Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 Dated 17 April 2018 

ABL FACILITIES AGREEMENT 
 in
respect of 
 USD 75,000,000 

for 
 BRISTOW NORWAY AS and
BRISTOW HELICOPTERS LIMITED 
 as Borrowers 

arranged by 
 BARCLAYS BANK PLC
and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH 
 as Arrangers and Bookrunners 

with 
 BARCLAYS BANK PLC 

acting as Agent 
 BARCLAYS BANK PLC

 acting as Issuing Bank 

BARCLAYS BANK PLC 
 acting as
Security Agent 
 and 
 BARCLAYS
BANK PLC 
 acting as Swingline Lender 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 1.
	 	Definitions and interpretation	  	 	1	 
	 2.
	 	The Facilities	  	 	47	 
	 3.
	 	Purpose	  	 	52	 
	 4.
	 	Conditions of Utilisation	  	 	52	 
	 5.
	 	Utilisation - Loans	  	 	54	 
	 6.
	 	Utilisation - Letters of Credit	  	 	58	 
	 7.
	 	Letters of Credit	  	 	63	 
	 8.
	 	Swingline Loans	  	 	68	 
	 9.
	 	Agreed Currencies	  	 	69	 
	 10.
	 	Repayment	  	 	71	 
	 11.
	 	Illegality, voluntary prepayment and cancellation	  	 	76	 
	 12.
	 	Mandatory prepayment and cancellation	  	 	78	 
	 13.
	 	Restrictions	  	 	79	 
	 14.
	 	Interest	  	 	81	 
	 15.
	 	Interest Periods	  	 	82	 
	 16.
	 	Changes to the calculation of interest	  	 	83	 
	 17.
	 	Fees	  	 	85	 
	 18.
	 	Tax gross up and indemnities	  	 	87	 
	 19.
	 	Increased costs	  	 	97	 
	 20.
	 	Other indemnities	  	 	99	 
	 21.
	 	Mitigation by the Lenders	  	 	101	 
	 22.
	 	Costs and expenses	  	 	102	 
	 23.
	 	Guarantee and indemnity	  	 	104	 
	 24.
	 	Representations	  	 	108	 
	 25.
	 	Information undertakings	  	 	116	 
	 26.
	 	Financial Covenants	  	 	121	 
	 27.
	 	General undertakings	  	 	123	 
	 28.
	 	Events of Default	  	 	135	 
	 29.
	 	Changes to the Lenders	  	 	141	 
	 30.
	 	Restriction on Debt Purchase Transactions	  	 	147	 
	 31.
	 	Changes to the Obligors	  	 	148	 
	 32.
	 	Role of the Agent, the Arrangers, the Issuing Bank and others	  	 	152	 
	 33.
	 	The Security Agent	  	 	163	 
	 34.
	 	Conduct of business by the Finance Parties	  	 	174	 
	 35.
	 	Sharing among the Finance Parties	  	 	174	 
	 36.
	 	Payment mechanics	  	 	176	 
	 37.
	 	Set-off	  	 	181	 
	 38.
	 	Notices	  	 	181	 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 39.
	 	Calculations and certificates	  	 	185	 
	 40.
	 	Partial invalidity	  	 	185	 
	 41.
	 	Remedies and waivers	  	 	186	 
	 42.
	 	Amendments and waivers	  	 	186	 
	 43.
	 	Confidential Information	  	 	193	 
	 44.
	 	Confidentiality of Funding Rates	  	 	197	 
	 45.
	 	Disclosure of Lender details by Agent	  	 	198	 
	 46.
	 	USA Patriot Act	  	 	199	 
	 47.
	 	Counterparts	  	 	199	 
	 48.
	 	Governing law	  	 	200	 
	 49.
	 	Enforcement	  	 	200	 

 Schedules 
  

					
	 1.
	 	The Original Parties	  	
	 2.
	 	Conditions precedent	  	
	 3.
	 	Requests and notices	  	
	 4.
	 	Form of Transfer Certificate	  	
	 5.
	 	Form of Assignment Agreement	  	
	 6.
	 	Form of Accession Deed	  	
	 7.
	 	Form of Resignation Letter	  	
	 8.
	 	Form of Substitute Affiliate Lender Designation Notice	  	
	 9.
	 	Form of Compliance Certificate	  	
	 10.
	 	LMA Form of Confidentiality Undertaking	  	
	 11.
	 	Timetables	  	
	 12.
	 	Form of Increase Confirmation	  	
	 13.
	 	Forms of Notifiable Debt Purchase Transaction Notice	  	
	 14.
	 	Form of Aggregate Borrowing Base Certificate	  	
	 15.
	 	Existing Financial Indebtedness	  	
	 16.
	 	Initial Collection Accounts	  	
	 17.
	 	Eligible Account Debtors	  	

