsecured; 

 

	(VII)	 provided that Permitted Refinancing Indebtedness will not include Indebtedness of a Borrower or any Guarantor
that refinances Indebtedness of a Subsidiary of a Borrower or a Guarantor that is not a Guarantor. 

“Person” shall mean any individual, corporation, limited liability company, partnership, joint venture, association, joint
stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Pre-Expansion European Union” shall mean the European Union as of January 1, 2004, including the countries of Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
the Netherlands, Portugal, Spain, Sweden and the United Kingdom, but not including any country which became or becomes a member of the European Union after January 1, 2004. 

“Qualifying Holder” shall mean Seadrill Limited, Seadrill Partners LLC and their respective Affiliates. 

“Related Assets” shall mean, with respect to any Vessel, (i) any insurance policies and contracts from time to time in
force with respect to such Vessel, (ii) the Capital Stock of any Guarantor owning such Vessel and related assets, (iii) any requisition compensation payable in respect of any compulsory acquisition of such Vessel, (iv) any Earnings
(other than Earnings payable to a Local Content Subsidiary) derived from the use or operation of such Vessel and/or any account to which such Earnings are deposited (with Earnings, when used in this clause (iv) with respect to any Vessel that
is not a Collateral Vessel, meaning earnings of the type described in the definition “Earnings” with respect to such Vessel), (v) any charters, operating leases, Vessel purchase options and related agreements with respect to such Vessel
entered into and any security or guarantee in respect of the charterer’s or lessee’s obligations under such charter, lease, Vessel purchase option or agreement, (vi) any cash collateral account established with respect to such Vessel
pursuant to the financing arrangement with respect thereto, (vii) any building, conversion or repair contracts relating to such Vessel and any security or guarantee in respect of the builder’s obligations under such contract and
(viii) any security interest in, or agreement or assignment relating to, any of the foregoing or any mortgage in respect of such Vessel and any asset reasonably related, ancillary or complementary thereto; provided that Related Assets shall not
include Excluded Property. 
 “Sale and Lease-Back Transaction” shall mean any arrangement with any Person providing for
the leasing by the Borrowers or any of the Guarantors of any real or tangible personal property, which property has been or is to be sold or transferred by the Borrowers or such Guarantor to such Person in contemplation of such leasing. 

“Secured Obligations” shall mean the Loan Document Obligations. 

“Stated Maturity” shall mean, when used with respect to any note or any installment of interest thereon, the date specified in
such note as the fixed date on which the principal of such note or any installment thereof or such installment of interest, respectively, is due and payable, and, when used with respect to any other Indebtedness, means the date specified in the
instrument governing such Indebtedness as the fixed date on which the principal of such Indebtedness or any installment thereof, or any installment of interest thereon, is due and payable. 

“Swap Obligations” shall mean, with respect to the Borrowers or any Guarantor, an obligation to pay or perform under any
agreement, contract or transaction that constitutes a “swap” within the meaning of § 1a(47) of the Commodity Exchange Act. 

  
 20 

 “Term Loans” shall mean: 

 

	(I)	 with respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Term Loans under (and as defined
in) the Original TLB Agreement; and 

  

	(II)	 with respect to the Non-TLB Rigs Combined Senior Secured Net Leverage
Ratio, the Loans under (and as defined in) the SDLP Facility Agreements. 

 “TLB Rigs” shall mean the
rigs listed under the heading “TLB Rigs” in Part 3 of this Schedule 10. 
 “TLB Rigs Combined Senior Secured Net
Leverage Ratio” shall mean, as of any date of determination, the ratio of (1) (a) Combined Senior Secured Indebtedness minus (b) the amount of Unrestricted Cash of the Loan Parties, in each case as of the date of determination to
(2) Combined EBITDA for the most recently ended four full fiscal quarters. 
 “UCC” shall mean the Uniform Commercial
Code as from time to time in effect in the relevant jurisdiction. 
 “Unrestricted Cash” shall mean, with respect to any
Person, as of any date of determination, cash and Cash Equivalents owned by such Person that, in each case, are not controlled by or subject to any Lien in favor of any creditor, other than Liens permitted under clause (c) of the definition of
“Permitted Liens”. 
 “Vessel” shall mean one or more shipping or drilling vessels or drilling rigs, whose
primary purpose is the maritime transportation of cargo or the exploration and production drilling for crude oil or hydrocarbons, or which are otherwise engaged, used or useful in a Permitted Business, in each case together with all related spares,
equipment and any additions or improvements; provided that for the purposes of any provision related to the acquisition or disposition of a Vessel, such acquisition or disposition may be conducted through the transfer of all of the Capital Stock of
any special purpose entity that owns a Vessel as described above. 
 “Vessel Owner” shall mean: 

 

	(I)	 with respect to the TLB Rigs Combined Senior Secured Net Leverage Ratio, the Vessel Owners under (and as
defined in) the Original TLB Agreement; and 

  

	(II)	 with respect to the Non-TLB Rigs Combined Senior Secured Net Leverage
Ratio, the Rig Owners under (and as defined in) the SDLP Facility Agreements. 

 “Voting Stock” of any
specified Person as of any date shall mean the Capital Stock of such Person that is at the time entitled to vote in the election of the board of directors (or persons performing similar functions) of such Person; provided that with respect to a
limited partnership or other entity which does not have directly a board of directors, Voting Stock means such Capital Stock of the general partner of such limited partnership or other business entity with the ultimate authority to manage the
business and operations of such Person. 
 “Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness
at any date, the number of years obtained by dividing: (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including
payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by
(2) the then outstanding principal amount of such Indebtedness. 

  
 21 

 Part 3 

SDLP RIGS 
  

									
	 Name
	  	 Registered Owner
	  	Official
Number	  	Jurisdiction of
Registration	  	Flag
	 T-15
	  	Seadrill T-15 Ltd	  	44774-13	  	Panama	  	Panama
	 T-16
	  	Seadrill T-16 Ltd	  	44978-13	  	Panama	  	Panama
	 West Polaris
	  	Seadrill Polaris Ltd	  	34863-09-B	  	Panama	  	Panama
	 West Vela
	  	Seadrill Vela Hungary Kft	  	45080-13	  	Panama	  	Panama

 TLB RIGS 

 

									
	 	  	 	  	 	  	 
	 Name
	  	 Registered Owner
	  	Official
Number	  	Jurisdiction of
Registration	  	Flag
	 West Capella
	  	Seadrill Deepwater Drillship Ltd.	  	34764-09	  	Panama	  	Panama
	 West Leo
	  	Seadrill Leo Ltd.	  	8001359	  	Bahamas	  	Bahamas
	 West Aquarius
	  	Seadrill China Operations Ltd.	  	34821-09-A	  	Panama	  	Panama
	 West Sirius
	  	Seadrill Hungary Kft.	  	34111-08-A	  	Panama	  	Panama
	 West Capricorn
	  	Seabras Rig Holdco Kft.	  	44053-12	  	Panama	  	Panama
	 West Auriga
	  	Seadrill Auriga Hungary Kft.	  	44881-13	  	Panama	  	Panama

  
 22 

 Schedule 2 

Form of Telesto Facility Agreement 

 Secured Credit Facility Agreement 

USD 440,000,000 
 originally dated
4 December 2012, as previously amended by supplemental letters dated 30 April 2013, 16 May 2013, 18 October 2013, 18 September 2014 and 16 October 2014 respectively, a consent letter dated 18 June 2015 and waiver
and approval letters dated 28 April 2016 and 28 March 2017 respectively as further amended and restated on or about the date of the Framework Agreement 

between 
 Seadrill Limited

 as Borrower 
 Seadrill
Telesto Ltd. and others named herein 
 as Guarantors 

The Export-Import Bank of China and Citibank, N.A., London Branch 

as Bookrunners and Mandated Lead Arrangers 

The Banks and Financial Institutions Named Herein 

as Lenders 
 Citibank Europe
plc, UK Branch 
 as Agent 

Citibank, N.A., London Branch 

as Security Agent 
 and 

Citibank, N.A., London Branch 

as Account Bank 

  
 3 

 Table of Contents 

 

							
	 	  	 	  	Page	 
			
	 1.
	  	 Definitions and Interpretation
	  	 	1	 
			
	 2.
	  	 The Facility
	  	 	20	 
			
	 3.
	  	 Purpose
	  	 	22	 
			
	 4.
	  	 Conditions Precedent
	  	 	22	 
			
	 5.
	  	 Utilisation
	  	 	23	 
			
	 6.
	  	 Repayment and Reductions
	  	 	24	 
			
	 7.
	  	 Voluntary Prepayment and Cancellation
	  	 	25	 
			
	 8.
	  	 Mandatory Reduction, Prepayment and Cancellation
	  	 	26	 
			
	 9.
	  	 Interest
	  	 	29	 
			
	 10.
	  	 Interest Periods
	  	 	30	 
			
	 11.
	  	 Changes to the Calculation of Interest
	  	 	30	 
			
	 12.
	  	 Fees
	  	 	31	 
			
	 13.
	  	 Tax Gross-Up and Indemnities
	  	 	32	 
			
	 14.
	  	 Increased Costs
	  	 	34	 
			
	 15.
	  	 Other Indemnities
	  	 	34	 
			
	 16.
	  	 Mitigation by the Lenders
	  	 	36	 
			
	 17.
	  	 Costs and Expenses
	  	 	37	 
			
	 18.
	  	 Guarantee and Indemnity
	  	 	38	 
			
	 19.
	  	 Security
	  	 	40	 
			
	 20.
	  	 Representations and Warranties
	  	 	41	 
			
	 21.
	  	 Information Undertakings
	  	 	45	 
			
	 22.
	  	 Financial Covenants
	  	 	48	 
			
	 23.
	  	 General Undertakings
	  	 	49	 
			
	 24.
	  	 Rig Covenants
	  	 	54	 
			
	 25.
	  	 Events of Default
	  	 	58	 
			
	 26.
	  	 Changes to the Parties
	  	 	62	 
			
	 27.
	  	 Roles of Agent, Security Agent, Mandated Lead Arrangers and Bookrunners
	  	 	66	 
			
	 28.
	  	 Conduct of Business by the Finance Parties
	  	 	85	 
			
	 29.
	  	 Sharing among the Finance Parties
	  	 	86	 
			
	 30.
	  	 Payment Mechanics
	  	 	88	 
			
	 31.
	  	 Set-Off
	  	 	89	 
			
	 32.
	  	 Notices
	  	 	89	 
			
	 33.
	  	 Calculations
	  	 	91	 
			
	 34.
	  	 Miscellaneous
	  	 	91	 
			
	 35.
	  	 Governing Law and Enforcement
	  	 	93	 

  
 (i) 

							
	 	  	 	  	Page	 
		
	
36.            Enforcement
	  	 	93	 
			
	 Schedule 1
	  	Lenders and Commitments	  	 	95	 
			
	 Schedule 2
	  	Borrower, Guarantors and Collateral Rig	  	 	97	 
			
	 Schedule 3
	  	Conditions Precedent	  	 	98	 
			
	 Part 1
	  	(Conditions Precedent to the First Utilisation Date)	  	 	98	 
			
	 Part 2
	  	(Conditions Precedent to any Utilisation (including the first Utilisation))	  	 	100	 
			
	 Part 3
	  	(Conditions Subsequent to each Utilisation Date)	  	 	103	 
			
	 Schedule 4
	  	Form of Utilisation Request	  	 	104	 
			
	 Schedule 5
	  	Form of Compliance Certificate	  	 	105	 
			
	 Schedule 6
	  	Form of Transfer Certificate	  	 	111	 
			
	 Schedule 7
	  	Indicative Repayments/Reductions	  	 	114	 
			
	 Schedule 8
	  	Corporate Structure	  	 	115	 
			
	 Schedule 9
	  	Form of Selection Notice	  	 	1	 

  
 (ii) 

 This Secured Credit Facility Agreement was originally made on 4 December 2012 and
previously amended by supplemental letters dated 30 April 2013, 16 May 2013, 18 October 2013, 18 September 2014 and 16 October 2014 respectively, a consent letter dated 18 June 2015 and waiver and approval letters dated
28 April 2016 and 28 March 2017 respectively as further amended and restated on or about the date of the Framework Agreement 
 Between:

  

	(1)	 Seadrill Limited, of
Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM08, Bermuda, registration number
36832, as borrower (the “Borrower”); 

  

	(2)	 The Companies listed as the Rig Owner and Intra-Group Charterers in Schedule 2 (Borrower, Guarantors
and Collateral Rig) hereto as joint and several guarantors (the Rig Owner and Intra-Group Charterers each a “Guarantor”, together the “Guarantors”) all being wholly owned (directly or indirectly) subsidiaries of
the Borrower; 

  

	(3)	 The Banks and Financial Institutions listed in Schedule 1 (Lenders and Commitments), as original
lenders (together, the “Lenders”); 

  

	(4)	 Citibank Europe plc, UK Branch of 25 Canada Square, London, E14 5LB, as facility agent (the
“Agent”); 

  

	(5)	 Citibank, N.A., London Branch of 25 Canada Square, London, E14 5LB, as security agent (the
“Security Agent”); 

  

	(6)	 Citibank, N.A., London Branch of 25 Canada Square, London, E14 5LB, as account bank (the
“Account Bank”); 

  

	(7)	 The Export-Import Bank of China and Citibank, N.A., London Branch whose addresses are listed in
Schedule 1 (Lenders and Commitments) as mandated lead arrangers (the “Mandated Lead Arrangers”); and 

  

	(8)	 The Banks and Financial Institutions listed in Schedule 1 (Lenders and Commitments) as
bookrunners (the “Bookrunners”). 

 It is agreed as follows: 

 

	49.	 Definitions and Interpretation 

 

	49.1	 Definitions 

In this Agreement, unless the context otherwise requires: 

“Account Bank Agreement” means any account bank agreement entered into or to be entered into between the Rig
Owner, the Intra-Group Charterers (if any) and the Account Bank in respect of any Earnings Account. 
 “Account
Security” means each assignment agreement and/or account security deed, collateral to this Agreement for the provision of a Security Interest in the Earnings Accounts to be made between the relevant Obligors and the Security Agent (on
behalf of the Finance Parties) as security for the Obligors’ obligations under the Finance Documents, in form and substance satisfactory to the Finance Parties. 

“Accounting Principles” means generally accepted accounting principles in the United States of America for the
Parent and in the jurisdiction of incorporation of such other Obligors and Subsidiaries of the Parent. 

“Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person
or any other Subsidiary of that Holding Company. 

 “Agreement” means this secured credit facility agreement, as it
may be amended, supplemented and varied from time to time, including its Schedules and any Transfer Certificate. 

“Applicable Margin” means the aggregate of: 

 

	 	(a)	 3.25 per cent per annum; and 

 

	 	(b)	 from and including 1 July 2015 until the Reinstated Leverage Ratio Covenant Date, the Step-up Margin (if applicable). 

 “Approved Brokers”
means the ship broker/consultancy firms Clarksons Platou, Fearnleys and ODS Petrodata or such other reputable and independent consultancy or ship broker firm approved by the Agent (acting upon the instructions of the Required Lenders), such consent
not to be unreasonably withheld or delayed. 
 “Auditors” means reputable and internationally recognised
accountancy firms acceptable to the Required Lenders such as PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG or such other firm approved in advance by the Required Lenders (such approval not to be unreasonably
withheld or delayed). 
 “Authorisation” means an authorisation, consent, approval, resolution, licence,
exemption, filing, notarisation or registration. 
 “Availability Period” means the period from and
including the date of this Agreement to and including the earlier of: 
  

	 	(a)	 the Delivery Date of the Rig; and 

 

	 	(b)	 the Termination Date, 

or such later date as may be approved by the Lenders. 

“Available Commitment” means a Lender’s Commitment less: 

 

	 	(a)	 the amount of its participation in any outstanding Loans; and 

 

	 	(b)	 in relation to any proposed Loan the amount of its participation in the Loan that is due to be made on or
before the proposed Utilisation Date. 

 “Base Case Model” means the financial model and
statements including profit and loss, balance sheet and cash flow projections reflecting the forecasted consolidated financial conditions of the Group for at least five (5) years following the date of this Agreement, prepared and approved by an
authorised officer of the Parent, each in form and substance satisfactory to the Finance Parties addressed to, and/or capable of being relied upon by the Finance Parties. 

“Basel II Accord” means the “International Convergence of Capital Measurement and Capital Standards, a
Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 as updated prior to, and in the form existing on, the date of this Agreement, excluding any amendment thereto arising out of the Basel III Accord. 

“Basel II Approach” means, in relation to any Finance Party, either the Standardised Approach or the relevant
Internal Ratings Based Approach (each as defined in the Basel II Accord) adopted by that Finance Party (or any of its Affiliates) for the purposes of implementing or complying with the Basel II Accord. 

“Basel II Regulation” means: 
  

	 	(a)	 any law or regulation implementing the Basel II Accord; or 

  
 2 

	 	(b)	 any Basel II Approach adopted by a Finance Party or any of its Affiliates. 

“Basel III Accord” means, together: 
  

	 	(a)	 the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III:
A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the
countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated; 

  

	 	(b)	 the rules for global systemically important banks contained in “Global systemically important banks:
assessment methodology and the additional loss absorbency requirement—Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

 

	 	(c)	 any further guidance or standards published by the Basel Committee on Banking Supervision relating to
“Basel III”. 

 “Basel III Regulation” means any law or regulation implementing
the Basel III Accord save and to the extent that it re-enacts a Basel II Regulation. 

“Break Costs” means the amount (if any) by which: 

 

	 	(a)	 the interest (subject to Clause 11.3 (Break Costs) excluding the Applicable Margin) which a Lender
should have received for the period from the date of receipt of all or part of its participation in the Loan or Unpaid Sum to the last day of the current Interest Period in respect of the Loan or Unpaid Sum, had the principal amount or Unpaid Sum
been paid on the last day of that Interest Period; exceeds 

  

	 	(b)	 the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or
Unpaid Sum received by it on deposit with a leading bank in the relevant interbank market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period, 

as further described in Clause 11.3 (Break Costs). 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for business in Oslo,
Beijing, New York and London (or any other relevant place of payment under Clause 30 (Payment Mechanics)). 

“Cash” means 
  

	 	(a)	 cash in hand legally and beneficially owned by a member of the Group; and 

 

	 	(b)	 cash deposits legally and beneficially owned by a member of the Group and which are deposited with (i) a
Lender in respect of the Commercial Facility, (ii) any other deposit taking institution having a rating of at least A from Standard & Poor’s Ratings Group or the equivalent with any other principal credit rating agency in the
United States of America or Europe or (iii) any other bank or financial institution approved by the Agent which in each case: 

  

	 	(i)	 is free from any Security Interest, other than pursuant to the Security Documents; 

 

	 	(ii)	 is otherwise at the free and unrestricted disposal of the relevant member of the Group by which it is owned;
and 

  
 3 

	 	(iii)	 in the case of cash in hand or cash deposits held by a member of the Group other than the Parent, is (in the
opinion of the Agent, upon such documents and evidence as the Agent may require the Parent to provide in order to form the basis of such opinion) capable or, upon the occurrence of an Event of Default under this Agreement, would become capable of
being paid without restriction to the Parent within five (5) Business Days of its request or demand therefore either by way of a dividend or by way of a repayment of principal (or the payment of interest thereon) in respect of an intercompany
loan from the Parent to that Subsidiary. 

 “Cash Distributions from Investments” means
aggregate cash received by the Parent, by way of dividends, in respect of its ownership interests in companies which the Parent does not control, but over which it exerts significant influence, as set out in the Compliance Certificate. For the
purposes of this definition the terms “control” and “significant influence” shall have the meanings attributed to such terms under US GAAP. 

“Cash Equivalent” means at any time: 
  

	 	(a)	 any investment in marketable debt obligations issued or guaranteed by (i) a government or (ii) an
instrumentality or agency of a government and in respect of (i) and (ii) having a credit rating of either A-l or higher by Standard & Poor’s Rating Group Services or the equivalent with any
other principal credit rating agency in the United States of America or Europe, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security; 

 

	 	(b)	 commercial paper (debt obligations) not convertible or exchangeable to any other security:

  

	 	(i)	 for which a recognised trading market exists; 

 

	 	(ii)	 issued by an issuer incorporated in the United States of America, the United Kingdom, and Norway;

  

	 	(iii)	 which matures within one year after the relevant date of calculation; and 

 

	 	(iv)	 which has a credit rating of at least A-l or higher by
Standard & Poor’s Rating Group Services or the equivalent with any other principal credit rating agency in the United States of America or Europe; 

 

	 	(c)	 any investment in money market funds which (i) have a credit rating of either A-l or higher by Standard & Poor’s Rating Group Services or the equivalent with any other principal credit rating agency in the United States of America or Europe, (ii) which invest substantially
all their assets in securities of the types described in paragraphs (a) to (b) above and (iii) can be turned into cash on not more than 5 days’ notice; or 

 

	 	(d)	 any other debt security approved by the Agent (on behalf of the Required Lenders), 

in each case, to which any member of the Group is alone (or together with other members of the Group) beneficially entitled at
that time and which is not issued or guaranteed by any member of the Group or subject to any Security Interest. 

“Cash Flow Projections” means, 
  

	 	(a)	 the Base Case Model in agreed form to be delivered by the Parent to the Agent pursuant to Part 1 of Schedule 3
(Conditions Precedent to the First Utilisation Date); and 

  
 4 

	 	(b)	 any cash flow projections based on the Base Case Model delivered by the Parent to the Agent pursuant to and
for such period as described in Clause 21.1 (Financial Statements), 

 in form and substance
satisfactory to the Agent. 
 “CEXIM Facility” means the Facility made available under this Agreement as
described in Clause 2.1(a) (Facility). 
 “CEXIM Facility Commitment” means USD 308,000,000, as that
amount may be reduced, cancelled or terminated in accordance with this Agreement. 
 “CEXIM Facility Loan”
means the principal amount of the CEXIM Facility for the time being outstanding under this Agreement. 
 “Charged
Property” means all of the assets of the Obligors which from time to time are, or are expressed or intended to be, the subject of the Security Documents. 

“Charter Contract” means the charter contract for the Rig listed in Schedule 2 (Borrower, Guarantors and
Collateral Rig) and entered into between an Obligor and an oil company satisfactory to the Lenders and any renewal, extension or replacement of such charter contract. 

“Charter Rates” means the rates identified as Charter Rates in Schedule 2 (Borrower, Guarantors and
Collateral Rig). 
 “Code” means the US Internal Revenue Code of 1986. 

“Commercial Facility” means the Facility made available under this Agreement as described in Clause 2.1(b)
(Facility). 
 “Commercial Facility Loan” means the principal amount of the Commercial Facility for
the time being outstanding under this Agreement. 
 “Commercial Facility Commitment” means USD 132,000,000,
as that amount may be reduced, cancelled or terminated in accordance with this Agreement. 
 “Commitment(s)”
means: 
  

	 	(a)	 in relation to a Lender the amount set opposite its name under the heading “Commitments” in
Schedule 1 (Lenders and Commitments) and the amount of any other Commitment transferred to it pursuant to Clause 26.2 (Assignments and Transfers by the Lenders); and 

 

	 	(b)	 in relation to any New Lender, the amount of any Commitment transferred to it pursuant to Clause 26.2
(Assignments and Transfers by the Lenders), 

 to the extent not cancelled, reduced or transferred
by it under this Agreement. 
 “Common Security Agent” means ING Bank N.V. as Security Agent for the SDLP
Finance Parties. 
 “Compliance Certificate” means a certificate substantially in the form as set out in
Schedule 5 (Form of Compliance Certificate) and delivered pursuant to Clause 21.2 (Compliance Certificate). 

“Current Assets” means, on any date, the aggregate value of the assets of the Group (on a consolidated basis),
which are treated as current assets in accordance with Accounting Principles but excluding USD 150,000,000 and for the purpose of calculating the Current Ratio, up to twenty per cent (20%) of shares in listed companies owned twenty per cent (20%)

  
 5 

 or more by any members of the Group shall also be treated as Current Assets based
on the average market price during the calendar month prior to any determination of Current Assets. 
 “Current
Liabilities” means, on any date, the aggregate amount of all liabilities of the Parent which are treated as current liabilities in accordance with Accounting Principles, but excluding the current portion of the Group’s (on a
consolidated basis) long term debt. 
 “Current Ratio” means the ratio of Current Assets to Current
Liabilities. 
 “Default” means an Event of Default or any event or circumstance specified in Clause 25
(Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. 

“Delivery” means, in relation to the Rig, the delivery and acceptance of the Rig by the Rig Owner under the
building contract between the Rig Owner and the Yard. 
 “Delivery Date” means, in relation to the Rig, the
date on which its Delivery actually occurs. 
 “Earnings” means all moneys whatsoever which are now, or
later become, payable (actually or contingently) to any Obligor and which arise out of the use of or operation of the Rig, including (but not limited to): 
  

	 	(a)	 all freight, hire and passage moneys payable to an Obligor, including (without limitation) payments of any
nature under any charter or agreement for the employment, use, possession, management and/or operation of the Rig; 

  

	 	(b)	 any claim under any guarantees related to freight and hire payable to an Obligor as a consequence of the
operation of the Rig; 

  

	 	(c)	 compensation payable to an Obligor in the event of any requisition (whether for title or otherwise),
confiscation or compulsory acquisition of the Rig or for the use of any of the Rig by any government authority or other competent authority; 

  

	 	(d)	 remuneration for salvage, towage and other services performed by the Rig payable to an Obligor;

  

	 	(e)	 demurrage and retention money receivable by an Obligor in relation to the Rig; 

 

	 	(f)	 all moneys which are at any time payable under the Insurances in respect of loss of earnings;

  

	 	(g)	 if and whenever the Rig is employed on terms whereby any moneys falling within paragraph (a) to (f) above
are pooled or shared with any other person, the net receipts of the relevant pooling or sharing arrangement; and 

  

	 	(h)	 any other money whatsoever due or to become due to an Obligor from third parties in relation to the Rig, or
otherwise. 

 “Earnings Accounts” means the bank accounts of each of the Obligors from
time to time each of which shall be held with the Security Agent or any of the Security Agent’s corresponding banks (or, if applicable law require that the bank account in question be maintained by another bank, then with such other bank as
acceptable to the Security Agent) and to which all the Earnings and any proceeds of the Insurances shall be paid. 

“EBITDA” means (i) the earnings before interest expenses, taxes, depreciation and amortization of the
Group on a consolidated basis and (ii) the Cash Distributions from Investments, each for the previous period of twelve (12) months as such term is defined in accordance with Accounting Principles consistently applied. However, in the event
the Parent 

  
 6 

 or a member of the Group acquires rigs or rig owning entities with historical
EBITDA available for the rigs’ previous ownership, such EBITDA shall be included for covenant purposes in this Agreement, and if necessary, be annualized to represent a twelve (12) months historical EBITDA. In the event the Parent or a
member of the Group acquires rigs or rig owning companies without historical EBITDA available, the Parent is entitled to base a twelve (12) month historical EBITDA calculation on future projected EBITDA only subject to any such new rig having
(i) a firm charter contract in place at the time of delivery of the rig with a duration of minimum twelve (12) months and (ii) a firm charter contract in place at the time of such EBITDA calculation, provided the Parent provides the
Agent with a detailed calculation of the future projected EBITDA. Further, it is agreed that EBITDA shall include any realized gains and/or losses in respect of the disposal of rigs or the disposal of shares in rig owning companies. 

“Eligible Contract Price” means USD 216,000,000. 

“Environmental Approval” means any permit, licence, consent, approval and other authorisations and the filing
of any notification, report or assessment required under any Environmental Law for the operation of the Rig and for the operation of the business of any member of the Group. 

“Environmental Claim” means any claim, proceeding or investigation by any party in respect of any
Environmental Law or Environmental Approval. 
 “Environmental Law” means any applicable law or regulation
which relates to: 
  

	 	(a)	 the pollution or protection of the environment; 

 

	 	(b)	 harm to or the protection of human health; 

 

	 	(c)	 the conditions of the workplace; or 

 

	 	(d)	 any emission or substance capable of causing harm to any living organism or the environment.

 “Equity” means, on any date, the Group’s (on a consolidated basis) nominal book
value of equity treated as equity in accordance with Accounting Principles. 
 “Equity Ratio” means the
ratio of Equity to Total Assets. 
 “Event of Default” means any event or circumstance specified as such in
Clause 25 (Events of Default) (except for Clause 25.17 (Acceleration) and Clause 25.18 (Automatic Acceleration)). 

“Exchange” means the Oslo Stock Exchange or the New York Stock Exchange. 

“Facility” means the secured credit facility, divided into the CEXIM Facility and the Commercial Facility,
made available under this Agreement. 
 “Facility Office” means: 

 

	 	(a)	 in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before the
date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice) as the office through which it will perform its obligations under this Agreement; and 

 

	 	(b)	 in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax
purposes. 

  
 7 

 “FATCA” means: 

 

	 	(a)	 sections 1471 to 1474 of the Code or any associated regulations; 

 

	 	(b)	 any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between
the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or 

  

	 	(c)	 any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. 

“FATCA Application Date” means: 
  

	 	(a)	 in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which
relates to payments of interest and certain other payments from sources within the US), 1 July 2014; 

  

	 	(b)	 in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which
relates to “gross proceeds” from the disposition of property of a type that can produce interest from sources within the US), 1 January 2019; or 

 

	 	(c)	 in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within
paragraphs (a) or (b) above, 1 January 2019, 

 or, in each case, such other date from which such
payment may become subject to a deduction or withholding required by FATCA as a result of any change in FATCA after the date of this Agreement. 

“FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA.

 “FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction.

 “Fee Letters” means any letters entered into by reference to this Agreement in relation to any fees. 

“Final Maturity Date” means, in respect of each Rig Advance, the earlier of: 

 

	 	(a)	 the 5th anniversary of the Final Utilisation Date; 

 

	 	(b)	 the 6th anniversary of the First Utilisation Date; and 

 

	 	(c)	 15 December 2017. 

“Final Utilisation Date” means the date, being on or before the Termination Date, on which the final
Utilisation under this Agreement actually occurs. 
 “Finance Documents” means this Agreement, the Framework
Agreement, the Intercreditor Agreement (however only up until the “SDRL Restructuring Completion Date” (as such term is defined in the Intercreditor Agreement)), any Compliance Certificate, any Fee Letters, any Utilisation Request, the
Security Documents, and any other document (whether creating a Security Interest or not) which is executed at any time by any of the Obligors as security for, or to establish any form of subordination to the Finance Parties under this Agreement or
any of the other documents referred to herein or therein and any such other document designated as a “Finance Document” by the Agent and the Parent. 

  
 8 

 “Finance Lease” means a lease or charter party which would be
classified as a finance lease in accordance with the Accounting Principles of the Parent or any other transaction which is required to be classified and accounted for as a liability or asset on the face of the Group’s consolidated balance sheet
in accordance with Accounting Principles. 
 “Finance Party” means each of the Agent, the Security Agent,
the Mandated Lead Arrangers, the Bookrunners, the Account Bank and the Lenders. 
 “Financial Indebtedness”
means any of the following (whether or not the same are required to be classified and accounted for as a liability on the face of the Group’s consolidated balance sheet in accordance with Accounting Principles): 

 

	 	(a)	 moneys borrowed and debit balances at banks or other financial institutions; 

 

	 	(b)	 any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent);

  

	 	(c)	 any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

  

	 	(d)	 the amount of any liability in respect of Finance Leases; 

 

	 	(e)	 receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	 any derivative transaction (and, when calculating the value of that transaction, only the marked to market
value (or, if any actual amount is due as a result of the termination or close-out of that transaction, that amount) shall be taken into account); 

 

	 	(g)	 any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or
any other instrument issued by a bank or financial institution in respect of an underlying liability of any entity which is not a member of the Group which liability would fall within one of the other paragraphs of this definition;

  

	 	(h)	 any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the
issuer) before the Final Maturity Date or are otherwise classified as borrowings under the Accounting Principles; 

  

	 	(i)	 any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary
reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more
than thirty (30) days after the date of supply; 

  

	 	(j)	 any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or
sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under the Accounting Principles; and 

  

	 	(k)	 the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs
(a) to (j) above, 

 but shall not include any borrowings or other such liabilities owed by any member
of the Group to another member of the Group as permitted pursuant to the terms of this Agreement. 
 “Financial
Support” means loans, guarantees, credits, indemnities or other form of financial support. 

  
 9 

 “First Utilisation Date” means the date on which the first
Utilisation under this Agreement actually occurs. 
 “Framework Agreement” means the China ECA Facility
Framework Agreement dated August 2017 in respect of a USD 440,000,000 Secured Credit Facility Agreement originally dated 4 December 2012 between, among others, Seadrill Limited as original borrower, Seadrill Telesto Ltd. and others as
guarantors and Citibank Europe plc, UK Branch as agent. 
 “General Assignments” means, in respect of the
Rig, each assignment agreement, collateral to this Agreement for (a) the first priority assignment of the Insurances and Earnings to be made between the Rig Owner and the Security Agent (on behalf of the Finance Parties) and (b) the first
priority assignment of the Insurances, Earnings and each relevant intra-group charter to be made between the Rig Owner, each Intra-Group Charterer (as the case may be) and the Security Agent (on behalf of the Finance Parties) each as security for
the Obligors’ obligations under the Finance Documents, each in form and substance satisfactory to the Finance Parties. 

“Guarantee(s)” means the guarantee(s) and indemnity(ies) provided by the Guarantors pursuant to Clause 18
(Guarantee and Indemnity). 
 “Guarantee Obligations” means the obligations of each Guarantor
pursuant to Clause 18 (Guarantee and Indemnity). 
 “Group” means the Parent and its Subsidiaries
from time to time. 
 “Holding Company” means, in relation to a person, any other person in respect of which
it is a Subsidiary. 
 “Insurance Report” means an insurance report in respect of the Insurances confirming
that such Insurances are placed with such insurers, insurance companies and/or clubs in such amounts, against such risks and in such form as acceptable to the Agent (acting on the instructions from the Finance Parties) and comply with the
requirements under Clause 24.2 (Insurance) prepared by Aon Benfield, or such other reputable insurance advisor approved by the Agent, and dated on or about the date of this Agreement and addressed to, and capable of being relied upon by, the
Finance Parties. 
 “Insurances” means all the insurance policies and contracts of insurance including
(without limitation) those entered into in order to comply with the terms of Clause 24.2 (Insurance) which are from time to time in place or taken out or entered into by or for the benefit of the Obligors (whether in the sole name of the
Obligors or in the joint names of the Obligors and any other person) in respect of the Rig or otherwise in connection with the Rig and all benefits thereunder (including claims of whatsoever nature and return of premiums). “Intercreditor
Agreement” means the intercreditor agreement dated on or about the date of the Framework Agreement and entered into between, inter alios, the Obligors and the Common Security Agent. 

“Interest Cover Ratio” means the ratio of the Group’s consolidated EBITDA to interest expenses for the
previous period of twelve (12) months. 
 “Interest Payment Date” means the last day of each Interest
Period. 
 “Interest Period” means, in relation to a Loan, each of the successive periods determined in
accordance with Clause 10.1 (Selection of Interest Periods), and, in relation to an Unpaid Sum, each period determined in accordance with Clause 9.3 (Default Interest). 

  
 10 

 “Intra-Group Charterer” means each Subsidiary named as
Intra-Group Charterer pursuant to Schedule 2 (Borrower, Guarantors and Collateral Rig) as well as any other Subsidiary which enters into a Charter Contract for the hiring of the Rig in the future. 

“ISM Code” means the International Management Code for the Safe Operation of Ships and for Pollution
Prevention. 
 “ISPS Code” means the International Ship and Port Facility Security (ISPS) Code as adopted by
the International Maritime Organization’s (IMO) Diplomatic Conference of December 2002. 
 “Lenders”
means the financial institutions listed in Schedule 1 (Lenders and Commitments), and any New Lender, which in each case has not ceased to be a Party in accordance with the terms of this Agreement. 

“Leverage Ratio” means the Net Funded Debt divided by EBITDA. 

“LIBOR” means, in relation to a Loan: 

 

	 	(a)	 The applicable interest settlement rate for the relevant period as displayed on Reuters screen page Libor 01;
or 

  

	 	(b)	 (if Reuters screen page referred to in (a) is not available for the Interest Period of that Loan or other
sum) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request quoted by the Reference Banks to leading banks in the London interbank market, 

as of 11.00 a.m. (London time) on the second Business Day prior to the relevant Interest Period for the offering of deposits in
USD and for a period comparable to the Interest Period for that Loan or other sum, and if any such rate is below zero, LIBOR will be deemed to be zero. 

“Loan(s)” means the aggregate of the CEXIM Facility Loans and the Commercial Facility Loans outstanding under
this Agreement from time to time or a loan made or to be made under the Facility. 
 “Losses” means any
costs, expenses (including, but not limited to, legal fees), payments, charges, losses, demands, liabilities, taxes (including VAT), claims, actions, proceedings, penalties, fines, damages, judgments, orders or other sanctions. 

“Market Value” means the fair market value of the Rig, being the average of valuations of the Rig obtained
from two (2) of the Approved Brokers (elected by the Parent), with or without physical inspection of the Rig (as the Agent may require) on the basis of a sale for prompt delivery for cash at arm’s length on normal commercial terms as
between a willing buyer and a willing seller, on an “as is, where is” basis, free of any existing contract of employment and/or similar arrangement. 

“Material Adverse Effect” means a material adverse effect on: 

 

	 	(a)	 the financial condition, assets, business or operation of any Obligor or the Group as a whole; or

  

	 	(b)	 the ability of any of the Obligors or the Group as a whole to perform any of their obligations under the
Finance Documents; or 

  

	 	(c)	 the validity or enforceability of, or the effectiveness or ranking of any security granted or purporting to be
granted pursuant to any of the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents. 

  
 11 

 “Material Subsidiary” shall mean any Subsidiary of the Parent:

  

	 	(a)	 owning a drilling unit; or 

 

	 	(b)	 which holds a charter contract for a drilling unit; or 

 

	 	(c)	 which is a Holding Company for any of the above. 

“Minimum Liquidity” means, as at any date, the aggregate amount of the Group’s (consolidated) Cash,
excluding the aggregate amount utilised by any member of the Group on or after 14 March 2016 under any credit facility of any member of the Group. 

“Minority Holding Group” means: 
  

	 	(a)	 Seadrill Partners LLC; 

 

	 	(b)	 Archer Limited; 

  

	 	(c)	 Seamex Ltd.; 

  

	 	(d)	 Seabras Sapura Participacoes Limitida; 

 

	 	(e)	 Seabras Sapura Holding GmbH; 

 

	 	(f)	 Camburi Drilling BV; 

 

	 	(g)	 Itaunas Drilling BV; 

 

	 	(h)	 Sahy Drilling BV; and 

 

	 	(i)	 Sapurakencana Petroleum Berhad, and each of their Subsidiaries from time to time. 

