Document:

exv10w1

Table of Contents

Date 30th March 2010

NAVIOS MARITIME PARTNERS L.P.

as Borrower

COMMERZBANK AG and DVB BANK SE

as Lenders

DVB BANK SE

as Swap Bank, Joint-Arranger, Agent,

and Security Trustee

and

COMMERZBANK AG

as Joint-Arranger, Payment Agent,

Account Bank and Swap Bank

 

FOURTH SUPPLEMENTAL AGREEMENT

 

in relation to a Facility Agreement dated 15 November 2007,

as amended by supplemental agreements dated 25 June 2008,

30 January 2009 and 11 January 2010

Piraeus

 

 

Index

	 	 	 	 	 
	Clause	 	Page No	 
	1 INTERPRETATION
	 	 	3	 
	 
	 	 	 	 
	2 AGREEMENT OF THE LENDERS
	 	 	5	 
	 
	 	 	 	 
	3 CONDITIONS PRECEDENT
	 	 	5	 
	 
	 	 	 	 
	4 REPRESENTATIONS AND WARRANTIES
	 	 	8	 
	 
	 	 	 	 
	5 AMENDMENTS TO FACILITY AGREEMENT AND OTHER SECURITY DOCUMENTS
	 	 	8	 
	 
	 	 	 	 
	6 FURTHER ASSURANCES
	 	 	11	 
	 
	 	 	 	 
	7 FEES AND EXPENSES
	 	 	11	 
	 
	 	 	 	 
	8 NOTICES
	 	 	12	 
	 
	 	 	 	 
	9 SUPPLEMENTAL
	 	 	12	 
	 
	 	 	 	 
	10 LAW AND JURISDICTION
	 	 	12	 
	 
	 	 	 	 
	SCHEDULE — VESSEL DETAILS
	 	 	14	 

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THIS AGREEMENT is made on 30th March 2010

BETWEEN

	(1)	 	NAVIOS MARITIME PARTNERS L.P. as Borrower;
	 
	(2)	 	COMMERZBANK AG and DVB BANK SE as Lenders;
	 
	(3)	 	DVB BANK SE as Swap Bank, Joint-Arranger, Agent and Security Trustee; and
	 
	(4)	 	COMMERZBANK AG as Joint-Arranger, Payment Agent, Account Bank and Swap Bank.

BACKGROUND

	(A)	 	By a Facility Agreement dated 15 November 2007 as amended by supplemental agreements dated 25
June 2008, 30 January 2009 and 11 January 2010 and made between the parties hereto the Lenders
have made available to the Borrower a loan of (originally) up to USD319,000,000.
	 
	(B)	 	The Borrower has made a request to the Lenders that they make available a further advance of
USD30,000,000 for the purpose of re-financing part of the purchase price of Chilali.
	 
	(E)	 	This Agreement sets out the terms and conditions on which the Lenders agree to make available
Advance F to the Borrower and the consequential amendments to the Facility Agreement and the
other Security Documents.

IT IS AGREED as follows:

	1	 	INTERPRETATION

	1.1	 	Defined expressions. Words and expressions defined in the Facility Agreement and the other
Security Documents shall have the same meanings when used in this Agreement unless the context
otherwise requires.
	 
	1.2	 	Definitions. In this Agreement, unless the contrary intention appears:
	 
	 	 	“Advance F” means the advance of USD30,000,000, to be applied in re-financing part of the
purchase price of Chilali;
	 
	 	 	“Advance F Drawdown Date” means the date requested by the Borrower for Advance F to be
made available, or (as the context requires) the date on which Advance F is actually
advanced to the Borrower;
	 
	 	 	“Available Advance F Commitment” means USD 30,000,000;
	 
	 	 	“Chilali” means Chilali Corp., a corporation incorporated in the Marshall Islands whose
registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands, MH96960;
	 
	 	 	“Facility Agreement” means the Facility Agreement dated 15 November 2007 (as amended)
referred to in Recital (A);
	 
	 	 	“New Charter Assignment” means in respect of each New Charter, a specific assignment
thereof required to be executed hereunder by, respectively, Chilali and the Head Charterer
in favour of the Security Trustee (including any notices and/or acknowledgements and/or

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	 	 	undertakings associated therewith) in such form as the Agent and the Majority Lenders may
require in their sole discretion and in the plural means both of them;
	 
	 	 	“New Charter Insurance Assignment” means the deed of assignment of the Charter Insurances
in respect of the New Vessel executed or to be executed by such named insured as the Agent
may require in favour of the Security Trustee in such form as the Agent and the Majority
Lenders may require in their sole discretion;
	 
	 	 	“New Earnings Account” means the interest bearing USD current account of the
Head Charterer paying interest at a rate to be agreed between the Account Bank and the
Head Charterer opened with the Account Bank and includes any sub-accounts thereof and any
other account designated in writing by the Payment Agent to be the New Earnings Account
for the purposes of the Loan Agreement;
	 
	 	 	“New Earnings Account Pledge” means a first priority charge required to be executed
hereunder between the Head Charterer and the Lenders in respect of the New Earnings
Account in such form as the Agent and the Majority Lenders may require in their sole
discretion;
	 
	 	 	“New General Assignment” means a first priority general assignment of the Earnings, the
Insurances and any Requisition Compensation in respect of the New Vessel executed or to be
executed by Chilali in favour of the Security Trustee, in such form as the Agent and the
Majority Lenders may in their sole discretion require;
	 
	 	 	“New Guarantee” means the guarantee of the obligations of the Borrower under the Facility
Agreement and the Security Documents to be made by Chilali in favour of the Security
Trustee in such form as the Agent and the Majority Lenders may in their sole discretion
require;
	 
	 	 	“New Manager’s Undertaking” means the undertaking and assignment required to be executed
by the Manager in favour of the Security Trustee in respect of the New Vessel in such form
as the Agent and the Majority Lenders may require in their sole discretion;
	 
	 	 	“New Mortgage” means a first preferred Panamanian ship mortgage made or to be made by
Chilali in respect of the New Vessel in favour of the Security Trustee in such form as the
Agent and the Majority Lenders may in their sole discretion require;
	 
	 	 	“New Mortgage Addendum” means, in respect of each of the Existing Vessels and the
Additional Vessels, an addendum to the Mortgage in respect thereof, in such form as the
Agent and the Majority Lenders may in their sole discretion require, and in the plural
means all of them; and
	 
	 	 	“New Security Documents” means, together:

	 	(a)	 	the New Charter Insurance Assignment;
	 
	 	(b)	 	the New Guarantee;
	 
	 	(c)	 	the New General Assignments;
	 
	 	(d)	 	the New Mortgage;
	 
	 	(e)	 	the New Earnings Account Pledge;
	 
	 	(f)	 	the New Charter Assignment;

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	 	(g)	 	the New Manager’s Undertaking; and
	 
	 	(h)	 	the New Mortgage Addenda

	 	 	and, in the singular, means any of them.

	 	 	Words and expressions advised in the Schedule to this Agreement shall have the meanings
given to them therein as if set out in full in this Clause 1.2.

	1.3	 	Application of construction and Interpretation provisions of Facility Agreement. Clauses 1.3
to 1.6 (inclusive) of the Facility Agreement apply, with any necessary modifications, to this
Agreement.

	2	 	AGREEMENT OF THE LENDERS

	2.1	 	Agreement of the Lenders. The Lenders, relying upon each of the representations and
warranties in Clause 4 and subject to Clause 3, agree to make Advance F available to the
Borrower upon and subject to the terms of this Agreement and the Facility Agreement to enable
the Borrower to on-lend the same to the Shareholder to refinance in part the purchase of
Chilali. Subject to the terms of this Agreement, the obligations of the Lenders shall be to
contribute to Advance F as to 50% each.