  

 THIS AGREEMENT (the “Agreement”) is dated 17 April 2018 and made between: 

 

	(1)	BRISTOW GROUP INC. (the “Parent”); 

  

	(2)	THE COMPANIES listed in Schedule 1, Part 1 (The Original Parties) as original borrowers (the “Original Borrowers”); 

 

	(3)	THE COMPANIES listed in Schedule 1, Part 1 (The Original Parties) as original guarantors (together with the Parent, the “Original Guarantors”); 

 

	(4)	BARCLAYS BANK PLC and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH (the “Arrangers” and “Bookrunners”); 

 

	(5)	THE FINANCIAL INSTITUTIONS listed in Schedule 1, Part 2 (The Original Lenders) as lenders (the “Original Lenders”); 

 

	(6)	BARCLAYS BANK PLC as agent of the other Finance Parties (the “Agent”); 

  

	(7)	BARCLAYS BANK PLC as security trustee for the Secured Parties (the “Security Agent”); 

  

	(8)	BARCLAYS BANK PLC (the “Original Issuing Bank”); and 

  

	(9)	BARCLAYS BANK PLC as swingline lender (the “Swingline Lender”). 

 IT IS AGREED as
follows: 
 SECTION 1 

INTERPRETATION 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 

“ABR” means, in relation to any Loan denominated in US dollars, the higher of: 

 

	 	(a)	the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the US; 

  

	 	(b)	US federal funds effective rate from time to time plus 0.50 percent; and 

  

	 	(c)	LIBOR for a one month interest period (to be initially determined two Business Days prior to the requested Utilisation) plus 1.00 percent, 

in each case changing as and when the applicable rate changes; 

“ABR Rate Loan” means a Loan, requested to be made as an ABR Rate Loan in the relevant Utilisation Request; 

  
 1 

 “Acceptable Bank” means the Original Lenders and each of their Affiliates and:

  

	 	(a)	a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of BBB or higher by Standard & Poor’s Rating Services or Fitch Ratings Ltd or Baa2 or
higher by Moody’s Investors Service Limited or a comparable rating from an internationally recognised credit rating agency or an Affiliate of such a bank or financial institution; or 

 

	 	(b)	any other bank or financial institution approved by the Agent; 

 “Accession
Deed” means a document substantially in the form set out in Schedule 6 (Form of Accession Deed); 
 “Account
Debtor” means any person (other than a member of the Group) who is obliged to discharge a payment obligation to a Borrower arising under a Contract of Services in relation to a Receivable; 

“Accounting Principles” means generally accepted accounting principles in the United States of America; 

“Accounting Reference Date” means the last day of the Parent’s Financial Year, being as of the date of this Agreement, 31
March; 
 “Additional Borrower” means a company which becomes an Additional Borrower in accordance with Clause 31
(Changes to the Obligors); 
 “Additional Guarantor” means a company which becomes an Additional Guarantor in
accordance with Clause 31 (Changes to the Obligors); 
 “Additional Obligor” means an Additional Borrower or an
Additional Guarantor; 
 “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; 
 “Agent Spot Rate of Exchange” means: 

 

	 	(a)	the Agent’s spot rate of exchange; or 

  

	 	(b)	(if the Agent does not have an available spot rate of exchange) any other publicly available spot rate of exchange selected by the Agent (acting reasonably), 

for the purchase of the relevant currency with the Base Currency in the New York foreign exchange market at or about 11.00 a.m. on a particular
day; 
 “Aggregate Availability” means, at any time, the aggregate Availability of all the Borrowers; 

“Aggregate Borrowing Base” means the aggregate of the Borrowing Bases of all the Borrowers; 

  
 2 

 “Aggregate Borrowing Base Certificate” means a certificate, signed and certified
as accurate and complete by an authorised signatory of the Obligors’ Agent, in substantially the form agreed scheduled to this Agreement at Schedule 14 (Form of Aggregate Borrowing Base Certificate) or another form which is acceptable to
the Agent in its reasonable discretion; 
 “Aggregate Revolving Exposure” means, at any time, the aggregate Base Currency
Amount of the Revolving Facility Exposure of all the Lenders at such time; 
 “Agreed Currency” means each of sterling, euro
and Norwegian Kroner; 
 “Annual Financial Statements” has the meaning given to that term in Clause 25 (Information
undertakings); 
 “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to any
Borrower or any of its Affiliates from time to time concerning or relating to bribery or corruption including the Bribery Act 2010 and the United States Foreign Corrupt Practices Act of 1977; 