“Net Funded Debt” means on a consolidated basis for the Group all interest-bearing debt less Cash and Cash
Equivalents but excluding USD 150,000,000. 
 “New Lender” has the meaning set out in Clause 26 (Changes
to the Parties). 
 “Non-Telesto Security Documents” means: 

 

	 	(a)	 the mortgage dated 18 December 2012 (as amended on or about the date of the Framework Agreement) granted
by Seadrill T-15 Ltd. against the Rig “T-15” in favour of the Security Agent; 

 

	 	(b)	 the charge over earnings account dated 18 December 2012 granted by Seadrill T-15 Ltd. in favour of the Security Agent; 

  

	 	(c)	 the owner’s assignment of earnings and insurances dated 18 December 2012 granted by Seadrill T-15 Ltd. in favour of the Security Agent; 

  

	 	(d)	 the general assignment of interests in insurances, charter documents and earnings dated 15 June 2017
granted by Seadrill T-15 Ltd., Seadrill Partners B.V. and Seadrill International Ltd. in favour of the Security Agent; 

 

	 	(e)	 the mortgage dated 25 April 2013 (as amended on or around the date of the Framework Agreement) granted by
Seadrill T-16 Ltd. against the Rig “T-16” in favour of the Security Agent; 

 

	 	(f)	 the charge over earnings account dated 18 December 2012 granted by Seadrill T-16 Ltd. in favour of the Security Agent; 

  
 12 

	 	(g)	 the charge over earnings account dated 18 December 2012 granted by Seadrill International Ltd. in favour
of the Security Agent; 

  

	 	(h)	 the owner’s assignment of earnings and insurances dated 25 April 2013 granted by Seadrill T-16 Ltd. in favour of the Security Agent; 

  

	 	(i)	 the general assignment of interests in insurances, charter documents and earnings dated 15 June 2017
granted by Seadrill T-16 Ltd., Seadrill Partners B.V. and Seadrill International Ltd. in favour of the Security Agent; and 

 

	 	(j)	 the charge over earnings accounts dated 15 June 2017 granted by Seadrill Partners B.V. in favour of the
Security Agent. 

 “Obligors” means the Borrower and the Guarantors and an Obligor means
any of them. “Original Financial Statements” means in relation to (a) the Parent, the audited consolidated financial statements for the financial year ending on 31 December 2011, (b) the Rig Owner and the other Guarantors,
the audited consolidated financial statements for the financial year ending on 31 December 2011 and the unaudited unconsolidated financial statements for the financial year ending on 31 December 2011 (to the extent applicable). 

“Parent” means Seadrill Limited, of
Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM08, Bermuda, registration number
36832. 
 “Party” means a party to this Agreement (including its successors and permitted transferees).
“Permitted Encumbrances” means in respect of the Rig owned by the Rig Owner: 
  

	 	(a)	 liens for current crews’ wages and salvage; 

 

	 	(b)	 any ship repairer’s or outfitter’s possessory lien arising by operation of law and not exceeding USD
5,000,000; 

  

	 	(c)	 any other liens incurred in the ordinary course of operating the Rig not exceeding USD 5,000,000; and

  

	 	(d)	 any lien created pursuant to the Security Documents. 

“Quarter Date” means each of 31 March, 30 June, 30 September and 31 December.
“Quarterly Accounts” means the Obligors’ consolidated and unconsolidated financial statements for the relevant financial quarter to be delivered pursuant to Clause 21.1 (Financial Statements). 

“Quotation Day” means the day occurring two (2) Business Days prior to the commencement of an Interest
Period, unless market practice differs, in which case the Quotation Day for USD will be determined by the Agent in accordance with market practice (and if quotations would normally be given by leading banks in the market on more than one day, the
Quotation Day will be the last of those days). 
 “Receiver” means a receiver or a receiver and manager or
an administrative receiver appointed in relation to the whole or any part of any Charged Property under any relevant Security Document. 

“Reference Banks” means the London offices of Citibank, N.A. and Nordea Bank AB (publ), filial i Norge
(formerly known as Nordea Bank Norge ASA) or such other banks as appointed by the Agent in consultation with the Parent. 

“Reinstated Leverage Ratio Covenant Date” has the meaning given to that term in Clause 22.2 (Leverage
Ratio). 

  
 13 

 “Required Lenders” means: 

 

	 	(a)	 if there are no Loans outstanding, a Lender or Lenders whose Commitments aggregate more than 66 2/3% of the
Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66 2/3% of the Total Commitments immediately prior to the reduction); or 

 

	 	(b)	 at any other time, a Lender or Lenders whose participations in the Loans then outstanding aggregate more than
66 2/3% of the Loans then outstanding provided that the outstanding Loans shall be measured in respect of both the Lender’s part in the CEXIM Facility Loans outstanding and the CEXIM Lender’s Facility Commitment available (to the
extent applicable), as well as the Lender’s part in the Commercial Facility Loans outstanding and the Lender’s Commercial Facility Commitment available (to the extent applicable), 

provided always, that in the case of (a) and (b) above, the Required Lenders shall always include either (i) the sole
Lender in respect of the Commercial Facility if there is only one (1) such Lender or (ii) at any other time, at least two (2) Lenders for the Commercial Facility. 

“Restricted Party” means a person that: 

 

	 	(a)	 is listed on any Sanctions List; 

 

	 	(b)	 is domiciled, registered as located or has its main place of business in, or is incorporated under the laws
of, a Sanctioned Country; and 

  

	 	(c)	 is directly or indirectly owned more than 50 per cent by or controlled by a person referred to in
(a) and/or (b) above. 

 “Rig” means the Rig described as such in Schedule 2
(Borrower, Guarantors and Collateral Rig). 
 “Rig Advance” means, in respect of the Rig, each
borrowing of a proportion of the Total Commitments by the Borrower or (as the context may require) the outstanding principal amount of such borrowing relating to the Rig. 

“Rig Owner” means the company named as owner of the Rig pursuant to Schedule 2 (Borrower, Guarantors and
Collateral Rig). 
 “Sanctioned Country” means: 

 

	 	(a)	 as of 28 December 20122, Iran, Sudan, Cuba,
North-Korea, Syria and Burma (Myanmar); and 

  

	 	(b)	 any country or territory to the extent that it is or becomes the subject of Sanctions similar to those in
force as of 28 December 2012 against any of the countries referred to in (a) above. 

  

	2 	 Note : To reflect the commercial deal that the sanctions language herein shall match the West Polaris facility
agreement sanctions wording, therefore the reference point is to the date of the West Polaris facility agreement. 

  
 14 

 “Sanctions” means the economic sanctions laws and/or regulations
imposed by any Sanctions Authority with respect to any country or person. 
 “Sanctions Authority” means the
Norwegian State, the United Nations, the European Union, the United Kingdom, the United States of America and any authority acting on behalf of any of them in connection with Sanctions. 

“Sanctions List” means any list of persons or entities subject to Sanctions published in connection with
Sanctions by or on behalf of any Sanctions Authority. 
 “SDLP Finance Parties” has the meaning given to
such term in the Intercreditor Agreement. 
 “Security Documents” means: 

 

	 	(a)	 the Telesto Mortgage; 

 

	 	(b)	 the Account Security; 

 

	 	(c)	 the General Assignments; 

 

	 	(d)	 the Share Charge; 

  

	 	(e)	 subject to the terms of the Intercreditor Agreement, the Non-Telesto
Security Documents; and 

  

	 	(f)	 all or any security documents as may be entered into from time to time pursuant to Clause 19
(Security), all to be in form and substance satisfactory to the Agent (on behalf of all of the Lenders) and the Security Agent. 

“Security Interest” means any mortgage, charge (whether fixed or floating), encumbrance, pledge, lien,
assignment by way of security, finance lease, sale and repurchase or sale and leaseback arrangement, sale of receivables on a recourse basis or other security interest or any other agreement or arrangement having the effect of conferring security.

 “Security Period” means the period commencing on the date of this Agreement and ending the date on which
the Agent notifies the Borrower and the other Finance Parties that: 
  

	 	(a)	 all amounts which have become due for payment by the Borrower or any other Obligor under the Finance Documents
have been paid; 

  

	 	(b)	 no amount is owing by or has accrued (without yet having become due for payment) against any Obligor under any
of the Finance Documents; 

  

	 	(c)	 the Borrower has no future or contingent liability under any provision of this Agreement and the other Finance
Documents; 

  

	 	(d)	 the Agent and the Required Lenders do not consider that there is a significant risk that any payment or
transaction under a Finance Document would be set aside, or would have to be reversed or adjusted, in any present or possible future proceeding relating to a Finance Document or any asset covered (or previously covered) by a Security Interest
created by a Finance Document; and 

  

	 	(e)	 there are no Commitments in force. 

“Selection Notice” means a notice substantially in the form set out in Schedule 9 (Selection Notice)
given in accordance with Clause 10 (Interest Periods). 
 “Share Charge” means the first priority
share charge over all the shares of the Rig Owner from the Parent collateral to this Agreement as security for the Obligors’ obligations under the Finance Documents in the form and substance satisfactory to the Security Agent. 

  
 15 

 “Ship Registry” means the ship registry of Panama and such other
ship registry as approved by the Agent (acting on the instructions of the Required Lenders) and the Security Agent. 

“Step-up Margin” means: 

 

	 	(a)	 if the Leverage Ratio is from and including 4.50:1 up to and including 4.99:1, 0.125 per cent per annum;

  

	 	(b)	 if the Leverage Ratio is from and including 5.00:1 up to and including 5.49:1, 0.250 per cent per annum;

  

	 	(c)	 if the Leverage Ratio is from and including 5.50:1 up to and including 5.99:1, 0.750 per cent per annum;
and 

  

	 	(d)	 if the Leverage Ratio is equal to or in excess of 6.00:1, 1.500 per cent per annum,

 the Leverage Ratio to be based on the Compliance Certificate latest delivered pursuant to Clause 21.2
(Compliance Certificate), and to be calculated to two decimals rounded up or down as appropriate. The Step-up Margin shall take effect from and including the day following the last day of the testing
period to which the Compliance Certificate latest delivered relates. 
 “Subsidiary” means an entity from
time to time of which a person: 
  

	 	(a)	 has direct or indirect control; or 

 

	 	(b)	 owns directly or indirectly more than fifty per cent (50%) (votes and/or capital), 

provided that, for the avoidance of doubt, no member of a Minority Holding Group shall be a Subsidiary. 

For the purpose of paragraph (a), an entity shall be treated as being controlled by a person if that person is able to direct
its affairs and/or control the composition of its board of directors or equivalent body. 
 “Tax on Overall Net
Income” means a Tax imposed on a Finance Party by the jurisdiction under the laws of which it is incorporated, or in which it is located or treated as resident for tax purposes, on: 

 

	 	(a)	 the net income, profits or gains of that Finance Party worldwide; or 

 

	 	(b)	 such of the net income, profits or gains of that Finance Party as are considered to arise in or relate to or
are taxable in that jurisdiction. 

 “Taxes” means all present and future taxes, levies,
imposts, duties, charges, fees, deductions and withholdings, and any restrictions and or conditions resulting in a charge together with interest thereon and penalties in respect thereof and “tax” and “taxation” shall be construed
accordingly. 
 “Telesto Mortgage” means the first priority mortgage dated 23 September 2013 (and as
amended on or about the date of the Framework Agreement) executed by the Rig Owner against the Rig in a Ship Registry in favour of the Security Agent (on behalf of the Finance Parties) as security for the Obligors’ obligations under the Finance
Documents, in form and substance satisfactory to the Agent (on behalf of the Finance Parties) and the Security Agent. 

“Termination Date” means the date falling 180 days from 31 January 2013. 

“Total Assets” means, on any date, the Group’s (on a consolidated basis) book value of assets which are
treated as assets in accordance with Accounting Principles. 

  
 16 

 “Total Commitments” means the aggregate of the CEXIM Facility
Commitment and the Commercial Facility Commitment, being USD 440,000,000 as at the date of this Agreement as that amount may be reduced, cancelled or terminated in accordance with this Agreement. 

“Total Loss” means, in relation to the Rig: 

 

	 	(a)	 the actual, constructive, compromised, agreed, arranged or other total loss of the Rig; and/or

  

	 	(b)	 any hijacking, piracy, theft, condemnation, capture, seizure, destruction, abandonment, arrest, expropriation,
confiscation, requisition or acquisition of the Rig, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by
any person or persons claiming to be or to represent a governmental or official authority (excluding a requisition for hire for a fixed period not exceeding one (1) year without any right to extension) unless it is within one (1) month
from the Total Loss Date redelivered to the full control of the Borrower or any of the Guarantors. 

“Total Loss Date” means: 
  

	 	(a)	 in the case of an actual total loss of the Rig, the date on which it occurred or, if that is unknown, the date
when the Rig was last heard of; 

  

	 	(b)	 in the case of a constructive, compromised, agreed or arranged total loss of the Rig, the earlier of:
(i) the date on which a notice of abandonment is given to the insurers (provided a claim for total loss is admitted by such insurers) or, if such insurers do not forthwith admit such a claim, at the date at which either a total loss is
subsequently admitted by the insurers or a total loss is subsequently adjudged by a competent court of law or arbitration panel to have occurred or, if earlier, the date falling six (6) months after notice of abandonment of the Rig was given to
the insurers; and (ii) the date of compromise, arrangement or agreement made by or on behalf of the Borrower or Parent with the Rig’s insurers in which the insurers agree to treat the Rig as a total loss; or 

 

	 	(c)	 in the case of any other type of total loss, on the date (or the most likely date) on which it appears to the
Agent that the event constituting the total loss occurred. 

 “Transfer Certificate” means
a certificate substantially in the form as set out in Schedule 6 (Form of Transfer Certificate) or any other form agreed between the Agent and the Parent. 

“Transfer Date” means, in respect of a Transfer (as defined in Clause 26.2 (Assignments and Transfers by
the Lenders)) the later of:  
  

	 	(a)	 the proposed Transfer Date as set out in the Transfer Certificate relating to the Transfer; and

  

	 	(b)	 the date on which the Agent executes the Transfer Certificate. 

“Trust Property” means, collectively: 

 

	 	(a)	 all moneys duly received by the Security Agent under or in respect of the Finance Documents;

  

	 	(b)	 any portion of the balance on any Earnings Account held by or charged to the Security Agent at any time;

  
 17 

	 	(c)	 the Security Interests, guarantees, security, powers and rights given to the Security Agent under and pursuant
to the Finance Documents including, without limitation, the covenants given to the Security Agent in respect of all obligations of any Obligor; 

  

	 	(d)	 all assets paid or transferred to or vested in the Security Agent or its agent or received or recovered by the
Security Agent or its agent in connection with any of the Finance Documents whether from any Obligor or any other person; and 

  

	 	(e)	 all or any part of any rights, benefits, interests and other assets at any time representing or deriving from
any of the above, including all income and other sums at any time received or receivable by the Security Agent or its agent in respect of the same (or any part thereof). 

“Unpaid Sum” means any sum due and payable but unpaid by the Borrower under the Finance Documents. 

“US” means the United States of America. 

“US Bankruptcy Code” means Title 11 of The United States Code (entitled “Bankruptcy”), as amended
from time to time and as now or hereafter in effect, or any successor thereto. 
 “US Tax Obligor” means:

  

	 	(a)	 a Borrower which is resident for tax purposes in the US; or 

 

	 	(b)	 an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US
federal income tax purposes. 

 “USD” means the lawful currency of the United States of
America. 
 “Utilisation” means utilisation of a Loan. 

“Utilisation Date” means the date on which a Utilisation is made. 

“Utilisation Request” means a notice substantially in the relevant form set out in Schedule 4 (Form of
Utilisation Request). 
 “VAT” means value added tax. 

“Yard” means, in relation to the Rig, the yard named in Schedule 2 (Borrower, Guarantors and Collateral
Rig) as the builder of the Rig. 
  

	49.2	 Construction 

In this Agreement, unless the context otherwise requires: 

 

	 	(a)	 clause and Schedule headings are for ease of reference only; 

 

	 	(b)	 words denoting the singular number shall include the plural and vice versa; 

 

	 	(c)	 references to clauses and Schedules are references, respectively, to the clauses and Schedules of this
Agreement; 

  

	 	(d)	 a term used in any other Finance Document or in any notice given under or in connection with any Finance
Document has the same meaning in that Finance Document or notice as in this Agreement; 

  

	 	(e)	 references to a provision of law is a reference to that provision as it may be amended or re-enacted, and to any regulations made by the appropriate authority pursuant to such law; 

  
 18 

	 	(f)	 the “Agent”, the “Security Agent”, a “Bookrunner”, a
“Mandated Lead Arranger”, any “Finance Party”, any “Lender”, any “Obligor”, any “Party”, 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 Agent and the Security Agent, any person for the time being appointed as Agent or Security Agent (as the case may be) in accordance with the Finance Documents;

  

	 	(g)	 a “Finance Document” or any other agreement or instrument is a reference to that Finance
Document or other agreement or instrument as amended, novated, supplemented, extended or restated; 

  

	 	(h)	 references to “control” means the power to appoint a majority of the board of directors or to
direct the management and policies of an entity, whether through the ownership of voting capital, by contract or otherwise; 

  

	 	(i)	 references to “indebtedness” includes any obligation (whether incurred as principal or as
surety) for the payment or repayment of money, whether present or future, actual or contingent; 

  

	 	(j)	 reference to a “month” is a reference to a period starting on one day in a calendar month and
ending on the numerically corresponding day in the next calendar month save that: 

  

	 	(i)	 if any such numerically corresponding day is not a Business Day, such period shall end on the immediately
succeeding Business Day to occur in that next succeeding calendar month or, if none, it shall end on the immediately preceding Business Day; and 

  

	 	(ii)	 if there is no numerically corresponding day in that next succeeding calendar month, that period shall end on
the last Business Day in that next succeeding calendar month, 

 (and references to
“months” shall be construed accordingly); 
  

	 	(k)	 “USD” and “dollars” denotes the lawful currency of the United States of
America; 

  

	 	(l)	 references to a “person” shall include any individual, firm, partnership, joint venture,
company, corporation, trust, fund, body, corporate, unincorporated body of persons, or any state or any agency of a state or association (whether or not having separate legal personality); and 

 

	 	(m)	 a Default (other than an Event of Default) is “continuing” if it has not been remedied or
waived and an Event of Default is “continuing” if it has not been remedied or waived. 

  

	49.3	 Third Party Rights 

Unless expressly provided to the contrary in a Finance Document for the benefit of a Finance Party or another person who
benefits from any indemnity under any Finance Document, a person who is not a party to a Finance Document has no right under the Contracts (Rights of Third Parties) Act 1999 (the Third Parties Act) to enforce or enjoy the benefit of any term of the
relevant Finance Document. 

  
 19 

	50.	 The Facility 

 

	50.1	 Facility 

Subject to the terms of this Agreement, the Lenders make available to the Borrower, during the applicable Availability Period,
a USD secured credit facility for Utilisations in the aggregate principal amount of up to the Total Commitments: 
  

	 	(a)	 a term loan facility involving the advance of a single Loan in an amount of not more than the CEXIM Facility
Commitment (the “CEXIM Facility Commitment”); and 

  

	 	(b)	 a term loan facility involving the advance of a single Loan in an amount of not more than the Commercial
Facility Commitment (the “Commercial Facility Commitment”). 

  

	50.2	 Finance Parties’ Rights and Obligations 

 

	 	(a)	 The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to
perform its obligations under the Finance Documents does not affect the obligations of any other Finance Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

  

	 	(b)	 The rights of each Finance Party under or in connection with the Finance Documents are separate and
independent rights and any debt arising under the Finance Documents to a Finance Party from any of the Obligors shall be a separate and independent debt. A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce
its rights under the Finance Documents. 

  

	50.3	 Borrower’s Rights and Obligations 

 

	 	(a)	 The obligations of the Borrower under the Finance Documents shall continue until all amounts which may be or
become payable by the Borrower under or in connection with the Finance Documents have been irrevocably and unconditionally paid or discharged in full, regardless of any intermediate payment or discharge in whole or in part. 

 

	 	(b)	 If any discharge, release or arrangement (whether in respect of the obligations of the Borrower or any
security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise,
without limitation, then the liability of the Borrower under this Agreement will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	 	(c)	 The obligations of the Borrower under the Finance Documents shall not be affected by an act, omission, matter
or thing which, but for this clause (whether or not known to it or any Finance Party), would reduce, release or prejudice any of its obligations under the Finance Documents including: 

 

	 	(i)	 any time, waiver or consent granted to, or composition with, any Obligor or other person;

  

	 	(ii)	 the release of any other Obligor or any other person under the terms of any composition or arrangement with
any creditor of any other Obligor; 

  

	 	(iii)	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up
or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or 

  
 20 

	 	 non-observance of any formality or other requirement in respect of any
instrument or any failure to realise the full value of any security; 

  

	 	(iv)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of an Obligor or any other person; 

  

	 	(v)	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of a Finance Document or any other document or security; 

  

	 	(vi)	 any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or
any other document or security; or 

  

	 	(vii)	 any insolvency or similar proceedings. 

 

	 	(d)	 The Borrower waives any right it may have of first requiring any Finance Party (or any trustee or agent on its
behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Borrower under any Finance Document. This waiver applies irrespective of any law or any provision of a Finance Document to
the contrary. 

  

	 	(e)	 Until all amounts which may be or become payable by the Obligors under or in connection with the Finance
Documents have been irrevocably and unconditionally paid or discharged in full, each Finance Party (or any trustee or agent on its behalf) may: 

  

	 	(i)	 refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party
(or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Borrower will not be entitled to the benefit of the same;
and 

  

	 	(ii)	 hold in an interest-bearing suspense account any money received from the Borrower or on account of the
Borrower’s liability under any Finance Document. 

  

	 	(f)	 Until all amounts which may be or become payable by the Obligors under or in connection with the Finance
Documents have been irrevocably paid in full and unless the Agent otherwise directs (on such terms as it may require), the Borrower shall not exercise any rights (including rights of set-off) which it may have
by reason of performance by it of its obligations under the Finance Documents: 

  

	 	(i)	 to be indemnified by another Obligor; 

 

	 	(ii)	 to claim any contribution from any other Obligor or any guarantor of any Obligor’s obligations under the
Finance Documents; and/or 

  

	 	(iii)	 to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the
Finance Parties under the Finance Documents or of any guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party. 

  
 21 

	50.4	 Parent’s Authority 

 

	 	(a)	 Each Obligor (other than the Parent), by its execution of this Agreement, irrevocably authorises the Parent to
act on its behalf as its agent in relation to the Finance Documents and authorises: 

  

	 	(i)	 the Parent, on its behalf, to supply all information concerning itself, its financial condition and otherwise
to the Finance Parties as contemplated under this Agreement and to give all notices and instruction to be given by such Obligor under the Finance Documents, to execute, on its behalf, any Finance Document and to enter into any agreement and
amendment in connection with the Finance Documents (however fundamental and notwithstanding any increase in obligations of or other effect on an Obligor) including confirmation of guarantee obligations in connection with any amendment or consent in
relation to the Facility, without further reference to or the consent of such Obligor and each Obligor to be obliged to confirm such authority in writing upon the request of the Agent; and 

 

	 	(ii)	 each Finance Party to give any notice, demand or other communication to be given to or served on such Obligor
pursuant to the Finance Documents to the Parent on its behalf, and in each such case such Obligor will be bound thereby (and shall be deemed to have given/received notice thereof) as though such Obligor itself had been given such notice and
instructions, executed such agreement or received any such notice, demand or other communication. 

  

	 	(b)	 Every act, omission, agreement, undertaking, waiver, notice or other communication given or made by the Parent
under this Agreement, or in connection with this Agreement (whether or not known to any Obligor) shall be binding for all purposes on all other Obligors as if the other Obligors had expressly made, given or concurred with the same. In the event of
any conflict between any notice or other communication of the Parent and any other Obligor, the choice of the Parent shall prevail. 

  

	51.	 Purpose 

  

	51.1	 Purpose 

The Borrower shall apply all amounts utilised by it hereunder towards partially financing the remaining capital expenditure
related to the Rig to which the relevant Utilisation relates. 
  

	51.2	 Monitoring 

Without prejudice to the obligations of the Borrower under this Clause 3 (Purpose), no Finance Party is bound to monitor
or verify the application of any amount borrowed pursuant to this Agreement. 
  

	52.	 Conditions Precedent 

 

	52.1	 Conditions Precedent for the First Utilisation Date 

The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ Participation) if on or before the First
Utilisation Date, the Agent, or its duly authorised representative, has received all of the documents and other evidence listed in Part 1 of Schedule 3 (Conditions Precedent to the First Utilisation Date) in form and substance satisfactory to
the Agent. 

  
 22 

	52.2	 Conditions Precedent for any Utilisation (including the First Utilisation) 

For any Utilisation (including the first Utilisation), the Lenders will only be obliged to comply with Clause 5.4
(Lenders’ Participation) if on or before the proposed Utilisation Date the Agent, or its duly authorised representative, has received all of the documents and evidence listed in Part 2 of Schedule 3 (Conditions Precedent to any
Utilisation (including the First Utilisation)) in form and substance satisfactory to the Agent. 
  

	52.3	 Further Conditions Precedent 

The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ Participation) if on the date of a Utilisation
Request and on the proposed Utilisation Date: 
  

	 	(a)	 no Default is continuing or would result from the proposed Utilisation; and 

 

	 	(b)	 the representations and warranties contained in Clause 20 (Representations and Warranties) deemed to be
repeated on those dates are true and correct in all material respects. 

  

	52.4	 Conditions Subsequent 

It shall be a condition subsequent to the Lenders continuing to make the Loans and Commitments available that within the
relevant timeline as specified in Part 3 of Schedule 3 (Conditions Subsequent to each Utilisation Date) the Agent has received originals or certified copies of all of the documents and other evidence listed in Part 3 of Schedule 3
(Conditions Subsequent to each Utilisation Date) in form and substance satisfactory to the Agent (acting on the instructions from the Required Lenders). 
  

	52.5	 Waiver of Conditions Precedent and Conditions Subsequent 

The conditions specified in this Clause 4 (Conditions Precedent) are solely for the benefit of the Finance Parties and
may be waived on their behalf in whole or in part and with or without conditions by the Agent (acting on the instructions of the Required Lenders unless it is a non-material matter of administrative or
technical character where the Agent may act in its sole discretion), save for conditions which are comprised by Clause 34.4(b) (Exceptions) which will be subject to consent from all the Lenders. The Finance Parties shall be notified by the
Agent of a waiver granted pursuant to this clause. 
  

	53.	 Utilisation 

  

	53.1	 Delivery of a Utilisation Request 

The Borrower may utilise the Facility by delivering to the Agent a duly completed Utilisation Request no later than 10:00 am
(London time) three (3) Business Days prior to the proposed Utilisation Date. 
  

	53.2	 Completion of a Utilisation Request 

A Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

 

	 	(a)	 it specifies the amount of the proposed Rig Advance under the CEXIM Facility and the Commercial Facility;

  

	 	(b)	 the proposed Utilisation Date is a Business Day within the applicable Availability Period;

  

	 	(c)	 the amount of the proposed Rig Advance under the CEXIM Facility and the Commercial Facility is in a minimum
amount of USD 1,000,000 and which (together 

  
 23 

	 	 with the Loans outstanding) is not more than is available pursuant to Clause 2.1 (Facility) and which
complies with Clause 5.3 (Availability); 

  

	 	(d)	 the currency specified is USD; and 

 

	 	(e)	 the proposed Interest Period complies with Clause 10 (Interest Periods). 

 

	53.3	 Availability 

  

	 	(a)	 Any amount of the Total Commitments not utilised by the expiry of the applicable Availability Period shall
automatically be cancelled at close of business in London on such date. 

  

	 	(b)	 Only one Utilisation may be made under the CEXIM Facility. No CEXIM Facility Loan may subsequently be re-borrowed once repaid. 

  

	 	(c)	 Only one Utilisation may be made under the Commercial Facility. No Commercial Facility Loan may subsequently
be re-borrowed once repaid. 

  

	 	(d)	 Each Utilisation under the Agreement must be made between the CEXIM Facility and the Commercial Facility in
the following proportions: 

  

	 	(i)	 CEXIM Facility, 70%; and 

 

	 	(ii)	 Commercial Facility, 30%, 

and no Utilisation can be made under the Agreement in respect of the CEXIM Facility only or the Commercial Facility only or in
different proportions to that stated under this Clause 5.3(d). 
  

	 	(e)	 The Utilisation must not exceed the lower of (i) USD121,000,000 and
(ii) fifty-six point one per cent (56.1%) of the Eligible Contract Price. 

  

	 	(f)	 The Loan shall not exceed the lesser of (i) the Total Commitments and
(ii) sixty-six point four per cent (66.4%) of the Eligible Contract Price for the Rig. 

  

	53.4	 Lenders’ Participation 

Upon receipt of a Utilisation Request, the Agent shall notify each Lender of the details of the requested Loan and the amount
of each Lender’s participation in the relevant Loan. If the conditions set out in this Agreement have been met, each Lender shall no later than 10:00 am (London time) on the relevant Utilisation Date make available to the Agent for the account
of the Borrower an amount equal to its participation in the Loan to be advanced pursuant to the relevant Utilisation Request. 
  

	54.	 Repayment and Reductions 

 

	54.1	 Scheduled Repayments 

 

	 	(a)	 The Borrower shall repay the Rig Advances by consecutive semi-annual repayments in the amounts as set out, on
an indicative basis, in Schedule 7 (Indicative Repayments/Reductions) and the first repayment shall occur six months after the Utilisation Date in respect of such Rig Advances. The repayments received by the Agent in respect of the Rig
Advances shall be applied against each Rig Advance on a pro rata basis as between each Facility. 

  

	 	(b)	 On or around the Utilisation Date relating to the Rig Advances in respect of the Rig, the Agent shall (if
deemed necessary by the Agent) provide to the Lenders and the Borrower a repayment and reduction schedule (a “Repayment Schedule”) for the 

  
 24 

	 	 relevant Rig Advances setting out the repayment dates and the amount of each instalment for the Rig. Each
Repayment Schedule shall be binding on the Borrower and the Lenders. 

  

	54.2	 Final Repayment of each Rig Advance 

On the Final Maturity Date the Borrower shall repay all sums then outstanding under this Agreement and the other Finance
Documents in full at such date (if any). 
  

	55.	 Voluntary Prepayment and Cancellation 

 

	55.1	 Voluntary Prepayment 

Subject to Clause 7.3(f) (Application) below, the Borrower may, by giving the Agent not less than three
(3) Business Days prior written notice, prepay the whole or any part of any Rig Advance (but if in part, in a minimum amount of USD 1,000,000 and in integral multiples of USD 1,000,000 (or such lesser amount as consented to by the Agent)). Each
and any prepayment shall relate to one Rig Advance only. 
  

	55.2	 Voluntary Cancellation 

The Borrower may, by giving the Agent not less than three (3) Business Days prior written notice, permanently reduce,
cancel or terminate all or part of the unutilised portions of the CEXIM Facility Commitment and Commercial Facility Commitment (but if in part, in a minimum amount of USD 1,000,000 and in integral multiples of USD 1,000,000), provided that
any cancellation shall be made on a pro rata basis as between the CEXIM Facility and the Commercial Facility). 
  

	55.3	 Terms and Conditions for Prepayments and Cancellation 

 

	 	(a)	 Irrevocable Notice 

The Borrower may not prepay or cancel all or part of the Loans except as expressly provided in this Agreement or in accordance
with the terms of the Intercreditor Agreement. 
 Any notice of prepayment or cancellation by the Borrower under this Clause
7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date upon which the prepayment or cancellation is to be made and the amount of the prepayment or cancellation. 

 

	 	(b)	 Additional Payments 

Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any
Break Costs, without premium or penalty. 
  

	 	(c)	 Time of Prepayment and Cancellation 

The Borrower shall not repay or prepay all or any part of any Rig Advance or cancel all or any part of the CEXIM Facility
Commitment or the Commercial Facility Commitment except at the times and in the manner expressly provided for in this Agreement. 
  

	 	(d)	 No Reinstatement 

No amount of the Commitments cancelled nor any amount of any Rig Advance prepaid under this Agreement may subsequently be
reinstated. The Borrower may not utilise any part of the Facility which has been cancelled. 

  
 25 

	 	(e)	 Forwarding of Notice of Prepayment and Cancellation 

If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice to the Lenders. 

 

	 	(f)	 Application 

Any voluntary cancellation and prepayment made pursuant to this Clause 7 shall, in respect of the relevant Rig Advance, be
applied pro rata against the CEXIM Facility Loan outstanding and Commercial Facility Loan outstanding in respect of such Rig Advance and against cancellation of the Commitment pro rata on each of the scheduled repayments as set out in
Schedule 7 (Indicative Repayments/Reductions) (as amended or replaced from time to time). 
  

	 	(g)	 Amended Repayment and Reduction Schedule 

Upon any such prepayment or cancellation the Agent shall, if applicable, replace Schedule 7 (Indicative
Repayments/Reductions) with an amended and new repayment and reduction schedule reflecting the correct scheduled amounts and provide a copy to the Borrower and the Lenders thereof. 

 

	 	(h)	 Step-up Margin 

In the event of any prepayment of the Loan prior to any applicable Step-up Margin
being paid, the Borrower shall provide to the Agent such information as the Agent requires in order to calculate the Step-up Margin which will be payable in respect of the amount prepaid and the amount so
calculated, which shall be conclusive and binding upon the Borrower in the absence of any manifest error, shall be paid together with the amount prepaid and therefore such amount shall be deducted from the
Step-up Margin payment on the relevant Interest Payment Date for the financial quarter in which the prepayment occurred. 
  

	56.	 Mandatory Reduction, Prepayment and Cancellation 

 

	56.1	 Total Loss or Sale 

  

	 	(a)	 If the Rig is sold or otherwise disposed of in whole or in part, or suffers a Total Loss, on the Disposal
Reduction Date, the Loan(s) shall be prepaid with an amount equal to the Disposal Reduction Amount and otherwise in accordance with Clause 8.7 (Terms and Conditions for Prepayments/Reductions and Cancellation). For the purpose of this Clause
8.1 the following definition shall apply: 

 “Disposal Reduction Amount” means the amount
equal to the Loans outstanding plus the Available Commitments immediately prior to its Total Loss or completion of its sale or disposal at the date of the Total Loss or completion of the sale or disposal of the Rig; 

“Disposal Reduction Date” means, in relation to the Rig: 

 

	 	(i)	 where the Rig has become a Total Loss, the date which is the earlier of the date the disposal reduction amount
is available and ninety (90) days after the Rig became a Total Loss or such later date as may be agreed in writing by the Agent (acting on the instructions of the Lenders); or 

 

	 	(ii)	 where the Rig is sold or otherwise disposed of, the date upon which the sale or disposal of the Rig is
completed. 

  
 26 

	56.2	 Illegality and Lender’s Financial Requirements 

If it becomes unlawful under any law, regulation, treaty or directive (whether or not having the force of law) in any
applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in the Loan: 
  

	 	(a)	 that Lender shall promptly notify the Agent upon becoming aware of that event; 

 

	 	(b)	 the Agent shall promptly notify the Borrower (specifying the obligations the performance of which is thereby
rendered unlawful and the law giving rise to the same and/or the Lenders’ financial status) upon receipt of notification in accordance with paragraph (a) above; 

 

	 	(c)	 upon the Agent notifying the Borrower, the Commitment of that Lender will be immediately reduced to zero and
cancelled; and 

  

	 	(d)	 the Borrower shall repay that Lender’s participation in the Loans on the last day of the Interest Period
occurring after the Agent has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law). 

 

	56.3	 Sanctions 

Upon the occurrence of any Obligor or any Subsidiary of any Obligor being in breach of Sanctions (including non-compliance with Clause 23.2(b) (Compliance with Laws) and Clause 23.26 (Sanctions)) or becoming a Restricted Party, and such event remains un-remedied (if
capable of being remedied), the Total Commitments shall be automatically cancelled, and all Loans and other amounts outstanding under the Finance Documents shall become due and payable with ten (10) Business Days’ prior written notice from
the Agent. 
  

	56.4	 Minimum Market Value 

Upon a non-compliance of Clause 24.1 (Minimum Market Value), the Facility shall
be repaid or reduced (as applicable) in accordance with Clause 8.7 (Terms and Conditions for Prepayments/Reductions and Cancellation) on the date falling 60 days after such breach by an amount equal to the amount which is required for the
Borrower to become compliant with Clause 24.1 (Minimum Market Value) again. 
  

	56.5	 Change of Control 

If: 
  

	 	(a)	 any of the Obligors (other than the Parent itself) ceases to be a one hundred per cent (100%) owned Subsidiary
of the Parent, unless a prior written consent from the Lenders has been given; 

  

	 	(b)	 any person, other than Hemen Holding Limited (or a company controlled more than fifty per cent (50%) by the
John Fredriksen Family), or group of persons acting in concert, obtains more than fifty per cent (50%) of the voting rights or share capital or otherwise control the appointment of members of the board of directors of the Parent, unless the new
controlling shareholder(s) is/are acceptable to the Lenders; or 

  

	 	(c)	 Hemen Holding Limited (and/or one or more companies controlled more than fifty per cent (50%) by the John
Fredriksen Family) ceases to own a minimum of twenty per cent (20%) or more of the voting rights or share capital or otherwise control the appointment of members of the board of directors of the Parent, unless a prior written consent from the
Lenders has been given; 

  
 27 

 the Total Commitment shall be automatically cancelled and all Loans and other
amounts outstanding under the Finance Documents shall be prepaid within sixty (60) days thereafter. 
 For the purpose
of this Clause 8.5 the following definitions shall apply: 
 “John Fredriksen Family” shall mean John
Fredriksen, his direct lineal descendants, the personal estate of any of the aforementioned persons and any trust created for the benefit of one or more of the aforementioned persons and their estates. 

 

	56.6	 Charter Contract Termination 

 

	 	(a)	 If any Charter Contract in respect of the Rig is terminated (for whatever reason) or ceases to be in force
(except as a result of it being a Total Loss) and no Replacement Charter is awarded within one hundred and eighty (180) days of such termination etc., on the one hundred and eightieth (180th) day after such termination etc, the Loan shall be
prepaid with an amount equal to the Charter Contract Reduction Amount and otherwise in accordance with Clause 8.7 (Terms and Conditions for Prepayments/Reductions and Cancellation). If any Charter Contract in force at this date of this
Agreement expires through effluxion of time or if a Replacement Charter is entered into pursuant to this Clause 8.6, the Borrower shall provide the Agent with a replacement Schedule 2 (Borrower, Guarantors and Collateral Rig) (a
“Replacement Schedule”) as soon as practicable, which Replacement Schedule shall, when initiated by the Rig Owner, the Parent and the Agent, shall replace the Schedule 2 (Borrower, Guarantors and Collateral Rig) then
scheduled to this Agreement. 