	3	 	CONDITIONS PRECEDENT

	3.1	 	Advance of Advance F. The obligation of each Lender to make its Commitment available in
respect of Advance F is conditional upon:
	 
	3.1.1	 	the Agent, or its authorised representative, having received, on or prior to the Advance F
Drawdown Date, the documents and evidence specified in Clause 3.2 in form and substance
satisfactory to the Lenders;
	 
	3.1.2	 	the representations and warranties contained in Clause 4 being then true and correct as if
each was made with respect to the facts and circumstances existing at such time and the same
being unaffected by drawdown of Advance F; and
	 
	3.1.3	 	no Default having occurred and being continuing and there being no Default which would
result from the lending of Advance F.
	 
	3.2	 	Conditions precedent to Advance F. The conditions referred to in Clause 3.1 are that the
Agent shall have received the following documents on or before the Advance F Drawdown Date (or
such later date as the Agent may agree with the Borrower):
	 
	(a)	 	Corporate documents
	 
	 	 	Certified Copies of all documents which evidence or relate to the constitution of each
Security Party (other than the Manager and the Shareholder) and its current corporate
existence;
	 
	(b)	 	Corporate authorities

	 	(i)	 	Certified Copies of resolutions of the directors of each Security Party
(other than the Manager and the Shareholder) approving such of the New Security
Documents to which it is a party and authorising the execution and delivery thereof
and performance of its obligations thereunder, additionally certified by an officer
of such Security Party as having been duly passed at a duly convened meeting of the

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	 	 	 	directors of such Security Party and not having been amended, modified or revoked
and being in full force and effect; and

	 	(ii)	 	originals of any powers of attorney issued by any Security Party pursuant
to such resolutions;

	(c)	 	Required Authorisations
	 
	 	 	a certificate (dated no earlier than 5 Banking Days prior to the Advance F Drawdown Date)
that there are no Required Authorisations or that there are no Required Authorisations
except those described in such certificate and Certified Copies of which as duly executed
(including any conditions and/or documents ancillary thereto) are appended thereto.
	 
	(d)	 	Certificate of incumbency
	 
	 	 	a list of directors and officers of each Security Party (other than the Manager and the
Shareholder) specifying the names and positions of such persons, certified by an officer
of such Security Party to be true, complete and up to date;
	 
	(e)	 	Evidence satisfactory to the Lenders that the New Vessel:

	 	(i)	 	Registration and Encumbrances
	 
	 	 	 	is registered in the name of its Owner through the Registry under the laws and
flag of the Flag State and that she and her Earnings, Insurances and Requisition
Compensation (as defined in the New Mortgage) are free of Encumbrances except
Permitted Encumbrances (such evidence to include relevant certificates issued by
the Flag State and results of searches carried out against the said Registry by
the Agent or its lawyers);
	 
	 	(ii)	 	Classification
	 
	 	 	 	(to be dated no more than 15 days prior to the Advance F Drawdown Date) maintains
the Classification free of all requirements and recommendations of the
Classification Society; and
	 
	 	(iii)	 	Insurance
	 
	 	 	 	(to be provided at least 5 days prior to the Advance F Drawdown Date) is insured
in accordance with the provisions of the New Security Documents and all
requirements of such Security Documents in respect of such insurance have been
complied with (including without limitation, receipt by the Agent of customary
brokers’ letters of undertaking regarding the placing of hull and machinery and
war risks cover and confirmation from the protection and indemnity association or
other insurer with which the New Vessel is entered for insurance or insured
against protection and indemnity risks, that any necessary declarations required
by the association or insurer for the removal of any oil pollution exclusion have
been made and that any such exclusion does not apply to her);

	(f)	 	New Security Documents
	 
	 	 	the New Security Documents duly executed and delivered;
	 
	(g)	 	Notices of assignment and acknowledgements

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	 	 	counterpart originals of duly executed notices of assignment required by the terms of
the New Security Documents and in the forms prescribed by the New Security Documents and
any other documents required to be delivered pursuant thereto;
	 
	(h)	 	Mortgage registration
	 
	 	 	evidence that the New Mortgage and the New Mortgage Addenda have been duly registered
against the respective Vessels in accordance with the laws of Panama;

	(i)	 	Copies of underlying documents
	 
	 	 	a Certified Copy of the Management Agreements in respect of the New Vessel, the New
Charters and all ISM Code Documentation for the New Vessel, all on terms acceptable to
the Lenders;
	 
	(j)	 	Ownership
	 
	 	 	evidence that forthwith on drawdown of Advance F:

	 	(i)	 	the Shareholder is a wholly owned subsidiary of the Borrower; and
	 
	 	(ii)	 	Chilali is a wholly owned subsidiary of the Shareholder;

	(k)	 	Know-your-customer
	 
	 	 	all such evidence and documentation on any Lender may reasonably require in relation
to its “Know-your-customer” requirements in respect of any Security Party;
	 
	(l)	 	ISPS Code
	 
	 	 	evidence satisfactory to the Agent that the New Vessel is subject to a ship security
plan which complies with the ISPS Code and a copy of the ISSC for such Vessel;
	 
	(m)	 	Loan amount
	 
	 	 	evidence that the Loan is no more than USD206,500,000;
	 
	(n)	 	Laws of the Marshall Islands: opinion
	 
	 	 	an opinion of Messrs Cozen O’Connor, special legal advisers in New York to the Banks;
	 
	(o)	 	Laws of Panama
	 
	 	 	an opinion of Messrs Patton, Moreno & Asvat, special legal advisers in Panama to the
Banks;
	 
	(p)	 	Insurance Report
	 
	 	 	a written report from a maritime insurance consultant or broker acceptable to the
Lenders in a form and content acceptable to the Lenders in respect of the insurances
on the New Vessel, which report shall certify that such insurances are placed through
or with insurance brokers and clubs, in amounts, covering risks and on terms
acceptable to the Majority Lenders and that the same are in accordance with the terms
of the New Mortgage in respect of the New Vessel;

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	(q)	 	Fees
	 
	 	 	evidence that all fees due and payable to the Creditor Parties have been paid in full;
	 
	(r)	 	Minimum Value
	 
	 	 	evidence that following drawdown of Advance F the Security Value will exceed the
Required Security Amount;
	 
	(s)	 	Endorsement
	 
	 	 	the endorsement at the end of this Agreement signed by each Security Party (other than
the Borrower and Chilali);
	 
	(t)	 	London agent
	 
	 	 	documentary evidence that the agent for service of process named in Clause 19 of the
Facility Agreement has accepted its appointment for the purposes of this Agreement and
the New Security Documents; and
	 
	(u)	 	Further opinions, etc
	 
	 	 	any further opinions, consents, agreements and documents in connection with this
Agreement and the Security Documents which the Agent may request by notice to the
Borrower prior to the Advance F Drawdown Date.

	4	 	REPRESENTATIONS AND WARRANTIES

	4.1	 	Repetition of Facility Agreement representations and warranties. The Borrower represents and
warrants to each Bank that the representations and warranties in Clause 7 of the Facility
Agreement, as amended and supplemented by this Agreement and updated with appropriate
modifications to refer to this Agreement, remain true and not misleading if repeated on the
date of this Agreement with reference to the circumstances now existing.