“Applicable Governmental Percentage” means 50 percent until the date falling six Months after the date of this Agreement
and thereafter 25 percent; 
 “Applicable Margin” means, in relation to any ABR Rate Loan or Swingline Loan,
1.50 percent per annum or, in relation to any LIBOR Rate Loan, NIBOR Rate Loan or Foreign Base Rate Loan and any Unpaid Sum (other than an Unpaid Sum which is an ABR Rate Loan or part thereof or a Swingline Loan or part thereof),
2.50 percent per annum, but, from the end of the first full Financial Quarter following the Closing Date, if Average Quarterly Availability in respect of the most recently completed Financial Quarter is within a range set out below, then the
Applicable Margin for each Loan will be the percentage per annum set out below in the applicable column opposite that range: 
  

									
	 Average Quarterly Availability
	  	LIBOR Rate Loans,
NIBOR Rate Loans
and Foreign Base
Rate Loans (percent p.a.).	 	  	ABR Rate Loans
and Swingline Loans
(percent p.a.)	 
	 Greater than 66 2⁄3 percent
	  	 	2.00	 	  	 	1.00	 
	 Greater than 33 2⁄3 percent but less than or equal to 66 2⁄3 percent
	  	 	2.25	 	  	 	1.25	 
	 Less than or equal to 33 2⁄3 percent
	  	 	2.50	 	  	 	1.50	 

  
 3 

 However: 
  

	 	(i)	any increase or decrease in the Applicable Margin for a Loan shall take effect on the date (the “reset date”) which is the first Business Day of the first month of each Financial Quarter (or, if
paragraph (ii) below applies, the first Business Day of the calendar month following the calendar month in which the relevant Aggregate Borrowing Base Certificate is received), by reference to the relevant Aggregate Borrowing Base Certificates;
and 

  

	 	(ii)	in the event that the Agent is not able to calculate the Applicable Margin on the first Business Day of any month as a result of the Borrowers failing to provide an Aggregate Borrowing Base Certificate at the applicable
time, then if required by the Agent (acting on the instructions of the Majority Lenders) the Applicable Margin for each Loan shall be the highest percentage per annum set out in the table above for the relevant Loan until the first day of the
calendar month following the calendar month in which the relevant Aggregate Borrowing Base Certificate is received; 

“Applicable Non-Governmental Percentage” means 30 percent until the date falling
six Months after the date of this Agreement and thereafter 20 percent; 
 “Applicable Percentage” means, with respect
to any Lender, a percentage equal to a fraction the numerator of which is such Lender’s Revolving Facility Commitment and the denominator of which is the Total Commitments (provided that, if the Revolving Facility Commitments have terminated or
expired, the Applicable Percentage shall be determined based upon such Lender’s share of the Aggregate Revolving Exposure at that time), provided that so long as any Lender is a Defaulting Lender, such Defaulting Lender’s Revolving
Facility Commitment shall be disregarded in the calculations above; 
 “Assignment Agreement” means an agreement
substantially in the form set out in Schedule 5 (Form of Assignment Agreement) or any other form agreed between the relevant assignor and assignee; 

“Audit Laws” means the EU Regulation (537/2014) on specific requirements regarding statutory audit of public-interest entities
and repealing Commission Decision 2005/909/EC and the EU Directive (2014/56/EU) amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts and any law or regulation which implements that EU Directive (2014/56/EU);

 “Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration; 
 “Availability” means, with respect to each Borrower, at any time, an amount equal to: 

 

	 	(a)	the lesser of (i) the Total Commitments minus the Availability Block attributable to that Borrower and (ii) the Borrowing Base of such Borrower; minus 

 

	 	(b)	 the Aggregate Revolving Exposure relating to such Borrower, provided that, in relation to any proposed
Utilisation, any Loans that are due to be repaid by that Borrower at the end of their Interest Period (in accordance with Clause 10.1(a) (Repayment of Loans and Letters of Credit)) and any Letters of Credit the Term of which are due to expire
(or in relation to which the Issuing Bank 

  
 4 

	 	
is otherwise satisfied that it will have no further liability), in each case on or before the proposed Utilisation Date (unless and to the extent that such Utilisation due to be repaid is a
Rollover Loan in relation to which a Utilisation Request has been submitted prior to the date on which the calculation as to Availablity is made) shall be deducted from the Aggregate Revolving Exposure relating to such Borrower for the purposes of
determining Availability in relation to that Utilisation; 