  

	 	(b)	 For the purpose of this Clause 8.6 the following definitions shall apply: 

“Charter Contract Reduction Amount” means the amount equal to the Loans outstanding plus the Available
Commitments immediately prior to the relevant termination, cancellation, rescinding or frustration. 
 “Replacement
Charter” means a drilling contract with a duration exceeding six (6) months including an operating rate of minimum USD 100,000 per day. 
  

	56.7	 Terms and Conditions for Prepayments/Reductions and Cancellation 

 

	 	(a)	 Application 

  

	 	(i)	 Any mandatory prepayments and/or reductions and/or cancellations (as the case may be) shall be applied pro
rata against the CEXIM Facility Loan outstanding and the Commercial Facility Loan outstanding and pro rata on each of the scheduled repayments as set out in Schedule 7 (Indicative Repayments/Reductions) other than in respect of a
prepayment pursuant to Clause 8.2 (Illegality and Lender’s Financial Requirements). 

  

	 	(ii)	 Upon any such reduction, the Agent shall, if applicable, replace Schedule 7 (Indicative
Repayments/Reductions) with an amended and new repayment and reduction schedule reflecting the correct scheduled amounts and provide a copy to the Borrower and the Lenders thereof. 

 

	 	(b)	 Additional Payments 

Upon any reduction of the Commitments under this Clause 8, the Borrower shall repay the Loans outstanding by an amount
sufficient to ensure that the total aggregate amount of the outstanding Loans shall constitute no more than the amount of the Commitment(s) of all the Lenders following the relevant reduction (less any amounts remaining to be drawn), such repayment
to be made no later than on the day that the 

  
 28 

 relevant reduction becomes effective. Any such prepayments shall be applied
pro rata between the Lenders. 
 Any prepayment under this Agreement shall be made together with accrued interest on
the amount prepaid and, subject to any Break Costs, without premium or penalty. 
  

	 	(c)	 No Reinstatement 

No amount of the Commitments cancelled or repaid under this Clause 8 may subsequently be reinstated. The Borrower may not
utilise any part of the Facility which has been cancelled or any of the Facility which has been prepaid under this Clause 8. 
  

	 	(d)	 Forwarding of Notice of Prepayment and Cancellation 

If the Agent receives a notice under this Clause 8 it shall promptly forward a copy of that notice to the Lenders and the
Borrower (if applicable). 
  

	57.	 Interest 

  

	57.1	 Calculation of Interest 

The rate of interest for the Loan for each Interest Period is the percentage rate per annum which is the aggregate of: 

 

	 	(a)	 the Applicable Margin; and 

 

	 	(b)	 LIBOR. 

  

	57.2	 Payment of Interest 

The Borrower shall pay accrued interest on each Loan on each Interest Payment Date, however, if the Interest Period is longer
than six (6) months, on the date falling at six (6) monthly intervals after the first day of the Interest Period. 
  

	57.3	 Default Interest 

If an Obligor fails to pay any amount payable by it under the Finance Documents on its due date, interest shall accrue on the
overdue amount from the due date and up to the date of actual payment (both before and after judgment) at a rate determined by the Agent to be two per cent (2.00%) higher than the rate which would have been payable if the overdue amount had, during
the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under
this Clause 9.3 shall be immediately payable by the Obligors on demand by the Agent. Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue
amount but will remain immediately due and payable. 
  

	57.4	 Notification of Rates of Interest 

The Agent shall promptly notify the Lenders and the Borrower of the determination of a rate of interest under this Agreement.

  
 29 

	58.	 Interest Periods 

 

	58.1	 Selection of Interest Periods 

 

	 	(a)	 The Borrower may select an Interest Period (subject to sub-paragraph
(d) below) for a Loan in a Utilisation Request or (if a Loan has already been made) in a Selection Notice. 

  

	 	(b)	 Each Selection Notice is irrevocable and must be received by the Agent not later than 10:00 am (London time)
three (3) Business Days before the commencement of that Interest Period. 

  

	 	(c)	 If the Borrower fails to deliver a Selection Notice to the Agent in accordance with paragraph (b) above,
the relevant Interest Period will be three (3) months. 

  

	 	(d)	 The Borrower may select an Interest Period of three (3) or six (6) months. 

 

	 	(e)	 An Interest Period for a Loan shall not extend beyond the Final Maturity Date, but shall be shortened so that
it ends on the Final Maturity Date. 

  

	 	(f)	 An Interest Period for the maturing part of a Loan shall not extend beyond the first subsequent scheduled
repayment date after the Utilisation Date of such Loan, but shall be shortened so that it ends on such scheduled repayment date. 

  

	 	(g)	 Each Interest Period for a Loan shall start on the relevant Utilisation Date or (if already made) on the last
day of its preceding Interest Period. The first Interest Period of a Loan shall be shortened so as to be aligned with the next occurring Interest Period of the other Loans. 

 

	58.2	 Non-Business Day 

If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the
next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	58.3	 Notification of Interest Periods 

The Agent will notify the Borrower and the Lenders of the Interest Periods determined in accordance with this Clause 10. 

 

	59.	 Changes to the Calculation of Interest 

 

	59.1	 Market Disruption 

  

	 	(a)	 If a Market Disruption Event occurs in relation to the Loan for any Interest Period, then the rate of interest
on each Lender’s share of the Loan for the Interest Period shall be the rate per annum which is the sum of: 

  

	 	(i)	 the Margin; and 

  

	 	(ii)	 the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due
to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in the Loan from whatever source it may reasonably select. 

  
 30 

	 	(b)	 In this Agreement, “Market Disruption Event” means: 

 

	 	(i)	 at or about 11:00 am (London time) on the Quotation Day for the relevant Interest Period LIBOR is not
available; or 

  

	 	(ii)	 before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives
notifications from: 

  

	 	(A)	 a Lender or Lenders (whose participations exceed fifty per cent (50%) of the Loan); or 

 

	 	(B)	 a Lender or Lenders in respect of the Commercial Facility (whose participations in the Commercial Facility
exceed fifty per cent (50%) of the Commercial Facility Loan), 

 that the cost to it or them of obtaining
matching deposits in the London interbank market would be in excess of LIBOR. 
  

	59.2	 Alternative Basis of Interest or Funding 

If a Market Disruption Event occurs and the Agent or the Parent so require, the Agent and the Parent shall enter into
negotiations (for a period of not more than thirty (30) days) with a view to agreeing a substitute basis for determining the rate of interest instead of LIBOR. Any alternative basis agreed pursuant to this Clause 11.2 shall, with the prior
consent of all the Lenders and the Parent, be binding on all Parties. 
  

	59.3	 Break Costs 

  

	 	(a)	 The Borrower shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance
Party its Break Cost attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrower on a day other than the last day of an Interest Period for the Loan or Unpaid Sum. 

 

	 	(b)	 Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate
confirming the amount of its Break Cost for any Interest Period in which they accrue. 

  

	60.	 Fees 

  

	60.1	 Commitment Fees 

The Borrower shall pay to the Agent (for distribution among the Lenders) a commitment fee of 40% of the Applicable Margin on
the Lenders’ Available Commitment accruing from the date of this Agreement and up until and including the Termination Date relative to the final Rig Advance, payable quarterly in arrears on each Quarter Date and on the Termination Date or such
other date upon which the Facility is terminated and/or cancelled in full. Any payment under this Clause 12.1 which is due to be made on a day which is not a Business Day shall be made on the next Business Day in the same month (if there is one) or
the preceding Business Day (if there is not). 
  

	60.2	 Other Fees 

The Borrower shall pay such other fees as set out in the Fee Letters. 

  
 31 

	61.	 Tax Gross-Up and Indemnities 

 

	61.1	 Taxes 

  

	 	(a)	 No Withholding 

All payments by the Obligors under the Finance Documents shall be made free and clear of and without deduction or withholding
for or on account of any Tax or any other governmental or public payment imposed by the laws of any jurisdiction from which or through which such payment is made, unless a Tax deduction or withholding is required by law. 

 

	 	(b)	 Tax Gross-Up 

 

	 	(i)	 The relevant Obligor shall promptly upon becoming aware that it must make a Tax deduction or withholding (or
that there is any change in the rate or the basis of a Tax deduction or withholding) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives
such notification from a Lender it shall notify the Parent. 

  

	 	(ii)	 If a Tax deduction or withholding is required by law to be made by an Obligor: 

 

	 	(A)	 the amount of the payment due from the Obligor shall be increased to an amount which (after making any Tax
deduction or withholding) leaves an amount equal to the payment which would have been due if no Tax deduction or withholding had been required; and 

  

	 	(B)	 that Obligor shall make that Tax deduction or withholding within the time allowed and in the minimum amount
required by law. 

  

	 	(iii)	 Within thirty (30) days of making either a Tax deduction or withholding or any payment required in
connection with that Tax deduction or withholding, the Obligor shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax deduction or withholding has been made or (as
applicable) any appropriate payment paid to the relevant taxing authority. 

  

	61.2	 Tax Indemnity 

The Borrower shall (within three (3) Business Days of demand by the Agent) pay to the Agent for the account of the
relevant Finance Party an amount equal to the loss, liability or cost which a Finance Party determines will be or has been (directly or indirectly) suffered for or on account of any Tax by such Finance Party in respect of a Finance Document, save
for any Tax on Overall Net Income assessed on a Finance Party or to the extent such loss, liability or cost is: 
  

	 	(a)	 compensated under Clause 13.1(b) (Tax Gross-Up); or

  

	 	(b)	 relates to a FATCA Deduction required to be made by a Party. 

 

	61.3	 VAT 

All amounts set out, or expressed to be payable under a Finance Document by any Party to a Finance Document shall be deemed to
be exclusive of any VAT. If VAT is chargeable, the Borrower shall pay to the Agent for the account of such Finance Party (in addition to the amount required pursuant to the Finance Documents) an amount equal to such VAT. 

  
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	61.4	 FATCA Deduction 

  

	 	(a)	 Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in
connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

 

	 	(b)	 Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any
change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Company and the Agent and the Agent shall notify the other Finance Parties. 

 

	61.5	 FATCA Information 

  

	 	(a)	 Subject to paragraph (c) below, each Party shall, within ten (10) Business Days of a reasonable
request by another Party: 

  

	 	(i)	 confirm to that other Party whether it is: 

 

	 	(A)	 a FATCA Exempt Party; or 

 

	 	(B)	 not a FATCA Exempt Party; 

 

	 	(ii)	 supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; 

  

	 	(iii)	 supply to that other Party such forms, documentation and other information relating to its status as that
other Party reasonably requests for the purposes of that other Party’s compliance with any other law, regulation, or exchange of information regime. 

  

	 	(b)	 If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it
subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. 

  

	 	(c)	 Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall
not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: 

  

	 	(i)	 any law or regulation; 

 

	 	(ii)	 any fiduciary duty; or 

 

	 	(iii)	 any duty of confidentiality. 

 

	 	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and
payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 

  
 33 

	62.	 Increased Costs 

 

	62.1	 Increased Costs 

  

	 	(a)	 The Borrower shall, upon demand from the Agent, pay for the account of a Finance Party the amount of any
Increased Cost incurred by that Finance Party or any of its affiliates which comes as a result of the introduction of or any change in (or in the interpretation, administration or application of) any law, regulation or treaty or any directive of any
monetary authority (whether or not having the force of law) (including, but not limited to any laws and regulations implementing new or modified capital adequacy requirements), compliance with any law or regulation made after the date of this
Agreement. 

  

	 	(b)	 In this Agreement, the term “Increased Costs” means: 

 

	 	(i)	 a reduction in the rate of return from the Facility or on a Finance Party’s (or its affiliate’s)
overall capital; 

  

	 	(ii)	 attributable to a FATCA Deduction required to be made by a Party; 

 

	 	(iii)	 an additional or increased cost; or 

 

	 	(iv)	 a reduction of any amount due and payable under any Finance Document, 

which is incurred or suffered by a Finance Party or any of its affiliates to the extent that it is attributable to that
Finance Party having entered into its Commitments or funding or performing its obligations under any Finance Document. 
  

	 	(c)	 A Finance Party intending to make a claim pursuant to this Clause 14.1 shall notify the Agent of the event
giving rise to the claim, following which the Agent shall promptly notify the Parent. Each Finance Party shall as soon as practicable after a demand by the Agent, provide a confirmation showing the amount of its Increased Costs.

  

	62.2	 Exceptions 

Clause 14.1 does not apply to the extent any Increased Cost is: 

 

	 	(a)	 attributable to a Tax deduction or withholding required by law to be made by any Borrower;

  

	 	(b)	 compensated for by Clause 13.1(b) (Tax Gross-Up) or Clause 13.2
(Tax Indemnity); or 

  

	 	(c)	 attributable to gross negligence or the wilful misconduct by the relevant Finance Party or its affiliates of
any law or regulation. 

  

	63.	 Other Indemnities 

 

	63.1	 Currency Indemnity 

  

	 	(a)	 If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgement
or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of:

  

	 	(i)	 making or filing a claim or proof against a Borrower or any other Obligor; or 

  
 34 

	 	(ii)	 obtaining or enforcing an order, judgement or award in relation to any litigation or arbitration proceedings,

 the Borrower shall as an independent obligation, within three (3) Business Days of demand,
indemnify each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency
into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. 
  

	 	(b)	 Each of the Obligors waives any right it may have in any jurisdiction to pay any amount under the Finance
Documents in a currency other than that in which it is expressed to be payable. 

  

	63.2	 Other Indemnities 

The Borrower shall within three (3) Business Days of demand, indemnify each Finance Party against any documented costs,
loss or liability incurred by that Finance Party as a result of: 
  

	 	(a)	 the occurrence of any Event of Default; 

 

	 	(b)	 any Environmental Claim; 

 

	 	(c)	 a failure by an Obligor to pay any amount due under the Finance Documents on its due date, including without
limitation, any cost, loss or liability arising as a result of Clause 29 (Sharing among the Finance Parties); 

  

	 	(d)	 the funding, or making arrangements to fund, its participation in the Loan requested by the Borrower in a
Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Lender alone); or 

 

	 	(e)	 a Loan (or part thereof) not being prepaid in accordance with a notice of prepayment given by the Borrower.

  

	63.3	 Indemnity to the Agent, the Security Agent, Mandated Lead Arrangers and Bookrunners 

The Borrower shall promptly on demand indemnify the Agent, Security Agent, the Mandated Lead Arrangers, the Bookrunners and any
Lenders against any and all documented Losses incurred by the Agent, Security Agent, the Mandated Lead Arrangers, the Bookrunners or any Lenders (acting properly) as a result of: 

 

	 	(a)	 without prejudice to Clause 27.9 as applied by Clause 27.22 to the Security Agent, investigating any event
which it reasonably believes is a possible Event of Default; or 

  

	 	(b)	 acting or verifying any notice, request or instruction which it reasonably believes to be genuine, correct or
appropriately authorised; or 

  

	 	(c)	 any action taken by the Agent or the Security Agent or any of their representatives, agents or contractors in
connection with any powers conferred by any Security Document to remedy any breach of any Obligor’s obligations under the Finance Documents; or 

  

	 	(d)	 making a demand under Clause 18 (Guarantee and Indemnity) or enforcing any security under a Security
Document. 

  
 35 

	64.	 Mitigation by the Lenders 

 

	64.1	 Mitigation 

Without in any way limiting the obligations of the Borrower hereunder, each Finance Party shall, in consultation with the
Parent, take all reasonable steps for a period of fifteen (15) Business Days to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of: 

 

	 	(a)	 Clause 8.2 (Illegality and Lender’s Financial Requirements); 

 

	 	(b)	 Clause 13 (Tax Gross-Up and Indemnities); and

  

	 	(c)	 Clause 14 (Increased Costs), 

including (but not limited to) transferring its rights and obligations under the Finance Documents to another affiliate. 

A Finance Party is not obliged to take any steps under this Clause 16.1 if, in the opinion of that Finance Party (acting
reasonably), to do so might be prejudicial to it. 
  

	64.2	 Replacement of a Lender 

 

	 	(a)	 If: 

  

	 	(i)	 any sum payable to any Lender by an Obligor is required to be increased under Clause 13 (Tax Gross-Up and Indemnities); or 

  

	 	(ii)	 any Lender claims indemnification from the Borrower under Clause 14 (Increased Costs),

 the Parent may, whilst the circumstance giving rise to the requirement for that increase or
indemnification continues, give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in each Loan or give the Agent notice of its intention to replace that
Lender in accordance with paragraph (d) below. 
  

	 	(b)	 On receipt of a notice referred to in paragraph (a) above, the Commitment of that Lender shall
immediately be reduced to zero. 

  

	 	(c)	 On the last day of each Interest Period which ends after the Parent has given notice under paragraph
(a) above (or, if earlier, the date specified by the Parent in that notice), the Borrower shall repay that Lender’s participation in each Loan. 

  

	 	(d)	 The Parent may, in the circumstances set out in paragraph (a) above, on ten (10) Business Days’
prior consultation with the Agent and the relevant Lender, replace that Lender by requiring that Lender to transfer (and, to the extent permitted by law, that Lender shall transfer) pursuant to Clause 26 (Changes to the Parties) all (and not
part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Parent which confirms its willingness to assume and does not assume all the obligations of
the transferring Lender in accordance with Clause 26 (Changes to the Parties) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the aggregate of: 

 

	 	(i)	 the outstanding principal amount of such Lenders’ participation in each Loan; 

 

	 	(ii)	 all accrued interest owing to such Lender; 

  
 36 

	 	(iii)	 the Break Costs which would have been payable to such Lender pursuant to Clause 11.3 (Break Costs) had
the Borrower prepaid in full that Lender’s participation in the Loan on the date of the transfer; and 

  

	 	(iv)	 all other amounts payable to that Lender under the Finance Documents on the date of the transfer.

  

	 	(e)	 The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions:

  

	 	(i)	 neither the Borrower or the Parent shall have any right to replace the Agent; 

 

	 	(ii)	 neither the Agent nor the Lender shall have any obligation to find a replacement Lender; and

  

	 	(iii)	 in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender any of
the fees received by such Lender pursuant to the Finance Documents. 

  

	64.3	 Indemnity 

The Borrower shall indemnify each Finance Party for all documented costs and expenses reasonably incurred by that Finance Party
as a result of steps taken by it under Clauses 16.1 (Mitigation) and 16.2 (Replacement of a Lender). 
  

	65.	 Costs and Expenses 

 

	65.1	 Transaction Expenses 

The Borrower shall promptly on demand pay to the Agent or the Security Agent, as the case may be, the amount of all documented
costs and expenses (including legal fees) properly incurred by any of the Lenders and the Security Agent in connection with the negotiation, preparation, printing, perfection, execution, registration and syndication of: 

 

	 	(a)	 this Agreement and any other documents referred to in this Agreement; and 

 

	 	(b)	 any other Finance Documents executed after the date of this Agreement. 

 

	65.2	 Amendment and Enforcement Costs, Etc. 

The Borrower shall, within three (3) Business Days of demand, reimburse the Agent, the Security Agent or another Finance
Party for the amount of all costs and expenses (including legal fees) incurred by it in connection with: 
  

	 	(a)	 the granting of any release, waiver or consent under the Finance Documents; 

 

	 	(b)	 any amendment or variation of any of the Finance Documents; and 

 

	 	(c)	 the preservation, protection, enforcement or maintenance of, or attempt to preserve or enforce, any of the
rights of the Finance Parties under the Finance Documents. 

  
 37 

	66.	 Guarantee and Indemnity 

 

	66.1	 Guarantee and Indemnity 

Each Guarantor irrevocably and unconditionally jointly and severally: 

 

	 	(a)	 guarantees to the Security Agent (as trustee for the Finance Parties) and the other Finance Parties punctual
performance by each other Obligor of all such Obligor’s obligations under the Finance Documents; 

  

	 	(b)	 undertakes with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that
whenever another Obligor does not pay any amount when due under or in connection with any Finance Document, it shall immediately on demand pay that amount as if it was the principal obligor; and 

 

	 	(c)	 agrees with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that if any
obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor
not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by that Obligor under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity
will not exceed the amount it would have had to pay under this Clause 18.1 if the amount claimed had been recoverable on the basis of a guarantee. 

  

	66.2	 Continuing Guarantee 

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the
Finance Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	66.3	 Reinstatement 

If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those
obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation,
then the liability of each Guarantor under this Clause 18 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 
  

	66.4	 Waiver of Defences 

The obligations of each Guarantor under this Clause 18 will not be affected by an act, omission, matter or thing (whether or
not known to it or any Finance Party) which, but for this clause, would reduce, release or prejudice any of its obligations under this Clause 18 including (without limitation): 

 

	 	(a)	 any time, waiver or consent granted to, or composition with, any Obligor or other person;

  

	 	(b)	 the release of any other Obligor or any other person under the terms of any composition or arrangement with
any creditor of any other Obligor; 

  

	 	(c)	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up
or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement
in respect of any instrument or any failure to realise the full value of any security; 

  
 38 

	 	(d)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of an Obligor or any other person; 

  

	 	(e)	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of any Finance Document or any other document or security including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance
Document or other document or security; 

  

	 	(f)	 any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or
any other document or security; or 

  

	 	(g)	 any insolvency or similar proceedings. 

 

	66.5	 Immediate Recourse 

Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to
proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 18. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

  

	66.6	 Appropriations 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been
irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	 refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party
(or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same;
and 

  

	 	(b)	 hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any
Guarantor’s liability under this Clause 18. 

  

	66.7	 Deferral of Guarantors’ Rights 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been
irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or
liability arising, under this Clause 18: 
  

	 	(a)	 to be indemnified by another Obligor; 

 

	 	(b)	 to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance
Documents; 

  

	 	(c)	 to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the
Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party; 

 

	 	(d)	 to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any
obligation, in respect of which the Guarantors has given a guarantee, undertaking or indemnity under this Clause 18; 

  
 39 

	 	(e)	 to exercise any right of set-off against any other Obligor; and/or

  

	 	(f)	 to claim or prove as a creditor of any other Obligor in competition with any Finance Party.

 If a Guarantor receives any benefit, payment or distribution in relation to such rights it will promptly
pay an equal amount to the Agent for application in accordance with Clause 30 (Payment Mechanics). This only applies until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been
irrevocably paid in full. 
  

	66.8	 Additional Security 

This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held
by any Finance Party. 
  

	66.9	 Maximum Liability 

Notwithstanding anything to the contrary contained in this Agreement or any of the Finance Documents including this Clause 18,
the total and aggregate liability of each Guarantor hereunder shall be limited to USD 81,852,942 (maximum outstanding sums owed under the Finance Documents), plus any interest and costs. 

 

	67.	 Security 

  

	67.1	 Security 

  

	 	(a)	 The Obligors’ obligations and liabilities under the Finance Documents, including (without limitation) the
Borrower’s obligation to repay the Facility together with all unpaid interest, default interest, commissions, charges, expenses and any other derived liability whatsoever of the Obligors towards the Finance Parties in connection with the
Finance Documents, shall, at any and all times until all amounts due to the Finance Parties hereunder have been paid and/or repaid in full, be secured by the Security Documents (including, without limitation, the
Non-Telesto Security Documents, subject to the terms of the Intercreditor Agreement). 

  

	 	(b)	 Each of the Obligors undertakes to ensure that the Security Documents are duly executed by the parties thereto
in favour of the Security Agent (on behalf of the Finance Parties) on the date(s) required under this Agreement and are legally valid and in full force and effect on such dates. 

 

	 	(c)	 Each Obligor shall promptly do all such acts or execute all such documents (including assignments, transfers,
mortgages, charges, notices and instructions) as the Agent may reasonably specify (and in such form as the Agent may reasonably require): 

  

	 	(i)	 to perfect the Security Interests created or intended to be created by that Obligor 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 Security Agent provided by or pursuant to the Finance Documents or by law; 

  

	 	(ii)	 to confer on the Security Agent Security Interests over any property and assets of that Obligor located in any
jurisdiction equivalent or similar to the Security Interest intended to be conferred by or pursuant to the Security Documents; and/or 

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

  

	 	(d)	 Each Obligor 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 Interest conferred or intended to be conferred on the Security Agent by or pursuant to the Finance Documents. 

 

	68.	 Representations and Warranties 

Each of the Obligors represents and warrants to each Finance Party as follows: 

 

	68.1	 Status 

Each Obligor is a limited liability company, duly incorporated, organised and validly existing under the laws of the
jurisdiction of their incorporation as set out in Schedule 8 (Corporate Structure) and registration and have the power to own their assets and carry on their business as they are currently being conducted. 

 

	68.2	 Binding Obligations 

 

	 	(a)	 Subject to (b) below, the Finance Documents to which any Obligors are a party constitute legal, valid,
binding and enforceable obligations, and each Security Document creates the security interests which that Security Document purports to create and those security interests are, or will be, legal, valid, binding and enforceable securities with the
priority designated therein, and no registration, filing, payment of tax or fees or other formalities are necessary or desired to render the Finance Documents enforceable in accordance with their terms against the Obligors, save for the registration
of the Telesto Mortgage with the relevant Ship Registry (and the registration of the relevant Security Documents (if any) with the relevant Company Register of the Obligors which shall be completed within the applicable time limit in each relevant
jurisdiction). 

  

	 	(b)	 Finance Documents which according to this Agreement are not deemed to be delivered until the First Utilisation
Date or subsequent Utilisation Date, will be in compliance with (a) above from the First Utilisation Date or subsequent Utilisation Date respectively. 

  

	68.3	 No Conflict with other Obligations 

The entry into and performance by it of, and the transactions contemplated by, the Finance Documents to which it is a party do
not and will not conflict with: 
  

	 	(a)	 any law or regulation or any order or decree of any judicial or official agency or court;

  

	 	(b)	 any constitutional documents of such Obligor; or 

 

	 	(c)	 the Charter Contract or any agreement or document to which it is a party or by which it is bound.

  

	68.4	 Power and Authority 

It has the power to enter into, perform and deliver, and has taken all necessary corporate actions to authorise its entry into
and delivery of, performance, validity and enforceability of the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents. 

  
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	68.5	 Authorisations and Consents 

All authorisations, approvals, consents and other matters, official or otherwise, required (i) in connection with the
entering into, performance, validity and enforceability of the Finance Documents and the transactions contemplated hereby and thereby and (ii) for it to carry on its business as currently being conducted have been obtained or effected and are
in full force and effect. 
  

	68.6	 Taxes 

It has complied with all taxation laws in all jurisdictions where it is subject to taxation and has paid all Taxes and other
amounts due to governments and other public bodies. No claims are being asserted against it with respect to any Taxes or other payments due to public or governmental bodies save as disclosed to the Agent pursuant to Clause 23.4 (Taxation). It
is not required to make any withholdings or deductions for or on account of Tax from any payment it may make under any of the Finance Documents. 
  

	68.7	 No Default 

No Event of Default, Default or any prepayment event pursuant to Clause 8 (Mandatory Reduction, Prepayment and
Cancellation) is existing or might reasonably be expected to result from the making of the Utilisation or the entry into and performance of or any transaction contemplated by any of the Finance Documents. No other event or circumstance is
outstanding which (in the reasonable opinion of the Agent or the Required Lenders) constitutes a default or (with the expiry of a grace period, giving of notice or the making of any determination or the fulfilment of any other applicable conditions
or any combination of the foregoing) might constitute a default under the Charter Contract, other agreement or instrument which is binding on it or any of its Subsidiaries (if any) or to which its (or any of its Subsidiaries’ (if any)) assets
are subject and which has or might have a Material Adverse Effect. 
  

	68.8	 No Misleading Information 

Any factual information, documents, exhibits or reports relating to the Obligors and their respective Subsidiaries and which
have been furnished to the Finance Parties by or on behalf of the Obligors are complete and correct in all material respects and do not contain any misstatement of fact or omit to state a fact making such information, exhibits or reports misleading
in any material respect or no omission to disclose any off-balance sheet liabilities or other information, documents or agreements which if disclosed could reasonably be expected to affect the decision of a
Finance Party to enter into a Finance Document. 
  

	68.9	 Original Financial Statements 

 

	 	(a)	 Complete and Correct 

The Original Financial Statements and the financial information most recently delivered to the Agent or the Lenders pursuant
to Clause 21 (Information Undertakings), save as disclosed to an Exchange, fairly and accurately represent the assets, liabilities and the financial condition of the Obligors and their respective Subsidiaries as at the time they were prepared
and have been prepared in accordance with Accounting Principles consistently applied. 
  

	 	(b)	 No Undisclosed Liabilities 

As of the later of the date of the Original Financial Statements and the financial information most recently delivered to the
Agent or the Lenders pursuant to Clause 21 (Information Undertakings), none of the Obligors or any of its Subsidiaries had any material liabilities, direct or indirect, actual or contingent, and there is no 

  
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 material, unrealised or anticipated losses from any unfavourable commitments not
disclosed by or reserved against in the Original Financial Statements, the most recent delivered financial information or in the notes thereto (save as disclosed to an Exchange). 

 

	 	(c)	 No Material Change 

Since the later of the date of the Original Financial Statements and the financial information most recently delivered to the
Agent or the Lenders pursuant to Clause 21 (Information Undertakings), there has been no material adverse change in the business, operations, assets or condition (financial or otherwise) of any Obligor or its Subsidiaries which might have a
Material Adverse Effect. 
  

	68.10	 Pari Passu Ranking 

Its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured
and unsubordinated creditors, except for obligations preferred by mandatory law applying to companies generally. 
  

	68.11	 No Proceedings Pending or Threatened 

No litigation, judgment, order, injunction, restraint, arbitration or administrative proceedings (private or public) of or
before any court, arbitral body or agency, which if adversely determined, might reasonably be expected to have a Material Adverse Effect, have been started or are pending or (to the best of its knowledge and belief) have been threatened against it.

  

	68.12	 No Existing Security Interest 

Save as described in Clause 19 (Security), as from the First Utilisation Date, no Security Interest exists over all or
any of the present or future revenues or assets of any Obligor relating to assets which are or will become the subject of the Security Documents and all of the Obligors’ rights, title and interest are freely assignable and chargeable in the
manner contemplated by the Security Documents. 
  

	68.13	 No Immunity 

The execution and delivery by it of each Finance Document to which it is a party constitute, and its exercise of its rights and
performance of its obligations under each Finance Document will constitute, private and commercial acts performed for private and commercial purposes, and it will not (except for bankruptcy or any similar proceedings) be entitled to claim for itself
or any or all of its assets immunity from suit, execution, attachment or other legal process in any proceedings taken in relation to any Finance Document. 
  

	68.14	 No Winding-Up 

It has not taken any corporate action nor have any other steps been taken or legal proceedings been started or threatened
against it for its reorganisation, winding-up, dissolution or administration or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer of it or any or all of its
assets. 
  

	68.15	 No Breach of Laws 

  

	 	(a)	 It has not (and none of its Subsidiaries has) breached any law or regulation which breach (in the opinion of
the Agent or the Required Lenders) has or is reasonably likely to have a Material Adverse Effect. 

  
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	 	(b)	 No labour disputes are current or, to the best of its knowledge and belief (having made due and careful
enquiry), threatened against any member of the Group which have or are reasonably likely to have a Material Adverse Effect. 

  

	68.16	 Environmental Laws 

  

	 	(a)	 Each Obligor is in compliance with Clause 23.3 (Environmental Compliance) and to the best of its
knowledge and belief (having made due and careful enquiry) no circumstances have occurred which would prevent such compliance in a manner or to an extent which (in the opinion of the Agent or the Required Lenders) has or is reasonably likely to have
a Material Adverse Effect. 

  

	 	(b)	 No Environmental Claim and no other event or circumstances is outstanding which (with the expiry of a grace
period, giving of notice or the making of any determination or the fulfilment of any other applicable conditions or any combination of the foregoing) might constitute an Environmental Claim has been commenced or is pending (to the best of its
knowledge and belief (having made due and careful enquiry)) is threatened against any member of the Group where that claim has or is reasonably likely, if determined against that member of the Group, which (in the opinion of the Agent or the
Required Lenders) have or are reasonably likely to have a Material Adverse Effect. 

  

	68.17	 Ownership 

The Parent owns (directly or indirectly) 100% of the shares and the ownership interests in the Rig Owner and the Intra-Group
Charterers as described in Schedule 8 (Corporate Structure) hereto. 
  

	68.18	 The Rig 

The Rig is: 
  

	 	(a)	 in the absolute ownership of the Rig Owner described in Schedule 2 (Borrower, Guarantors and Collateral
Rig) hereto free and clear of all encumbrances (other than current crew wages and the Telesto Mortgage) and, the Rig Owner will be the sole, legal and beneficial owner of the Rig; 

 

	 	(b)	 registered in the name of the Rig Owner as described in Schedule 2 (Borrower, Guarantors and
Collateral Rig) with a Ship Registry; 

  

	 	(c)	 operationally seaworthy in every way and fit for service; and 

 

	 	(d)	 classed with a classification society acceptable to the Required Lenders, free of all overdue requirements and
recommendations. 

  

	68.19	 No Money Laundering 

It is acting for its own account in relation to the Facility and in relation to the performance and the discharge of its
obligations and liabilities under the Finance Documents and the transactions and other arrangements effected or contemplated by the Finance Documents to which an Obligor is a party, and the foregoing will not involve or lead to contravention of any
law or regulation relating to terrorist financing or money laundering (as defined in Article 1 of the Directive (2015/849/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of money laundering and terrorist
financing (amending Regulation (EU) No 648/2012 of the European Parliament and the Council and Commission Directive 2006/70/EC, as amended from time to time))) applicable to it. 

  
 44 

	68.20	 Corrupt Practices 

It has observed, and to the best of its knowledge and belief, parties acting on its behalf have observed in the course of
acting for it, all applicable laws and regulations relating to bribery or corrupt practices. 
  

	68.21	 Sanctions 

No Obligor, nor any Subsidiary of any Obligor, nor any of their joint ventures, nor any of their respective directors,
officers, employees, agents or representatives: 
  

	 	(a)	 has breached any Sanctions; 

 

	 	(b)	 is a Restricted Party; or 

 

	 	(c)	 has received notice of or is aware of any claim, action, suit, proceeding or investigation against it with
respect to Sanctions. 

  

	68.22	 Material Adverse Effect 

No event or circumstance has occurred which has had, or could reasonably be expected to have, a Material Adverse Effect. 

 

	68.23	 Repetition 

The representations and warranties set out in this Clause 20 are deemed to be made by each of the Obligors on the date of this
Agreement and (except for the representations and warranties in Clause 20.21 (Sanctions)) shall be deemed to be repeated: 
  

	 	(a)	 on the date of a Utilisation Request; 

 

	 	(b)	 on each Utilisation Date; 

 

	 	(c)	 on the first day of each Interest Period; and 

 

	 	(d)	 in each Compliance Certificate forwarded to the Agent pursuant to Clause 21.2 (Compliance Certificate)
(or, if no such Compliance Certificate is forwarded, on each day such certificate should have been forwarded to the Agent at the latest). 

  

	69.	 Information Undertakings 

The Parent gives the undertakings set out in this Clause 21 to each Finance Party and such undertakings shall remain in force
throughout the Security Period; 
  

	69.1	 Financial Statements 

The Parent shall supply to the Agent in sufficient copies for all of the Lenders: 

 

	 	(a)	 as soon as the same become available, but in any event within one hundred and eighty (180) days after the
end of each of the Obligors’ financial year respectively; 

  

	 	(i)	 the Parent’s audited consolidated financial statements; and 

 

	 	(ii)	 the Rig Owner’s and the remaining Guarantor’s audited (to the extent applicable) unconsolidated
accounts for that financial year; 

  

	 	(b)	 as soon as the same become available, but in any event within seventy (70) days after each relevant
Quarter Date, the Parent’s consolidated unaudited financial statements for that financial quarter; 

  
 45 

	 	(c)	 as soon as the same become available, but in any event no later than 70 days after 30 June and
31 December each calendar year copies of the Group’s Cash Flow Projections for the following three (3) calendar years after such dates; and 

  

	 	(d)	 any other financial information as the Agent or any of the Lenders may from time to time reasonably request.

  

	69.2	 Compliance Certificate 

The Parent shall supply to the Agent, with each set of financial statements delivered pursuant to Clause 21.1 (Financial
Statements), a Compliance Certificate signed by an authorised officer of the Parent setting out (in reasonable detail) inter alia computations as to compliance with Clause 22 (Financial Covenants) as at the date at which those
financial statements were drawn up together with any relevant supporting documentation enabling the Lenders to determine and monitor the Parent’s compliance with Clause 22 (Financial Covenants), Clause 24.1 (Minimum Market Value)
and Clause 24.2 (Insurances) together with confirmation that the Rig is employed on the contracts described in Schedule 2 (Borrower, Guarantors and Collateral Rig) hereto or, in the circumstances set out in Clause 8.6 (Charter
Contract Termination), is employed in contract with a counterparty and on terms satisfactory to the Required Lenders. 
  

	69.3	 Requirements as to Financial Statements 

The Parent shall procure that each set of financial statements delivered pursuant to Clause 21.1 (Financial Statements)
consist of balance sheets, profit and loss statements and cash flow analysis and is prepared using Accounting Principles, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial
Statements for each of the Obligors, as the case may be, unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in Accounting Principles, the accounting practices or reference periods and its
Auditors deliver to the Agent: 
  

	 	(a)	 a description of any change necessary for those financial statements to reflect Accounting Principles,
accounting practices and reference periods upon which the Original Financial Statements were prepared; and 

  

	 	(b)	 sufficient information, in form and substance as may be reasonably required by the Agent, to enable the
Lenders to determine whether Clause 22 (Financial Covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements.

 Any reference in this Agreement to those financial statements shall be construed as a reference to those
financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared. 
  

	69.4	 Information—Miscellaneous 

The Parent shall notify the Agent and/or supply to the Agent (in sufficient copies for all the Lenders, if the Agent so
requests): 
  

	 	(a)	 all documents dispatched by the Parent (and by each of the Obligors, to the extent requested by the Agent) to
its shareholders, or to or from its creditors generally at the same time as they are dispatched; 

  

	 	(b)	 promptly upon becoming aware of them, the details of: 

 

	 	(i)	 any breach of material contracts (including rig building contracts and charter contracts) or any material
litigation, judgment, order, injunction, restraint, 

  
 46 

	 	 arbitration or administrative proceedings which is current, threatened, alleged or pending against any of the
Obligors or any member of the Group; and 

  

	 	(ii)	 any changes to the senior management of (A) the Parent or (B) any member of the Group where the
change of senior management concerned is of material significance to the Group as a whole; 

  

	 	(c)	 immediately such further information regarding the business, properties, assets and operations (financial or
otherwise) of the Obligors and its Subsidiaries as any Finance Party (through the Agent) may reasonably request; 

  

	 	(d)	 all filings with or reports forwarded to any Exchange; and 

 

	 	(e)	 such updates of forecasts as the Agent may reasonably request. 