	5	 	AMENDMENTS TO FACILITY AGREEMENT AND OTHER SECURITY DOCUMENTS

	5.1	 	Specific amendments to Facility Agreement. With effect on and from the date of this
Agreement the Facility Agreement shall be, and shall be deemed by this Agreement to be,
amended as follows:
	 
	(a)	 	by adding in Clause 1.2 thereof each of the definitions in Clause 1.2 and the
Schedule of this Agreement (other than the definitions of “Facility Agreement” and “Advance F
Drawdown Date”);
	 
	(b)	 	by construing all references in the Facility Agreement and the other Security
Documents to the Mortgages relative to the Existing Vessels and the Additional Vessels to mean
those Mortgages as amended by the New Mortgage Addenda;
	 
	(c)	 	by adding in the definition of “Advances” in Clause 1.2 after the words “Advance E” the words
“Advance F”;
	 
	(d)	 	by deleting the definition of “Applicable Margin” in Clause 1.2 and replacing it with:

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	 	 	“Applicable Margin” means, in relation to each Interest Period the relevant one of the
following as shall be notified to the Borrower by the Payment Agent under Clause 3.5:

	 	(a)	 	1.25% per annum while the Loan Amount is less than 40% of the Security Value;
	 
	 	(b)	 	1.45% per annum while the Loan Amount is equal to or more than 40% but less
than 65% of the Security Value; and
	 
	 	(c)	 	1.65% per annum while the Loan Amount is equal to or more than 65% of the
Security Value

	 	 	where “Loan Amount” means either (a) if the Loan is partially drawn, the daily average
of the amount of the Loan during the three months preceding the period under Clause 3.5
to which the Applicable Margin applies, calculated by reference to the amount of the
Loan on close of business in Germany on each day during that period or (b) if the Loan
is fully drawn, the amount thereof at the date of calculation by the Agent of the
Applicable Margin in accordance with Clause 3.5”;

	(e)	 	by adding as new item (l) in the list of companies in the definition of “Guarantors” in
Clause 1.2 the words “(l) Chilali”;
	 
	(h)	 	by deleting from the definition of “Loan Facility” in Clause 1.2 the number “206,500,000” and
replacing it with the number “236,500,000”;
	 
	(k)	 	by adding in the definition of “Owner” in Clause 1.2 after the word “Vessel C” the words
“the New Vessel” and after the word “Hyperion”, the words “and Chilali”;
	 
	(l)	 	by adding after the words “Additional Security Documents” in the definition of “Security
Documents” in Clause 1.2 the words “, the New Security Documents”;
	 
	(m)	 	by adding after the word “Guarantors” in the definition of “Security Party” the words “the
Head Charterer”;
	 
	(n)	 	by adding at the end of the definition of “Owner” in Clause 1.2 the words “and, in respect of
the New Vessel, Chilali”;
	 
	(o)	 	by adding in the definition of “Underlying Documents” in Clause 1.2 after the words “Vessel A
MOA” the words “and the New Charters”;
	 
	(p)	 	by adding in the definition of “Vessels” in Clause 1.2 after the words ““the Additional
Vessels and” the words “the New Vessel and”;
	 
	(q)	 	by construing the definitions of “Existing Charters”, “Mortgages”, “General Assignments”,
“Guarantees” and “Manager’s Undertakings” and “Charter Assignments” to include the New
Charters, the New Mortgage, the New General Assignment, the New Guarantee, the New Manager’s
Undertaking and the New Charter Assignments respectively;
	 
	(r)	 	by adding in Clause 2.1 after the words “Hyperion and Palermo” the words “and (iv)
re-financing part of the purchase price of Chilali”;
	 
	(s)	 	by adding after the words “Advance E” in Clause 2.5.2 the words “Advance F”;
	 
	(t)	 	by deleting clause 4.1.1 and replacing it with:

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	 	 	“Subject to any obligation to pay earlier under this Agreement, the Borrower must repay the Loan in such amounts so that
the amount of the Loan will not exceed the amount set out in Column B on and after the date set out in column A

	 	 	 	 	 
	 	 	“B”
	 	 	Loan Amount
	“A”	 	Outstanding
	16 February 2012
	 	USD227,800,000
	16 May 2012
	 	USD219,100,000
	16 August 2012
	 	USD210,400,000
	16 November 2012
	 	USD201,700,000
	16 February 2013
	 	USD193,500,000
	16 May 2013
	 	USD185,300,000
	16 August 2013
	 	USD177,300,000
	16 November 2013
	 	USD169,300,000
	16 February 2014
	 	USD161,800,000
	16 May 2014
	 	USD154,300,000
	16 August 2014
	 	USD146,800,000
	16 November 2014
	 	USD139,300,000
	16 February 2015
	 	USD131,300,000
	16 May 2015
	 	USD123,300,000
	16 August 2015
	 	USD115,300,000
	16 November 2015
	 	USD107,300,000
	16 February 2016
	 	USD  99,300,000
	16 May 2016
	 	USD  91,300,000
	16 August 2016
	 	USD  83,300,000
	16 November 2016
	 	USD  75,300,000
	16 February 2017
	 	USD  67,300,000
	16 May 2017
	 	USD  59,300,000
	16 August 2017
	 	USD  51,300,000
	16 November 2017
	 	 0”;	 

	(u)	 	by adding the words ”the New Earnings Account Pledge” after the words “the Earnings Account
Pledge” wherever they appear in Clauses 7.1.9, 7.1.18, 10.1.26 and 14;
	 
	(v)	 	by replacing the figure “103,250,000” wherever it appears in Schedule 1 with the figure
“118,250,000”;
	 
	(w)	 	by construing references throughout to “this Agreement”, “hereunder” and other like
expressions as if the same referred to the Facility Agreement as amended and supplemented by
this Agreement.
	 
	5.2	 	Amendments to Security Documents. With effect on and from the Effective Date each of the
Security Documents other than the Loan Agreement, shall be, and shall be deemed by this
Agreement to be, amended so that the definition of, and references throughout each of the
Security Documents to, the Loan Agreement shall be construed as if the same referred to the
Loan Agreement as amended and supplemented by this Agreement.
	 
	5.3	 	Security Documents to remain In full force and effect.
	 
	 	 	The Security Documents shall remain in full force and effect as amended and supplemented by:

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	 	(a)	 	the amendments to the Security Documents contained or referred to in Clauses
5.1 and 5.2; and
	 
	 	(b)	 	such further or consequential modifications as may be necessary to give full
effect to the terms of this Agreement,

	6	 	FURTHER ASSURANCES

	6.1	 	Borrower’s obligation to execute further documents etc. The Borrower shall, and shall
procure that any other party to any Security Document shall:

	 	(a)	 	execute and deliver to the Agent (or as it may direct) any assignment,
mortgage, power of attorney, proxy or other document, governed by the law of England or
such other country as the Agent may, in any particular case, specify,
	 
	 	(b)	 	effect any registration or notarisation, give any notice or take any other
step, which the Agent may, by notice to the Borrower or other party, reasonably specify
for any of the purposes described in Clause 6.2 or for any similar or related purpose.

	6.2	 	Purposes of further assurances. Those purposes are:

	 	(a)	 	validly and effectively to create any Security Interest or right of any kind
which the Lender intended should be created by or pursuant to the Loan Agreement or any
other Security Document, each as amended and supplemented by this Agreement; and
	 
	 	(b)	 	implementing the terms and provisions of this Agreement.

	6.3	 	Terms of further assurances. The Agent may specify the terms of any document to be executed
by the Borrower or any other party under Clause 6.1, and those terms may include any
covenants, powers and provisions which the Agent reasonably considers appropriate to protect
its interests.
	 
	6.4	 	Obligation to comply with notice. The Borrower shall comply with a notice under Clause 6.1
by the date specified in the notice.
	 