 

	69.5	 Notification of Default 

The Parent shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware
of its occurrence. 
  

	69.6	 Notification of Environmental Claims 

The Parent shall inform the Agent in writing as soon as reasonably practicable upon becoming aware of the same: 

 

	 	(a)	 if any material Environmental Claim has been commenced or (to the best of the Obligors’ knowledge and
belief) is threatened against any of the Obligors, any of the Intra-Group Charterers or the Rig; and 

  

	 	(b)	 of any incident, event, fact or circumstances which will or are reasonably likely to result in any material
Environmental Claim being commenced or threatened against any of the Obligors, any of the Intra-Group Charterers or the Rig. 

  

	69.7	 “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 an Obligor after the date of this Agreement; or 

 

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

 obliges the Agent, the Security Agent
or any Lender (or, in the case of any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall
promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent or the Security Agent (for itself or on behalf of any Lender) or any Lender (for
itself or, in the case of any prospective new Lender, on behalf of any prospective new Lender) in order for the Agent, the Security Agent, such Lender or, in the case of any prospective new Lender, any prospective new Lender to carry out and be
satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

  
 47 

	 	(b)	 Each Lender shall promptly upon the request of the Agent or the Security Agent supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Agent or the Security Agent (for itself) in order for the Agent or the Security Agent to carry out and be satisfied it has complied with all necessary “know your
customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

  

	70.	 Financial Covenants 

The financial covenants in this Clause 22 are granted in favour of each Finance Party by the Parent and such financial
covenants shall remain in force throughout the Security Period. 
  

	70.1	 Minimum Liquidity 

The Parent will procure that the Minimum Liquidity of the Group will not fall below USD 250,000,000. 

 

	70.2	 Leverage Ratio 

The Parent will procure that the Leverage Ratio of the Group will not exceed: 

 

	 	(a)	 for the period from and including the financial quarter starting on 1 July 2015 until and including the
financial quarter ending on 31 December 2016, 6.0:1; 

  

	 	(b)	 for the period from and including the financial quarter starting on 1 January 2017 until and including
the financial quarter ending on 30 September 2017, 6.5:1; and 

  

	 	(c)	 for the period prior to 1 October 2015 and for the period from and including the earlier of (i) the
financial quarter starting on 1 October 2017 and (ii) such earlier date on which the Parent (at its sole discretion) notifies the Agent of a reset of the Leverage Ratio covenant to 4.5:1 (the “Reinstated Leverage Ratio Covenant
Date”) until the Final Maturity Date, 4.5:1. 

  

	70.3	 Interest Cover Ratio 

The Parent will procure that the Group’s Interest Cover Ratio shall be minimum 2.5:1 throughout the term of this
Agreement. 
  

	70.4	 Current Ratio 

The Parent will procure that the Group’s Current Ratio is minimum 1:1 throughout the term of this Agreement. 

 

	70.5	 Equity Ratio 

The Parent will procure that the Group’s Equity Ratio shall not be less than 30 per cent throughout the term of this
Agreement. 
  

	70.6	 Financial Testing 

The financial covenants set out in this Clause 22 shall be calculated in accordance with Accounting Principles and tested by
reference to the latest financial statements (whether audited or unaudited) and each Compliance Certificate, and presented to the Agent in satisfactory form and substance. 

  
 48 

	71.	 General Undertakings 

Each Obligor gives the undertakings set out in this Clause 23 to each Finance Party and such undertakings shall remain in force
throughout the Security Period. 
  

	71.1	 Authorisations Etc. 

Each of the Obligors shall promptly: 
  

	 	(a)	 obtain, comply and do all that is necessary to maintain in full force and effect; and 

 

	 	(b)	 supply certified copies to the Agent (if so requested) of, any authorisation, consent, approval, resolution,
licence, exemption, filing, notarisation or registration required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity,
enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document. 

  

	71.2	 Compliance with Laws and Sanctions 

 

	 	(a)	 Each of the Obligors shall, and shall procure that each member of the Group will, comply, in all respects with
all laws and regulations and constitutional documents to which it and the Rig may be subject, where failure to do so, in the opinion of the Agent or the Required Lenders, has or is reasonably likely to have a Material Adverse Effect.

  

	 	(b)	 Each of the Obligors shall, and shall procure that each member of the Group will, comply in all respects with
Sanctions, including, but not limited to, laws, regulations and executive orders relating to the U.S. economic embargoes of countries, entities or individuals as administered by the Treasury Department, Office of Foreign Assets Control, and in the
event of non-compliance, the Borrower shall prepay in accordance with Clause 8.3 (Sanctions). 

  

	71.3	 Environmental Compliance 

Each Obligor shall (and shall ensure that each member of the Group will): 

 

	 	(a)	 comply with all Environmental Law; 

 

	 	(b)	 obtain, maintain and ensure compliance with all requisite Environmental Approvals; and 

 

	 	(c)	 implement procedures to monitor compliance with and to prevent liability under any Environmental Law,

 where failure to do so, (in the opinion of the Agent or the Required Lenders) has or is reasonably
likely to have a Material Adverse Effect. 
  

	71.4	 Taxation 

  

	 	(a)	 Each Obligor shall (and the Parent shall ensure that each member of the Group will) pay and discharge all
Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that: 

  

	 	(i)	 such payment is being contested in good faith; 

 

	 	(ii)	 adequate reserves are being maintained for those Taxes and the costs required to contest them which have been
disclosed in its latest financial statements delivered to the Agent under Clause 21.1 (Financial Statements); and 

  
 49 

	 	(iii)	 such payments can be lawfully withheld and failure to pay such Taxes does not (in the opinion of the Agent or
the Required Lenders) have or is not likely to have a Material Adverse Effect. 

  

	 	(b)	 None of the Obligors may change its residence for Tax purposes. 

 

	71.5	 Pari Passu Ranking 

Each of the Obligors shall ensure that its obligations under the Finance Documents do and will rank at least pari passu
with all its other present and future unsecured and unsubordinated obligations, except for those obligations which are preferred by mandatory law applying to companies generally in the jurisdictions of their incorporation or in the jurisdiction
in the ports of calls. 
  

	71.6	 Title 

The Rig Owner shall, and the Parent shall procure that all Intra-Group Charterers will (to the extent applicable), hold full
legal title to and own the entire beneficial interest in the Rig, the Insurances and their Earnings, free of any Security Interest and other interests and rights of every kind, except for those created by the Finance Documents and as set out in
Clause 23.7 (Negative Pledge). 
  

	71.7	 Negative Pledge 

  

	 	(a)	 The Rig Owner shall not create or permit to subsist any Security Interest save for Permitted Encumbrances over
any of its present or future undertakings, property, assets, rights or revenues (whether secured by the Security Documents or not). 

  

	 	(b)	 None of the Intra-Group Charterers shall create or permit to subsist any Security Interest save for Permitted
Encumbrances over any of its present or future undertakings, property, assets, rights or revenues that are subject to any Security Interest by the Security Documents. 

 

	71.8	 Change of Business 

Except with the prior written consent of the Required Lenders, the Obligors will not, and shall procure that no other member of
the Group will, cease to carry on or make any change in all or any part of its business and activities as conducted as of the date hereof, or carry on any other business, except for similar related business as presently conducted. The Parent will
not change the place of its jurisdiction or its organisation without the prior written consent of the Required Lenders. 
  

	71.9	 Finance Documents 

The Obligors shall perform all of their obligations under the Finance Documents at all times in the manner and upon the terms
set out therein. 
  

	71.10	 Undertaking to Procure Subordination of Additional Debt 

 

	 	(a)	 Subject to Clause 23.7 (Negative Pledge), the Obligors undertake to procure (in terms acceptable to the
Required Lenders) the subordination, in point of payment and priority, of any Financial Indebtedness attributable to the Rig Owner to any debt created pursuant to this Agreement. 

 

	 	(b)	 Any subordination and associated ranking created pursuant to the terms of the Intercreditor Agreement and any
related finance document shall be deemed acceptable and satisfactory to the Required Lenders in respect of the subject matter thereof. 

  
 50 

	71.11	 Mergers and Demergers 

Except with the prior written consent of the Required Lenders, the Obligors will not (i) enter into any merger or
consolidation with any other company unless with another Group member and each Obligor will survive as a separate legal entity remaining bound in all respects by its obligations and liabilities under the Finance Documents, (ii) demerge itself
into any two or more companies or (iii) undertake any other form of corporate restructuring. 
  

	71.12	 Financial Year 

Except with the prior written consent of the Required Lenders, the Obligors will not, and shall procure that no other member of
the Group will, alter its financial year end (currently 31 December as of the date of this Agreement). 
  

	71.13	 Bank Accounts 

  

	 	(a)	 It shall pay and credit all its Earnings (excluding service income for manning, services and procurement etc.
held with separate third party contractors for the purpose of optimising the fiscal structure of the drilling operations) to the Earnings Accounts and maintain all its Earnings Accounts with the Account Bank pursuant to the Account Bank Agreement,
unless otherwise agreed to by the Security Agent (on behalf of all Lenders) and subject to satisfactory security arrangements being entered into in favour of the Finance Parties. 

 

	 	(b)	 It shall procure that the Earnings which derive from the Charter Rates are paid to the Earnings Accounts as
soon as possible after the receipt by such Intra Group Charterer of the Charter Rate or any other rate or hire for the Rig. 

  

	71.14	 Dividends of the Parent and Rig Owner 

 

	 	(a)	 The Parent may 

  

	 	(i)	 pay dividends (or make any other distributions to its shareholders), 

 

	 	(ii)	 buy-back its own common stock and/or 

 

	 	(iii)	 make new material investments in any company, shares, common stock or enter into any kind of new forward
contracts (including total return swaps), 

 only to the extent that: 

 

	 	(A)	 no Default is continuing or would result from the proposed transaction, and 

 

	 	(B)	 after giving effect to such transaction, the Parent and its Subsidiaries are in compliance with the Financial
Covenants set out in Clause 22 (Financial Covenants) of this Agreement. 

  

	 	(b)	 The Rig Owner may pay dividends (or make any other distributions to its shareholders), only

 to the extent that: 
  

	 	(A)	 no Default is continuing or would result from the proposed transaction, and 

 

	 	(B)	 after giving effect to such transaction, the Parent and its Subsidiaries are in compliance with the Financial
Covenants set out in Clause 22 (Financial Covenants) of this Agreement. 

  
 51 

	71.15	 Restrictions on Indebtedness 

 

	 	(a)	 The Rig Owner shall not incur, create or permit to subsist any Financial Indebtedness other than as incurred
under the Finance Documents. 

  

	 	(b)	 The restrictions in paragraph (a) above do not apply to; 

 

	 	(i)	 Hedging 

Indebtedness incurred under any interest rate or foreign exchange agreement entered into in the ordinary course of business
and which are not of a speculative nature and which is subordinated in point of payment and priority to any debt created pursuant to this Agreement; 
  

	 	(ii)	 Intercompany Loans 

Loans and advances made to the Rig Owner by members of the Group on the conditions that the Loans are subordinated and
unsecured in form and substance satisfactory to the Agent; 
  

	 	(iii)	 Required Lenders 

Financial Indebtedness consented to by the Required Lenders. 

 

	 	(c)	 To the extent that there are at any time loans between members of the Group, which are or may affect the
ability of the Borrower or the Guarantors in fulfilling its or their obligations to the Finance Parties under this Agreement, such loans will be subordinated to the rights of the Finance Parties under the Finance Documents. 

 

	71.16	 Transactions with Affiliates 

Each Obligor shall (and shall procure that each Subsidiary will) procure that all transactions entered into with an Affiliate
are made on market terms and otherwise on arm’s length terms. 
  

	71.17	 Disposals 

Subject to Clause 8 (Mandatory Reduction, Prepayment and Cancellation), no Obligor shall: 

 

	 	(a)	 enter into a single transaction or series of transactions (whether related or not and whether voluntary or
involuntary) to sell, lease, transfer, or otherwise dispose of any Rig or other asset being the subject of a Security Interest pursuant to the Security Documents or the whole or a substantial part of its other assets; or 

 

	 	(b)	 enter into a single transaction or series of transactions (whether related or not and whether voluntary or
involuntary) to sell, lease, transfer, or otherwise dispose of its assets other than made on market value and arm’s length terms, 

without the prior written consent of the Required Lenders. 

 

	71.18	 Financial Support 

The Rig Owner shall not provide, procure, create or permit to subsist any Financial Support (including contingent support)
other than: 
  

	 	(a)	 Financial Support permitted pursuant to the Finance Documents; 

 

	 	(b)	 Financial Support consented to by the Required Lenders; or 

 

	 	(c)	 the issuance of performance guarantees to any ultimate charterer of the Rig. 

  
 52 

	71.19	 Centre of Main Interest 

None of the Obligors shall change its centre of main interest or establishment to another jurisdiction without obtaining the
prior written consent from the Required Lenders. 
  

	71.20	 Assignment of Contracts 

If an Event of Default has occurred and is continuing the Obligors will, upon the Agent’s request, use their best
endeavours to have assigned or transferred the rights and obligations under contracts pertaining to the Rig (with members of the Group as well as ultimate charterers) or any of them to one or several parties nominated by the Agent (which may include
assigning such rights to the Security Agent). 
  

	71.21	 Sale or Total Loss of the Rig 

Subject to Clause 23.17 (Disposals), the Obligors will ensure that the Rig is not sold in whole or in part without prior
written notice to the Agent, and in the event of such sale or in the event of a Total Loss, make such prepayment as provided for in Clause 8.1 (Total Loss or Sale) and comply with Clause 24.13 (Total Loss). 

 

	71.22	 Investment Restrictions 

 

	 	(a)	 Subject to Clause 23.14(a)(ii) and (iii) (Dividends of the Parent and Borrower) and subject to
paragraph (b) below, neither the Parent nor its Subsidiaries (other than the Rig Owner) shall make any investments and acquisitions unless: 

  

	 	(i)	 after giving effect to any such investment, the Parent and its Subsidiaries are in pro forma (“pro
forma” meaning that the calculation of the financial covenants shall take into account any effect of the investment or acquisition made) compliance (evidenced by adjusted financial calculations taking into account any effect of the investment
or acquisition made) with the financial covenants set out in Clause 22 (Financial Covenants) of this Agreement; and 

  

	 	(ii)	 no Default is continuing or would result from the proposed investment and acquisition. 

 

	 	(b)	 The Rig Owner shall not make any further investments or acquisitions, except for any capital expenditure or
investments related to ordinary upgrade or maintenance work of the Rig. 

  

	71.23	 Ownership 

  

	 	(a)	 The Parent shall keep one hundred per cent (100%) ownership (capital and voting rights) in the Rig Owner and
the Intra-Group Charterers either directly or indirectly. 

  

	 	(b)	 Immediately upon a change to the ownership structure as set out in Schedule 8 (Corporate Structure),
the Parent shall advise the Lenders of such change. 

  

	71.24	 Corrupt Practices 

Each Obligor shall act in compliance with all applicable laws and regulations relating to bribery and corrupt practices and
shall use all reasonable endeavours to procure that any person acting on its behalf acts in such manner in the course of acting for it. 
  

	71.25	 Use of proceeds 

No proceeds of a Loan shall be made available, directly or indirectly, to or for the benefit of a Restricted Party nor shall
they be otherwise, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions. 

  
 53 

	71.26	 Sanctions 

Each Obligor shall ensure that none of their, nor any of their Subsidiaries’, respective directors, officers, employees,
agents or representatives or any other persons acting on any of their behalf, is a person listed on any Sanctions List and in the event of non-compliance, the Borrower shall prepay in accordance with Clause
8.3 (Sanctions). 
  

	72.	 Rig Covenants 

The Obligors give the undertakings set out in this Clause 24 to each Finance Party and such undertakings shall remain in force
throughout the Security Period; 
  

	72.1	 Minimum Market Value 

The Obligors will procure that the Market Value of the Rig is at least one hundred and thirty five per cent (135%) of the sum
of the Loans outstanding from, and tested first time with reference to the period ending, 30 September 2017 and up until the Final Maturity Date. 
  

	72.2	 Market Valuation of the Rig 

 

	 	(a)	 The Parent shall (at its own expense): 

 

	 	(i)	 arrange for the Market Value of the Rig to be determined and valued: 

 

	 	(A)	 until the Compliance Certificate in respect of the period ending 30 September 2017 is due to be delivered
to the Agent, in order for the same to be communicated to the Agent (but not for the purpose of determining any compliance with Clause 24.1 (Minimum Market Value)) at the same time as each Compliance Certificate is delivered to the Agent
pursuant to Clause 21.2 (Compliance Certificate) for the financial quarters ending 30 June and 31 December each year; and 

  

	 	(B)	 once the Compliance Certificate in respect of the period ending 30 September 2017 is due to be delivered
to the Agent, for the purposes of every Compliance Certificate to be delivered to the Agent pursuant to Clause 21.2 (Compliance Certificate) for the financial quarters ending 30 June and 31 December each year; and

  

	 	(ii)	 if an Event of Default has occurred and is continuing, upon the Agent’s request, arrange for the Market
Value of the Rig to be determined. 

  

	 	(b)	 For the avoidance of doubt, there shall be no requirement for the Parent to provide the Market Value of the
Rig in any Compliance Certificate delivered to the Agent in respect of any testing period ending prior to 30 September 2017. 

  

	72.3	 Insurance 

  

	 	(a)	 Each Obligor shall maintain or ensure that the Rig is insured against such risks, including the following
risks, Hull and Machinery, Protection & Indemnity (including an adequate club cover for pollution liability as normally adopted by the industry for similar rigs), Hull Interest and/or Freight Interest and War Risk (including piracy,
terrorism and confiscation) insurances, in such amounts and currencies, on such terms (always applying the terms of the Nordic Marine Insurance Plan of 2013, version 2016 (as amended from time to time)) and with such insurers and placed through
insurance brokers as the Agent shall approve as appropriate for an internationally reputable major drilling contractor. The Parent shall seek the approval of the Agent in writing, on behalf of the Lenders, prior to placing any insurances through any
captive vehicle. 

  
 54 

	 	(b)	 The insurance value of the Rig shall at all times be at least equal to or higher than the Market Value of the
Rig. The insurance value of the Rig, shall at all times be at least equal to the higher of the Market Value of the Rig and one hundred and twenty per cent (120%) of the Total Commitments. 

 

	 	(c)	 The value of the Hull and Machinery insurance shall cover at least eighty per cent (80%) of the Market Value
of the Rig and the insured value in the hull and machinery insurances of the Rig, shall at all times be at least equal to the Total Commitments. 

  

	 	(d)	 Each Obligor shall procure that the Security Agent (on behalf of the Finance Parties) is noted as first
priority mortgagee and sole loss payee in the insurance contracts, together with the confirmation from the underwriters to the Security Agent that the notice of assignment with regards to the Insurances and the loss payable clauses (with a monetary
threshold of USD 25,000,000) are noted in the insurance contracts and that standard letters of undertaking confirming this are executed by the insurers, always provided that the evidence thereof is in form and substance satisfactory to the
Security Agent (on behalf of the Finance Parties). The Parent shall provide the Finance Parties with details of terms and conditions of the insurances and break down of insurers. 

 

	 	(e)	 Not later than seven (7) days prior to the expiry date of the relevant Insurances, the Parent shall
procure the delivery to the Agent of a certificate from the insurance broker(s) or the Insurers, confirming that the Insurances referred to in paragraph (a) have been renewed and taken out in respect of the Rig with insurance values as required
by paragraph (b), that such Insurances are in full force and effect and that the Agent (on behalf of the Finance Parties) have been noted as first priority mortgagee by the relevant insurers. 

 

	 	(f)	 The Agent may effect: 

 

	 	(i)	 at the Lenders’ expense and for the exclusive benefit of the Security Agent and the Lenders
mortgagees’ interest insurance and/or, subject to Clause 24.3(f)(ii) below, at the Lenders’ expense and for the exclusive benefit of the Security Agent and the Lenders, mortgagees’ additional perils and pollution insurance on such
terms as the Agent may approve; and 

  

	 	(ii)	 at the Borrower’s expense and for the exclusive benefit of the Lenders and the Security Agent when the
Rig is or may be located in an Area (as defined therein), insurance policies such as mortgagees’ additional perils and pollution insurance on such terms as the Agent may approve. The Parent will notify the Agent in writing prior to the Rig
entering an Area (as defined herein). The term “Area” will mean the territorial waters of the United States of America or the Exclusive Economic Zone (as defined in the US Oil Pollution Act, 1990) or the territorial waters of any
other jurisdiction having (in the Agent’s reasonable opinion) similar or comparable pollution or environmental protection legislation specified from time to time by the Agent to the Parent. 

 

	 	(g)	 If any of the Insurances referred to in paragraph (a) form part of a fleet cover, the Parent shall
procure that the insurers shall undertake to the Security Agent that they shall neither set-off against any claims in respect of the Rig any premiums due in respect of other rigs under such fleet cover or any
premiums due for other insurances, nor cancel this Insurance for reason of non-payment of premiums for other rigs under such fleet cover or of premiums for such other insurances, and shall undertake to issue a
separate policy in respect of the Rig if and when so requested by the Security Agent. 

  
 55 

	 	(h)	 The Parent shall procure that the Rig always is employed in conformity with the terms of the instruments of
Insurances (including any warranties expressed or implied therein) and comply with such requirements as to extra premium or otherwise as the insurers may prescribe. 

 

	 	(i)	 No Obligor will make any material change to the Insurances described under paragraphs (a) and (b) above
without the prior written consent of the Agent (on behalf of the Lenders). 

  

	 	(j)	 Each of the Insurances shall be reviewed, at the cost of the Borrower, by the Lender’s insurance advisor
on an annual basis and on each date on which the Insurances are due for renewal if so required by the Agent. 

  

	72.4	 Alteration to the Rig 

Each Obligor shall ensure that the Rig is not materially altered except as necessary in the ordinary course of business and
upon prior written notice to the Agent, and then only if and to the extent such alteration is carried out in accordance with the terms of the contractual obligations pertaining to the Rig existing at the date of this Agreement. 

 

	72.5	 Conditions of the Rig 

Each Obligor shall ensure that the Rig is maintained and preserved in good working order and repair and operated in accordance
with good internationally recognized standards, complying with the ISM Code and the ISPS Code (to the extent applicable, and if not applicable, to conduct its affairs in accordance with prudent industry practices) and all other marine safety and
other regulations and requirements from time to time applicable to vessels registered in the relevant Ship Registry under the relevant flag and applicable to vessels trading in any jurisdiction in which the Rig may operate from time to time. 

 

	72.6	 Trading, Classification and Repairs 

The Obligors shall keep or shall procure that: 
  

	 	(a)	 the Rig is kept in a good, safe and efficient condition and state of repair consistent with prudent ownership
and management practice; 

  

	 	(b)	 that the Rig maintains its class at the highest level with Det Norske Veritas, Lloyd’s Register, American
Bureau of Shipping or another classification society approved by the Required Lenders, free of any overdue recommendations and qualifications; 

  

	 	(c)	 they comply with the laws, regulations (statutory or otherwise), constitutional documents and international
conventions applicable to the classification society, the Ship Registry, the Obligors (ownership, operation, management and business) and to the Rig in any jurisdiction in which the Rig or the Obligors may operate from time to time;

  

	 	(d)	 the Rig does not enter the territorial waters (twelve (12) mile limit) of the United States of America
unless (i) it is an emergency situation, (ii) if no Event of Default has occurred and is continuing, upon obtaining the prior written consent from the Agent, or (iii) if an Event of Default has occurred and is continuing, upon
obtaining the prior written consent of the Lenders; and 

  

	 	(e)	 they provide the Agent of evidence of such compliance upon request from the Agent. 

  
 56 

	72.7	 Notification of Certain Events 

The Parent shall immediately notify the Agent of: 
  

	 	(a)	 any accident to the Rig involving repairs where the costs will or are likely to exceed USD 25,000,000 (or the
equivalent amount in any other currency); 

  

	 	(b)	 any requirement or recommendation made by any insurer or classification society or by any competent authority
which is not, or cannot be, immediately complied with; 

  

	 	(c)	 any exercise or purported exercise of any capture, seizure, arrest or lien on any of the assets secured by the
Security Documents; 

  

	 	(d)	 any occurrence as a result of which the Rig has become or is, by the passing of time or otherwise, likely to
become a Total Loss. 

  

	72.8	 Operation of the Rig 

Each Obligor shall comply, and procure that any charterer and manager complies in all material respects with all Environmental
Laws and all other laws or regulations relating to the Rig, its ownership, operation and management or to the business of the Obligor and shall not employ the Rig nor allow its employment: 

 

	 	(a)	 in any manner contrary to law or regulation in any relevant jurisdiction; and 

 

	 	(b)	 in the event of hostilities in any part of the world (whether war is declared or not), in any zone which is
declared a war zone by any government or by the war risk insurers of the Rig unless the Parent has (at its expense) effected any special, additional or modified insurance cover which shall be necessary or customary for good shipowners trading Rigs
within the territorial waters of such country at such time and has provided evidence of such cover to the Agent. 

  

	72.9	 ISM Code, ISPS Code Etc. 

The Borrower shall comply and shall procure that a charter and/or manager comply with the ISM Code, ISPS Code, Marpol and any
other international maritime safety regulation relevant to the operation and maintenance of the Rig and provides copies of certificates evidencing such compliance to the Agent upon written request thereof. 

 

	72.10	 Inspections and Class Records 

 

	 	(a)	 The Obligors shall permit, and shall procure that any charterers and/or managers permit, one person appointed
by the Agent to inspect, upon the Agent giving prior written notice, the Rig once a year, as long as such inspection does not interfere with the operation of the Rig. Such inspection shall be for the account of the Lenders unless an Event of Default
has occurred and is continuing, in which case it shall be for the account of the Borrower. 

  

	 	(b)	 The Parent shall instruct the classification society to send to the Agent, following a written request from
the Agent, copies of all class records held by the classification society in relation to the Rig. 

  

	72.11	 Surveys 

The Parent shall submit to or cause the Rig to be submitted to such periodic or other surveys as may be required for
classification purposes and to ensure full compliance with regulations of the Ship Registry of the Rig and if consented to by the Agent pursuant to Clause 24.14 (Ship Registry, Name and Flag) such parallel Ship Registry of the Rig. 

  
 57 

	72.12	 Arrest 

The Obligors shall promptly pay and discharge: 
  

	 	(a)	 all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against
any of the Security Interests each Security Document creates or purports to create; 

  

	 	(b)	 all tolls, taxes, dues, fines, penalties and other amounts charged in respect of any of the Security Interests
each Security Document creates or purports to create; and 

  

	 	(c)	 all other outgoings whatsoever in respect of any of the Security Interests each Security Document creates or
purports to create, 

 and forthwith upon receiving a notice of arrest of the Rig, or their detention in
exercise or purported exercise of any lien or claim, the Parent shall procure its release by providing bail or providing the provision of security or otherwise as the circumstances may require. 

 

	72.13	 Total Loss 

In the event that the Rig shall suffer a Total Loss, the Obligors shall, within a period of ninety (90) days after the
Total Loss Date, obtain and present to the Agent, a written confirmation from the relevant insurers that the claim relating to the Total Loss has been accepted in full, and the insurance proceeds shall be paid to the Agent for application in
accordance with Clause 8.1 (Total Loss or Sale). 
  

	72.14	 Ship Registry, Name and Flag 

The Borrower shall: 
  

	 	(a)	 procure that the Rig is registered in the name of the Rig Owner as described in Schedule 2 (Borrower,
Guarantors and Collateral Rig) hereto in the Ship Registry; and 

  

	 	(b)	 not change the Ship Registry, name or flag of the Rig or parallel register the Rig in any Ship Registry
without the prior written consent of the Required Lenders (such consent not to be unreasonably withheld or delayed). If such change would be to a Ship Registry, flag, or parallel register which is not generally recognised by the oil industry, then
such change is subject to the prior written consent of all of the Lenders. 

 The Agent may determine
whether a register or flag is “generally recognised”, upon consultation with the Lenders, and the Agent may pursuant to Clause 27.7 (Rights and Discretions of the Agent), rely upon the advice of experts and/or advisors appointed by
it to make such determination. 
  

	72.15	 Management 

A company (being a wholly owned Subsidiary of the Parent) shall perform management services in respect of the Rig, and no
material change or any adverse change (having an adverse effect on the Finance Parties rights and/or obligations under the Finance Documents) shall be made to such management arrangements without the prior written consent of the Agent (not to be
unreasonably withheld or delayed). 
  

	73.	 Events of Default 

Each of the events or circumstances set out in this Clause 25 is an Event of Default (except for Clause 25.17
(Acceleration) and Clause 25.18 (Automatic Acceleration)). 

  
 58 

	73.1	 Non-Payment 

Any of the Obligors does not pay on the due date any amount payable pursuant to a Finance Document at the place and in the
currency in which it is expressed to be payable unless: 
  

	 	(a)	 its failure to pay is caused by administrative or technical error affecting the transfer of funds despite
timely payment instructions by the Obligor; and 

  

	 	(b)	 payment is made within three (3) Business Days of its due date. 

 

	73.2	 Financial Covenants, Change of Business and Insurance 

Any requirement in Clause 22 (Financial Covenants), Clause 23.8 (Change of Business) and Clause 24.2
(Insurance) is not satisfied. 
  

	73.3	 Other Obligations 

  

	 	(a)	 Any of the Obligors does not comply with any provision of the Finance Documents (other than those referred to
in Clause 25.1 (Non-Payment) and Clause 25.2 (Financial Covenants, Change of Business and Insurance)); and 

 

	 	(b)	 No Event of Default under (a) above will occur if the failure to comply is (in the reasonable opinion of
the Agent) capable of remedy and is remedied within thirty (30) calendar days of the earlier of the Agent giving notice to the Parent or the relevant Obligor becoming aware of the failure to comply. 

 

	73.4	 Misrepresentations 

Any representation, warranty or statement made or deemed to be made by any of the Obligors in the Finance Documents or any
other document delivered by or on behalf of the Obligors under or in connection with any of the Finance Documents is or proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

 

	73.5	 Cross Default 

  

	 	(a)	 Any Financial Indebtedness of any Obligor or any member of the Group is not paid when due nor within any
originally applicable grace period; 

  

	 	(b)	 any Financial Indebtedness of any Obligor or any member of the Group is declared to be or otherwise becomes
due and payable prior to its specified maturity as a result of an event of default (however described); 

  

	 	(c)	 any commitment for any Financial Indebtedness of any Obligor or any member of the Group is cancelled or
suspended by a creditor of any Obligor as a result of an event of default (however described); or 

  

	 	(d)	 any creditor of any Obligor or any member of the Group is entitled to declare any Financial Indebtedness of
any Obligor or any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described) 

in circumstances where the aggregate amount of all such Financial Indebtedness referred to in all or any of sub-clauses (a) to (d) is USD 25,000,000 (or its equivalent in other currencies) or more. 
  

	73.6	 Insolvency 

  

	 	(a)	 Any of the Obligors or any other Material Subsidiary is unable or admits inability to pay its debts as they
fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness.

  
 59 

	 	(b)	 The value of the assets of any of the Obligors or any other Material Subsidiary is less than its liabilities
(taking into account contingent and prospective liabilities). 

  

	 	(c)	 A moratorium is declared in respect of any indebtedness of any of the Obligors or any other Material
Subsidiary. 

  

	73.7	 Insolvency Proceedings 

Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

 

	 	(a)	 the suspension of payments, a moratorium of any indebtedness,
winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme or arrangement or otherwise) of any Obligor or any other Material Subsidiary; 

 

	 	(b)	 a composition, compromise, assignment or arrangement with any creditor of any Obligor or any other Material
Subsidiary; 

  

	 	(c)	 the appointment of a liquidator, receiver, administrative receiver, administrator or other similar officer in
respect of any Obligor or any other Material Subsidiary; or 

  

	 	(d)	 enforcement of any Security Interest over any assets of any Obligor or any other Material Subsidiary.

  

	73.8	 Creditor’s Process 

Any maritime lien or other lien (not being a Permitted Encumbrance), expropriation, injunction restraint, arrest attachment,
sequestration, distress or execution affects any asset secured by the Security Documents or undertakings, property, assets, rights or revenues (not secured by the Security Documents) of any Obligor and is not discharged within thirty (30) days
after the Obligor becomes aware of the same unless the Finance Parties have been provided with additional security in such form and substance and for such amounts as the Finance Parties may require. 

 

	73.9	 Unlawfulness and Invalidity 

It is or becomes unlawful or impossible for any Obligor and/or any of the parties to any of the Security Documents to perform
any of their respective obligations under the Finance Documents or for the Agent or Security Agent to exercise any right or power vested to it under the Finance Documents. 
  

	73.10	 Cessation of Business 

Any Obligor (whether by one or a series of transactions) suspends, changes or ceases to carry on (or threatens to suspend,
change or cease to carry on) all or a material part of its business. 
  

	73.11	 Stock Exchange Listing 

The Parent no longer is listed on an Exchange. 
  

	73.12	 Material Adverse Change 

Any event or condition or circumstance or series of events or conditions or circumstances occur which, in the reasonable
opinion of the Required Lenders has had or could reasonably be expected to have a Material Adverse Effect. 
  

	73.13	 Authorisation and Consents 

Any authorisation, licence, consent, permission or approval required in connection with the entering into, validity,
enforcement, completion or performance of any of the Finance 

  
 60 

 
Documents or any transactions contemplated thereby is revoked, terminated or modified or otherwise cease to be in full force and effect. 

 

	73.14	 Loss of Property 

Any part of an Obligor’s or its Subsidiaries’ property is destroyed, abandoned, seized, appropriated or forfeited or
the authority or ability of any member of the Group to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any
governmental, regulatory or other authority or other person in relation to any member of the Group or any of its assets which in the opinion of the Agent or the Required Lenders has or could reasonably be expected to have, if adversely determined, a
Material Adverse Effect. 
  

	73.15	 Litigation 

There is current, pending or threatened any claims, litigation, arbitration or administrative proceedings against any Obligor
which in the opinion of the Agent or the Required Lenders has or could reasonably be expected to have, if adversely determined, a Material Adverse Effect. 
  

	73.16	 Failure to Comply with Final Judgment 

Any of the Obligors fails within five (5) Business Days after becoming obliged to do so to comply with or pay any sum in
an amount exceeding USD 25,000,000 (or the equivalent in any other currencies) due from it under any final judgment or any final order (being one against which there is no right of appeal or if a right of appeal exists the time limit for making such
appeal has expired and no appeal has been dismissed) made or given by any court of competent jurisdiction, provided, however, that such event shall not be deemed to constitute an Event of Default if the Obligor is entitled to
insurance cover for the whole of such sum and the relevant insurers have confirmed liability and undertaken to make payment of the whole of such sum in writing to the person(s) entitled to payment and it is likely (in the reasonable opinion of the
Required Lenders) that the insurers will be able to make such payment within thirty (30) days. 
  

	73.17	 Acceleration 

Upon the occurrence of an Event of Default which is continuing, the Agent may, and shall if so directed by the Required
Lenders, by written notice to the Parent: 
  

	 	(a)	 cancel the Total Commitments whereupon they shall immediately be cancelled; and/or 

 

	 	(b)	 declare that all or part of the Loan together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents, be either immediately due and payable and/or payable upon demand, whereupon they shall become either immediately due and payable or payable on demand; and/or 

 

	 	(c)	 declare that no withdrawals be made from any Earnings Account; and/or 

 

	 	(d)	 direct the Security Agent to start enforcement in respect of the Security Interests established by the
Security Documents; and/or 

  

	 	(e)	 take any other action, with or without notice to the Parent and/or the Borrower, exercise or direct the
Security Agent to exercise any other right or pursue any other remedy conferred upon the Agent, the Security Agent or the other Finance Parties by any of the Finance Documents or by any applicable law or regulation or otherwise as a consequence of
such Event of Default. 

  
 61 

	73.18	 Automatic Acceleration 

Notwithstanding Clause 25.17 (Acceleration), if any Obligor or any other Material Subsidiary commences a voluntary case
concerning itself under the US Bankruptcy Code, or an involuntary case is commenced under the US Bankruptcy Code against any Obligor and the petition is not controverted within 10 days, or is not dismissed within 45 days after commencement of the
case, or a custodian (as defined in the US Bankruptcy Code) is appointed for, or takes charge of, all or substantially all of the property of any Obligor, or any order of relief or other order approving any such case or proceeding is entered, the
Facilities shall cease to be available to such Obligor and all obligations of such Obligor under Clause 18 (Guarantee and Indemnity) or any other provision of this Agreement or any other Finance Document to which such Obligor is a party shall
become immediately due and payable, in each case automatically and without any further action by any Party. 
  

	74.	 Changes to the Parties 

 

	74.1	 Assignment by the Obligors 

None of the Obligors may assign or transfer or assume any part of, or any interest in, its rights and/or obligations under the
Finance Documents without the consent of all Lenders. 
  

	74.2	 Assignments and Transfers by the Lenders 

A Lender (the “Existing Lender”) may, at any time assign, transfer or have assumed its rights or obligations
under the Finance Documents (a “Transfer”) to: 
  

	 	(a)	 another Existing Lender or an Affiliate of an Existing Lender (without the prior written consent of the
Parent); 

  

	 	(b)	 a central bank or federal reserve (without the prior written consent of the Parent); 

 

	 	(c)	 another bank or financial institution (together with such institutions as mentioned in paragraphs (a) and
(b) above, each regarded a “New Lender”), subject to the prior consent of the Parent and the Agent (such consent not to be unreasonably withheld or delayed and which shall be deemed to have been given fifteen (15) Business Days
after being sought unless expressly refused within that period); or 

  

	 	(d)	 regardless of paragraph (c) above, to a New Lender (as defined above in paragraph (c)) if an Event of
Default has occurred and is continuing, 

 in a minimum transfer amount of USD 12,500,000, unless such
Existing Lender’s Commitment and participation in the Loan (if any) is less than USD 12,500,000, in which case such Existing Lender’s minimum transfer amount is the whole amount of its Commitment and participation in the Loan (if any).

  

	74.3	 Assignment or Transfer Fee 

Unless the Agent otherwise agrees, the New Lender shall, on the date upon which an assignment or transfer takes place pay to
the Agent (for its own account) a fee of USD 3,000. 
  

	74.4	 Conditions of Assignment 

An assignment will only be effective: 
  

	 	(a)	 on receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the
Agent) that the New Lender will assume the same obligations to the Borrower and the other Finance Parties as it would have been under if it was an Original Lender; 

  
 62 

	 	(b)	 on the New Lender entering into any documentation required for it to accede as a party to any Security
Document to which the Existing Lender is a party in its capacity as a Lender and, in relation to such Security Documents, completing any filing, registration or notice requirements; 

 

	 	(c)	 if an assignment takes effect after there has been a Utilisation, the assignment of an Existing Lender’s
participation in the Utilisations (if any) under the Facility shall take effect in respect of the same fraction of each such Utilisation; 

  

	 	(d)	 on the performance by the Agent of all “know your customer” or other checks relating to any person
that it is required to carry out in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Lender and the New Lender; 

 

	 	(e)	 if that Existing Lender assigns equal fractions of its Commitment and participation in the Loan and each
Utilisation (if any) under the relevant Facility; and 

  

	 	(f)	 if such assignment is accepted by the Parent and the New Lender confirms to the Borrower and the Agent that,
at the time of the assignment, it has no knowledge of any circumstance which may lead to such New Lender making any claims in respect of Clauses 13 (Tax Gross-Up and Indemnities) and/or 14 (Increased
Costs). 

 Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance
of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with the Finance Documents on or prior to the date on which the
assignment becomes effective in accordance with the Finance Documents and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. 

 

	74.5	 Limitation of Responsibility of Existing Lenders 

 

	 	(a)	 Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no
responsibility to a New Lender for: 

  

	 	(i)	 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other
documents; 

  

	 	(ii)	 the financial condition of any Obligor; 

 

	 	(iii)	 the performance and observance by any Obligor or any other person of its obligations under the Finance
Documents or any other documents; 

  

	 	(iv)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents; or 

  

	 	(v)	 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or
any other document, 

  

	 	    	 and any representations or warranties implied by law are excluded. 

 

	 	(b)	 Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

 

	 	(i)	 has made (and shall continue to make) its own independent investigation and assessment of:

  

	 	(A)	 the financial condition and affairs of the Obligors and their related entities in connection with its
participation in this Agreement; and 

  
 63 

	 	(B)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents, 

  

	 	    	 and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance
Party in connection with any Finance Document; 

  

	 	(ii)	 will continue to make its own independent appraisal of the application of any Basel II Regulation or Basel III
Regulation to the transactions contemplated by the Finance Documents; and 

  

	 	(iii)	 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. 

  

	 	(c)	 Nothing in any Finance Document obliges an Existing Lender to: 

 

	 	(i)	 accept a re-assignment from a New Lender of any of the rights assigned
under this Clause 26 (Changes to the Parties); or 

  

	 	(ii)	 support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or by reason of the application of any Basel II Regulation to the transactions contemplated by the Finance Documents or otherwise.

  

	74.6	 Procedure for Transfer 

 

	 	(a)	 Subject to the conditions set out in Clause 26.4 (Conditions of Assignment) an assignment may be
effected in accordance with paragraph (b) below when (i) the Agent executes an otherwise duly completed Transfer Certificate and (ii) the Agent executes any document required under Clause 26.4 (Conditions of Assignment) which
it may be necessary for it to execute in each case delivered to it by the Existing Lender and the New Lender duly executed by them and, in the case of any such other document, any other relevant person. The Agent shall, as soon as reasonably
practicable after receipt by it of a Transfer Certificate and any such other document each duly completed, appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that
Transfer Certificate and such other document. 

  

	 	(b)	 The Obligors and the other Finance Parties irrevocably authorise the Agent to execute any Transfer Certificate
on their behalf without any consultations with them. 

  

	 	(c)	 On the Transfer Date: 

 

	 	(i)	 to the extent that in the Transfer Certificate the Existing Lender seeks to be released from its obligations
under the Finance Documents, the Existing Lender shall be released from further obligations towards the Obligors and the other Finance Parties under the Finance Documents and the rights of the Obligors and the other Finance Parties against the
Existing Lender under the Finance Documents shall be cancelled (being the “Discharged Rights and Obligations”) (but the obligations owed by the Obligors under the Finance Documents shall not be released); 

 

	 	(ii)	 the New Lender shall assume obligations towards each of the Obligors who are a Party and/or the Obligors and
the other Finance Parties shall acquire rights against the New Lender which differ from the Discharged Rights and Obligations only insofar as the New Lender has assumed and/or the Obligors

  
 64 

	 	 
and the other Finance Parties have acquired the same in place of the Existing Lender; 

  

	 	(iii)	 the other Finance Parties and the New Lender shall acquire the same rights and assume the same obligations
between themselves as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Existing Lender and the other
Finance Parties shall each be released from further obligations to each other under the Finance Documents; 

  

	 	(iv)	 the New Lender shall become a Party to the Finance Documents as a “Lender” for the purposes
of all the Finance Documents; and 

  

	74.7	 Interest 

If the Agent has notified the Lenders that it is able to distribute interest payment on a “pro rata basis” to
Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 26.6 (Procedure for Transfer) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest
Period): 
  

	 	(a)	 any interest or fees in respect of the relevant participation which are expressed to accrue by reference to
the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date (“Accrued Amounts”) and shall become due and payable to the Existing Lender (without further interest accruing on
them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at six (6) monthly intervals after the first day of that Interest Period); and

  

	 	(b)	 the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts,
so that, for the avoidance of doubt: 

  

	 	(i)	 when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and

  

	 	(ii)	 the amount payable to the New Lender on that date will be the amount which would, but for the application of
this Clause 26.7 have been payable to it on that date, but after deduction of the Accrued Amounts 

  

	74.8	 Copy of Transfer Certificate to Parent 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate and any other document required
under Clause 26.4 (Conditions of Assignment), send a copy of that Transfer Certificate and such documents to the Parent. 
  

	74.9	 Security over Lenders’ Rights 

In addition to the other rights provided to Lenders under this Clause 26, each Lender may without consulting with or obtaining
consent from an Obligor, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including,
without limitation: 
  

	 	(a)	 any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank;
and 

  

	 	(b)	 in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any
holders (or trustee or representatives of holders) of obligations 

  
 65 

	 	 
owed, or securities issued, by that Lender as security for those obligations or securities, except that no such charge, assignment or Security Interest shall: 

 

	 	(i)	 release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the
relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents; or 

  

	 	(ii)	 require any payments to be made by an Obligor other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents. 

  

	74.10	 Further Assurances 

Each of the Obligors undertakes to procure that in relation to any Transfer, each of the Obligors shall (at its own cost) at
the request of the Agent execute such documents as may in the discretion of the Agent be necessary to ensure that the New Lender attains the benefit of the Finance Documents. 
  

	74.11	 Disclosure of Information 

Any Lender may disclose: 
  

	 	(a)	 to any of its affiliates, branches, subsidiaries, its parent company, head office or regional office (together
the “Permitted Parties”) and a potential assignee; 

  

	 	(b)	 to whom that Lender 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 any of the Obligors; 

 

	 	(c)	 to auditors or professional advisers or service providers employed in the normal course of a Permitted
Party’s business who are under a duty of confidentiality to the Permitted Parties; 

  

	 	(d)	 to any rating agency, insurer or insurance broker of, or direct or indirect provider of credit protection to
any Permitted Party; and 

  

	 	(e)	 to whom, to the extent that, information is required to be disclosed by any applicable law,

 such information about the Obligors and the Finance Documents as that Lender shall consider appropriate,
provided that such disclosure shall, except if an Event of Default has occurred or is occurring, be subject to the prior written approval by the Parent if such potential assignee is not an affiliate of any of the Lenders. 

 

	75.	 Roles of Agent, Security Agent, Mandated Lead Arrangers and Bookrunners 

 

	75.1	 Appointment of the Agent 

 

	 	(a)	 Each other Finance Party (other than the Security Agent) appoints the Agent to act as its agent under and in
connection with the Finance Documents. 

  

	 	(b)	 Each such other Finance Party authorises the Agent: 

 

	 	(i)	 to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and
discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions; and 

  
 66 

	 	(ii)	 to execute each of the Security Documents and all other documents that may be approved by the Required Lenders
for execution by it. 

  

	75.2	 Instructions to Agent 

 

	 	(a)	 The Agent shall: 

  

	 	(i)	 unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Agent in accordance with any instructions given to it by: 

  

	 	(A)	 all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

  

	 	(B)	 in all other cases, the Required Lenders; and 

 

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above. 

  

	 	(b)	 The Agent shall be entitled (but not obliged) to request instructions, or clarification of any instruction,
from the Required Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from
exercising any right, power, authority or discretion and the Agent may refrain from acting unless and until it receives those instructions or that clarification. 

 

	 	(c)	 Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the
relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Required Lenders shall override any conflicting instructions given by any other Parties and will be binding on all
Finance Parties except for the Security Agent. 

  

	 	(d)	 The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until
it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it
may incur in complying with those instructions. 

  

	 	(e)	 In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best
interest of the Lenders. 

  

	 	(f)	 The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent)
in any legal or arbitration proceedings relating to any Finance Document. This Clause (f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or
enforcement of the Security Documents. 

  

	75.3	 Duties of the Agent 

 

	 	(a)	 The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature.

  

	 	(b)	 The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the
Agent (in its capacity as Agent) for that Party by any other Party. 

  

	 	(c)	 Without prejudice to Clause 26.8 (Copy of Transfer Certificate to Parent), paragraph (b) above
shall not apply to any Transfer Certificate. 

  
 67 

	 	(d)	 Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check
the adequacy, accuracy or completeness of any document it forwards to another Party. 

  

	 	(e)	 If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that
the circumstance described is a Default, it shall promptly notify the other Finance Parties. 

  

	 	(f)	 If the Agent is aware of the non-payment of any principal, interest,
commitment fee or other fee payable to a Finance Party (other than the Agent or a Bookrunner or Mandated Lead Arranger or the Security Agent for their own account) under this Agreement it shall promptly notify the other Finance Parties.

  

	 	(g)	 The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance
Documents to which it is expressed to be a party (and no others shall be implied). 

  

	75.4	 Role of the Bookrunners or Mandated Lead Arrangers 

Except as specifically provided in the Finance Documents, no Bookrunner or Mandated Lead Arranger has obligations of any kind
to any other Party under or in connection with any Finance Document or the transactions contemplated by the Finance Documents. 
  

	75.5	 No Fiduciary Duties 

 

	 	(a)	 Nothing in this Agreement constitutes the Agent or any Mandated Lead Arranger or Bookrunner as a trustee or
fiduciary of any other person. 

  

	 	(b)	 None of the Agent, the Security Agent or any Bookrunner or Mandated Lead Arranger shall be bound to account to
any Lender for any sum or the profit element of any sum received by it for its own account or have any obligations to the other Finance Parties beyond those expressly stated in the Finance Documents. 

 

	75.6	 Business with the Group 

The Agent, the Security Agent and any Bookrunner and any Mandated Lead Arranger may accept deposits from, lend money to and
generally engage in any kind of banking or other business with any Obligor or member of the Group or their Affiliates. 
  

	75.7	 Rights and Discretions of the Agent 

 

	 	(a)	 The Agent may 

  

	 	(i)	 rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised; 

  

	 	(ii)	 assume that: 

  

	 	(A)	 any instructions received by it from the Required Lenders, any Lenders or any group of Lenders are duly given
in accordance with the terms of the Finance Documents; and 

  

	 	(B)	 unless it has received notice of revocation, that those instructions have not been revoked; and

  

	 	(iii)	 rely on a certificate from any person: 

 

	 	(A)	 as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that
person; or 

  
 68 

	 	(B)	 to the effect that such person approves of any particular dealing, transaction, step, action or thing,

 as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume
the truth and accuracy of that certificate. 
  

	 	(b)	 The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the other
Finance Parties) that: 

  

	 	(i)	 no Default has occurred (unless it has actual knowledge of a Default arising under Clause 25.1 (Non-Payment)); 

  

	 	(ii)	 any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised;
and 

  

	 	(iii)	 any notice or request made by the Parent (other than a Utilisation Request or Selection Notice) is made on
behalf of and with the consent and knowledge of all the Obligors. 

  

	 	(c)	 The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors
or other professional advisers or experts in the conduct of its obligations and responsibilities under the Finance Documents. 

  

	 	(d)	 Without prejudice to the generality of Clause 27.7(c) or (e), the Agent may at any time engage and pay for the
services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable. 

 

	 	(e)	 The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other
professional advisers or experts (whether obtained by the Agent or by any other Party and whether or not liability thereunder is limited by reference to monetary cap or otherwise) and shall not be liable for any damages, costs or losses to any
person, any diminution in value or any liability whatsoever arising as a result of its so relying. 

  

	 	(f)	 The Agent may act in relation to the Finance Documents through its officers, employees and agents and the
Agent shall not: 

  

	 	(i)	 be liable for any error of judgment made by any such person; or 

 

	 	(ii)	 be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or
default on the part, of any such person, 

  

	 	    	 unless such error or such loss was directly caused by the Agent’s gross negligence or wilful misconduct.

  

	 	(g)	 Unless a Finance Document expressly provides otherwise, the Agent may disclose to any other Party any
information it reasonably believes it has received as agent under this Agreement. 

  

	 	(h)	 Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor any
Bookrunner nor any Mandated Lead Arranger is obliged to do or omit to do anything if it would or might in its opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. The Agent, each Bookrunner
and each Mandated Lead Arranger may do anything which in its opinion, is necessary or desirable to comply with any law or regulation of any jurisdiction. 

  
 69 

	 	(i)	 Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or
risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds
or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 

  

	 	(j)	 Neither the Agent nor any Bookrunner nor any Mandated Lead Arranger shall be obliged to request any
certificate, opinion or other information under Clause 21 (Information Undertakings) unless so required in writing by a Lender, in which case the Agent shall promptly make the appropriate request of the Parent if such request would be in
accordance with the terms of this Agreement. 

  

	75.8	 Responsibility for Documentation and other Matters 

None of the Agent or any Bookrunner or any Mandated Lead Arranger is responsible or liable for: 

 

	 	(a)	 the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent,
any Bookrunner or any Mandated Lead Arranger, an Obligor or any other person given in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into,
made or executed in anticipation of, under or in connection with any Finance Document or of any representations in any Finance Document or of any copy of any document delivered under any Finance Document; 

 

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any Charter
Contract or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or any Charter Contract; 

 

	 	(c)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents; 

  

	 	(d)	 any loss to the Trust Property arising in consequence of the failure, depreciation or loss of any Charged
Property or any investments made or retained in good faith or by reason of any other matter or thing; 

  

	 	(e)	 accounting to any person for any sum or the profit element of any sum received by it for its own account;

  

	 	(f)	 the failure of any Obligor or any other party to perform its obligations under any Finance Document or any
Charter Contract or the financial condition of any such person; 

  

	 	(g)	 ascertaining whether all deeds and documents which should have been deposited with it (or the Security Agent)
under or pursuant to any of the Security Documents have been so deposited; 

  

	 	(h)	 investigating or making any enquiry into the title of any Obligor to any of the Charged Property or any of its
other property or assets; 

  

	 	(i)	 failing to register any of the Security Documents with any applicable registrar of companies or any other
public office; 

  

	 	(j)	 failing to register any of the Security Documents in accordance with the provisions of the documents of title
of any Obligor to any of the Charged Property; 

  
 70 

	 	(k)	 failing to take or require any Obligor to take any steps to render any of the Security 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; 

  

	 	(l)	 (unless it is the same entity as the Security Agent) the Security Agent and/or any other beneficiary of a
Security Document failing to perform or discharge any of its duties or obligations under the Security Documents; or 

  

	 	(m)	 any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by any applicable law or regulation relating to insider dealing or otherwise. 

 

	75.9	 No Duty to Monitor 

The Agent shall not be bound to enquire: 
  

	 	(a)	 whether or not any Default has occurred; 

 

	 	(b)	 as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

  

	 	(c)	 whether any other event specified in any Finance Document has occurred. 

 

	75.10	 Exclusion of Liability 

 

	 	(a)	 Without limiting Clause 27.10(b) (and without prejudice to any other provision of the Finance Documents
excluding or limiting the liability of the Agent) the Agent will not be liable (including, without limitation, for negligence or any other category of liability whatsoever) for: 

 

	 	(i)	 any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a
result of taking or not taking any action under or in connection with any Finance Document or the Charged Property, unless directly caused by its gross negligence or wilful default or fraud. For the avoidance of doubt and not withstanding anything
contained in the Finance Documents, the Security Agent shall not in any event be liable for any indirect or consequential loss (including, without limitation, loss of profit, business or goodwill) regardless of whether it was informed of the
likelihood of such loss and irrespective of whether any such claim is made for breach of contract, in tort or otherwise; 

  

	 	(ii)	 exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection
with, any Finance Document, the Charged Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Charged Property; or 

 

	 	(iii)	 without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any
person, any diminution in value or any liability whatsoever arising as a result of: 

  

	 	(A)	 any act, event or circumstance not reasonably within its control; or 

 

	 	(B)	 the general risks of investment in, or the holding of assets in, any jurisdiction, 

 

	 	    	 including (in each case and without limitation) such damages, costs, losses, diminution in value or liability
arising as a result of: nationalisation, 

  
 71 

	 	 
expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value
of assets; breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

  

	 	(b)	 No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent
in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this clause
subject to Clause 1.3 (Third Party Rights) and the provisions of the Third Parties Act. 

  

	 	(c)	 The Agent will not be liable for any delay (or any related consequences) in crediting an account with an
amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system
used by the Agent for that purpose. 

  

	 	(d)	 Nothing in this Agreement shall oblige the Agent, any Bookrunner or any Mandated Lead Arranger to carry out:

  

	 	(i)	 any “know your customer” or other checks in relation to any person; or 

 

	 	(ii)	 any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any
Lender, 

  

	 	    	 on behalf of any Lender and each Lender confirms to the Agent and each Bookrunner and each Mandated Lead
Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or any Bookrunner or any Mandated Lead Arranger. 

 

	 	(e)	 Without prejudice to any provision of any Finance Document excluding or limiting the Agent’s liability,
any liability of the Agent arising under or in connection with any Finance Document or the Charged Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference
to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss.
In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the
possibility of such loss or damages. 

  

	75.11	 Lenders’ Indemnity to the Agent 

 

	 	(a)	 Each Lender shall (in proportion (if no part of the Loan is then outstanding) to its share of the Total
Commitments or (at any other time) to its participation in the Loan) indemnify the Agent, within three Business Days of demand, against any Losses (otherwise than by reason of the Agent’s gross negligence or wilful default) incurred by the
Agent in acting as such under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document or out of the Trust Property) including the costs of any person engaged in accordance with Clause 27.7(c)
(Rights and Discretions of the Agent) and any Receiver in acting as its agent under the Finance Documents and any Losses incurred by the Agent prior to its replacement pursuant to Clause 27.13 (Replacement of the Agent). The
indemnities 

  
 72 

	 	 
contained in this Clause 27.11 shall survive the termination or discharge of this Agreement. 

  

	 	(b)	 Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for any
payment that Lender makes to the Agent pursuant to paragraph (a). 

  

	 	(c)	 Paragraph (b) shall not apply to the extent that the indemnity payment in respect of which the Lender
claims reimbursement relates to a liability of the Agent to an Obligor. 

  

	75.12	 Resignation of the Agent 

 

	 	(a)	 The Agent may resign without giving any reason therefor and, after consultation with the Parent, appoint one
of its Affiliates as successor by giving notice to the Lenders, the Security Agent and the Parent. 

  

	 	(b)	 Alternatively the Agent may resign without giving any reason therefor by giving thirty (30) days’
notice to the other Finance Parties and the Parent, in which case the Required Lenders (after consultation with the Parent) may appoint a successor Agent. 

  

	 	(c)	 If the Required Lenders have not appointed a successor Agent in accordance with paragraph (b) above
within twenty (20) days after notice of resignation was given, the retiring Agent (after consultation with the Parent) may appoint a successor Agent. 

  

	 	(d)	 If the Agent wishes to resign because it has concluded that it is no longer appropriate for it to remain as
agent and the Agent is entitled to appoint a successor Agent under paragraph (c) above, the Agent may (if it concludes that it is necessary to do so in order to persuade the proposed successor Agent to become a party to this Agreement as Agent)
agree with the proposed successor Agent amendments to this Clause 27 and any other term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice for the appointment and protection of
corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Agent’s normal fee rates and those amendments will bind the Parties. 

 

	 	(e)	 The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records
and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. 

  

	 	(f)	 The Agent’s resignation notice shall only take effect upon the appointment of a successor.

  

	 	(g)	 The appointment of the successor Agent shall take effect on the date specified in the notice from the Required
Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the
benefit of Clause 15.3 (Indemnity to the Agent, Security Agent and Mandated Lead Arrangers) and this Clause 27 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any
successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

 

	 	(h)	 The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use
reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three (3) months before the 

  
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earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: 

 

	 	(i)	 the Agent fails to respond to a request under Clause 13.5 (FATCA Information) and the Parent or a
Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 

  

	 	(ii)	 the information supplied by the Agent pursuant to Clause 13.5 (FATCA Information) indicates that the
Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or 

  

	 	(iii)	 the Agent notifies the Parent and the Lenders that the Agent will not be (or will have ceased to be) a FATCA
Exempt Party on or after that FATCA Application Date, 

  

	 	    	 and (in each case) the Parent or a Lender reasonably believes that a Party will be required to make a FATCA
Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Parent or that Lender, by notice to the Agent, requires it to resign. 

  

	75.13	 Replacement of the Agent 

 

	 	(a)	 After consultation with the Parent, the Required Lenders may, by giving thirty (30) days’ notice to
the Agent replace the Agent by appointing a successor Agent. 

  

	 	(b)	 The retiring Agent shall make available to the successor Agent such documents and records and provide such
assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. 

  

	 	(c)	 The appointment of the successor Agent shall take effect on the date specified in the notice from the Required
Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) above) but shall remain entitled to the
benefit of Clause 15.3 (Indemnity to the Agent, the Security Agent and Mandated Lead Arrangers) and this Clause 27 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).

  

	 	(d)	 Any successor Agent and each of the other Parties shall have the same rights and obligations amongst
themselves as they would have had if such successor had been an original Party. 

  

	75.14	 Confidentiality 

  

	 	(a)	 In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its department,
division or team directly responsible for the management of the Finance Documents which shall be treated as a separate entity from any other of its divisions, departments or teams. 

 

	 	(b)	 If information is received by another division or department of the Agent, it may be treated as confidential
to that division or department and the Agent shall not be deemed to have notice of it. 

  

	 	(c)	 Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent, any Bookrunner
nor any Mandated Lead Arranger is obliged to disclose to any other person (i) any confidential information or (ii) any other 

  
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information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty. 

 

	75.15	 Relationship with the Lenders 

 

	 	(a)	 The Agent may treat the person shown in its records as Lender at the opening of business (in the place of the
Agent’s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office: 

  

	 	(i)	 entitled to or liable for any payment due under any Finance Document on that day; and 

 

	 	(ii)	 entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day, 

  

	 	    	 unless it has received not less than five (5) Business Days prior notice from that Lender to the contrary
in accordance with the terms of this Agreement. 

  

	 	(b)	 Each Lender shall supply the Agent with any information that the Agent may reasonably specify as being
necessary or desirable to enable the Agent to perform its functions as Agent. 

  

	 	(c)	 Each Lender shall deal with the Security Agent exclusively through the Agent and shall not deal directly with
the Security Agent. 

  

	75.16	 Credit Appraisal by the Lenders 

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any
Finance Document, each Lender confirms to each other Finance Party that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance
Document including but not limited to: 
  

	 	(a)	 the financial condition, status and nature of each Obligor and other member of the Group;

  

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, each Charter
Contract and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or any Charter Contract; 

 

	 	(c)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents; 

  

	 	(d)	 whether any Finance Party has recourse, and the nature and extent of that recourse, against any Party or any
of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or the Charged Property; 

  

	 	(e)	 the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other
person under or in connection with any Finance Document or any Charter Contract, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or any Charter Contract; and 

  
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	 	(f)	 the right or title of any person in or to, or the value or sufficiency of, any part of the Charged Property,
the priority of the Security Documents or the existence of any Security Interest affecting the Charged Property. 

  

	75.17	 Reference Banks 

If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender,
the Agent shall (in consultation with the Parent) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 
  

	75.18	 Deduction from Amounts Payable by the Agent 

If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct
an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the
Finance Documents that Party shall be regarded as having received any amount so deducted. 
  

	75.19	 Reliance and Engagement Letters 

Each Finance Party confirms that each of the Bookrunners, Mandated Lead Arrangers, the Security Agent and the Agent has
authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Bookrunners, the Mandated Lead Arrangers, the Security Agent or the Agent) the terms of any reliance letter or engagement
letters relating to any reports, opinions or letters provided by accountants or other professional advisers in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those
reports, opinions or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters. 
  

	75.20	 Common Parties 

Although the Agent and the Security Agent may from time to time be the same entity, that entity will have entered into the
Finance Documents (to which it is party) in its separate capacities as agent for the Finance Parties and (as appropriate) security agent and trustee for the Finance Parties. Where any Finance Document provides for the Agent or Security Agent to
communicate with or provide instructions to the other, while they are the same entity, such communication or instructions will not be necessary. 
  

	75.21	 Security Agent 

  

	 	(a)	 Each other Finance Party appoints the Security Agent to act as its agent and (to the extent permitted under
any applicable law) trustee under and in connection with the Security Documents and confirms that the Security Agent shall have a lien on the Security Documents and the proceeds of the enforcement of those Security Documents for all moneys payable
to the beneficiaries of those Security Documents. 

  

	 	(b)	 Each other Finance Party authorises the Security Agent: 

 

	 	(i)	 to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and
discretions specifically given to the Security Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions; and 

 

	 	(ii)	 to execute each of the Security Documents and all other documents that may be approved by the Agent and/or the
Required Lenders for execution by it. 

  
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	 	(c)	 The Security Agent accepts its appointment under Clause 27.21 (Security Agent) as trustee of the Trust
Property with effect from the date of this Agreement and declares that it holds the Trust Property on trust for itself, the other Finance Parties (for so long as they are Finance Parties) on and subject to the terms set out in Clauses 27.21 - 27.34
(inclusive) and the Security Documents to which it is a party. 

  

	75.22	 Application of Certain Clauses to Security Agent 

 

	 	(a)	 Clauses 27.3(a) (Duties of Agent), 27.7 (Rights and Discretions of the Agent), 27.8
(Responsibility for Documentation and other Matters), Clauses 27.9 (No Duty to Monitor), 27.10 (Exclusion of Liability), 27.11 (Lenders’ Indemnity to the Agent), 27.12 (Resignation of the Agent), 27.14
(Confidentiality), 27.15 (Relationship with the Lenders), 27.16 (Credit Appraisal by the Lenders) and 27.18 (Deduction from Amounts Payable by the Agent) shall each extend so as to apply to the Security Agent in
its capacity as such and for that purpose each reference to the “Agent” in these clauses shall extend to include in addition a reference to the “Security Agent” in its capacity as such and, in Clause 27.7 (Rights and
Discretions of the Agent), references to the Lenders and a group of Lenders shall refer to the Agent. 

  

	 	(b)	 In addition: 

  

	 	(i)	 Clause 27.10 (Exclusion of Liability) shall, for the purposes of its application to the Security Agent
pursuant to paragraph (a) above, have the following additional sub-clauses: 

  

	 	(A)	 any losses to any person or any liability arising as a result of taking or refraining from taking any action
in relation to any of the Finance Documents or otherwise whether in accordance with an instruction from an Agent or otherwise unless directly caused by its gross negligence or wilful misconduct; 

 

	 	(B)	 the exercise of, or the failure to exercise (or the failure to consider the exercise or non-exercise of), any judgment, discretion or power given to it by or in connection with any of the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with, the Finance Documents or the Security Interests; or 

  

	 	(C)	 any shortfall which arises on the enforcement or realisation of the Security Interests; 

 

	 	(ii)	 Clause 27.12 (Resignation of the Agent) shall, for the purposes of its application to the Security
Agent pursuant to paragraph (a) above, have the following additional sub-clause: 

  

	 	    	 At any time after the appointment of a successor, the retiring Security Agent shall do and execute all acts,
deeds and documents reasonably required by its successor to transfer to it (or its nominee, as it may direct) any property, assets and rights previously vested in the retiring Security Agent pursuant to the Security Documents and which shall not
have vested in its successor by operation of law; and 

  

	 	(iii)	 Clause 27.14 (Confidentiality) shall, for the purposes of its application to the Security Agent
pursuant to paragraph (a) above, be read and construed as to refer to “its agency and trust department” instead of “its department, division or team directly responsible for the management of the Finance Documents”.

  
 77 

	75.23	 Instructions to Security Agent 

 

	 	(a)	 The Security Agent shall: 

 

	 	(i)	 unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Security Agent in accordance with any instructions given to it by the Agent; and 

  

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above. 

  

	 	(b)	 The Security Agent shall be entitled (but not obliged) to request instructions, or clarification of any
instruction, from the Agent as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security Agent may refrain from acting unless and until it receives those instructions or
that clarification. 

  

	 	(c)	 Unless a contrary indication appears in a Finance Document, any instructions given to the Security Agent by
the Agent shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties. 

  

	 	(d)	 The Security Agent may refrain from acting in accordance with any instructions of the Agent until it has
received any indemnification and/or security and/or pre-funding and/or insurance that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may
include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions. 

  

	 	(e)	 In the absence of instructions, the Security Agent may act (or refrain from acting) as it considers to be in
the best interest of the Lenders. 

  

	 	(f)	 The Security Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s
consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security
Documents or enforcement of the Security Documents. 

  

	75.24	 Security Agent’s Actions 

Without prejudice to the provisions of Clause 27.23 (Instructions to Security Agent) the Security Agent may (but shall
not be obliged to), in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate. 

 

	75.25	 Application following an Event of Default 

 

	 	(a)	 Following an Event of Default all moneys received by the Agent or the Security Agent shall be applied in the
following order: 

  

	 	(i)	 firstly, in respect of all costs and expenses whatsoever incurred by the Security Agent in connection with or
pursuant to the performance of its functions under the Finance Documents, including the costs of realising and enforcing the Security Documents; 

  

	 	(ii)	 secondly, in respect of all costs and expenses whatsoever incurred by the Agent; 

  
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	 	(iii)	 thirdly, in or towards satisfaction of all prior claims (being any claims, liabilities or debts owed which in
any such case have been evidenced to the Finance Parties and take priority over any moneys received in respect of the Security Interests constituted by the Security Documents) secured on the Finance Parties’ secured assets;

  

	 	(iv)	 fourthly, in or towards payment pro rata of all sums owed to the Finance Parties under the Finance
Documents (in the case of distributions by the Security Agent, it shall pay such sums to the Agent for distribution to the Finance Parties); and 

  

	 	(v)	 fifthly, the balance (if any) to the Borrower or to its order. 

 

	 	(b)	 The Security Agent and the Agent shall make each application as soon as is practicable after the relevant
moneys are received by, or otherwise become available to, it save that (without prejudice to any other provision contained in any of the Security Documents) the Security Agent (acting on the instructions of the Agent) or any receiver or
administrator may credit any moneys received by it to a suspense account for so long and in such manner as the Security Agent), or such receiver or administrator may from time to time determine with a view to preserving the rights of the Finance
Parties or any of them to prove for the whole of their respective claims against the Borrower or any other person liable. 

  

	 	(c)	 The Security Agent and the Agent shall obtain a good discharge in respect of the amounts expressed to be due
to the other Finance Parties as referred to in this Clause 27.25 by paying such amounts to the Agent for distribution in accordance with Clause 30 (Payment Mechanics). 

 

	75.26	 Partial Payments 

If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the
Finance Documents, the Agent shall apply that payment towards the obligations of the Obligor under the Finance Documents in the following order: 
  

	 	(a)	 firstly, in or towards payment of any unpaid fees, costs and expenses of the Security Agent under the Finance
Documents; 

  

	 	(b)	 secondly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the
Finance Documents; 

  

	 	(c)	 thirdly, in or towards payment pro rata of any accrued interest (including default interest), fee or
commissions due but unpaid under this Agreement; 

  

	 	(d)	 fourthly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and

  

	 	(e)	 fifthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

  

	75.27	 Powers and Duties of the Security Agent as Trustee of the Security 

In its capacity as trustee in relation to the Trust Property, the Security Agent: 

 

	 	(a)	 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 Security 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
Security Agent by this Agreement and/or any Security Document but so that the Security Agent may only exercise such powers and 

  
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discretions to the extent that it is authorised to do so by the provisions of this Agreement of a natural person; 

 

	 	(b)	 shall (subject to Clause 27.25 (Application following an Event of Default)) be entitled (in its own
name or in the names of nominees) to invest moneys from time to time forming part of the Trust Property or otherwise held by it as a consequence of any enforcement of the security constituted by any Finance Document which, in the reasonable opinion
of the Security Agent, it would not be practicable to distribute immediately, by placing the same on deposit in the name or under the control of the Security Agent as the Security Agent may think fit without being under any duty to diversify the
same and the Security Agent shall not be responsible for any loss due to interest rate or exchange rate fluctuations except for any loss arising from the Security Agent’s gross negligence or wilful default if the Security Agent places it in an
account held with itself or through a subsidiary of the Security Agent, the Security Agent shall only be liable to account for the standard amount of interest that would have been payable by it on such a deposit to an independent customer;

  

	 	(c)	 may, in the conduct of its obligations under and in respect of the Security Documents, instead of acting
personally, employ and pay any agent (whether being a lawyer 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 Security Agent (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 all usual professional and other charges for business transacted and acts done by him or any partner or employee of his or her in
connection with such employment and (ii) the Security Agent 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 Security Agent shall have exercised reasonable care
in the selection of such agent; 

  

	 	(d)	 may place all deeds and other documents relating to the Trust Property which are from time to time deposited
with it pursuant to the Security Documents in any safe deposit, safe or receptacle selected by the Security Agent or with any firm of solicitors or company whose business includes undertaking the safe custody of documents selected by the Security
Agent and may make any such arrangements as it thinks fit for allowing Obligors access to, or its solicitors or auditors possession of, such documents when necessary or convenient and the Security Agent shall not be responsible for any loss incurred
in connection with any such deposit, access or possession if it has exercised reasonable care in the selection of a safe deposit, safe, receptacle or firm of solicitors or company; 

 

	 	(e)	 may, unless and to the extent the express provisions of any Security Document provide otherwise, do any act or
thing in the exercise of any of its duties under the Finance Documents which in its absolute discretion (in the absence of any instructions of the Agent as to the doing of such act or thing) it deems advisable for the protection and benefit of all
the Finance Parties; and 

  

	 	(f)	 may, unless the express provisions of any such Security Document provide otherwise, if authorised by the
Agent, amend or vary the terms of or waive breaches of or defaults under, or otherwise excuse performance of any provision of, or grant consents under any of the Security Documents to which it is a party, any such amendment, variation, waiver or
consent so authorised to be binding on all the parties hereto and that Security Agent to be under no liability whatsoever in respect thereof. 

  

	 	(g)	 shall not be bound to disclose to any other person (including but not limited to any Secured Party) (i)
any confidential information or (ii) any other information if 

  
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disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty; and 

 

	 	(h)	 shall not have or be deemed to have any relationship of trust or agency with, any Obligor.

 The rights, powers and discretions conferred upon the Security Agent by this Agreement shall be
supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by general law or otherwise. 

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts
constituted by this Agreement. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law, prevail and, in the
case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act. 
  

	75.28	 Insurance by Security Agent 

Where the Security Agent is named on any insurance policy (including the Insurances) as an insured party and/or loss payee, the
Security Agent shall not be responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any
kind, unless an Agent shall have requested it to do so in writing and the Security Agent shall have failed to do so within 14 days after receipt of that request. The Security Agent shall have no obligation to, or any liability for any failure to,
insure any of the Charged Property. 
  

	75.29	 Custodians and Nominees 

The Security Agent may (to the extent legally permitted) appoint and pay any person to act as a custodian or nominee on any
terms in relation to any assets of the trust as the Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall
not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings
or acts of any person. 
  

	75.30	 Acceptance of Title 

The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title
that any of the Obligors have to any of the Charged Property and shall not be liable for or bound to require any Debtor to remedy any defect in its right or title. 
  

	75.31	 Refrain from Illegality 

Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent may refrain from
doing anything which in its opinion will or may be contrary to any relevant law, directive or regulation of any applicable jurisdiction and the Security Agent may do anything which is, in its opinion, necessary to comply with any such law, directive
or regulation. 
  

	75.32	 All Enforcement Action through the Security Agent 

 

	 	(a)	 None of the other Finance Parties shall have any independent power to enforce any of those Security Documents
which are executed in favour of the Security Agent only or to exercise any rights, discretions or powers or to grant any consents or releases under 

  
 81 

	 	 
or pursuant to such Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by such Security Documents except through the Security Agent.

  

	 	(b)	 None of the other Finance Parties shall have any independent power to enforce any of those Security Documents
which are executed in their favour or to exercise any rights, discretions or powers or to grant any consents or releases under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by
such Security Documents except through the Security Agent. If any Finance Party (other than the Security Agent) is a party to any Security Document it shall promptly upon being requested by the Agent to do so grant a power of attorney or other
sufficient authority to the Security Agent to enable the Security Agent to exercise any rights, discretions or powers or to grant any consents or releases under such Security Document. 

 

	75.33	 Co-Operation to Achieve Agreed Priorities of Application

 The other Finance Parties shall co-operate with each other and
with the Security Agent and any receiver or administrator under the Security Documents in realising the property and assets subject to the Security Documents and in ensuring that the net proceeds realised under the Security Documents after deduction
of the expenses of realisation are applied in accordance with Clause 27.25 (Application following an Event of Default). 
  

	75.34	 Indemnity from Trust Property 

In respect of all liabilities, costs or expenses for which the Obligors are liable under this Agreement, the Security Agent and
each Affiliate of the Security Agent and each officer or employee of the Security Agent or its Affiliate (each a “Relevant Person”) shall be entitled to be indemnified out of the Trust Property in respect of all liabilities,
damages, costs, claims, charges or expenses whatsoever properly incurred or suffered by such Relevant Person: 
  

	 	(a)	 in the execution or exercise or bona fide purported execution or exercise of the trusts, rights,
powers, authorities, discretions and duties created or conferred by or pursuant to the Finance Documents; 

  

	 	(b)	 as a result of any breach by an Obligor of any of its obligations under any Finance Document;

  

	 	(c)	 in respect of any Environmental Claim made or asserted against a Relevant Person which would not have arisen
if the Finance Documents had not been executed; and 

  

	 	(d)	 in respect of any matter or thing done or omitted in any way in accordance with the terms of the Finance
Documents relating to the Trust Property or the provisions of any of the Finance Documents. 