	6.5	 	Additional corporate action. At the same time as the Borrower or any other party delivers to
the Agent any document executed under Clause 6.1(a), the Borrower or such other party shall
also deliver to the Agent a certificate signed by 2 of the Borrower’s or that other party’s
directors which shall:

	 	(a)	 	set out the text of a resolution of the Borrower’s or that other party’s
directors specifically authorising the execution of the document specified by the
Agent, and
	 
	 	(b)	 	state that either the resolution was duly passed at a meeting of the
directors validly convened and held throughout which a quorum of directors entitled
to vote on the resolution was present or that the resolution has been signed by all
the directors and is valid under the Borrower’s or that other party’s articles of
association or other constitutional documents.

	7	 	FEES AND EXPENSES

	7.1	 	Arrangement Fee. The Borrower shall pay to the Lenders on the date of this
Agreement a non-refundable arrangement fee of USD300,000 to be distributed pro rata between
the Lenders according to their respective Contributions.

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	7.2	 	Expenses. The provisions of Clause 5 (Fees and Expenses) of the Loan Agreement, as amended
and supplemented by this Agreement, shall apply to this Agreement as if they were expressly
incorporated in this Agreement with any necessary modifications.

	8	 	NOTICES

	8.1	 	General. The provisions of clause 17 (Notices and other matters) of the Loan Agreement, as
amended and supplemented by this Agreement, shall apply to this Agreement as if they were
expressly incorporated in this Agreement with any necessary modifications.

	9	 	SUPPLEMENTAL

	9.1	 	Counterparts. This Agreement may be executed in any number of counterparts.
	 
	9.2	 	Third party rights. A person who is not a party to this Agreement has no right under the
Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of
this Agreement.

	10	 	LAW AND JURISDICTION

	10.1	 	Governing law. This Agreement shall be governed by and construed in accordance with English
law.
	 
	10.2	 	Incorporation of the Loan Agreement provisions. The provisions of Clauses 18 and 19
(Governing Law and Jurisdiction) of the Loan Agreement, as amended and supplemented by this
Agreement, shall apply to this Agreement as if they were expressly incorporated in this
Agreement with any necessary modifications.

IN WITNESS whereof the parties to this Agreement have caused this Agreement to be duly executed on
the date first above written.

	 	 	 	 	 	 	 

	SIGNED as a deed by ALEXANDROS LAIOS

	 	 	)	 	 	/s/ Alexandros Laios 
	for and on behalf of

	 	 	)	 	 	 
	NAVIOS MARITIME PARTNERS L.P.

	 	 	)	 	 	 
	(as Borrower under and pursuant to

	 	 	)	 	 	 
	a power of attorney dated

	 	 	)	 	 	 
	22 March 2010)

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED by ROBIN PARRY

	 	 	)	 	 	/s/ Robin Parry 
	for and on behalf of

	 	 	)	 	 	 
	COMMERZBANK AG

	 	 	)	 	 	 
	(as a Lender)

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED by ROBIN PARRY

	 	 	)	 	 	/s/ Robin Parry 
	for and on behalf of

	 	 	)	 	 	 
	DVB BANK SE

	 	 	)	 	 	 
	(as a Lender)

	 	 	)	 	 	 

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	SIGNED by ROBIN PARRY

	 	 	)	 	 	/s/ Robin Parry 
	for and on behalf of

	 	 	)	 	 	 
	DVB BANK SE

	 	 	)	 	 	 
	(as Joint-Arranger, Agent, Swap

	 	 	)	 	 	 
	Bank and Security Trustee)

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED by ROBIN PARRY

	 	 	)	 	 	/s/ Robin Parry 
	for and on behalf of

	 	 	)	 	 	 
	COMMERZBANK AG

	 	 	)	 	 	 
	(as Joint-Arranger, Account Bank,

	 	 	)	 	 	 
	Payment Agent and Swap Bank)

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	Witness to all the above

	 	 	)	 	 	 
	Signatures:

	 	 	)	 	 	 
	Name:
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	47-49 Akti Miaouli
	 	 	 	 	 	 
	Piraeus
	 	 	 	 	 	 
	Greece
	 	 	 	 	 	 

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Schedule

Vessel details

“Head Charterer” means JTC Shipping & Trading Ltd. of Malta;

“New Charters” means, together:

(a) the time charter in respect of the New Vessel dated 11 June 2008 made
between Hestia Shipping Ltd (“Hestia”) as charterer and Chilali as owner
for a charterhire of USD41,325 net per day, as amended and supplemented by a
deed of novation dated 23 March 2010 pursuant to which the Head Charterer assumed the
rights and obligations of Hestia as charterer; and

(b) the time charter in respect of the New Vessel dated 12 June 2008 made
between Hestia as head charterer and Samsung Logix Corporation of Seoul
for a charterhire of USD41,325 net per day, as amended and supplemented by a
deed of novation dated 23 March 2010 pursuant to which the Head Charterer assumed the
rights and obligations of Hestia as head charterer; and

“New Vessel” means the 2009-built capesize bulk carrier of about 170,000 dwt owned by
Chilali and registered in its ownership on the Panamanian flag with the name “NAVIOS
AURORA II”.

14

Table of Contents

We on this 30 day of March 2010 hereby confirm and acknowledge that we have read and
understood the terms and conditions of the above Supplemental Agreement and agree in all
respects to the same and confirm that the Security Documents to which we are respectively
a party shall remain in full force and effect and shall continue to stand as security for
the obligations of the Borrower under the Facility Agreement (as amended by the
Supplemental Agreement) and shall, without limitation, secure the Loan (as increased or to
be increased by the amount of Advance F).

	 	 	 	 	 	 	 

	 
	/s/ Vasiliki Papaefthymiou 

VASILIKI PAPAEFTHYMIOU
	 	 	 	/s/ Alexandros Laios 

ALEXANDROS LAIOS	 	 
	For and on behalf of
	 	 	 	For and on behalf of	 	 
	NAVIOS MARITIME OPERATING L.L.C.
	 	 	 	FANTASTIKS SHIPPING CORPORATION	 	 
	 
	 	 	 	 	 	 
	 
	/s/ Alexandros Laios 

ALEXANDROS LAIOS
	 	 	 	/s/ Alexandros Laios 

ALEXANDROS LAIOS	 	 
	For and on behalf of
	 	 	 	For and on behalf of	 	 
	LIBRA SHIPPING ENTERPRISES CORPORATION
	 	 	 	ALEGRIA SHIPPING CORPORATION	 	 
	 
	 	 	 	 	 	 
	 
	/s/ Alexandros Laios 

ALEXANDROS LAIOS
	 	 	 	/s/ Alexandros Laios 

ALEXANDROS LAIOS	 	 
	For and on behalf of
	 	 	 	For and on behalf of	 	 
	FELICITY SHIPPING CORPORATION
	 	 	 	GEMINI SHIPPING CORPORATION	 	 
	 
	 	 	 	 	 	 
	 
	/s/ Alexandros Laios 

ALEXANDROS LAIOS
	 	 	 	/s/ Alexandros Laios 

ALEXANDROS LAIOS	 	 
	For and on behalf of
	 	 	 	For and on behalf of	 	 
	GALAXY SHIPPING CORPORATION
	 	 	 	NAVIOS SHIPMANAGEMENT INC.	 	 
	 
	 	 	 	 	 	 
	 
	/s/ Alexandros Laios 

ALEXANDROS LAIOS
	 	 	 	/s/ Alexandros Laios 

ALEXANDROS LAIOS	 	 
	For and on behalf of
	 	 	 	For and on behalf of	 	 
	AURORA SHIPPING ENTERPRISES LTD.
	 	 	 	HYPERION ENTERPRISES INC.	 	 
	 