 The rights
conferred by this Clause 27.34 are without prejudice to any right to indemnity by law given to trustees generally and to any provision of the Finance Documents entitling the Security Agent or any other person to an indemnity in respect of, and/or
reimbursement of, any liabilities, costs or expenses incurred or suffered by it in connection with any of the Finance Documents or the performance of any duties under any of the Finance Documents. Nothing contained in this Clause 27.34 shall entitle
the Security Agent or any other person to be indemnified in respect of any liabilities, damages, costs, claims, charges or expenses to the extent that the same arise from such person’s own gross negligence or wilful default. 

 

	75.35	 Finance Parties to Provide Information 

The other Finance Parties shall provide the Security Agent with such written information as it may reasonably require for the
purposes of carrying out its duties and obligations under the 

  
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Security Documents and, in particular, with such necessary directions in writing so as to enable the Security Agent to make the calculations and applications contemplated by Clause 27.25(a)
(Application following an Event of Default) above and to apply amounts received under, and the proceeds of realisation of, the Security Documents as contemplated by the Security Documents, Clause 27.26 (Partial Payments) and Clause
27.25(a) (Application following an Event of Default). 
  

	75.36	 No Reliance on Security Agent 

It is understood and agreed by each Finance Party (other than the Security Agent) that it has itself been, and will continue to
be, solely responsible for making its own independent appraisal of and investigations into the financial condition, creditworthiness, condition, affairs, status and nature of each Obligor and, accordingly, the Security Agent shall not have any
liability or responsibility for and each other Finance Party warrants to the Security Agent that it has not relied and will not hereafter rely on the Security Agent: 
  

	 	(a)	 to check or enquire on its behalf into the adequacy, accuracy or completeness of any information provided to
it by any Obligor or any other person in connection with any of the Finance Documents or the transactions therein contemplated (whether or not such information has been or is hereafter circulated to such Finance Party by the Security Agent);

  

	 	(b)	 to check or enquire on its behalf into the adequacy, accuracy or completeness of any communication delivered
to it under any of the Finance Documents, any legal or other opinions, reports, valuations, certificates, appraisals or other documents delivered or made or required to be delivered or made at any time in connection with any of the Finance
Documents, any security to be constituted thereby or any other report or other document, statement or information circulated, delivered or made, whether orally or otherwise and whether before, on or after the date of this Agreement;

  

	 	(c)	 to check or enquire on its behalf into the due execution, delivery, validity, legality, perfection, adequacy,
suitability, performance, enforceability or admissibility in evidence of any of the Finance Documents or any other document referred to in paragraph (b) above or of any guarantee, indemnity or security given or created thereby or any
obligations imposed thereby or assumed thereunder; 

  

	 	(d)	 to check or enquire on its behalf into the ownership, value, existence or sufficiency of any property the
subject of any of the Security Document, the priority of any of the Security Interests or the registration thereof, the right or title of any person in or to any property comprised therein or the existence of any encumbrance affecting the same; or

  

	 	(e)	 to assess or keep under review on its behalf the identity, financial condition, creditworthiness, condition,
affairs, status or nature of any Obligor. 

  

	75.37	 Release to Facilitate Enforcement and Realisation 

Each Finance Party acknowledges that pursuant to any enforcement action by the Security Agent (or a Receiver) carried out on
the instructions of the Agent it may be desirable for the purpose of such enforcement and/or maximising the realisation of the Charged Property being enforced against, that any rights or claims of or by the Security Agent (for the benefit of the
Finance Parties) and/or any Finance Parties against any Obligor and/or any Security Interest over any assets of any Obligor (in each case) as contained in or created by any Finance Document, other than such rights or claims or security being
enforced, be released in order to facilitate such enforcement action and/or realisation and, notwithstanding any other provision of the Finance Documents, each Finance Party hereby irrevocably authorises the Security

  
 83 

 
Agent (acting on the instructions of the Agent) to grant any such releases to the extent necessary to fully effect such enforcement action and realisation including, without limitation, to the
extent necessary for such purposes to execute release documents in the name of and on behalf of the Finance Parties. Where the relevant enforcement is by way of disposal of shares in an Obligor, the requisite release shall include releases of all
claims (including under guarantees) of the Finance Parties and/or the Security Agent against such Obligor and of all Security Interests over the assets of such Obligor. 
  

	75.38	 Undertaking to Pay 

Each Obligor which is a Party undertakes with the Security Agent on behalf of the Finance Parties that it will, on demand by
the Security Agent, pay to the Security Agent all money from time to time owing, and discharge all other obligations from time to time incurred, by it under or in connection with the Finance Documents. 

 

	75.39	 Additional Trustees 

The Security Agent shall have power by notice in writing to the other Finance Parties and the Parent to appoint any person,
unless an Event of Default has occurred and is continuing, approved by the Parent (such approval not to be unreasonably withheld or delayed) either to act as separate trustee or as co-trustee jointly with the
Security Agent: 
  

	 	(a)	 if the Security Agent reasonably considers such appointment to be in the best interests of the Finance
Parties; 

  

	 	(b)	 for the purpose of conforming with any legal requirement, restriction or condition in any jurisdiction in
which any particular act is to be performed; or 

  

	 	(c)	 for the purpose of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction against any
person of a judgment already obtained, 

 and any person so appointed shall (subject to the provisions of
this Agreement) have such rights (including as to reasonable remuneration), powers, duties and obligations as shall be conferred or imposed by the instrument of appointment. The Security Agent shall have power to remove any person so appointed. At
the request of the Security Agent, the other parties to this Agreement shall forthwith execute all such documents and do all such things as may be required to perfect such appointment or removal and each such party irrevocably authorises the
Security Agent in its name and on its behalf to do the same. Such a person shall accede to this Agreement as a Security Agent to the extent necessary to carry out their role on terms satisfactory to the Security Agent and (subject always to the
provisions of this Agreement) have such trusts, powers, authorities, liabilities and discretions (not exceeding those conferred on the Security Agent by this Agreement and the other Finance Documents) and such duties and obligations as shall be
conferred or imposed by the instrument of appointment (being no less onerous than would have applied to the Security Agent but for the appointment). The Security Agent shall not be bound to supervise, or be responsible for any loss incurred by
reason of any act or omission of, any such person if the Security Agent shall have exercised reasonable care in the selection of such person. 
  

	75.40	 Non-Recognition of Trust 

It is agreed by all the parties to this Agreement that: 

 

	 	(a)	 in relation to any jurisdiction the courts of which would not recognise or give effect to the trusts expressed
to be constituted by this Clause 27, the relationship of the Security Agent and the other Finance Parties shall be construed as one of principal and agent, but to the extent permissible under the laws of such jurisdiction, all the other provisions
of this Agreement shall have full force and effect between the parties to this Agreement; and 

  
 84 

	 	(b)	 the provisions of this Clause 27 insofar as they relate to the Security Agent in its capacity as trustee for
the Finance Parties and the relationship between themselves and the Security Agent as their trustee may be amended by agreement between the other Finance Parties and the Security Agent. The Security Agent may amend all documents necessary to effect
the alteration of the relationship between the Security Agent and the other Finance Parties and each such other party irrevocably authorises the Security Agent in its name and on its behalf to execute all documents necessary to effect such
amendments. 

  

	75.41	 Release of Security 

If the Agent determines that the Security Period has expired, then the Security Agent shall, with the approval of all the other
Finance Parties, release, without recourse or warranty, all of the security then held by it, whereupon the Security Agent, the other Finance Parties and all Obligors shall be released from their obligations hereunder (save for those which arose
prior to such winding up). 
  

	76.	 Conduct of Business by the Finance Parties 

 

	76.1	 Finance Parties Tax Affairs 

No provision of this Agreement will: 
  

	 	(a)	 interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it
thinks fit; 

  

	 	(b)	 oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or
the extent, order and manner of any claim; or 

  

	 	(c)	 oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax. 

  

	76.2	 Finance Parties Acting Together 

Notwithstanding Clause 2.2 (Finance Parties’ Rights and Obligations), if the Agent makes a declaration under Clause
25.17 (Acceleration) the Agent shall, in the names of all the Finance Parties (other than the Security Agent), take such action on behalf of the Finance Parties and conduct such negotiations with the Parent and any members of the Group and
generally administer the Facility in accordance with the wishes of the Required Lenders. All the Finance Parties shall be bound by the provisions of this Clause 28.2 and no Finance Party shall be entitled to take action independently against any
Obligor or any of its assets without the prior consent of the Required Lenders. 
 This clause shall not override Clause 27
(Roles of Agent, Security Agent, Mandated Lead Arrangers and Bookrunners) as it applies to the Security Agent. 
  

	76.3	 Required Lenders 

  

	 	(a)	 Where any Finance Document provides for any matter to be determined by reference to the opinion of, or to be
subject to the consent, approval or request of, the Required Lenders or for any action to be taken on the instructions of the Required Lenders (a “majority decision”), such majority decision shall (as between the Lenders) only be
regarded as having been validly given or issued by the Required Lenders if all the Lenders shall have received prior notice of the matter on which such majority decision is required and the relevant majority of Lenders shall have given or issued
such majority decision. However (as between any Obligor and the Finance Parties) the relevant Obligor shall be entitled (and bound) to assume that such notice shall have been duly received by each Lender and that the relevant majority shall have

  
 85 

	 	 
been obtained to constitute Required Lenders when notified to this effect by the Agent whether or not this is the case. 

 

	 	(b)	 If, within ten (10) Business Days of the Agent despatching to each Lender a notice requesting
instructions (or confirmation of instructions) from the Lenders or the agreement of the Lenders to any amendment, modification, waiver, variation or excuse of performance for the purposes of, or in relation to, any of the Finance Documents, the
Agent has not received a reply specifically giving or confirming or refusing to give or confirm the relevant instructions or, as the case may be, approving or refusing to approve the proposed amendment, modification, waiver, variation or excuse of
performance, then (irrespective of whether such Lender responds at a later date) the Agent shall treat any Lender which has not so responded as having indicated a desire to be bound by the wishes of 662/3% of those Lenders (measured in terms of the
total Commitments of those Lenders) which have so responded. 

  

	 	(c)	 For the purposes of paragraph (b) above, any Lender which notifies the Agent of a wish or intention to
abstain on any particular issue shall be treated as if it had not responded. 

  

	 	(d)	 paragraph (b) and (c) above shall not apply in relation to those matters referred to in, or the subject
of, Clause 29.5 (Exceptions). 

  

	76.4	 Conflicts 

  

	 	(a)	 The Borrower acknowledges that any Bookrunner or Mandated Lead Arranger and its parent undertaking, subsidiary
undertakings and fellow subsidiary undertakings (together an “Arranger Group”) may be providing debt finance, equity capital or other services (including financial advisory services) to other persons with which the Borrower may have
conflicting interests in respect of the Facility or otherwise. 

  

	 	(b)	 No member of an Arranger Group shall use confidential information gained from any Obligor by virtue of the
Facility or its relationships with any Obligor in connection with their performance of services for other persons. This shall not, however, affect any obligations that any member of an Arranger Group has as Agent in respect of the Finance Documents.
Each Obligor also acknowledges that no member of an Arranger Group has any obligation to use or furnish to any Obligor information obtained from other persons for their benefit. 

 

	 	(c)	 The terms parent undertaking, subsidiary undertaking and fellow subsidiary undertaking when used in this
clause have the meaning given to them in sections 1161 and 1162 of the Companies Act 2006. 

  

	77.	 Sharing among the Finance Parties 

 

	77.1	 Payments to Finance Parties 

If a Finance Party (other than the Security Agent in respect of its fees, costs and expenses received for its own account) (a
“Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 30 (Payment Mechanics) (a “Recovered Amount”) and applies that amount to a payment due under
the Finance Documents then: 
  

	 	(a)	 the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to
the Agent; 

  

	 	(b)	 the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been 

  
 86 

	 	 
received or made by the Agent and distributed in accordance with Clause 30 (Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the
receipt, recovery or distribution; and 

  

	 	(c)	 the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an
amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 27.26
(Partial Payments). 

  

	77.2	 Redistribution of Payments 

The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance
Parties (other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 27.26 (Partial Payments) towards the obligations of that Obligor to the Sharing Finance Parties. 

 

	77.3	 Recovering Finance Party’s Rights 

On a distribution by the Agent under Clause 29.2 (Redistribution of Payments) of a payment received by a Recovering
Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor. 

 

	77.4	 Reversal of Redistribution 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that
Recovering Finance Party, then: 
  

	 	(a)	 each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which
that Recovering Finance Party is required to pay) (the Redistributed Amount); and 

  

	 	(b)	 as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Obligor. 

  

	77.5	 Exceptions 

  

	 	(a)	 This Clause 29 shall not apply to the extent that the Recovering Finance Party would not, after making any
payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor. 

  

	 	(b)	 A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the
Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if: 

  

	 	(i)	 it notified that other Finance Party of the legal or arbitration proceedings; 

 

	 	(ii)	 the taking legal or arbitration proceedings was in accordance with the terms of this Agreement; and

  

	 	(iii)	 that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did
not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings. 

  
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	78.	 Payment Mechanics 

 

	78.1	 Payments to the Agent 

 

	 	(a)	 On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of
transactions in the relevant currency in the place of payment. 

  

	 	(b)	 Payment shall be made to such account in the principal financial centre of the country of that currency and
with such bank as the Agent, in each case, specifies. 

  

	78.2	 Distributions by the Agent 

Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 30.3
(Distributions to an Obligor) and Clause 30.4 (Clawback and Pre-Funding) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance
with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days’ notice with a bank specified by that Party in the principal
financial centre of the country of that currency. 
  

	78.3	 Distributions to an Obligor 

The Agent may (with the consent of the Obligor or in accordance with Clause 31
(Set-Off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents
or in or towards purchase of any amount of any currency to be so applied. 
  

	78.4	 Clawback and Pre-Funding 

 

	 	(a)	 Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged
to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

 

	 	(b)	 Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to be the
case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount
from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. 

  

	 	(c)	 If the Agent is willing to make available amounts for the account of a Borrower before receiving funds from
the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower: 

 

	 	(i)	 the Borrower shall on demand refund it to the Agent; and 

 

	 	(ii)	 the Lender by whom those funds should have been made available or, if that Lender fails to do so, the
Borrower, shall on demand pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

  
 88 

	78.5	 No Set-Off by Obligors 

All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear
of any deduction for) set-off or counterclaim. 
  

	78.6	 Business Days 

  

	 	(a)	 Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be
made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). 

  

	 	(b)	 During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest
is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

  

	78.7	 Currency of Account 

 

	 	(a)	 Subject to paragraphs (b) and (c) (inclusive) below, dollars is the currency of account and payment for
any sum due from an Obligor under any Finance Document. 

  

	 	(b)	 A repayment of all or part of the Loan or an Unpaid Sum and each payment of interest shall be made in dollars
on its due date. 

  

	 	(c)	 Each payment in respect of the amount of any costs, expenses or Taxes or other losses shall be made in dollars
and, if they were incurred in a currency other than dollars, the amount payable under the Finance Documents shall be the equivalent in dollars of the relevant amount in such other currency on the date on which it was incurred. 

 

	 	(d)	 All moneys received or held by the Security Agent or by a Receiver under a Security Document in a currency
other than dollars may be sold for dollars and the Obligor which executed that Security Document shall indemnify the Security Agent against the full cost in relation to the sale. Neither the Security Agent nor such Receiver will have any liability
to that Obligor in respect of any loss resulting from any fluctuation in exchange rates after the sale. 

  

	79.	 Set-Off 

A Finance Party may, to the extent permitted by applicable law, set off any matured obligation due from any Obligor under the
Finance Documents (to the extent beneficially owned by that Finance Party) against any credit balance on any account that Obligor has with that Finance Party or against any other obligations owed by that Finance Party to that Obligor, regardless of
the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of
the set-off. 
  

	80.	 Notices 

  

	80.1	 Communication in Writing 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise
stated, may be made by telefax or letter. Any such notice or communication addressed as provided in Clause 32.2 (Addresses) will be deemed to be given or made as follows: 

 

	 	(a)	 if by letter, when delivered at the address of the relevant Party; or 

 

	 	(b)	 if by telefax, when received, 

  
 89 

 however, a notice given in accordance with the above but received on a day which
is not a Business Day or after 16:00 hours in the place of receipt will only be deemed to be given at 9:00 hours on the next Business Day in that place. 
  

	80.2	 Addresses 

Any communication or document to be made under or in connection with the Finance Documents shall be made or delivered to the
address and telefax number of each Party and marked for the attention of the department or persons set out below and, in case of any New Lender, to the address notified to the Agent: 

 

			
	 If to the Agent:
	  	 Citibank Europe plc, UK Branch

		  	 Loans Agency

		  	 5th Floor, Citigroup Centre

		  	 25 Canada Square

		  	 London E14 5LB

		  	 Attn: Loans Agency

		  	 Telefax No: +44 20 8836 3624

		
	 If to the Security Agent:
	  	 Citibank, N.A., London branch

		  	 13th Floor, Citigroup Centre

		  	 Canada Square

		  	 Canary Wharf

		  	 London E14 5LB

		  	 Attn: Agency & Trust

		  	 Telefax No: +44 20 7500 5877

		
	 If to the Parent (on behalf
	  	 Seadrill Limited

	 of itself, the Borrower
	  	 c/o Seadrill Management AS

	 and the Guarantors):
	  	 Løkkeveien 111

		  	 N-4007 Stavanger, Norway

		  	 Attn: Head of Treasury and Financing

		  	 Telefax No: +47 51 30 96 88

 or any substitute address and/or telefax number and/or marked for such other attention as the
Party may notify to the Agent (or the Agent may notify the other Parties if a change is made by the Agent) by not less than five (5) Business Days’ prior notice. 
  

	80.3	 Communication with the Obligors 

All communication from or to any of the Obligors shall be sent through the Agent, and any communication or document made or
delivered to the Parent in accordance with this Clause 32.3 will be deemed to have been made or delivered to each of the Obligors. 
  

	80.4	 Language 

Communication to be given by one Party to another under the Finance Documents shall be given in the English language or, if not
in English and if so required by the Agent, be accompanied by a certified English translation and, in this case, the English translation shall prevail unless the document is a statutory or other official document. 

  
 90 

	80.5	 Electronic Communication 

 

	 	(a)	 Any communication to be made between the Agent, the Security Agent, a Lender and an Obligor under or in
connection with the Finance Documents (except notices to be sent to the Security Agent) may be made by electronic mail or other electronic means, if the Agent, the Security Agent, the relevant Lender and the relevant Obligor (as the case may be):

  

	 	(i)	 agree that, unless and until notified to the contrary, this is to be an accepted form of communication;

  

	 	(ii)	 notify each other in writing of their electronic mail address and/or any other information required to enable
the sending and receipt of information by that means; and 

  

	 	(iii)	 notify each other of any change to their address or any other such information supplied by them.

  

	 	(b)	 Any electronic communication made between the Agent, a Lender and an Obligor will be effective only when
actually received in readable form and in the case of any electronic communication made by a Lender or an Obligor to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose. 

 

	81.	 Calculations 

 

	 	    	 All sums falling due by way of interest, fees and commissions under the Finance Documents accrue from day-to-day and shall be calculated on the basis of the actual number of days elapsed and a calendar year of 360 days. The calculations made by the Agent of any interest rate
or any amount payable pursuant to this Agreement shall be conclusive and binding upon the Borrower in the absence of any manifest error. 

  

	82.	 Miscellaneous 

 

	82.1	 Conflict with Intercreditor Agreement 

If there is any inconsistency between any term of the Intercreditor Agreement and any term of this Agreement, the Intercreditor
Agreement shall prevail. 
  

	82.2	 Partial Invalidity 

If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under
any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provisions under any law of any other jurisdiction will in any way be affected or
impaired. 
  

	82.3	 Remedies and Waivers 

No failure to exercise, nor any delay in exercising on the part of any Finance Party, any right or remedy under the Finance
Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are
cumulative and not exclusive of any rights or remedies provided by law. 

  
 91 

	82.4	 Amendments and Waivers 

 

	 	(a)	 Required Consents 

 

	 	(i)	 Subject to Clause 34.4(b), any term of the Finance Documents may be amended or waived only with the written
consent of the Required Lenders, the Obligors and any such amendment will be binding on all Parties. 

  

	 	(ii)	 The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 34.4.

  

	 	(b)	 Exceptions 

  

	 	(i)	 Subject to paragraph (ii) below, an amendment to or waiver that has the effect of changing or which
relates to any of the following: 

  

	 	(A)	 the definition of “Required Lenders”; 

 

	 	(B)	 an extension of the date of any payment of any amount under the Finance Documents; 

 

	 	(C)	 a reduction in the Applicable Margin or a reduction in the amount of any payment of principal, interest, fees
or commission payable; 

  

	 	(D)	 an increase in or extension of any Lenders’ Commitment; 

 

	 	(E)	 a term of the Finance Documents which expressly requires the consent of all the Lenders;

  

	 	(F)	 a proposed substitution or replacement of any of the Obligors; 

 

	 	(G)	 Clause 2.2 (Finance Parties’ Rights and Obligations); 

 

	 	(H)	 a release of any Guarantors, any Guarantees provided by the Guarantors pursuant to this Agreement, the
Guarantee Obligations or any Security Interest under any Security Document; or 

  

	 	(I)	 this Clause 34.4, 

shall not be made without the prior written consent of all the Lenders. 

 

	 	(ii)	 An amendment or waiver that has the effect of changing or which relates to the Intercreditor Agreement shall
be made in accordance with the terms of the Intercreditor Agreement. 

  

	 	(iii)	 The Borrower shall (for its own cost) have the right, in the absence of a Default or Event of Default to
replace any Lender that refuses to consent to certain amendments or waivers of this Agreement which expressly require the consent of such Lender and which have been approved by the Required Lenders, with a New Lender (as defined in Clause 26.2
(Assignments and Transfers by the Lenders). 

  

	 	(iv)	 If any Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any of the
terms of any Finance Document (other than an amendment or waiver referred to in paragraphs (A) and (I) above) or other vote of Lenders under the terms of this Agreement within fifteen (15) Business Days (unless the Parent and the Agent
agree to a longer time period in relation to any request) of that request being made, its Commitment and/or participation shall not be included for the purpose of calculating the Total Commitments or participations under the relevant

  
 92 

	 	    	 Facility when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity)
of Total Commitments and/or participations has been obtained to approve that request. 

  

	 	(v)	 An amendment or waiver which relates to the rights or obligations of the Agent or the Security Agent may not
be effected without the written consent of the Agent or the Security Agent, as the case may be. 

  

	82.5	 Disclosure of Information and Confidentiality 

Each of the Finance Parties may disclose to each other or to their professional advisers any kind of information which the
Finance Parties have acquired under or in connection with any Finance Document. The Parties are obliged to keep confidential all information in respect of the terms and conditions of this Agreement. This confidentiality obligation shall not apply to
any information which: 
  

	 	(a)	 is publicised by a Party as required by applicable laws and regulations; 

 

	 	(b)	 has entered the public domain or is publicly known, provided that such information is not made publicly
known by the receiving Party of such information; 

  

	 	(c)	 was or becomes, as the Party is able to demonstrate by supporting documents, available to such Party on a non-confidential basis prior to the disclosure thereof; or 

  

	 	(d)	 in the case of the Security Agent, is disclosed to agents, delegates and other appointees in the course of the
performance of its functions under the Finance Documents. 

  

	82.6	 Process Agent 

Each Obligor hereby irrevocably appoints Frontline Corporate Services Ltd. as its agent for the service of process and/or any
other writ, notice, order or judgment in respect of this Agreement and/or the matters arising herefrom. 
  

	82.7	 Conflict 

In case of conflict between the Security Documents and this Agreement, the provisions of this Agreement shall prevail,
provided however that this will not in any way be interpreted or applied to prejudice the legality, validity or enforceability of any Security Document. 
  

	82.8	 Counterparts 

Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the
counterparts were on a single copy of the Finance Document. 
  

	83.	 Governing Law and Enforcement 

This Agreement and any non-contractual obligations connected with it are governed by
English law. 
  

	84.	 Enforcement 

  

	84.1	 Jurisdiction of English Courts 

 

	 	(a)	 The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with
this Agreement or any non-contractual obligations connected 

  
 93 

	 	    	 with it (including a dispute regarding the existence, validity or termination of this Agreement) (a
Dispute). 

  

	 	(b)	 The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes
and accordingly no Party will argue to the contrary. 

  

	 	(c)	 This Clause 36 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be
prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

 

	84.2	 Service of Process 

Without prejudice to any other mode of service allowed under any relevant law, each Obligor which is a Party: 

 

	 	(a)	 irrevocably appoints the person named in Clause 34.6 (Process Agent) as that Obligor’s English
process agent as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; 

  

	 	(b)	 agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the
proceedings concerned; and 

  

	 	(c)	 if any person appointed as process agent for an Obligor is unable for any reason to act as agent for service
of process, that Obligor must immediately (and in any event within ten days of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose.

 This Agreement has been entered into on the date stated at the beginning of this Agreement. 

* * * 

  
 94 

 Schedule 12 

Lenders and Commitments 
  

							
	 Lenders:
	  	 Contact details:
	  	 Commitments in USD

				
	The Export-Import Bank of China as Lender, Mandated Lead Arranger and Bookrunner	  	 No. 30 Fuxingmen Nei Street Xicheng District Beijing P.R. China
  

Attn: Mr. Li Lingkai/Mr. Wu Hongliang Fax: +86 10 8357 8428/29
	  	 CEXIM Facility:
	  	44,841,176.90
				
	Citibank, N.A., London Branch as Lender, Mandated Lead Arranger and Bookrunner	  	 Citibank, N.A. London c/o Citibank International Plc Poland Branch Loans Operations Department 8 Chalubinskiego Str. 8th Floor, Warsaw 00-613
Poland
  
 Attn: Anzhela Halayko

Fax: +44-20-7942 7512
	  	 Commercial Facility:
	  	3,202,941.20
				
	Nordea Bank AB, London Branch	  	 Essendropsgate 7, 0368 Oslo, Norway
  

Attn: Helge Leikvang / Arne Berglund Telephone: +47 93 68 39 97 / +47 41 44 20 67 Email: helge.leikvang@nordea.com / arne.berglund@nordea.com
	  	 Commercial Facility:
	  	3,202,941.20
				
	Danske Bank A/S, Norwegian Branch	  	 Danske Bank A/S 2-12 Holmens Kanal, DK 1092 Copenhagen K. Telephone : + 45 45 14 63 59 Fax: + 45 45 12 87 22
Email:loanmanshi@danskebank.dk
  
 Endre Storløkken / Vilde Krogsrud Bryggetorget
4, 0250 Oslo, Norway Telephone: +47 85 40 70 71 Email: Endre.storlokken@danskebank.com vilde.krogsrud@danskebank.com
	  	 Commercial Facility:
	  	3,202,941.20
				
	Norddeutsche Landesbank	  	Friedrichswall 10	  	 Commercial Facility:
	  	3,202,941.20

  
 95 

							
	 Lenders:
	  	 Contact details:
	  	 Commitments in USD

				
	Girozentrale	  	 30159 Hannover
  

Attn: Christine Biermann/ Stephan Somitsch Telephone: +49 511 361 4649/ +49 511 361 2319 Fax: +49 511 361 4785 Email: Christine.biermann@nordlb.de/
Stephan.somitsch@nordlb.de
	  		  	
				
	Bank of America, National Association	  	 2 King Edward Street, MLFC Main, London EC1A 1HQ United Kingdom
  

Attn: Adrienne Nel Telephone: +44 207 996 9350 Fax:+44 207 996 3131 Email: Adrienne.nel@baml.com
	  	 Commercial Facility:
	  	3,202,941.20
				
	Scotibank Europe plc	  	 201 Bishopsgate. 6th Floor, EC2M 3NS, London
  

Attn: Richard Walsh Telephone: +44 207 8265751 Email: richard.walsh@scotiabank.com
	  	 Commercial Facility:
	  	3,202,941.20
				
		  		  		  	Total Commitments: USD64,058,823.90

Aggregate Facility Allocation (In USD): 
  

					
	 CEXIM Facility
	  	 Commercial Facility
	  	 Total Commitment

	 44,841,176.80
	  	19,217,647.10	  	64,058,823.90

  
 96 

 Schedule 13 

Borrower, Guarantors and Collateral Rig 
  

															
	 Rig:
	  	 Average FMV:
	  	 Rig Owner and
Guarantor:
	  	 Guarantor
	  	 Charter
Contract:
	  	 Duration of
Charter
Contract:
	  	 Charter Rate
(per day):
	  	 Yard:

	 WEST TELESTO
	  	MUSD 222,500,000	  	Seadrill Telesto Ltd, Bermuda	  	Seadrill UK Ltd	  	Saudi Arabian Oil Company	  	3 years	  	Minimum 185,000	  	Dalian

  
 97 

 Schedule 14 

Conditions Precedent 
 Part 1 

(Conditions Precedent to the First Utilisation Date) 
  

	1.	 Corporate Authorisation 

 

	1.1	 In respect of each Obligor: 

 

	 	(a)	 Company certificate (or similar); 

 

	 	(b)	 Articles of Association, Memorandum of Incorporation and By-laws;

  

	 	(c)	 Updated Good Standing Certificate (or similar); 

 

	 	(d)	 Resolutions passed at a board meeting of the relevant Obligor: 

 

	 	(i)	 evidencing the approval of the terms of, and the transactions contemplated by, the Finance Documents to which
it is a party; and 

  

	 	(ii)	 evidencing the authorisation of its appropriate officer or officers or other representatives to execute the
Finance Documents and any other documents necessary for the transactions contemplated by the Finance Documents, on its behalf; and 

  

	 	(iii)	 attaching certified true copies of valid proof of identity and specimen signatures in respect of the persons
signing on behalf of the relevant Obligor. 

  

	 	(e)	 Power of Attorney (notarised and legalised if requested by the Agent); and 

 

	 	(f)	 Directors Certificate, including, but not limited to confirmations on solvency both before and after the
incurrence of the indebtedness under the Finance Documents. 

  

	2.	 Authorisations 

Evidence that all approvals, authorisations and consents required by any government or other authorities for the Obligors and
if applicable its subsidiaries to enter into and perform their obligations under any of the Finance Documents shall have been obtained and remain in effect, and all applicable waiting periods shall have expired without any action being taken by any
competent authority which, in the opinion of the Agent, restrains, prevents or imposes materially adverse conditions upon the Obligors to enter into and perform their obligations under the Finance Documents. 

 

	3.	 Finance Documents 

Subject to the evidence being delivered pursuant to this Schedule 3 Part 1 below, each of the Finance Documents, duly signed by
all the relevant parties thereto together with evidence that the security created thereunder is legally perfected with first priority in accordance with the terms of each of the Finance Documents and applicable laws including, but not limited to;

  

	 	(a)	 The Agreement; 

  

	 	(b)	 The Account Bank Agreement; 

 

	 	(c)	 The Share Charge; 

  

	 	(d)	 The Fee Letters; and 

  
 98 

	 	(e)	 Any other Finance Document (excluding Security Documents other than the Share Charge). 

 

	4.	 Legal Opinions 

 

	 	(a)	 Agreed form of legal opinion from Appleby (Bermuda) Limited relating to Bermuda law issues with confirmation
that the execution copy will follow as soon as possible thereafter; 

  

	 	(b)	 Agreed form of legal opinion from Norton Rose LLP relating to English law issues with confirmation that the
execution copy will follow as soon as possible thereafter; 

  

	 	(c)	 Agreed form of legal opinion from Norton Rose Hong Kong relating to Hong Kong law issues with confirmation
that the execution copy will follow as soon as possible thereafter; and 

  

	 	(d)	 Any such other favourable legal opinions in form and substance satisfactory to the Agent (on behalf of all the
Finance Parties) and the Security Agent from lawyers appointed by the Agent on matters concerning all relevant jurisdictions. 

All legal opinions to be in form and substance satisfactory to the Agent (on behalf of all the Finance Parties) and the
Security Agent. 
  

	5.	 Miscellaneous 

 

	 	(a)	 The Utilisation Request at least three (3) Business Days prior to the relevant Utilisation Date;

  

	 	(b)	 Evidence that all fees, costs and expenses referred to in Finance Documents as payable on or prior to the
relevant Utilisation Date, have or will be paid on its due date; 

  

	 	(c)	 A Compliance Certificate confirming that the Parent is in compliance with the financial covenants as set out
in Clause 22 (Financial Covenants); 

  

	 	(d)	 An acceptance letter from the Process Agent; 

 

	 	(e)	 The Original Financial Statements; 

 

	 	(f)	 Cash Flow Projections; 

 

	 	(g)	 Evidence of ownership of the Obligors corporate and capital structure of the Group (assuming the assumption of
the Facility herein); 

  

	 	(h)	 “Know your customer” documents required by the Lenders; 

 

	 	(i)	 In respect of each Obligor which is incorporated in Bermuda, a copy of such Obligor’s exemption from
imposition of tax until 31 March 2035 issued by the Bermudan Ministry of Finance in favour of such Obligor; and 

  

	 	(j)	 Any other documents as reasonably requested by the Agent. 

  
 99 

 Part 2 

(Conditions Precedent to any Utilisation (including the first Utilisation)) 
  

	1.	 Corporate Authorisation 

 

	 	(a)	 Any required corporate documents for the relevant Obligors in addition to the ones provided pursuant to Part 1
of this Schedule 3 (Corporate Authorisations). 

  

	 	(b)	 Evidence that all approvals, authorisations and consents required by any government or other authorities for
the relevant Obligors and if applicable its or their subsidiaries to enter into and perform its obligations under any of the Finance Documents shall have been obtained and remain in effect, and all applicable waiting periods shall have expired
without any action being taken by any competent authority which, in the opinion of the Agent, restrains, prevents or imposes materially adverse conditions upon the relevant Obligors to enter into and perform their obligations under the Finance
Documents. 

  

	2.	 Rig Documents 

 

	 	(a)	 Bill of sale; 

  

	 	(b)	 Builders certificate; 

 

	 	(c)	 Protocol of delivery and acceptance; 

 

	 	(d)	 Satisfactory searches in maritime registries, including, but not limited to evidence (by way of transcript of
registry) that the Rig is registered in the name the Rig Owner in the Ship Registry, that the Telesto Mortgage has been, or will be, executed and recorded with its intended first priority against the Rig and that no other encumbrances, maritime
liens, mortgages or debts whatsoever are registered against the Rig; 

  

	 	(e)	 : 

  

	 	(i)	 Copies of the bareboat charter between the Rig Owner and the Intra-Group Charterer and copies of the bareboat
charters between the Intra-Group Charterers (if applicable); 

  

	 	(ii)	 A copy of a summary of the Charter Contract prepared by Advokatfirmaet
BA- HRDA; 

  

	 	(iii)	 Evidence that the relevant Charter Contract as specified in Schedule 2 (Borrower, Guarantors And Collateral
Rig) as at the date of this Agreement is in full force and effect; 

  

	 	(iv)	 Evidence that each counterparty to the relevant Charter Contract has consented to the assignment of the
Earnings thereunder; 

  

	 	(v)	 Copies of other charter agreements (including novation agreements, if any) for the Rig and service contracts
relating thereto and all kind of guarantees related to the Charter Contract, service contracts or other agreements; and 

  

	 	(vi)	 Evidence that, where required under any employment contract for the Rig, the charterer of the Rig has accepted
that it becomes subject to the Telesto Mortgage and that such bareboat charter and Charter Contract are free from Security Interests. 

  

	 	(f)	 An updated class certificate related to the Rig from the relevant classification society, confirming that the
Rig is classed with the highest class in accordance with 

  
 100 

	 	    	 Clause 24.6 (Trading, Classification and Repairs), free of extensions and overdue
recommendations; 

  

	 	(g)	 Certificates from insurers and/or insurance brokers confirming compliance with the insurance requirements
under this Agreement, including, but not limited to copies of insurance policies/cover notes documenting that insurance cover has been taken out in respect of the Rig in accordance with Clause 24.2 (Insurance), and evidencing that the
Security Agent’s (on behalf of the Finance Parties) Security Interest in the insurance policies have been noted in accordance with the relevant notices as required under the relevant General Assignment and that the Security Agent is loss payee
in accordance with the relevant General Assignment; 

  

	 	(h)	 Evidence and copies of (i) the technical management agreement for the Rig and (ii) documents of
compliance with the ISM Code and ISPS Code (where applicable); 

  

	 	(i)	 Valuation certificates from two Approved Brokers evidencing the Market Value of the Rig is no less than 125%
of the Rig Advance (and that the provisions of Clause 24.1 (Minimum Market Value) are satisfied), addressed to the Agent and dated no earlier than 15 days prior to the relevant Utilisation Date; 

 

	 	(j)	 Evidence that all costs have been paid to the relevant Yard and other equipment providers by the Borrower by
using its own equity in addition to the Rig Advance; and 

  

	 	(k)	 If the date for delivery set out in the relevant building contract with the Yard has expired/passed, evidence
that such delivery date has been extended to cover actual delivery of the Rig. 

  

	3.	 Finance Documents 

 

	 	(a)	 The Telesto Mortgage, duly executed and registered with first priority; 

 

	 	(b)	 Each General Assignment relating to the Rig; and 

 

	 	(c)	 The Account Security for Earnings Accounts relating to the Rig. 

 

	4.	 Legal Opinions 

 

	 	(a)	 Agreed form of legal opinion from Appleby (Bermuda) Limited relating to Bermuda law issues with confirmation
that the execution copy will follow as soon as possible thereafter; 

  

	 	(b)	 Agreed form of legal opinion from Arias Fabrega & Fabrega relating to Panama law with confirmation
that the execution copy will follow as soon as possible thereafter; 

  

	 	(c)	 Agreed form of legal opinion from Norton Rose LLP relating to English law issues with confirmation that the
execution copy will follow as soon as possible thereafter; 

  

	 	(d)	 Agreed form of legal opinion from Norton Rose Hong Kong relating to Hong Kong law issues with confirmation
that the execution copy will follow as soon as possible thereafter; and 

  

	 	(e)	 Any such favourable legal opinions in form and substance satisfactory to the Agent (on behalf of all the
Finance Parties) and the Security Agent from lawyers appointed by the Agent on matters concerning all relevant jurisdictions. 

All legal opinions to be in form and substance satisfactory to the Agent (on behalf of all the Finance Parties) and the
Security Agent. 

  
 101 

	5.	 Miscellaneous 

 

	 	(a)	 The Utilisation Request at least three (3) Business Days prior to the relevant Utilisation Date;

  

	 	(b)	 Evidence that all fees, costs and expenses referred to in Finance Documents as payable on or prior to the
relevant Utilisation Date, have or will be paid on its due date; 

  

	 	(c)	 A Compliance Certificate confirming that the Parent is in compliance with the financial covenants as set out
in Clause 22 (Financial Covenants); 

  

	 	(d)	 Insurance Report; and 

 

	 	(e)	 Any other document as reasonably requested by the Agent. 

  
 102 

 Part 3 

(Conditions Subsequent to each Utilisation Date) 
  

	1.	 Charter Contract 

 

	 	(a)	 As soon as possible, and in any case within three months after the relevant Utilisation Date evidence that any
and all payments of the Earnings relating to the Rig (including by end-users) are instructed to be paid to the relevant Earnings Accounts. 

 

	 	(b)	 Within five months after the relevant Utilisation Date, evidence that such payments mentioned in
(a) above have been initiated. 

  
 103 

 Schedule 15 

Form of Utilisation Request 
  

			
	Loans
	 To:
	  	 Citibank Europe plc, UK Branch, as Agent

		
	 From:
	  	 [Insert name of the Borrower]

		
	 Date:
	  	 [•]

 Seadrill Limited – USD 440,000,000 Secured Credit Facility Agreement Dated 4 December 2012 and as
amended on 30 April 2013, 16 May 2013, 18 October 2013, 18 September 2014, 16 October 2014, 18 June 2015, 28 April 2016 and 28 March 2017 and as amended and restated on [•] 2017 (the
“Agreement”) 
 We refer to Clause 5.1 (Delivery of a Utilisation Request) of the Agreement. Terms defined in the
Agreement shall have the same meaning when used in this Utilisation Request. 
  

	 	(a)	 You are hereby irrevocably notified that we wish to make the following drawdown of the CEXIM Facility and the
Commercial Facility: 

  

			
	 (b)           Proposed
Utilisation Date:
	  	 [•]

		
	
                
Principal Amount:
	  	 [•] (CEXIM Facility)

		
		  	 [•] (Commercial Facility)

		
	
                
Interest Period:
	  	 [•]

		
	
                
Rig:
	  	 [•]

  

	 	(c)	 The proceeds of the Utilisation shall be credited to [•] [insert name and number of account],

  

	 	(d)	 We confirm that, as of the date hereof (i) each condition specified in Clause 4 (Conditions
Precedent) of the Agreement is satisfied; (ii) each of the representations and warranties set out in Clause 20 (Representations and Warranties) of the Agreement is true and correct; and (iii) no event or circumstances has
occurred and is continuing which constitute or may constitute a Default or an Event of Default. 

 Yours sincerely 

for and on behalf of 
 [Insert name of the
Borrower] 

By:                      
                                         
               
 Name: 

  Title: [authorised officer of the Borrower] 

  
 104 

 Schedule 16 

Form of Compliance Certificate 
  

			
	 To:
	  	 Citibank Europe plc, UK Branch, as Agent

		
	 From:
	  	 Seadrill Limited

		
	 Date:
	  	 [•] [To be delivered no later than hundred and eighty (180)/seventy (70) days after
each reporting date]

 Seadrill Limited – USD 440,000,000 Secured Credit Facility Agreement Dated 4 December 2012 and as
amended on 30 April 2013, 16 May 2013, 18 October 2013, 18 September 2014, 16 October 2014, 18 June 2015, 28 April 2016 and 28 March 2017 and as amended and restated on [•] 2017 (the
“Agreement”) 
 We refer to the Agreement. Terms defined in the Agreement shall have the same meaning when used in this
Compliance Certificate. 
 We confirm that as at [•] [insert relevant reporting date]: 

 

	1.	 Minimum Liquidity 

The Minimum Liquidity of the Group was [•] while the Minimum Liquidity required is USD 250,000,000. 

 

	2.	 Leverage Ratio 

The Leverage Ratio of the Group was [•] while the Leverage Ratio is required not to exceed [4.5:1/6.0:1/6.5:1]. 

 

	3.	 Equity Ratio 

The Equity Ratio of the Group was [•] while the minimum Equity Ratio shall be greater than [•]. 

 

	4.	 Interest Cover Ratio 

The Interest Cover Ratio of the Group was [•] while the Interest Cover Ratio shall be [•]. 

 

	5.	 Current Ratio 

The Current Ratio of the Group was [•] while the Current Ratio shall be minimum [•]. 

 

	6.	 Market Value 

The Market Value of the Rig is attached as Appendix 1 hereto while the minimum Market Value shall be equal to or higher than
135% of the sum of the Loans outstanding.* 
 * Only to be included if the relevant Compliance Certificate is required to
include the minimum Market Value pursuant to Clause 24.2 of the Agreement. 
  

	7.	 Cash Distributions from Investments 

Cash Distributions from Investments are set out in Appendix 2 hereto. 

 

	8.	 Insurance 

We confirm that the Rig is insured against such risks and in such amounts as set out in Appendix 3 hereto. 

  
 105 

	9.	 Fleet Report 

We confirm that the Rig is employed in accordance with Appendix 4 hereto. 

 

	10.	 No Default 

We confirm that, as of the date hereof (i) each of the representations and warranties set out in Clause 20
(Representations and Warranties) of the Agreement is true and correct, and (ii) no event or circumstances has occurred and is continuing which constitute or may constitute a Default and/or an Event of Default. 

Yours sincerely 
 for and on behalf of 

Seadrill Limited 
  

                       
                                         
     

By:                      
                                        

Name: 
   Title:
[authorised officer] 

  
 106 

 Appendix 3 

[•] 

  
 107 

 Appendix 4 

[•] 

  
 108 

 Appendix 5 
  

											
	 Rig
	  	 Hull &

Machinery
	  	 Freight Interest
	  	 Hull Interest
	  	 P&I
	  	 War Risk

		  	 Insurer: Amount:
	  	 Insurer: Amount:
	  	 Insurer: Amount:
	  	 Insurer: Amount:
	  	 Insurer: Amount:

  

  
 109 

 Appendix 6 

[•] 

  
 110 

 Schedule 17 

Form of Transfer Certificate 
  

			
	 To:
	  	 Citibank Europe plc, UK Branch, as Agent

		
	 From:
	  	 [•] (the “Existing Lender” and [•] (the “New
Lender”)

		
	 Date:
	  	 [•]

 Seadrill Limited – USD 440,000,000 Senior Secured Credit Facility Agreement Dated 4

December 2012 and as amended on 30 April 2013, 16 May 2013, 18 October 2013, 18 September 

2014, 16 October 2014, 18 June 2015, 28 April 2016 and 28 March 2017 and as amended and 

restated on [•] 2017 (The “Agreement”) 
  

	1.	 We refer to the Agreement. This certificate shall take effect as a Transfer Certificate. Terms defined in the
Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate. 

  

	2.	 We refer to Clause 26.4 (Conditions of Assignment): 

 

	 	(a)	 The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the
Agreement and the other Finance Documents which relate to that portion of the Existing Lender’s Commitment(s) and participations in the Loan under the Agreement as specified in the Schedule. 

 

	 	(b)	 The Existing Lender is released from all the obligations of the Existing Lender which correspond to that
portion of the Existing Lender’s Commitment(s) and participations in the Loan under the Agreement specified in the Schedule. 

  

	 	(c)	 The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the
Existing Lender is released under paragraph (b) above. 

  

	 	(d)	 The proposed Transfer Date is [•]. 

 

	 	(e)	 The Facility Office and address, fax number and attention details for notices of the New Lender for the
purposes of Clause 32.2 (Addresses) are set out in the Schedule. 

  

	3.	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in sub-clause 26.5(c) of Clause 26.5 (Limitation of Responsibility of Existing Lenders). 

  

	4.	 This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the
signatures on the counterparts were on a single copy of this Transfer Certificate. 

  

	5.	 This Transfer Certificate and any non-contractual obligations
connected with it are governed by English law. 

  

	6.	 This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer
Certificate. 

 Note: The execution of this Transfer Certificate may not assign a proportionate share of the Existing
Lender’s interest in the Security Documents in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect an assignment of such a share in the Security
Documents in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities. 
  

  
 111 

 The Schedule 

Rights to be assigned and obligations to be released and undertaken 

 

									
	 I
	  	 Existing Lender:
	  		  	 [•]
	  	
					
	 II
	  	 New Lender:
	  		  	 [•]
	  	
					
	 III
	  	 Total Commitments of Existing Lender:
	  		  	 USD [•]
	  	
					
	 IV
	  	 Aggregate amount transferred:
	  		  	 USD [•]
	  	
					
	 V
	  	 Total Commitments of New Lender:
	  		  	 USD [•]
	  	
					
	 VI
	  	 Transfer Date:
	  		  	 [•]
	  	

 Administrative Details / Payment Instructions of New Lender 

Notices to New Lender: 
  

							
	 [•]
	  		  		  	
				
	 [•]
	  		  		  	
				
	 Att:
	  	   [•]	  		  	
				
	 Telefax no:
	  	+ [•]	  		  	

 [Insert relevant office address, telefax number and attention details for notices and payments to the New
Lender.] 
 Account details of New Lender: [Insert relevant account details of the New Lender.] 

[Existing Lender] 
  

			
	 By:
	 	  

 [New Lender] 
  

			
	 By:
	 	  

 This certificate is accepted as a Transfer Certificate for the purposes of the Agreement by the Agent, and the
Transfer Date is confirmed as [•]. 
 Signature of this Transfer Certificate by the Agent constitutes confirmation by the Agent of
receipt of notice of the assignment referred to herein, which notice the Agent receives on behalf of each Finance Party. 
  

  
 112 

 Citibank Europe plc, UK Branch 
  

			
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 113 

 Schedule 18 

Indicative Repayments/Reductions 
  

															
	 Repayments
	  	 Date
	  	Instalments	 	  	Other Scheduled
Repayment	 	  	Principal
Outstanding	 
	 0
	  	19 June 2017	  	 	7,117,647	 	  	 	—  	 	  	 	64,058,824	 
	 1
	  	19 September 2017	  	 	—  	 	  	 	—  	 	  	 	64,058,824	 
	 2
	  	15 December 2017	  	 	7,117,647	 	  	 	56,941,177	 	  	 	—  	 
	 3
	  	19 March 2018	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 4
	  	19 June 2018	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 5
	  	19 September 2018	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 6
	  	19 December 2018	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 7
	  	19 March 2019	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 8
	  	19 June 2019	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 9
	  	19 September 2019	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 10
	  	19 December 2019	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 11
	  	19 March 2020	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 12
	  	19 June 2020	  	 	—  	 	  	 	—  	 	  	 	—  	 

  
 114 

 Schedule 19 

Corporate Structure 
  

 

  
 115 

 Schedule 20 

Form of Selection Notice 
 Selection
Notice 
  

			
	 From:
	  	 [the Borrower]

		
	 To:
	  	 Citibank Europe plc, UK Branch

		
	 Dated:
	  	 [•]

 Dear Sirs 

USD 440,000,000 Facility Agreement dated 4 December 2012 and as amended on 30 April 2013, 

16 May 2013, 18 October 2013, 18 September 2014, 16 October 2014, 18 June 2015, 28 April 

2016 and 28 March 2017 and as amended and restated on [•] 2017 (the Agreement) 

 

	1.	 We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in
this Selection Notice unless given a different meaning in this Selection Notice. 

  

	2.	 We request that the next Interest Period for the Loan be [•] months. 

 

	3.	 This Selection Notice is irrevocable. 

Yours sincerely 
 for and on behalf of 

Seadrill Telesto Ltd. 
  

			
		 	  

	 By:
	 	
	 Name:

	 Title: [authorised officer of the Borrower]

 Schedule 3 

Conditions Precedent 
  

	1.	 Each Obligor has provided to the Agent a true and complete certified copy of a resolution of its board of
directors: 

  

	 	(a)	 approving the terms and conditions of, and the transactions contemplated by, this Deed and resolving that it
execute, deliver and perform this Deed; 

  

	 	(b)	 authorising a specified person or persons to execute this Deed on its behalf; and 

 

	 	(c)	 authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to
be signed and/or despatched by it under or in connection with this Deed. 

  

	2.	 A specimen of the signature of each person authorised by the resolution referred to in paragraphs 1(b) and
(c) above. 

  

	3.	 A copy of the constitutional documents of each Obligor. 

 

	4.	 A certificate of a director of each Obligor, certifying that each copy document relating to it specified in
this Schedule 3 is correct, complete and in full force and effect as at a date no earlier than the date of this Deed. 

  

	5.	 Seadrill International Limited has provided to the Agent a true and complete certified copy of a resolution
signed by all the holders of its issued shares, approving the terms of, and the transactions contemplated by, this Deed. 

  

	6.	 A certified copy of the register of members/shareholders of each Obligor (other than the Parent and Seadrill
Partners LLC). 

  

	7.	 In respect of Panamanian Security Documents, notarised and legalised Power of Attorney to be granted by each
of: 

  

	 	(a)	 Seadrill Telesto Ltd.; 

 

	 	(b)	 T-15 Ltd; 

 

	 	(c)	 T-16 Ltd; 

 

	 	(d)	 the Security Agent; and 

 

	 	(e)	 the Common Security Agent. 

in favour of Arias, Fabrega & Fabrega, Panamanian law counsel to the Lenders. 

 

	8.	 A legal opinion of: 

 

	 	(a)	 English law counsel to the Lenders relating to English law matters in respect of this Deed and Seadrill UK
Limited; 

  

	 	(b)	 Hong Kong law counsel to the Lenders relating to Hong Kong law matters in respect of this Deed and Seadrill
International Limited; 

  

	 	(c)	 Bermuda law counsel to the Lenders relating to Bermuda law matters in respect of this Deed and each of the
Bermudan Obligors; 

	 	(d)	 Panama law counsel to the Lenders relating to Panama law matters in respect of the amendments of mortgage
agreements in relation to the Mortgage; 

  

	 	(e)	 Marshall Islands law counsel to the Lenders relating to Marshall Islands law matters in respect of this Deed,
Seadrill Partners LLC and Seadrill Partners Operating LLC; 

  

	 	(f)	 Dutch law counsel to the Lenders relating to Dutch law matters in respect of this Deed and Seadrill Partners
B.V.; and 

  

	 	(g)	 Norwegian law counsel to the Lenders relating to Norwegian law matters in respect of the Intercreditor
Agreement and the Subordination Undertaking, 

 each substantially in the form distributed
to the Lenders prior to signing this Deed. 
  

	9.	 A copy of this Deed duly executed by each of the Obligors. 

 

	10.	 A copy of the duly executed Intercreditor Agreement. 

 

	11.	 A copy of the duly executed New
T-15/T-16 Facility Agreement. 

  

	12.	 A copy of the Subordination Undertaking (as defined in the New T-15/T-16 Facility Agreement) duly executed by the Subordinated Creditors and the other parties to it. 

  

	13.	 A copy of the Release Documents duly executed by the Security Agent. 

 

	14.	 Copies of the duly executed Day One Security Documents. 

 

	15.	 Evidence that: 

  

	 	(a)	 the amounts which are to become payable by T-15 Ltd and T-16 Ltd pursuant to clause 6.2(a)(i) (Other Scheduled Repayments) of the New T-15/T-16 Facility Agreement;

  

	 	(b)	 the amounts payable by Seadrill as at the Effective Time in accordance with Clause 4.3; and

  

	 	(c)	 all fees, costs and expenses referred to in Finance Documents as payable at or prior to the Effective Time,

 have or will be paid at or prior to the Effective Time. 

 

	16.	 A copy of any Authorisation or other document, opinion or assurance which, in the opinion of the Agent, is
necessary in connection with the entry into and performance of the transactions contemplated by this Deed or for the validity and enforceability of this Deed. 

 

	17.	 Evidence that Frontline Corporate Services Ltd. has agreed to continue to act as an agent of each of the
Obligors for the service of process in England. 

  
 2 

 Schedule 4 

Security Documents 
 Part 1 Continuing West Telesto
Security Documents in favour of the lenders under the Legacy Telesto Facility Agreement 
  

	1.	 Panamanian law first amendment of mortgage dated on or around the date hereof in respect of the first naval
mortgage dated 18 December 2012 granted by T-15 Ltd over the rig “T-15” in favour of Citibank, N.A., London Branch 

 

	2.	 Panamanian law first amendment of mortgage dated on or around the date hereof in respect of the first naval
mortgage dated 25 April 2013 granted by T-16 Ltd over the rig “T-16” in favour of Citibank, N.A., London Branch 

 

	3.	 Panamanian law amendment of mortgage dated on or around the date hereof in respect of the first naval mortgage
dated 18 December 2012 granted by Seadrill Telesto Ltd over the rig “Telesto” in favour of Citibank, N.A., London Branch 

  

	4.	 Bermudan deed of confirmation dated on or around the date hereof in respect of the share charge dated
18 December 2012 granted by Seadrill Limited in respect of the shares in Seadrill Telesto Ltd in favour of Citibank, N.A., London Branch 

  

	5.	 English law account charge dated 18 December 2012 granted by T-15
Ltd in favour of Citibank, N.A., London Branch 

  

	6.	 English law account charge dated 18 December 2012 granted by T-16
Ltd in favour of Citibank, N.A., London Branch 

  

	7.	 English law account charge dated 18 December 2012 granted by Seadrill Telesto Ltd in favour of Citibank,
N.A., London Branch 

  

	8.	 English law account charge dated 18 December 2012 granted by Seadrill International Limited in favour of
Citibank, N.A., London Branch 

  

	9.	 English law account charge dated 15 June 2017 granted by Seadrill Partners B.V. in favour of Citibank,
N.A., London Branch 

  

	10.	 English law account charge dated on or around the date of this Deed granted by Seadrill UK Limited in favour
of Citibank, N.A., London Branch 

  

	11.	 English law owner’s general assignment of insurances and earnings dated 18 December 2012 granted by T-15 Ltd in favour of Citibank, N.A., London Branch 

  

	12.	 English law owner’s general assignment of insurances and earnings dated 25 April 2013 granted by T-16 Ltd in favour of Citibank, N.A., London Branch 

  

	13.	 English law owner’s general assignment of insurances and earnings dated 12 September 2013 granted by
Seadrill Telesto Ltd in favour of Citibank, N.A., London Branch 

  

	14.	 English law assignment of insurances, earnings and intra-group charter dated 15 June 2017 granted by T-15 Ltd, Seadrill Partners B.V. and Seadrill International Ltd in favour of Citibank, N.A., London Branch 

  

	15.	 English law assignment of insurances, earnings and intra-group charter dated 15 June 2017 granted by T-16 Ltd, Seadrill Partners B.V. and Seadrill International Ltd in favour of Citibank, N.A., London Branch 

  
 3 

 Part 2 First Ranking Security Documents in favour of the lenders under the New
T-15/T-16 Facility Agreement 
  

	1.	 Panamanian law second naval mortgage agreement in respect of rig T-15
to be granted by T-15 Ltd in favour of Citibank, N.A., London Branch 

  

	2.	 Panamanian law second naval mortgage agreement in respect of rig T-16
to be granted by T-16 Ltd in favour of Citibank, N.A., London Branch 

  

	3.	 Bermudan law share charge over T-15 Ltd to be granted by Seadrill
Partners Operating LLC in favour of Citibank, N.A., London Branch 

  

	4.	 Bermudan law share charge over T-16 Ltd to be granted by Seadrill
Partners Operating LLC in favour of Citibank, N.A., London Branch 

  

	5.	 Hong Kong law share charge over Seadrill International Limited to be granted by Seadrill Partners Operating
LLC in favour of Citibank, N.A., London Branch 

  

	6.	 English law account charge to be granted by T-15 Ltd in favour of
Citibank, N.A., London Branch 

  

	7.	 English law account charge to be granted by T-16 Ltd in favour of
Citibank, N.A., London Branch 

  

	8.	 English law account charge to be granted by Seadrill International Limited in favour of Citibank, N.A., London
Branch 

  

	9.	 English law account charge to be granted by Seadrill Partners B.V. in favour of Citibank, N.A., London Branch

  

	10.	 English law owner’s general assignment of insurances and earnings to be granted by T-15 Ltd in favour of Citibank, N.A., London Branch 

  

	11.	 English law owner’s general assignment of insurances and earnings to be granted by T-16 Ltd in favour of Citibank, N.A., London Branch 

  

	12.	 English law assignment of insurances, earnings and intra-group charter by
T-15 Ltd, Seadrill Partners B.V. and Seadrill International Ltd in favour of Citibank, N.A., London Branch 

  

	13.	 English law assignment of insurances, earnings and intra-group charter by
T-16 Ltd, Seadrill Partners B.V. and Seadrill International Ltd in favour of Citibank, N.A., London Branch 

Part 3 Second Ranking Security Documents in favour of the lenders under the SDLP Facility Agreements 

 

	1.	 Panamanian law third naval mortgage agreement in respect of rig T-15
to be granted by T-15 Ltd in favour of the Common Security Agent 

  

	2.	 Panamanian law third naval mortgage agreement in respect of rig T-16
to be granted by T-16 Ltd in favour of the Common Security Agent 

  

	3.	 English law account charge to be granted by T-15 Ltd in favour of the
Common Security Agent 

  

	4.	 English law account charge to be granted by T-16 Ltd in favour of the
Common Security Agent 

  
 4 

	5.	 English law account charge to be granted by Seadrill International Limited in favour of the Common Security
Agent 

  

	6.	 English law account charge to be granted by Seadrill Partners B.V. in favour of the Common Security Agent

  

	7.	 English law owner’s assignment of insurances and earnings to be granted by
T-15 Ltd in favour of the Common Security Agent 

  

	8.	 English law owner’s assignment of insurances and earnings to be granted by
T-16 Ltd in favour of the Common Security Agent 

  

	9.	 English law assignment of insurances, earnings and intra-group charter by
T-15 Ltd, Seadrill Partners B.V. and Seadrill International Ltd in favour of the Common Security Agent 

  

	10.	 English law assignment of insurances, earnings and intra-group charter by
T-16 Ltd, Seadrill Partners B.V. and Seadrill International Ltd in favour of the Common Security Agent 

  
 5 

 Schedule 5 

Form of Release Documents 

  
 6 

 Signatories 

Executed as a Deed 
  

					
	 Executed and Delivered as a Deed 
	  	 

	  	
	 by
	  	  	
	 for and on behalf of
	  	  	 /s/ Georgina E. Sousa

	Seadrill Limited	  	  	Attorney-in-Fact
	 By: Georgina E. Sousa
	  	  	
	 in the presence of:
	  		  	 /s/ Claire Burnard

		  		  	Witness
		  		  	 Name: Claire Burnard

		  		  	 Address: 21 Highwood Lane, Paget, Bermuda

		  		  	 Occupation: Corporate Administrator

  

					
	 The Guarantors
  

Executed and Delivered as a Deed 
	  	 

	 	
	 by
	  	 	
	 for and on behalf of
	  	 	 /s/ David Sneddon

	Seadrill UK Ltd.	  	 	Attorney-in-Fact
	 By:
	  	 	
	 in the presence of:
	  		 	
		  		 	 /s/ MATTHEW CAREY

		  		 	Witness
		  		 	 Name: MATTHEW CAREY

		  		 	 Address: ONE BUNHILL ROW, LONDON, EC1Y 8YY

		  		 	 Occupation: TRAINEE SOLICITOR

  

					
	Executed and Delivered as a Deed 	  	 

	  	
	 by
	  	  	
	 for and on behalf of
	  	  	 /s/ Georgina E. Sousa

	Seadrill T-15 Ltd.	  	  	Attorney-in-Fact
	 By: Georgina E. Sousa
  
	  		  	
	 in the presence of:
	  		  	 /s/ Claire Burnard

		  		  	Witness
		  		  	 Name: Claire Burnard

		  		  	 Address: 21 Highwood Lane, Paget, Bermuda

		  		  	 Occupation: Corporate Administrator

 [Signature Page – Framework Agreement] 

					
	 Executed and Delivered as a Deed 
	  	 

	  	
	 by
	  	  	
	 for and on behalf of
	  	  	 /s/ Georgina E. Sousa

	Seadrill T-16 Ltd.	  	  	Attorney-in-Fact
	 By: Georgina E. Sousa
  
	  		  	
	 in the presence of:
	  		  	
		  		  	 /s/ Claire Burnard

		  		  	Witness
		  		  	 Name: Claire Burnard

		  		  	 Address: 21 Highwood Lane, Paget, Bermuda

		  		  	 Occupation: Corporate Administrator

					
	 Executed and Delivered as a Deed 
	  	 

	  	
	 by
	  	  	
	 for and on behalf of
	  	  	 /s/ Georgina E. Sousa

	Seadrill Telesto Ltd.	  	  	Attorney-in-Fact
	 By: Georgina E. Sousa
  
	  		  	
	 in the presence of:
	  		  	
		  		  	 /s/ Claire Burnard

		  		  	Witness
		  		  	 Name: Claire Burnard

		  		  	 Address: 21 Highwood Lane, Paget, Bermuda

		  		  	 Occupation: Corporate Administrator

					
	 Executed and Delivered as a Deed 
	  	 

	  	
	 for and on behalf of
	  	  	
	Seadrill International Limited	  	  	
	 By:
	  	  	 /s/ Jonas Ytreland

		  		  	 AUTHORISED SIGNATORY
  

	 in the presence of:
	  		  	
		  		  	 /s/ ALEXANDER SIM

		  		  	Witness
		  		  	 Name: ALEXANDER SIM

		  		  	 Address: ONE BUNHILL ROW, LONDON, EC1Y 8YY

		  		  	 Occupation: TRAINEE SOLICITOR

 [Signature Page – Framework Agreement] 

					
	 Executed and Delivered as a Deed 
	  	 

	  	
	 by
	  	  	
	 for and on behalf of
	  	  	
	Seadrill Partners LLC	  	  	 /s/ John T.Roche

	 By:
  
	  	  	Attorney-in-Fact
	 in the presence of:
	  		  	  
 MATTHEW
CAREY

		  		  	Witness
		  		  	 Name: MATTHEW CAREY

		  		  	 Address: ONE BUNHILL ROW, LONDON, EC1Y, 8YY

		  		  	 Occupation: TRAINEE SOLICITOR

  

					
	 Executed and Delivered as a Deed 
	  	 

	  	
	 by
	  	  	
	 for and on behalf of
	  	  	
	Seadrill Partners Operating LLC	  	  	 Geoigina E.Sousa

	 By: Geoigina E.Sousa
  
	  	  	Attorney-in-Fact
	 in the presence of:
	  		  	  
 Claire Burnard

		  		  	Witness
		  		  	 Name: Claire Burnard

		  		  	 Address: 21 Highwood Lane, Paget, Bermuda

		  		  	 Occupation: Corporate Administrator

  

					
	 Executed and Delivered as a Deed 
	  	 

	  	
	 by
	  	  	
	 for and on behalf of
	  	  	 Jonas Ytreland

	Seadrill Partners B.V.	  	  	Attorney-in-Fact
	 By:
	  		  	 JONAS YTRELAND

	 in the presence of:
	  		  	  
 Alexander
Sim

		  		  	Witness
		  		  	 Name: ALEXANDER SIM

		  		  	 Address: ONE BUNHILL ROW, LONDON, EC1Y, 8YY

		  		  	 Occupation: TRAINEE SOLICITOR

 [Signature Page – Framework Agreement] 

							
	 The Agent
  
	 		  		  	
	 Citibank Europe plc, UK Branch 

as Agent
	 	 

	  	 By:
	  	 /s/ Raya Brody

		 	  		  	  

 [Signature Page – Framework Agreement]Blue Sphere Corporation S-1/A 

 

Exhibit
10.69

 

Page
1 of 21

 

PLACEMENT
AGENCY AGREEMENT

 

 

[__________],
2017

 

Blue
Sphere Corporation

301
McCullough Drive, 4th Floor

Charlotte,
North Carolina 28262

 

Ladies
and Gentlemen:

 

 This
letter (the “Agreement”) constitutes the agreement among Maxim Group LLC (“Maxim” or the
“Placement Agent”) and Blue Sphere Corporation (the “Company”), that the Placement Agent
shall serve as the exclusive placement agent for the Company, on a “reasonable best efforts” basis, in connection
with the proposed placement (the “Placement”) of a minimum of $500,000 (the “Minimum Offering Amount”),
and a maximum of up to $5,000,000 (the “Maximum Offering Amount”), of shares (the “Shares”)
of the Company’s common stock, par value $0.001 per share (the “Common Stock”), pre-funded warrants (the
“Pre-Funded Warrants”) with the right to purchase one share of Common Stock at an exercise price of $0.01 per
share, and warrants (the “Warrants” and, together with the Shares and the Pre-Funded Warrants, the “Securities”)
with the right to purchase one share of Common Stock at an exercise price of $3.30 per share. The terms of the Placement and the
Securities shall be mutually agreed upon by the Company and the purchasers (each, a “Purchaser” and collectively,
the “Purchasers”) and nothing herein shall be construed to provide either that the Placement Agent have the
power or authority to bind the Company or any Purchaser or an obligation for the Company to issue any Securities or complete the
Placement. This Agreement and the documents executed and delivered by the Company and the Purchasers in connection with the Placement
shall be collectively referred to herein as the “Transaction Documents.” The date of the closing of the Placement
(the “Closing”) shall be referred to herein as the “Closing Date.” The Company expressly
acknowledges and agrees that the Placement Agent’s obligations hereunder are on a reasonable best efforts basis only and
that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase the Securities and does
not ensure the successful placement of the Securities or any portion thereof or the success of the Placement Agent with respect
to securing any other financing on behalf of the Company. The Placement Agent may retain other brokers or dealers to act as sub-agents
or selected-dealers on their behalf in connection with the Placement. The sale of the Securities to any Purchaser will be evidenced
by a purchase agreement (the “Securities Purchase Agreement”) between the Company and such Purchasers in a
form reasonably acceptable to the Company and the Placement Agent, in the form attached hereto as Exhibit D. Capitalized
terms that are not otherwise defined herein have the meanings given to such terms in the Securities Purchase Agreement. Prior
to the signing of any Securities Purchase Agreement, officers of the Company will be reasonably available to answer inquiries
from prospective Purchasers. 

 

Notwithstanding
anything herein to the contrary, in the event the Placement Agent determine that any of the terms provided for hereunder shall
not comply with a FINRA rule, including but not limited to FINRA Rule 5110, then the Company shall enter into an amendment to
this Agreement in writing upon the request of the Placement Agent that is drafted as narrowly as practicable to comply with any
such rules; provided that any such amendment shall not provide for terms that are less favorable to the Company.

 

    

     

    

 

Page 2 of 21

 

Section
1        COMPENSATION.
As compensation for the services provided by the Placement Agent hereunder, the Company agrees as follows:

 

(A)      To
pay to the Placement Agent a cash fee equal to eight percent (8.0%) of the gross proceeds received by the Company in the Placement,
which shall be paid at the Closing of the Placement from the gross proceeds of the Securities sold and shall be paid directly
to the Placement Agent; and

 

 (B)       The
Company shall, on the Closing Date, grant to the Placement Agent (and/or its designees) warrants (the “Placement Agent
Warrants”) to purchase up to an aggregate number of shares of Common Stock equal to three and one-half percent (3.5%)
of the Shares and Pre-Funded Warrants sold in the Placement. The Placement Agent Warrants shall be exercisable, in whole or in
part, commencing 180 days from the date of issuance at an initial exercise price of $3.75 per share of Common Stock, which is
equal to one hundred and twenty five percent (125%) of the offering price of the Common Stock, and shall expire on the three-year
anniversary of the date of the commencement of sales of Securities under this Agreement. The Placement Agent Warrants shall not
be redeemable. The Company will register the shares of Common Stock underlying the Placement Agent Warrants under the Securities
Act of 1933, as amended (the “Securities Act”), and will file all necessary undertakings in connection therewith.
The Placement Agent will also be entitled to customary demand and “piggyback” rights pursuant to FINRA Rule 5110.
The Placement Agent Warrants may not be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging,
short sale, derivative, put, or call transaction that would result in the effective economic disposition of the Placement Agent
Warrant by any person for a period of 180 days following the date of issuance pursuant to FINRA Rule 5110(g)(1), except as provided
in FINRA Rule 5110(g)(2). The Placement Agent Warrants may be exercised as to all or a lesser number of shares of Common Stock,
and will provide for “cashless” exercise. 

  

Section
2        REGISTRATION
STATEMENT. The Company represents and warrants to, and agrees with, the Placement Agent that:

 

(A)      The
Company has prepared and filed in conformity with the requirements of the Securities Act of 1933, as amended (the “Securities
Act”), and the published rules and regulations thereunder (the “Rules”) adopted by the Securities
and Exchange Commission (the “Commission”), a Registration Statement (as defined below) on Form S-1 (Registration
No. 333-215110), including a Preliminary Prospectus (as defined below) relating to the Securities, the Placement Agent Warrants,
and the Common Stock underlying the Warrants, the Pre-Funded Warrants and the Placement Agent Warrants (collectively, the “Warrant
Shares”), and such amendments thereof as may have been required to the date of this Agreement. Copies of such Registration
Statement (including all amendments thereof), and of the related Preliminary Prospectus have heretofore been delivered by the
Company to the Placement Agent. The term “Preliminary Prospectus” means any preliminary prospectus included
at any time as a part of the Registration Statement or filed with the Commission by the Company pursuant to Rule 424(a) under
the Securities Act. The term “Registration Statement” as used in this Agreement means the initial registration
statement (including all exhibits, financial schedules and all documents and information deemed to be a part thereof through incorporation
by reference or otherwise), as amended at the time and on the date it is declared effective by the Commission (the “Effective
Date”), including the information (if any) contained in the form of final prospectus filed with the Commission pursuant
to Rule 424(b) under the Securities Act and deemed to be part thereof at the time of effectiveness pursuant to Rule 430A under
the Securities Act. If the Company has filed an abbreviated registration statement to register additional Securities pursuant
to Rule 462(b) under the Rules (the “462(b) Registration Statement”), then any reference herein to the Registration
Statement shall also be deemed to include such 462(b) Registration Statement. The term “Prospectus” as used
in this Agreement means the prospectus in the form included in the Registration Statement at the time of effectiveness or, if
Rule 430A under the Securities Act is relied on, the term Prospectus shall also include the final prospectus filed with the Commission
pursuant to and within the time limits described in Rule 424(b) under the Securities Act.

 

    

     

    

 

Page
3 of 21

 

(B)       On
the Effective Date, the Registration Statement complied, and on the date of the Prospectus, the date any post-effective amendment
to the Registration Statement becomes effective, the date any supplement or amendment to the Prospectus is filed with the Commission,
and the Closing Date, the Registration Statement and the Prospectus (and any amendments thereof or supplements thereto) will comply,
in all material respects, with the requirements of the Securities Act and the Rules. At the Effective Date, the Registration Statement
and any post-effective amendment thereto did not and will not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading. Each of (i) the General
Disclosure Package (as defined below) as of the Applicable Time and at the Closing Date and (ii) the Prospectus, as amended or
supplemented, as of its date, at the time of filing pursuant to Rule 424(b) under the Securities Act and at the Closing Date,
did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. Notwithstanding
the foregoing or anything herein to the contrary, none of the representations and warranties set forth above in this Section 2(B)
shall apply to statements in, or omissions from, the Registration Statement, the General Disclosure Package any Preliminary Prospectus
or the Prospectus made in reliance upon, and in conformity with, information herein or otherwise furnished in writing by the Placement
Agent specifically for use in the Registration Statement, the General Disclosure Package any Preliminary Prospectus or the Prospectus,
as the case may be. With respect to the preceding sentence, the Company acknowledges that the only information furnished in writing
by the Placement Agent for use in the Registration Statement, the General Disclosure Package, any Preliminary Prospectus or the
Prospectus consists solely of the names of the Placement Agent and the disclosure contained in the “Electronic Distribution”
subsections of the “Plan of Distribution” section of the Prospectus (the “Placement Agent Information”).
Each Preliminary Prospectus delivered to the Placement Agent for use in connection with the Placement and the Prospectus was or
will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the
extent permitted by Regulation S-T. The Prospectus, any Preliminary Prospectus and any supplement thereto or prospectus wrapper
prepared in connection therewith, at their respective times of issuance and at the Closing Date, complied and will comply in all
material respects with any applicable laws or regulations of foreign jurisdictions in which the Prospectus and such Preliminary
Prospectus, as amended or supplemented, if applicable, are distributed in connection with the offer and sale of Securities.

 

As
used in this Section and elsewhere in this Agreement:

 

“Applicable
Time” means [___] a.m. EST on the date of this Agreement.

 

“General
Disclosure Package” means the Statutory Prospectus and each Issuer Free Writing Prospectus.

 

“Issuer
Free Writing Prospectus” means each “free writing prospectus” (as defined in Rule 405 of the Rules) prepared
by or on behalf of the Company or used or referred to by the Company in connection with the Placement, each of which is listed
on Schedule I hereto.

 

“Marketing
Materials” means any electronic road show or investor presentation (including without limitation any “bona fide
electronic road show” as defined in Rule 433(h)(5) under the Securities Act) delivered to and approved by the Placement
Agent for use in connection with the marketing of the Placement.

 

“Statutory
Prospectus” means the Preliminary Prospectus relating to the Securities in the Placement that is included in the Registration
Statement immediately prior to the Applicable Time.

 

(C)       Other
than the Registration Statement, the General Disclosure Package, Preliminary Prospectus and the Prospectus, the Company has not
prepared, used, authorized, approved or referred to – and will not prepare, use, authorize, approve or refer to –
any “written communication” (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or
solicitation of an offer to buy Securities other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a)
of the Securities Act or Rule 134 under the Securities Act or (ii) the documents listed on Schedule I hereto, the Marketing Materials
and any other written communications approved in writing in advance by the Placement Agent.

 

    

     

    

 

Page
4 of 21

 

(D)       The
Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness of the
Registration Statement or suspending or preventing the use of any Preliminary Prospectus, the Prospectus or any “free writing
prospectus”, as defined in Rule 405 under the Rules, has been issued by the Commission and, to the knowledge of the Company,
no proceedings for that purpose have been instituted or are threatened under the Securities Act. Any required filing of any Preliminary
Prospectus and/or the Prospectus and any supplement thereto pursuant to Rule 424(b) of the Rules has been or will be made in the
manner and within the time period required by such Rule 424(b) (without reliance on Rule 424(b)(8)). Any material required to
be filed by the Company pursuant to Rule 433(d) or Rule 163(b)(2) of the Rules has been or will be made in the manner and within
the time period required by such Rules.

 

(E)       Each
Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and
sale of Securities or until any earlier date that the Company notified or notifies the Placement Agent as described in the next
sentence, did not, does not and will not include any information that conflicted, conflicts or will conflict in any material respect,
with the information contained in the Registration Statement, the General Disclosure Package or the Prospectus. 