	 	 	 	 	 	 
	 
	/s/ Alexandros Laios 

ALEXANDROS LAIOS
	 	 	 	/s/ Alexandros Laios 

ALEXANDROS LAIOS	 	 
	For and on behalf of
	 	 	 	For and on behalf of	 	 
	SAGITTARIUS SHIPPING CORPORATION
	 	 	 	PALERMO SHIPPING S.A.exv4w1

Exhibit 4.1

     Execution Version

AMENDMENT NO. 11

     This Amendment No. 11 (“Agreement”) dated as of April 8, 2010 (“Effective
Date”) is among Mariner Energy, Inc., a Delaware corporation (the “Parent”), Mariner
Energy Resources, Inc., a Delaware corporation (“Mariner Energy Resources” and together
with the Parent, the “Borrowers”, each a “Borrower”), the Lenders (as defined in
the Credit Agreement described below), and Union Bank, N.A. (f/k/a Union Bank of California, N.A.)
as administrative agent (in such capacity, the “Administrative Agent”) and as issuing
lender (in such capacity, the “Issuing Lender”).

RECITALS

     A. The Borrowers, the Lenders, the Issuing Lender and the Administrative Agent are parties to
the Amended and Restated Credit Agreement dated as of March 2, 2006, as amended by Amendment No. 1
and Consent dated as of April 7, 2006, Amendment No. 2 dated as of October 13, 2006, Amendment No.
3 and Consent dated as of April 23, 2007, Amendment No. 4 dated as of August 24, 2007, Amendment
No. 5 and Agreement dated as of January 31, 2008, Master Assignment, Agreement and Amendment No. 6
dated as of June 2, 2008, Amendment No. 7 dated as of December 12, 2008, Amendment No. 8 and
Consent dated as of March 24, 2009, Amendment No. 9 dated as of June 15, 2009 and Amendment No. 10
dated as of August 25, 2009 (as so amended and as the same may be further amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”). Each term
defined in the Credit Agreement and used herein without definition shall have the meaning assigned
to such term in the Credit Agreement, unless expressly provided to the contrary.

     B. The Borrowers, the Administrative Agent and the Lenders wish to, subject to the terms and
conditions of this Agreement, (i) redetermine the amount of the Borrowing Base and (ii) amend the
Credit Agreement as provided herein.

     THEREFORE, the Borrowers, the subsidiaries of the Borrowers signatory hereto (the
“Guarantors”), the Lenders, the Issuing Lender and the Administrative Agent hereby agree as
follows:

ARTICLE I.

DEFINITIONS

     Section 1.01 Terms Defined Above. As used in this Agreement, each of the
terms defined in the opening paragraph and the Recitals above shall have the meanings assigned to
such terms therein.

     Section 1.02 Other Definitional Provisions. The words “hereby”, “herein”,
“hereinafter”, “hereof”, “hereto” and “hereunder” when used in this Agreement shall refer to this
Agreement as a whole and not to any particular Article, Section, subsection or provision of this
Agreement. Article, Section, subsection and Exhibit references herein are to such Articles,
Sections, subsections and Exhibits of this Agreement unless otherwise specified. All titles or
headings to Articles, Sections, subsections or other divisions of this Agreement or the exhibits
hereto, if any, are only for the convenience of the parties and shall not be construed to have any
effect or meaning with respect to the other content of such Articles, Sections, subsections, other
divisions or exhibits, such other content being controlling as the agreement among the parties
hereto. Whenever the context requires, reference herein made to the single number shall be
understood to include the plural; and likewise, the plural shall be understood to include the
singular. Words denoting sex shall be construed to include the masculine, feminine and neuter,
when such construction is appropriate; and specific enumeration shall not exclude the general but
shall be
construed as cumulative. Definitions of terms defined in the singular or plural shall be
equally applicable to the plural or singular, as the case may be, unless otherwise indicated.

 

 

ARTICLE II.

BORROWING BASE

     Section 2.01 Redetermination of Borrowing Base. Subject to the terms of this
Agreement, the parties hereto agree that, as of the Effective Date, the Borrowing Base shall be
equal to $950,000,000 and such Borrowing Base shall remain in effect at such amount until the
Borrowing Base is redetermined in accordance with the Credit Agreement.

ARTICLE III.

AMENDMENT

     Section 3.01 Section 1.01 is hereby amended as follows:

          (a) The following new defined term “2010 Bond Issuance” is added in alphabetical
order:

     “2010 Bond Issuance” means the issuance by the Parent of up to
$400,000,000 of Debt, which Debt (a) shall have (i) a non-default interest rate that
is no higher than 13% per annum (plus a default rate not to exceed 3%), (ii) a
scheduled maturity date that is no earlier than March 2, 2015, (iii) covenants and
restrictions that are no more restrictive in any material respect than those set
forth in this Agreement, the other Loan Documents and the documents evidencing the
Bond Issuances which closed in 2006 and 2007 and the 2009 Bond Issuance, (iv) no
restriction on the ability of the Parent or any of its Subsidiaries to amend, modify
or otherwise supplement this Agreement or the other Loan Documents, (v) no Lien
securing such Debt, (vi) no restriction on the ability of the Parent or any of its
Subsidiaries to guarantee the Obligations or pledge assets as collateral security
for the Obligations, and (vii) a bullet repayment and not provide for scheduled
amortization or mandatory prepayments (other than amortization resulting from any
mandatory prepayments required in respect of such Debt in connection with the
occurrence of an event of default under such Debt, a change in control of the
issuer, including a disposition of all or substantially all of the assets of the
Parent and its Subsidiaries, a liquidation or dissolution of Parent, or any event
constituting a Change in Control (as defined herein) or an asset sale by the issuer
or a Subsidiary thereof), (b) shall be issued in its entirety on or before December
31, 2010, (c) shall not otherwise cause the occurrence of a Default or Event of
Default after giving effect to the issuance of such Debt, (d) shall not require any
payments of cash upon any conversion of such Debt (if such Debt is convertible), and
(e) may be guaranteed by the Subsidiaries of the Parent, provided that no Lien
secures such guarantees and such Subsidiaries are Obligors.

          (b) The defined term “Debt Issuances” is deleted in its entirety and replaced with
the following:

     “Debt Issuances” means the Bond Issuances which closed in 2006 and
2007, the 2009 Bond Issuance and the 2010 Bond Issuance.

          (c) The defined term “Proven Reserves” is deleted in its entirety and replaced with
the following:

     “Proven Reserves” means, at any particular time, the estimated quantities of
Hydrocarbons which geological and engineering data demonstrate with reasonable certainty to
be recoverable in future years from known reservoirs attributable to Oil and Gas Properties

2

 

included or to be included in the Borrowing Base under economic and operating
conditions specified in the latest Engineering Report to the Administrative Agent.

     Section 3.02 Subsections 2.02(b)(i) and 2.02(b)(ii) are hereby deleted in their
entirety and replaced with the following:

     (i) The Borrower Representative shall deliver to the Administrative Agent and
each of the Lenders on or before each January 31st an Independent
Engineering Report dated effective as of the immediately preceding December
31st, and such other information as may be reasonably requested by any
Lender with respect to the Oil and Gas Properties included or to be included in the
Borrowing Base. The Administrative Agent shall promptly, and in any event within 30
days after the Administrative Agent and the Lenders’ receipt of such Independent
Engineering Report and other information, deliver to each Lender the Administrative
Agent’s recommendation for the redetermined Borrowing Base. The Administrative
Agent and the Lenders shall promptly, and in any event within 15 days after the
Lenders’ receipt of the Administrative Agent’s recommendation, redetermine the
Borrowing Base in accordance with Section 2.02(d), and the Administrative Agent
shall promptly notify the Borrower Representative in writing of the amount of the
Borrowing Base as so redetermined.