 

If
at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result
of which such Issuer Free Writing Prospectus conflicted or would conflict in any material respect with the information contained
in the Registration Statement, the General Disclosure Package or the Prospectus or included or would include an untrue statement
of a material fact or omitted or would omit to state a material fact required to be stated therein or necessary in order to make
the statements therein, in the light of the circumstances prevailing at the subsequent time, not misleading, the Company has promptly
notified or will promptly notify the Placement Agent and has promptly amended or will promptly amend or supplement, at its own
expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

 

Notwithstanding
the foregoing, the Company makes no representation or warranty in this Section 2(E) with respect to any statements or omissions
made in reliance upon and in conformity with the Placement Agent Information.

 

Section
3       REPRESENTATIONS
AND WARRANTIES INCORPORATED BY REFERENCE. Each of the representations and warranties (together with any related disclosure
schedules thereto) made by the Company to the Purchasers in Section 2.1 of the Securities Purchase Agreement, is hereby incorporated
herein by reference (as though fully restated herein) and is, as of the date of this Agreement, hereby made to, and in favor of,
the Placement Agent.

 

Section
4       REPRESENTATIONS
OF THE PLACEMENT AGENT. The Placement Agent represents and warrants and/or agrees (as the case may be) as of the date of this
letter and as of the Closing, that it:

 

(i)       is
a member in good standing of FINRA;

 

(ii)      is
registered as a broker/dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”);

 

    

     

    

 

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(iii)     is
licensed as a broker/dealer under the laws of the States applicable to the offers and sales of Securities by the Placement Agent;

 

(iv)     is
and will be a limited liability company duly formed and validly existing under the laws of the State of Delaware; and

 

(v)      has
full power and authority to enter into and perform its obligations under this Agreement.

 

The
Placement Agent will immediately notify the Company in writing of any change in its status as such. The Placement Agent covenants
that it will conduct the Placement hereunder in compliance with the provisions of this Agreement and the requirements of applicable
law, including the rules and regulations under the Securities Act.

 

Section
5        ENGAGEMENT
TERM. The Placement Agent’s engagement hereunder will expire on the earlier of (i) the final Closing Date of the Placement
and (ii) August 15, 2017 (such date, the “Termination Date”). In the event, however, in the course of the Placement
Agent’s performance of due diligence they deem it necessary to terminate the engagement, the Placement Agent may do so prior
to the Termination Date and upon immediate written notice. If, within twelve (12) months after the Termination Date, the Company
completes any financing of equity, equity-linked or debt or other capital raising activity of the Company (except for the exercise
by any person or entity of any options, warrants or other convertible securities) with any of the purchasers who were first introduced
to the Company in connection with the financing contemplated hereby by the Placement Agent, then the Company will pay to the Placement
Agent upon the closing of such financing the compensation set forth in Section 1 herein (the “Termination Fee”);
provided that no such Termination Fee shall be payable if Placement Agent has terminated the Placement pursuant to this section.
Notwithstanding anything to the contrary contained herein, the provisions concerning confidentiality, indemnification, contribution
and the Company’s obligations to pay fees and reimburse expenses contained herein and the Company’s representations
and warranties and obligations contained in the Indemnification Provisions will survive any expiration or termination of this
Agreement, irrespective of whether a Closing occurs. All such fees and reimbursements due shall be paid to the Placement Agent
on or before the Termination Date (in the event such fees and reimbursements are earned or owed as of the Termination Date) or
upon the Closing of the Placement or any applicable portion thereof (in the event such fees are due pursuant to the terms of Section
1 hereof). The Placement Agent agrees, severally and not jointly, not to use any confidential information concerning the Company
provided to them by the Company for any purposes other than those contemplated under this Agreement.

 

 SECTION
6     DEPOSITS INTO ESCROW. Upon receipt by the Placement Agent of any cash for the purchase of Securities, the Placement Agent shall
forward such cash to U.S. Bank National Association, acting as escrow agent, by 12:00 noon on the next business day for deposit
into the escrow account established by the escrow agent. Each such deposit shall be accompanied by appropriate subscription information,
an accounting of all subscriptions received and accepted by the Placement Agent as of that date, and instructions regarding the
investment of the deposited funds. All funds so deposited will remain the property of the purchasers according to their respective
interests and shall not be subject to any lien or charge by the escrow agent or by judgment or creditors’ claims against
the Company until released or eligible to be released to the Company. 

 

 Section
7       PLACEMENT
AGENT’S INFORMATION. The Company agrees that any information or advice rendered by the Placement Agent in connection
with this engagement is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise
required by law, the Company will not disclose or otherwise refer to the advice or information (other than references to the historical
fact of the Placement) in any manner without the Placement Agent’s prior written consent. 

   

 Section
8       NO
FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating rights enforceable by any person
or entity not a party hereto, except those entitled hereto by virtue of the Indemnification Provisions hereof. The Company acknowledges
and agrees that the Placement Agent are not and shall not be construed as a fiduciary of the Company and shall have no duties
or liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention
of the Placement Agent hereunder, all of which are hereby expressly waived. 

   

    

     

    

 

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 Section
9       CLOSING.
The obligations of the Placement Agent, and the Closing of the sale of the Securities hereunder, are subject to the accuracy,
when made and on the Closing Date, of the representations and warranties on the part of the Company and its subsidiaries contained
herein and in the Securities Purchase Agreement, to the accuracy of the statements of the Company and its subsidiaries made in
any certificates pursuant to the provisions hereof or thereof, to the performance by the Company and its subsidiaries of their
obligations hereunder and thereunder, and to each of the following additional terms and conditions: 

 

(A)       The
Registration Statement has become effective and the Prospectus shall have been timely filed with the Commission pursuant to Rule
424(b) under the Securities Act not later than the Commission’s close of business on the second business day following the
execution and delivery of this Agreement or, if applicable, such earlier time as may be required by the Rules, and any material
required to be filed by the Company pursuant to Rule 433(d) under the Securities Act shall have been timely filed with the Commission
in accordance with such rule.

 

(B)       No
order preventing or suspending the use of any Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus shall
have been or shall be in effect and no order suspending the effectiveness of the Registration Statement shall be in effect and
no proceedings for such purpose shall be pending before or threatened by the Commission, and any requests for additional information
on the part of the Commission (to be included in the Registration Statement or the Prospectus or otherwise) shall have been complied
with to the satisfaction of the Commission and the Placement Agent. If the Company has elected to rely upon Rule 430A, Rule 430A
information previously omitted from the effective Registration Statement pursuant to Rule 430A shall have been filed with the
Commission pursuant to Rule 424(b) within the prescribed time period (without reliance on Rule 424(b)(8)) and the Company shall
have provided evidence satisfactory to the Placement Agent of such timely filing, or a post-effective amendment providing such
information shall have been promptly filed and declared effective in accordance with the requirements of Rule 430A.

 

(C)       The
representations and warranties of the Company contained in this Agreement and in the certificates delivered pursuant to Section
8(E) shall be true and correct when made and on and as of each Closing Date as if made on such date. The Company shall have performed
in all material respects all covenants and agreements and satisfied all the conditions contained in this Agreement required to
be performed or satisfied by it at or before such Closing Date. 

 

(D)       The
Placement Agent shall not have reasonably determined, and advised the Company, that the Registration Statement or the Prospectus,
or any amendment thereof or supplement thereto contains any untrue statement of fact which, in the Placement Agent’s reasonable
opinion, is material, or omits to state a fact which, in the Placement Agent’s reasonable opinion, is material and is required
to be stated therein or necessary to make the statements therein not misleading.

 

(E)       The
Placement Agent shall have received as of the Closing Date a certificate, addressed to the Placement Agent and dated such Closing
Date, of the chief executive officer and chief financial officer of the Company to the effect that: (i) the representations, warranties
and agreements of the Company in this Agreement and in the Securities Purchase Agreement were true and correct when made and are
true and correct as of such Closing Date; (ii) the Company has performed in all material respects all covenants and agreements
and satisfied all conditions contained herein and therein; (iii) they have carefully examined the Registration Statement, the
Prospectus, the General Disclosure Package, and any individual Issuer Free Writing Prospectus and, in their opinion (A) as of
the Effective Date, the Registration Statement and Prospectus did not include, and as of the Applicable Time, neither (x) the
General Disclosure Package, nor (y) any individual Issuer Free Writing Prospectus, when considered together with the General Disclosure
Package, included, any untrue statement of a material fact and did not omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and (B)
since the Effective Date no event has occurred which should have been set forth in a supplement or otherwise required an amendment
to the Registration Statement, the General Disclosure Package or the Prospectus; (iv) the Securities (other than the Pre-Funded
Warrants) and the Warrant Shares have been approved for listing on The NASDAQ Capital Market; (v) no stop order suspending the
effectiveness of the Registration Statement has been issued and, to their knowledge, no proceedings for that purpose have been
instituted or are pending under the Securities Act; and (vi) subsequent to the respective dates as of which information is given
in the Registration Statement and the Prospectus there has not been any event that is reasonably likely to result in a material
adverse effect on the (x) assets, properties, condition (financial or otherwise), results of operations, business affairs or stockholders’
equity (as described in the Registration Statement, the General Disclosure Package and the Prospectus) of the Company and its
subsidiaries considered as a whole, (y) the long-term debt or capital stock of the Company, or (iii) the consummation of the Placement
or consummation of any of the other transactions contemplated by this Agreement (any such effect being a “Material Adverse
Effect”), whether or not arising from transactions in the ordinary course of business.

 

    

     

    

 

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(F)       The
Placement Agent shall have received as of the Closing Date a certificate, addressed to the Placement Agent and dated such Closing
Date, of the secretary of the Company to the effect that: (i) attached to such certificate is a true and complete copy of the
certificate of incorporation of the Company, together with all amendments thereto, and that such certificate of incorporation
has not been modified since the date shown on the attached certificate of incorporation and such certificate of incorporation
is in full force and effect as of the date thereof; (ii) attached to such certificate is a true and complete copy of the bylaws
of the Company, together with all amendments thereto, and that such bylaws have not been modified since the date shown on the
attached bylaws and such bylaws are in full force and effect as of the date thereof; (iii) attached to such certificate are true,
complete and correct copies of the resolutions duly and validly adopted by the board of directors of the Company approving and
authorizing the Placement, that such resolutions have not been amended, suspended, modified, rescinded or revoked, and remain
in full force and effect as of the date thereof, and such resolutions are the only resolutions adopted by the Company’s
board of directors relating to the Placement; (iv) attached to such certificate are true and correct certificates of good standing
or equivalent certificates of the Company and its subsidiaries in such jurisdictions as the Placement Agent shall reasonably request;
and (v) such officer certifies the signatures of the officers of the Company executing documents in connection with the transactions
contemplated by this Agreement and the signatures appearing opposite their respective names are the true and genuine signatures
of such officers as of the date thereof.

 

(G)       The
Placement Agent shall have received: (i) simultaneously with the execution of this Agreement a signed letter from the Auditor
addressed to the Placement Agent and dated the date of this Agreement, in form and substance reasonably satisfactory to the Placement
Agent, containing statements and information of the type ordinarily included in accountants’ “comfort letters”
to underwriters with respect to the financial statements and certain financial information contained in the Registration Statement,
the General Disclosure Package or the Prospectus, and (ii) on the Closing Date, a signed letter from the Auditor addressed to
the Placement Agent and dated the date of such Closing Date, in form and substance reasonably satisfactory to the Placement Agent
containing statements and information of the type ordinarily included in accountants’ “comfort letters” to underwriters
with respect to the financial statements and certain financial information contained in the Registration Statement and the Prospectus.

 

(H)       The
Placement Agent shall have received as of the Closing Date the favorable opinion, dated as of such Closing Date, of Thompson Hine
LLP, as counsel to the Company, and addressed to the Placement Agent, in form and substance reasonably satisfactory to counsel
for the Placement Agent.

 

(I)        There
shall have been furnished to the Placement Agent the negative assurance letter of Harter Secrest & Emery LLP, as counsel to
the Placement Agent, dated as of such Closing Date, and addressed to the Placement Agent, in form and substance reasonably satisfactory
to the Placement Agent.

 

    

     

    

 

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(J)        Each
item required to be delivered in accordance with this Section 8 shall be reasonably satisfactory in form and substance to the
Placement Agent and their counsel.

 

(K)       The
Placement Agent shall have received copies of the Lock-up Agreements in form and substance reasonably satisfactory to counsel
for the Placement Agent executed by each entity or person listed on Schedule II hereto (the “Lock-up Agreements”).

 

(L)       The
Company shall have entered into that certain Escrow Agreement with U.S. Bank National Association, in substantially the form attached
hereto as Exhibit A.

 

(M)      The
Company shall have entered into that certain Warrant Agreement with [__________], in substantially the form attached hereto as
Exhibit B.

 

(N)       On
the Closing Date, there shall have been issued to the Placement Agent, a Placement Agent Warrant in the form attached hereto as
Exhibit C.

 

(O)       The
Securities (other than the Pre-Funded Warrants) and the Warrant Shares shall have been approved for listing on The NASDAQ Capital
Market, subject only to the official notice of issuance, and satisfactory evidence of such action shall have been provided to
the Placement Agent. The Company shall have taken no action designed to, or likely to have the effect of terminating the registration
of the Common Stock and Warrants under the Exchange Act or delisting or suspending from trading the Securities (other than the
Pre-Funded Warrants) or the Warrant Shares from The NASDAQ Capital Market, nor has the Company received any information suggesting
that the Commission or The NASDAQ Capital Market is contemplating terminating such registration or listing. The Securities and
the Warrant Shares shall be DTC eligible.

 

(P)       Subsequent
to the execution and delivery of this Agreement or, if earlier, the dates as of which information is given in the Registration
Statement, the General Disclosure Package or the Prospectus: (i) there shall not have been any material change in the capital
stock of the Company or any material change in the long-term debt of the Company or its subsidiaries, (ii) except as set forth
or contemplated by the Registration Statement, the General Disclosure Package and the Prospectus, no material oral or written
agreement or other transaction shall have been entered into by the Company that is not in the ordinary course of business or that
could reasonably be expected to result in a material reduction in the future earnings of the Company, (iii) no loss or damage
(whether or not insured) to the property of the Company shall have been sustained that had or could reasonably be expected to
have a Material Adverse Effect, (iv) no legal or governmental action, suit or proceeding affecting the Company or any of its properties
that is material to the Company or that affects or could reasonably be expected to affect the transactions contemplated by this
Agreement shall have been instituted or threatened and (v) there shall not have been any material change in the assets, properties,
condition (financial or otherwise), results of operations, business affairs, business prospects or stockholders’ equity
of the Company or its subsidiaries considered as a whole that makes it impractical or inadvisable in the Placement Agent’s
judgment to proceed with the Placement as contemplated hereby.

 

(Q)       FINRA
shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the terms and agreements
in connection with this Agreement and the Placement.

 

(R)       The
Company shall have entered into a Securities Purchase Agreement with each of the Purchasers and such agreements shall be in full
force and effect and shall contain representations, warranties and covenants of the Company as agreed between the Company and
the Purchasers.

 

    

     

    

 

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(S)       The
Company shall have furnished or caused to be furnished to the Placement Agent such further customary certificates or documents
as the Placement Agent shall have reasonably requested.

 

If
any of the conditions specified in this Section 8 shall not have been fulfilled when and as required by this Agreement, or if
any of the certificates, opinions, written statements or letters furnished to the Placement Agent or to counsel to the Placement
Agent pursuant to this Section 8 shall not be reasonably satisfactory in form and substance to the Placement Agent and counsel
to the Placement Agent, then the obligations of the Placement Agent to consummate the Closing hereunder may be cancelled by the
Placement Agent at, or at any time prior to, the consummation of the Closing. Notice of such cancellation shall be given to the
Company in writing or orally. Any such oral notice will be confirmed promptly thereafter by written, electronic or facsimile notice.

 

 Section
10      COVENANTS
AND OTHER AGREEMENTS OF THE COMPANY. 

 

(A)    The
Company covenants and agrees as follows:

 

(i)         The
Registration Statement and any amendments thereto have been declared effective. The Company shall prepare the Prospectus in a
form approved by the Placement Agent and file such Prospectus pursuant to Rule 424(b) under the Securities Act not later than
the Commission’s close of business on the second business day following the execution and delivery of this Agreement, or,
if applicable, such earlier time as may be required by the Rules. The Company will file with the Commission all Issuer Free Writing
Prospectuses in the time and manner required under Rules 433(d) or 163(b)(2), as the case may be.

 

(ii)        The
Company shall cause to be prepared and delivered to the Placement Agent, at its expense, within two (2) business days from the
date of this Agreement, an Electronic Prospectus to be used by the Placement Agent in connection with the Placement. As used herein,
the term “Electronic Prospectus” means a form of prospectus, and any amendment or supplement thereto, that
meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Placement Agent,
that may be transmitted electronically by the Placement Agent to offerees and purchasers of the Securities for at least the period
during which a prospectus relating to the Securities is required to be delivered under the Securities Act or the Exchange Act;
(ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent
that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be
replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material,
as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Placement
Agent, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without
charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for online time).

 

(iii)      If
the Company elects to rely on Rule 462(b) under the Securities Act, the Company will both file a Rule 462(b) Registration Statement
with the Commission in compliance with Rule 462(b) and pay the applicable fees in accordance with Rule 111 of the Securities Act.

 

(iv)      The
Company shall promptly advise the Placement Agent in writing (A) when any post-effective amendment to the Registration Statement
shall have become effective or any supplement to the Prospectus shall have been filed, (B) of the receipt of any comments of,
or any request by the Commission for any amendment of the Registration Statement or the Prospectus or for any additional information,
(C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any order
preventing or suspending the use of any Preliminary Prospectus or any “free writing prospectus”, as defined in Rule
405 of the Rules, or the institution or threatening of any proceeding for that purpose and (D) of the receipt by the Company of
any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation
or threatening of any proceeding for such purpose. The Company shall not file any amendment of the Registration Statement or supplement
to the Prospectus or any Issuer Free Writing Prospectus unless the Company has furnished the Placement Agent a copy for its review
at least forty eight (48) prior to filing and shall not file any such proposed amendment or supplement to which the Placement
Agent reasonably objects. The Company shall use its best efforts to prevent the issuance of any such stop order and, if issued,
to obtain as soon as possible the withdrawal thereof. 

 

    

     

    

 

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(v)       If,
at any time when a prospectus relating to the Securities (or, in lieu thereof, the notice referred to in Rule 173(a) of the Rules)
is required to be delivered under the Securities Act, any event occurs as a result of which the Prospectus as then amended or
supplemented would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein in the light of the circumstances under which they were made not misleading, or if it shall be necessary to amend or supplement
the Prospectus to comply with the Securities Act or the Rules, the Company promptly shall prepare and file with the Commission,
subject to the second sentence of Section 9(A)(iv), an amendment or supplement which shall correct such statement or omission
or an amendment which shall effect such compliance. 

 

(vi)      If
at any time following issuance of an Issuer Free Writing Prospectus there occurs an event or development as a result of which
such Issuer Free Writing Prospectus would conflict with the information contained in the Registration Statement or would include
an untrue statement of a material fact or would omit to state a material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances prevailing at the subsequent time, not misleading, the Company
will promptly notify the Placement Agent and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus
to eliminate or correct such conflict, untrue statement or omission. 

 

(vii)     The
Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months
after the end of the Company’s current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month
period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules; provided that the Company
will be deemed to have furnished such statement to its security holders to the extent it is filed on the EDGAR system.

 

(viii)    The
Company shall furnish to the Placement Agent and counsel for the Placement Agent, without charge, signed copies of the Registration
Statement (including all exhibits thereto and amendments thereof) and, so long as delivery of a prospectus by a Placement Agent
or dealer may be required by the Securities Act or the Rules, as many copies of any Issuer Free Writing Prospectus and the Prospectus
and any amendments thereof and supplements thereto as the Placement Agent may reasonably request. If applicable, the copies of
the Registration Statement, any Issuer Free Writing Prospectus and Prospectus and each amendment and supplement thereto furnished
to the Placement Agent will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to
EDGAR, except to the extent permitted by Regulation S-T. 

 

(ix)       The
Company shall use its best efforts to maintain the effectiveness of the Registration Statement and a current Prospectus relating
thereto for as long as the Warrants and the Placement Agent Warrants remain outstanding. During any period when the Company fails
to have maintained an effective Registration Statement or a current Prospectus relating thereto and a holder of a Warrant or Placement
Agent Warrant desires to exercise such warrant and, in the opinion of counsel to the holder, Rule 144 is not available as an exemption
from registration for the resale of the Warrant Shares, the Company shall immediately file a registration statement registering
the resale of the Warrant Shares and use its best efforts to have it declared effective by the Commission within forty five (45)
days.

 

    

     

    

 

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(x)        The
Company shall cooperate with the Placement Agent and counsel for the Placement Agent in endeavoring to qualify the Securities
for offer and sale in connection with the Placement under the laws of such jurisdictions as the Placement Agent may designate
and shall maintain such qualifications in effect so long as required for the distribution of the Securities; provided, however,
that the Company shall not be required in connection therewith, as a condition thereof, to qualify as a foreign corporation or
to execute a general consent to service of process in any jurisdiction or subject itself to taxation as doing business in any
jurisdiction. 

 

(xi)       The
Company, during the period when the Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) of the Rules) is required
to be delivered under the Securities Act and the Rules or the Exchange Act or while any Warrants or Placement Agent Warrants remain
outstanding, will file all reports and other documents required to be filed with the Commission pursuant to Section 13, 14 or
15 of the Exchange Act within the time periods required by the Exchange Act and the regulations promulgated thereunder. 

 

(xii)      The
Company shall, during the term of the Lock-Up Agreements, enforce the terms thereof and impose stop-transfer restrictions on any
sale or other transfer or disposition of Company securities in violation of the Lock-Up Agreements. 

 

(xiii)     On
or before completion of this Placement, the Company shall make all filings required under applicable securities laws and by The
NASDAQ Capital Market (including any required registration under the Exchange Act). 

 

(xiv)     The
Company will issue no press release or other communications directly or indirectly and hold no press conference with respect to
the Company, its condition, financial or otherwise, or its earnings, business affairs or business prospects, or the Placement
for a period of time ending on the first business day following the fortieth (40th) day following the Closing Date, without the
prior written consent of the Placement Agent other than normal and customary releases issued in the ordinary course of the Company’s
business or as required by law. 

 

(xv)     The
Company will apply the net proceeds from the Placement in the manner set forth under “Use of Proceeds” in the Prospectus.

 

(xvi)    The
Company will use its best efforts to effect and maintain the listing of the Securities and the Warrant Shares on The NASDAQ Capital
Market for at least three years after the Closing Date. 

 

(xvii)   Except
with respect to (x) the issuance of securities pursuant to the exercise or conversion of outstanding options or warrants or other
rights to receive securities of the Company that exist as of the Closing Date; or (y) the issuance of securities pursuant to an
equity incentive plan, during the ninety (90) days following the Closing Date, the Company will not undertake any public or private
offerings of any equity securities of the Company without the prior written consent of the Placement Agent, which consent will
not be unreasonably withheld.

 

    

     

    

 

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(xviii)      The
Company will not take, and will cause its affiliates (as such term is defined by Rule 144 of the Securities Act) not to take,
directly or indirectly, any action which constitutes or is designed to cause or result in, or which could reasonably be expected
to constitute, cause or result in, the stabilization or manipulation of the prices of any security to facilitate the sale or resale
of the Securities.

 

(xix)         For
so long as it is legally required to do so, the Company will use its best efforts to comply in all material respects with all
applicable provisions of the Sarbanes-Oxley Act that are in effect.

 

(B)       The
Company agrees to pay, whether or not the transactions contemplated hereby are consummated or this Agreement is terminated, all
costs and expenses incident to the Placement, including the reimbursement of the Placement Agent for its out-of-pocket expenses
in connection with the Placement, subject to a cap of $50,000 in the aggregate, including but not limited to the fees of the Placement
Agent’s legal counsel, Harter Secrest & Emery LLP, and the performance of the obligations of the Company under this
Agreement including those relating to: (i) the preparation, printing, reproduction filing and distribution of the Registration
Statement including, but not limited to, all exhibits thereto, each Preliminary Prospectus, the Prospectus, any Issuer Free Writing
Prospectus, all amendments and supplements thereto, and the printing, filing and distribution of this Agreement; (ii) the preparation
and delivery of certificates for the Securities to the Purchasers, if any; (iii) the registration or qualification of the Securities,
the Placement Agent Warrants and/or the Warrant Shares for offer and sale under the securities or Blue Sky laws of the various
requisite jurisdictions, including the reasonable fees and disbursements of counsel for the Placement Agent in connection with
such registration and qualification and the preparation, printing, distribution and shipment of preliminary and supplementary
Blue Sky memoranda; (iv) the furnishing (including costs of shipping and mailing) to the Placement Agent of copies of each Preliminary
Prospectus, the Prospectus and all amendments or supplements to the Prospectus, any Issuer Free Writing Prospectus, and of the
several documents required by this Section to be so furnished, as may be reasonably requested for use by the Placement Agent or
by dealers to whom Securities may be sold in connection with the Placement; (v) the filing fees of FINRA in connection with its
review of the terms of the Placement and reasonable fees and disbursements of counsel for the Placement Agent in connection with
such review; and (vi) inclusion of the Securities and the Warrant Shares for listing on The NASDAQ Capital Market. The reimbursement
of expenses described in this Section 9(B) shall be in addition to the fees in Section 1. Except to the extent otherwise expressly
provided for in this Section 9(B), the Placement Agent shall pay its own costs and expenses, including the fees and expenses of
legal counsel in connection with the Placement. 

 

(C)       [Reserved.]

 

(D)       The
Company represents and agrees that, unless it obtains the prior written consent of the Placement Agent, and the Placement Agent
represents and agrees that, unless it obtains the prior written consent of the Company, it has not made and will not make any
offer relating to the Securities that would constitute an “issuer free writing prospectus,” as defined in Rule 433
under the Securities Act, or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405 under
the Securities Act, required to be filed with the Commission; provided that the prior written consent of the parties hereto shall
be deemed to have been given in respect of the free writing prospectuses included in Schedule I. Any such free writing prospectus
consented to by the Company and the Placement Agent is hereinafter referred to as a “Permitted Free Writing Prospectus.”
Each of the Company and the Placement Agent represents that it has treated or agrees that it will treat each Permitted Free Writing
Prospectus as an “issuer free writing prospectus,” as defined in Rule 433, and has complied and will comply with the
requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required,
legending and record keeping.

 

     

     

    

 

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(E)       During
a period of ninety (90) days from the date of the Prospectus, the Company will not, without the prior written consent of the Placement
Agent, (i) directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of any share of Common
Stock or any securities convertible into or exercisable or exchangeable for Common Stock or file any registration statement under
the Securities Act with respect to any of the foregoing or (ii) enter into any swap or any other agreement or any transaction
that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Common Stock, whether
any such swap or transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other
securities, in cash or otherwise. The foregoing sentence shall not apply to (A) the Securities to be sold hereunder, (B) any shares
of Common Stock issued by the Company upon the exercise of an option or warrant or the conversion of a security outstanding on
the date hereof and referred to in the Registration Statement or the General Disclosure Package, or (C) any shares of Common Stock
issued or options to purchase Common Stock granted pursuant to existing equity incentive plans or employee benefit plans of the
Company referred to in the Registration Statement or the General Disclosure Package provided that such options shall not be vested
and exercisable within the ninety (90) day period referred to above (unless such shares are subject to a Lock-Up Agreement).

 

 Section
11     INDEMNIFICATION. 

 

(A)       Subject
to the conditions set forth below, the Company agrees to indemnify, defend and hold harmless the Placement Agent, their respective
affiliates, directors and officers and employees, and each person, if any, who controls the Placement Agent within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any losses, claims, damages or liabilities
to which the Placement Agent or such persons may become subject, under the Securities Act or otherwise (including in settlement
of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon: (i) an untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement, including the information deemed to be a part of the Registration
Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Rules and Regulations,
or arise out of or are based upon the omission from the Registration Statement, or alleged omission to state therein, a material
fact required to be stated therein or necessary to make the statements therein not misleading, or (ii) an untrue statement or
alleged untrue statement of a material fact contained in the General Disclosure Package, the Prospectus, or any amendment or supplement
thereto (including any documents filed under the Exchange Act and deemed to be incorporated by reference into the Registration
Statement or the Prospectus), any Issuer Free Writing Prospectus, or the Marketing Materials, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, and will reimburse the Placement Agent and
such persons for their reasonable legal or other out of pocket expenses reasonably incurred and documented by them in connection
with evaluating, investigating or defending against such loss, claim, damage, liability or action; provided, however, that (y)
the Company will only be obligated to reimburse the Placement Agent for the cost and expense of one counsel (in addition to any
local counsel) and provided further that the Company will not be liable in any such case to the extent that any such loss, claim,
damage, liability or action arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission made in the Registration Statement, the General Disclosure Package, the Prospectus, or any amendment or supplement thereto
or any Issuer Free Writing Prospectus, in reliance upon and in conformity with the Placement Agent Information; and (z) with respect
to any untrue statement or omission or alleged untrue statement or omission made in the Preliminary Prospectus, if any, the indemnity
agreement contained in this Section 10(A) shall not inure to the benefit of the Placement Agent to the extent that any losses,
claims, damages or liabilities of the Placement Agent results from the fact that a copy of the Preliminary Prospectus was not
given or sent to the person asserting any such loss, claims, damage or liability at or prior to the written confirmation of sale
of Securities to such person as required by the Securities Act and the rules and regulations thereunder, and if the untrue statement
or omission has been corrected in the Prospectus, unless such failure to deliver the Prospectus was a result of non-compliance
by the Company with its obligations under this Agreement. This indemnity agreement will be in addition to any liability which
the Company may otherwise have. 

 

     

     

    

 

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(B)       The
Placement Agent agrees to indemnify and hold harmless (i) the Company, and each person, if any, who controls the Company within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and (ii) each director of the Company, and each
officer of the Company who signs the Registration Statement, against any losses, claims, damages or liabilities to which such
party may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained
in any Preliminary Prospectus, the Registration Statement or the Prospectus, or any amendment or supplement thereto, or arise
out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement
or alleged untrue statement or omission or alleged omission was made in any Preliminary Prospectus, the Registration Statement
or the Prospectus or any such amendment or supplement in reliance upon and in conformity with the Placement Agent Information
and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with evaluating,
investigating or defending any such action or claim as such expenses are incurred; provided, however, that the obligation of the
Placement Agent to indemnify the Company (including any controlling person, director or officer thereof) shall be limited to the
amount of the fees and commissions to the Placement Agent applicable to Securities to be purchased in the Placement. 

 

(C)       Any
party that proposes to assert the right to be indemnified under this Section will, promptly after receipt of notice of commencement
of any action, suit or proceeding against such party in respect of which a claim is to be made against an indemnifying party or
parties under this Section, notify each such indemnifying party of the commencement of such action, suit or proceeding, enclosing
a copy of all papers served. No indemnification provided for in Section 10(A) or 10(B) shall be available to any party who shall
fail to give notice as provided in this Section 10(C) if the party to whom notice was not given was unaware of the proceeding
to which such notice would have related and was materially prejudiced by the failure to give such notice but the omission so to
notify such indemnifying party of any such action, suit or proceeding shall not relieve it from any liability that it may have
to any indemnified party for contribution or otherwise than under this Section. In case any such action, suit or proceeding shall
be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying
party shall be entitled to participate in, and, to the extent that it shall wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof, with one firm of legal counsel reasonably satisfactory to such indemnified party, and
after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and the approval
by the indemnified party of such counsel, the indemnifying party shall not be liable to such indemnified party for any legal or
other expenses, except as provided below and except for the reasonable costs of investigation subsequently incurred by such indemnified
party in connection with the defense thereof. The indemnified party shall have the right to employ its counsel in any such action,
but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the employment of counsel
by such indemnified party has been authorized in writing by the indemnifying parties, (ii) the indemnified party shall have been
advised by counsel that there may be one or more legal defenses reasonably available to it which are different from or in addition
to those available to the indemnifying party (in which case the indemnifying parties shall not have the right to direct the defense
of such action on behalf of the indemnified party) or (iii) the indemnifying parties shall not have employed counsel to assume
the defense of such action within a reasonable time after notice of the commencement thereof, in each of which cases the fees
and expenses of not more than one counsel shall be at the expense of the indemnifying parties. An indemnifying party shall not
be liable for any settlement of any action, suit, and proceeding or claim effected without its written consent, which consent
shall not be unreasonably withheld or delayed. No indemnifying party shall, without the written consent of the indemnified party,
effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action
or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is
an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional
release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement
as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

 

     

     

    

 

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 Section
12     CONTRIBUTION.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in Section
10(A) or 10(B) is due in accordance with its terms but for any reason is unavailable or insufficient to hold harmless an indemnified
party in respect to any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall
contribute to the aggregate losses, liabilities, claims, damages and expenses (including any investigation, legal and other expenses
reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted,
but after deducting any contribution received by any person entitled hereunder to contribution from any person who may be liable
for contribution) incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the relative
benefits received by the Company, on the one hand, and the Placement Agent, on the other hand, from the Placement pursuant to
this Agreement or, if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to above but also the relative fault of the Company, on the one hand, and the Placement Agent,
on the other hand, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages
or expenses, as well as any other relevant equitable considerations. The Company and the Placement Agent agree that it would not
be just and equitable if contribution pursuant to this Section 11 were determined by pro rata allocation or by any other method
of allocation which does not take account of the equitable considerations referred to above. The aggregate amount of losses, liabilities,
claims, damages and expenses incurred by an indemnified party and referred to above shall be deemed to include any reasonable
legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based
upon any such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this Section
11, the Placement Agent shall not be required to contribute any amount in excess of the fees and commissions to the Placement
Agent applicable to Securities purchased in the Placement. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section 11, each person, if any, who controls the Placement Agent within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Placement
Agent, and each director or partner of the Company, each officer of the Company who signed the Registration Statement, and each
person, if any, who controls the Company within the meaning of the Section 15 of the Securities Act or Section 20 of the Exchange
Act, shall have the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt
of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may
be made against another party or parties under this Section 11, notify such party or parties from whom contribution may be sought,
but the omission so to notify such party or parties from whom contribution may be sought shall not relieve the party or parties
from whom contribution may be sought from any other obligation it or they may have hereunder or otherwise than under this Section
11. No party shall be liable for contribution with respect to any action, suit, proceeding or claim settled without its written
consent. The Placement Agent’s obligations to contribute pursuant to this Section 11 are several in proportion to their
respective commitments hereunder and not joint. 

 

     

     

    

 

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 Section
13     GOVERNING
LAW. This Agreement, and any dispute, claim or action arising under or in any way relating to this Agreement, will 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, without regard for conflict of law principles thereof. This Agreement may not be assigned by any party without
the prior written consent of the other parties. This Agreement shall be binding upon and inure to the benefit of the parties hereto,
and their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this
Agreement or any transaction or conduct in connection herewith is knowingly, voluntarily and irrevocably waived to the fullest
extent permitted by applicable law. Each of the Placement Agent and the Company: (i) submits to the non-exclusive jurisdiction
of the Federal and state courts in the Borough of Manhattan in the City of New York in any suit, action or proceeding arising
out of or relating to this Agreement and/or the transactions contemplated hereby, (ii) waives any objection which it may have
or hereafter to the venue of any such suit, action or proceeding, and (iii) irrevocably consents to the jurisdiction of the Federal
and state courts in the Borough of Manhattan in the City of New York in any such suit, action or proceeding. The Placement Agent
and the Company further agrees to accept and acknowledge service of any and all process which may be served in any such suit,
action or proceeding in the Federal or state courts in the Borough of Manhattan in the City of New York and agrees that service
of process upon the Company mailed by certified mail to the Company’s address shall be deemed in every respect effective
service of process upon the Company, in any such suit, action or proceeding, and service of process upon the Placement Agent mailed
by certified mail to the Placement Agent’s address shall be deemed in every respect effective service process upon the Placement
Agent, in any such suit, action or proceeding. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law.  

   

 Section
14     ENTIRE
AGREEMENT/MISC. This Agreement (including the attached Indemnification Provisions) embodies the entire agreement and understanding
between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter hereof. If
any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect
such provision in any other respect or any other provision of this Agreement, which will remain in full force and effect. This
Agreement may not be amended or otherwise modified or waived except by an instrument in writing signed by both the Placement Agent
and the Company. The representations, warranties, agreements and covenants contained herein shall survive the Closing of the Placement
and delivery and/or exercise of the Securities, as applicable. This Agreement may be executed in two or more counterparts, all
of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have
been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart.
In the event that any signature is delivered by facsimile transmission or a .pdf format file, such signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as
if such facsimile or .pdf signature page were an original thereof. The Company agrees that the Placement Agent may rely upon,
and each is a third party beneficiary of, the representations and warranties, and applicable covenants set forth in any such purchase,
subscription or other agreement with the Purchasers in the Placement. All amounts stated in this Agreement are in US dollars unless
expressly stated. 

   

 Section
15     NOTICES.
All notices and communications hereunder shall be in writing and mailed or delivered or by email if subsequently confirmed in
writing, and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication
is sent to the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business
day, (b) the next business day after the date of transmission, if such notice or communication is sent to the email address on
the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any business
day, (c) the third business day following the date of mailing, if sent by U.S. internationally recognized air courier service,
or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as follows: [ ] 

 

     

     

    

 

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[The
remainder of this page has been intentionally left blank.]

 

     

     

    

 

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Please
confirm that the foregoing correctly sets forth our agreement by signing and returning to the Placement Agent the enclosed copy
of this Agreement.

 

	 	Very truly yours,
	 	 
	 	MAXIM GROUP LLC
	 	 
	 	By: 	 
	 	 	Name:
    
	 	 	Title: 

 

     

     

    

 

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Accepted
and Agreed to as of

the
date first written above:

 

BLUE
SPHERE CORPORATION

 

	By: 	 	 
	 	Name:
    Shlomo Palas	 
	 	Title: Chief Executive Officer	 

 

     

     

    

 

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Schedule
i

 

Other
Written Communications

 

None.

 

     

     

    

 

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21 of 21

 

SCHEDULE
II

 

Lock-up
Signatories

 

	 	Name
	Holders
    of more than 5% of capital stock:
	1.   	[Lazarus
    Management Company LLC]
	2.   	Auto
    Transtech Inc.
	Directors
	3.   	Joshua
    Shoham
	4.   	Yigal
    Brosh
	5.   	Shimon
    Erlichman
	6.   	Lyron
    Bentovim
	7.   	David
    A. Doctor
	Officers
	8.   	Shlomo
    Palas
	9.   	Roy
    Amitzur
	10.   	Ran
    Daniel
	11.   	Elad
    Kerner

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