     (ii) The Borrower Representative shall deliver to the Administrative Agent and
each Lender on or before each July 31st an Internal Engineering Report
dated effective as of the immediately preceding July 1st, and such other
information as may be reasonably requested by the Administrative Agent or any Lender
with respect to the Oil and Gas Properties included or to be included in the
Borrowing Base. The Administrative Agent shall promptly, and in any event within 30
days after the Administrative Agent and the Lenders’ receipt of such Internal
Engineering Report and other information, deliver to each Lender the Administrative
Agent’s recommendation for the redetermined Borrowing Base. The Administrative
Agent and the Lenders shall promptly, and in any event within 15 days after the
Lenders’ receipt of the Administrative Agent’s recommendation, redetermine the
Borrowing Base in accordance with Section 2.02(d), and the Administrative Agent
shall promptly notify the Borrower Representative in writing of the amount of the
Borrowing Base as so redetermined.

     Section 3.03 The first and second sentence of Subsection 2.02(c) of the Credit
Agreement are hereby deleted in their entirety and replaced with the following:

     In addition to the Borrowing Base redeterminations provided for in Section
2.02(b) and 2.02(e), (i) the Administrative Agent and the Lenders in their sole
discretion may, or at the request of the Borrower Representative shall, based on
such information as the Administrative Agent and the Lenders deem relevant (but in
accordance with Section 2.02(d)), make one additional redetermination of the
Borrowing Base during any period between scheduled redeterminations; (ii) the
Lenders may request an additional redetermination in connection with any sale or
proposed sale or disposition of Oil and Gas Properties of any Obligor or any
Subsidiary of an Obligor having a market value which, when taken together with the
market value of all other sales or other dispositions of Oil and Gas Properties of
any Obligor or any Subsidiary of an Obligor occurring since the date of the most
recent redetermination, equals or exceeds 5% of the Borrowing Base then in effect;
provided that, such request shall not constitute nor be construed as a consent to
any sale or proposed sale that would not be permitted under the terms of this
Agreement; (iii) the Lenders may request an additional redetermination if the net
aggregate amount of gas imbalances with respect to the Oil and Gas Properties of the

3

 

Parent and its Subsidiaries exceeds $50,000,000 at any time; provided that,
such request shall not constitute nor be construed as a consent to or a waiver of
any Default or Event of Default occurring as a result of any such gas imbalance; and
(iv) the Lenders may request an additional redetermination at any time any Hedge
Contract is novated, assigned, terminated or unwound prior to the end of its
original, nominal term if, as of the effective date of such novation, assignment,
termination or unwind, the subject Hedge Contract has more than six months remaining
in its original, nominal term. The party requesting the redetermination under the
foregoing clauses (i), (ii), (iii) or (iv) shall give the other party at least 10
days’ prior written notice that a redetermination of the Borrowing Base pursuant to
this paragraph (c) is to be performed.

     Section 3.04 Section 5.06 of the Credit Agreement is hereby amended by (1) deleting
“and” at the end of clause (n), (2) changing clause (o) to clause (p), and (3) inserting the
following new clause (o) in appropriate order:

     (o) Notice Regarding Early Termination of Hedge Contracts. As soon as
possible and in any event within three (3) Business Days after any Borrower or any
Subsidiary of a Borrower learns of the occurrence of any novation, assignment, early
termination or other unwind of any Hedge Contract of any Obligor prior to the end of
its original, nominal term, a statement of a Responsible Officer of the Borrower
Representative describing such novation, assignment, early termination or unwind;
provided, however, that such notice requirement shall only apply in respect of a
Hedge Contract that has more than six months remaining in its original nominal term
as of the effective date of any such novation, assignment, early termination or
other unwind; and

     Section 3.05 Section 6.02 of the Credit Agreement is hereby amended by deleting the
“and” at the end of clause (m), by replacing the “.” at the end of clause (n) with “; and”, and by
adding the following new clause (o) to the end thereof:

     (o) Debt arising pursuant to the 2010 Bond Issuance and any refinancing
thereof; provided that,(i) the aggregate outstanding principal amount of the 2010
Bond Issuance may not exceed $400,000,000, and (ii) the Borrowing Base then in
effect on the date of the closing of the 2010 Bond Issuance shall automatically
reduce by an amount equal to 25% of the aggregate principal amount of such issuance
(such reduction shall be effective on the date of the closing of the 2010 Bond
Issuance and such reduced Borrowing Base shall remain in effect until the date the
Borrowing Base is otherwise redetermined pursuant to Section 2.02).

     Section 3.06 Section 6.17 of the Credit Agreement is hereby deleted in its entirety
and replaced with the following:

     Section 6.17 Maximum Debt Ratio. The Parent shall not permit the
ratio, as of the last day of each fiscal quarter of the Parent, of (a) the
consolidated Debt of the Parent as of such fiscal quarter end to (b) consolidated
EBITDA of the Parent for the four-fiscal quarter period then ended, to be greater
than 3.50 to 1.00.

     Section 3.07 Section 7.01 of the Credit Agreement is hereby amended by deleting
clause (c)(i) in its entirety and replacing it with the following:

     (i) perform or observe any covenant contained in Section 5.02(a), Section
5.06(f) or (o), Section 5.11, Section 5.13, or Article VI of this Agreement or

4

 

     Section 3.08 The Credit Agreement is hereby further amended by deleting Exhibit B
attached thereto and replacing it with the Exhibit B attached hereto.

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES

     Section 4.01 Borrowers Representations and Warranties. Each of the
Borrowers represents and warrants that: (a) its representations and warranties contained in Article
IV of the Credit Agreement and its representations and warranties contained in the Security
Instruments, the Guaranties, and each of the other Loan Documents to which it is a party are true
and correct in all material respects on and as of the Effective Date, after giving effect to the
terms of this Agreement, as though made on and as of such date, except those representations and
warranties that speak of a certain date, which representations and warranties were true and correct
as of such date; (b) no Default has occurred and is continuing; (c) the execution, delivery and
performance of this Agreement and the other documents, instruments, certificates and agreements
(“Other Documents”) required to be delivered by this Agreement and to which each of the
Borrowers is a party are within the corporate power and authority of each of the Borrowers and have
been duly authorized by appropriate corporate action and proceedings; (d) this Agreement and the
Other Documents to which each of the Borrowers is a party constitute legal, valid, and binding
obligations of such Borrower enforceable in accordance with their respective terms, except as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting
the rights of creditors generally and general principles of equity; (e) there are no governmental
or other third party consents, licenses and approvals required in connection with the execution,
delivery, performance, validity and enforceability of this Agreement or any of the Other Documents;
and (f) the Liens under the Security Instruments are valid and subsisting and secure each of the
Borrowers’ obligations under the Loan Documents.

     Section 4.02 Guarantors Representations and Warranties. Each Guarantor
represents and warrants that: (a) its representations and warranties contained in Article IV of the
Credit Agreement and its representations and warranties contained in the Security Instruments, the
Guaranties, and each of the other Loan Documents to which it is a party are true and correct in all
material respects on and as of the Effective Date, as though made on and as of such date, except
those representations and warranties that speak of a certain date, which representations and
warranties were true and correct as of such date; (b) no Default has occurred and is continuing;
(c) the execution, delivery and performance of this Agreement and the Other Documents to which such
Guarantor is a party are within the corporate power and authority of such Guarantor and have been
duly authorized by appropriate corporate action and proceedings; (d) this Agreement and the Other
Documents to which such Guarantor is a party constitute legal, valid, and binding obligations of
such Guarantor enforceable in accordance with their respective terms, except as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights
of creditors generally and general principles of equity; (e) there are no governmental or other
third party consents, licenses and approvals required in connection with the execution, delivery,
performance, validity and enforceability of this Agreement or any of the Other Documents; (f) it
has no defenses to the enforcement of its Guaranty; and (g) the Liens under the Security
Instruments are valid and subsisting and secure such Guarantor’s obligations under the Loan
Documents.

ARTICLE V.

CONDITIONS

     This Agreement shall become effective and enforceable against the parties hereto upon the
occurrence of the following conditions precedent:

     Section 5.01 Documents. The Administrative Agent shall have received
multiple original counterparts, as requested by the Administrative Agent, of this Agreement duly
and validly executed and

5

 

delivered by duly authorized officers of the Borrowers, the Guarantors, the Administrative
Agent, and the Lenders.

     Section 5.02 No Default. No Default shall have occurred and be continuing.

     Section 5.03 Representations. The representations and warranties contained
in Article IV of the Credit Agreement and in each other Loan Document shall be true and correct in
all material respects other than such representations and warranties that speak of a certain
earlier date, which representations and warranties shall be true and correct as of such earlier
date.

     Section 5.04 Payment of Fees. The Borrowers shall have paid (a) to the
Administrative Agent a borrowing base increase fee in the amount of $1,451,569 to be allocated by
the Administrative Agent to certain of the Lenders as determined by the Administrative Agent and
the Borrowers, and (b) all costs and expenses that have been invoiced and are payable pursuant to
Section 10.04 of the Credit Agreement. The borrowing base increase fee provided for in clause (a)
of this Section 5.04 shall be in lieu of, and not as an addition to, the borrowing base fee
provided for Section 2.08(d) of the Credit Agreement.

ARTICLE VI.

MISCELLANEOUS

     Section 6.01 Effect on Loan Documents; Acknowledgments.

          (a) Each of the Borrowers acknowledges that on the date hereof all Obligations are
payable without defense, offset, counterclaim or recoupment.

          (b) The Administrative Agent, the Issuing Lender, and the Lenders hereby expressly
reserve all of their rights, remedies, and claims under the Loan Documents. Nothing in this
Agreement shall constitute a waiver or relinquishment of (i) any Default or Event of Default under
any of the Loan Documents, (ii) any of the agreements, terms or conditions contained in any of the
Loan Documents other than as expressly set forth above, (iii) any rights or remedies of the
Administrative Agent, the Issuing Lender or any Lender with respect to the Loan Documents, or (iv)
the rights of the Administrative Agent, any Issuing Lender or any Lender to collect the full
amounts owing to them under the Loan Documents.

          (c) Each of the Borrowers, the Guarantors, Administrative Agent, Issuing Lender, and
Lenders does hereby adopt, ratify, and confirm the Credit Agreement, as amended hereby, and
acknowledges and agrees that the Credit Agreement, as amended hereby, and all other Loan Documents
are and remain in full force and effect, and each of the Borrowers and the Guarantors acknowledges
and agrees that its liabilities under the Credit Agreement and the other Loan Documents are not
impaired in any respect by this Agreement or the consent granted hereunder.

          (d) From and after the Effective Date, all references to the Credit Agreement and
the Loan Documents shall mean such Credit Agreement and such Loan Documents as amended by this
Agreement.

          (e) This Agreement is a Loan Document for the purposes of the provisions of the
other Loan Documents. Without limiting the foregoing, any breach of representations, warranties,
and covenants under this Agreement shall be a Default or Event of Default, as applicable, under the
Credit Agreement.

6

 

     Section 6.02 Reaffirmation of the Guaranty. Each Guarantor hereby ratifies,
confirms, acknowledges and agrees that its obligations under its Guaranty are in full force and
effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and
punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all
of the Guaranteed Obligations (as defined in its Guaranty), as such Guaranteed Obligations may have
been amended by this Agreement, and its execution and deliver of this Agreement does not indicate
or establish an approval or consent requirement by such Guarantor under its Guaranty in connection
with the execution and delivery of amendments to the Credit Agreement, the Notes or any of the
other Loan Documents.

     Section 6.03 Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original and all of which, taken together, constitute a
single instrument. This Agreement may be executed by facsimile signature and all such signatures
shall be effective as originals.

     Section 6.04 Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of the Lenders, the Borrowers and the Administrative Agent hereto and
their respective successors and assigns permitted pursuant to the Credit Agreement.

     Section 6.05 Invalidity. In the event that any one or more of the
provisions contained in this Agreement shall for any reason be held invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any
other provision of this Agreement.

     Section 6.06 Governing Law. This Agreement shall be deemed to be a contract
made under and shall be governed by and construed in accordance with the laws of the State of
Texas.

     Section 6.07 Entire Agreement. THIS AGREEMENT, THE CREDIT AGREEMENT, AS
AMENDED BY THIS AGREEMENT, THE NOTES, AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE
UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY
PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

[SIGNATURES BEGIN ON NEXT PAGE]

7

 

     EXECUTED effective as of the date first above written.

	 	 	 	 	 
	 	MARINER ENERGY, INC.

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey, 	 
	 	 	Chief Executive Officer and President 	 
	 
	 	MARINER ENERGY RESOURCES, INC.

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey, 	 
	 	 	Chief Executive Officer and President 	 
	 
	 	MARINER LP LLC, a Delaware

limited liability company

By: Mariner Energy, Inc., its sole member

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey, 	 
	 	 	Chief Executive Officer and President 	 
	 
	 	MC BELTWAY 8 LLC, a Delaware limited liability

company

By: Mariner Energy, Inc. as its manager

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey, 	 
	 	 	Chief Executive Officer and President 	 
	 
	 	MARINER GULF OF MEXICO LLC, a Delaware

limited liability company

By: Mariner Energy, Inc., its sole member

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey, 	 
	 	 	Chief Executive Officer and President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	EDGE PETROLEUM EXPLORATION COMPANY

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey, 	 
	 	 	Chief Executive Officer and President 	 
	 
	 	EDGE PETROLEUM OPERATING COMPANY, INC.

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey, 	 
	 	 	Chief Executive Officer and President 	 
	 
	 	EDGE PETROLEUM PRODUCTION COMPANY

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey, 	 
	 	 	Chief Executive Officer and President 	 
	 
	 	MILLER EXPLORATION COMPANY

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey, 	 
	 	 	Chief Executive Officer and President 	 
	 
	 	MILLER OIL CORPORATION

 	 
	 	By:  	/s/ Scott D. Josey
 	 
	 	 	Scott D. Josey, 	 
	 	 	Chief Executive Officer and President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	UNION BANK, N.A. (f/k/a Union Bank of California, N.A.),

as Administrative Agent, Issuing Lender, Lender,

Joint Lead Arranger and Sole Book Runner

 	 
	 	By:  	/s/ Damien Meiburger
 	 
	 	 	Name:  	Damien Meiburger 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

	 	 	 	 	 
	 	BNP PARIBAS, as a Lender, Joint Lead Arranger

and Syndication Agent

 	 
	 	By:  	/s/ Edward Pak
 	 
	 	 	Name:  	Edward Pak 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                                              /s/ Richard Hawthorne
 	 
	 	 	Name:  	Richard Hawthorne 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BMO CAPITAL MARKETS FINANCING, INC., as a 

Lender and as a Co-Documentation Agent

 	 
	 	By:  	/s/ James V. Ducote
 	 
	 	 	Name:  	James V. Ducote 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	COMPASS BANK, as a Lender and as a Co-Documentation Agent

 	 
	 	By:  	/s/ Spencer Stasney
 	 
	 	 	Name:  	Spencer Stasney 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A. , as a Lender and as 

a Co-Documentation Agent

 	 
	 	By:  	/s/ Jo Linda Papadakis
 	 
	 	 	Name:  	Jo Linda Papadakis 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Credit Agricole Corporate and Investment Bank (f.k.a.

CALYON NEW YORK BRANCH), as a Lender

 	 
	 	By:  	/s/ Mark A. Roche
 	 
	 	 	Name:  	Mark A. Roche 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                                              /s/ Sharada Manne
 	 
	 	 	Name:  	Sharada Manne 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CITIBANK, N.A., as a Lender

 	 
	 	By:  	/s/ John F. Miller
 	 
	 	 	Name:  	John F. Miller 	 
	 	 	Title:  	Attorney-In-Fact 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as a Lender

 	 
	 	By:  	/s/ David G. Mills
 	 
	 	 	Name:  	David G. Mills 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as a Lender

 	 
	 	By:  	/s/ Shannan Townsend
 	 
	 	 	Name:  	Shannan Townsend 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	NATIXIS, as a Lender

 	 
	 	By:  	/s/ Donovan C. Broussard
 	 
	 	 	Donovan C. Broussard 	 
	 	 	Managing Director 	 
	 
	 	 	 
	 	By:  	                                              /s/ Louis P. Laville, III
 	 
	 	 	Louis P. Laville, III 	 
	 	 	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF SCOTLAND plc, as a Lender

 	 
	 	By:  	/s/ Julia R. Franklin
 	 
	 	 	Name:  	Julia R. Franklin 	 
	 	 	Title:  	Assistant Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CAPITAL ONE, N.A., as a Lender

 	 
	 	By:  	/s/ Paul D. Hein
 	 
	 	 	Name:  	Paul D. Hein 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	AMEGY BANK NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	/s/ Kenneth R. Batson, III
 	 
	 	 	Kenneth R. Batson, III 	 
	 	 	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND plc, as a Lender

 	 
	 	By:  	/s/ Phillip Ballard
 	 
	 	 	Name:  	Phillip Ballard 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, as a Lender

 	 
	 	By:  	/s/ Christen A. Lacey
 	 
	 	 	Name:  	Christen A. Lacey 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	REGIONS BANK, as a Lender

 	 
	 	By:  	/s/ Kelly L. Elmore III
 	 
	 	 	Name:  	Kelly L. Elmore III 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BARCLAYS BANK plc, as a Lender

 	 
	 	By:  	/s/ Sam Yoo
 	 
	 	 	Name:  	Sam Yoo 	 
	 	 	Title:  	Assistant Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

 	 
	 	By:  	/s/ Nupur Kumar
 	 
	 	 	Name:  	Nupur Kumar 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                                              /s/ Lynne-Marie Paquette
 	 
	 	 	Name:  	Lynne-Marie Paquette 	 
	 	 	Title:  	Associate 	 

 

 

	 	 	 	 	 

EXHIBIT B

TO AMENDED AND RESTATED CREDIT AGREEMENT

FORM OF COMPLIANCE CERTIFICATE

FOR THE PERIOD FROM 
                    
, 200__ TO                     
, 200__

     This certificate dated as of                                         ,                      is prepare
d pursuant to the Amended and
Restated Credit Agreement dated as of March 2, 2006 (as amended, supplemented, restated or
otherwise modified from time to time, the “Credit Agreement”) among MARINER ENERGY, INC., a
Delaware corporation (the “Parent”), MARINER ENERGY RESOURCES, Inc., a Delaware corporation (“MER”
and together with the Parent, collectively, the “Borrowers” and individually, a “Borrower”), the
lenders party thereto from time to time (the “Lenders”), and UNION BANK OF CALIFORNIA, N.A., as
administrative agent for such Lenders (in such capacity, the “Administrative Agent”) and as issuing
lender. Unless otherwise defined in this certificate, capitalized terms that are defined in the
Credit Agreement shall have the meanings assigned to them by the Credit Agreement.

     Each of the undersigned hereby certifies (a) that no Default or Event of Default has occurred
or is continuing, (b) that all of the representations and warranties made by the Borrowers in the
Credit Agreement and the other Loan Documents are true and correct in all material respects as if
made on this date, except with respect to those representations and warranties that speak as of a
certain date, which representations and warranties were true and correct as of such date, and (c)
that (1) as of the date hereof with respect to Section I below, and (2) as of the last day of the
previous fiscal quarter for Sections II and III below, the following statements, amounts, and
calculations were true and correct:

	 	 	 	 	 	 	 

	I.	 	Current Ratio—Section 6.16.	 	 
	 
	 	 	 	 	 	 
	 

	 	(a)
	 	Current Assets1
	 	$                    
	 
	 	 	 	 	 	 
	 

	 	(b)
	 	Current Liabilities2
	 	$                    
	 
	 	 	 	 	 	 
	 	 	Current Ratio = (a) to (b)	 	 
	 
	 	 	 	 	 	 
	 	 	Minimum Current Ratio:	 	1.00 to 1.00
	 
	 	 	 	 	 	 
	 	 	Current Ratio as of                     :	 	___ to ___
	 
	 	 	 	 	 	 
	 	 	COMPLIANCE?	 	YES     NO

 

			
	1	 	As provided in Section 6.16 of the Credit
Agreement, for purposes of this calculation, “current assets” shall include, as
of the date of calculation, “current assets” shall include, as of the date of
calculation, the Unused Tranche A Commitment Amount and shall exclude, as of
the date of calculation, (A) the current portion of deferred tax assets,
(B) any assets representing a valuation account arising from the application of
SFAS 133 and 143, and (C) any cash deposited with or at the request of a
counterparty to any Hedge Contract.
	 
	2	 	As provided in Section 6.16 of the Credit
Agreement, for purposes of this calculation, “current liabilities” shall
exclude, as of the date of calculation, (A) the current portion of Debt
existing under the Credit Agreement, (B) any liabilities representing a
valuation account arising from the application of SFAS 133 and 143, and (C) the
current portion of deferred tax obligations.

Exhibit B — Form of Compliance Certificate

 

 

	 	 	 	 	 	 	 

	III.	 	Maximum Debt Ratio—Section 6.17.	 	 
	 
	 	 	 	 	 	 
	 

	 	(a)
	 	Consolidated Debt of Parent
	 	$                    
	 
	 	 	 	 	 	 
	 

	 	(b)
	 	Consolidated EBITDA3 of
Parent
	 	$                    
	 
	 	 	 	 	 	 
	 	 	Debt Ratio = (a) to (b)	 	 
	 
	 	 	 	 	 	 
	 	 	Maximum Debt Ratio:	 	3.50 to 1.00
	 
	 	 	 	 	 	 
	 	 	Debt Ratio as of                     	 	___ to ___
	 
	 	 	 	 	 	 
	 	 	COMPLIANCE?	 	YES     NO

[SIGNATURE PAGE FOLLOWS]

 

			
	3	 	Calculated for the four-fiscal quarter period
then ended.

Exhibit B — Form of Compliance Certificate

 

 

     IN WITNESS THEREOF, I have hereto signed my name to this Compliance Certificate as of
                                        , 20___.

	 	 	 	 	 
	 	MARINER ENERGY, INC.,

a Delaware corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MARINER ENERGY RESOURCES, INC.,

a Delaware corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Exhibit B — Form of Compliance Certificate

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