 “Availability Block” means an amount of USD
15,000,000, to be apportioned pro rata between the Norwegian Borrowers and the English Borrowers (and as at the Closing Date, proportionate to the Revolving Facility Commitments available to each of the Norwegian Borrower and the English Borrower)
or in such other proportion as the Agent may determine in its Permitted Discretion and notify to the Borrowers, with any such reallocation taking effect from the date of the next Aggregate Borrowing Base Certificate issued on or after the date which
is three Business Days after the date of such notice. In the event of an increase of the Facility pursuant to Clause 2.2 (Increase), the Agent and the Obligors’ Agent shall discuss in good faith increasing the Availability Block
proportionately to any such increase in the Total Commitments; 
 “Availability Period” means the period from and including
the date of this Agreement to and including the Termination Date; 
 “Availability Shortfall” means the amount by which the
Aggregate Revolving Exposure exceeds the lesser of (x) the Total Commitments and (y) the Aggregate Borrowing Base; 

“Available Commitment” means a Lender’s Revolving Facility Commitment minus (subject as set out below): 

 

	 	(a)	the Base Currency Amount of its participation in any outstanding Utilisations; and 

  

	 	(b)	in relation to any proposed Utilisation, the Base Currency Amount of its participation in any other Utilisations that are due to be made on or before the proposed Utilisation Date, 

provided that for the purposes of calculating a Lender’s Available Commitment in relation to any proposed Utilisation that Lender’s
participation in any Loans that are due to be repaid by that Borrower at the end of their Interest Period (in accordance with Clause 10.1(a) (Repayment of Loans and Letters of Credit)) and any Letters of Credit the Term of which are due to
expire (or in relation to which the Issuing Bank is otherwise satisfied that it will have no further liability), in each case on or before the proposed Utilisation Date shall not be deducted from that Lender’s Revolving Facility Commitment;

 “Available Facility” means the aggregate of each Lender’s Available Commitment; 

“Average Quarterly Availability” means, for any Financial Quarter of the Parent, an amount equal to the average daily
(calculated as at the end of each Business Day by reference to the then most recent Aggregate Borrowing Base Certificate) Aggregate Availability during such Financial Quarter; 

  
 5 

 “Banking Services” means each and any of the following bank services provided to
any Borrower by any Lender or any of its Affiliates: (a) credit cards for commercial customers (including “commercial credit cards” and purchasing cards), (b) stored value cards, (c) merchant processing services, and
(d) treasury management services (including controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate depository network services); 

“Banking Services Obligations” means any and all obligations of the Borrowers, whether absolute or contingent and howsoever
and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services; 

“Base Currency” means US dollars; 

“Base Currency Amount” means, in relation to a Utilisation, the amount specified in the Utilisation Request delivered by a
Borrower for that Utilisation (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency at the Agent’s Spot Rate of Exchange on the date which is three Business Days before the
Utilisation Date or, if later, on the date the Agent receives the Utilisation Request in accordance with the terms of this Agreement) and, in the case of a Letter of Credit, as adjusted under Clause 6.8 (Revaluation of Letters of Credit) and
in the case of a Loan denominated in an Agreed Currency as adjusted under Clause 5.8 (Revaluation of Loans), in each case as adjusted to reflect any subsequent repayment, prepayment, consolidation or division of a Utilisation; 

“Borrower” means an Original Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with
Clause 31 (Changes to the Obligors); 
 “Borrowing Base” means, at any time, with respect to each Borrower, the sum
of: 
  

	 	(a)	the sum of: 

  

	 	(i)	90 percent of that Borrower’s Eligible Investment Grade Receivables; plus 

  

	 	(ii)	85 percent of that Borrower’s Eligible Non Investment Grade Receivables; plus 

  

	 	(iii)	the lesser of (A) USD 10,000,000 and (B) 75 percent of that Borrower’s Eligible Unbilled Receivables; minus 

  

	 	(b)	Reserves (if any) related to such Borrower or its assets as advised to the Obligors’ Agent by the Agent in its Permitted Discretion in accordance with this Agreement with at least five Business Days’ prior
written notice (with any changes taking effect from the expiry of such notice period) to the extent not already deducted in the calculation of the amounts in paragraph (a) in the manner provided in the Aggregate Borrowing Base Certificate
delivered pursuant to Schedule 2 (Conditions precedent) or as otherwise agreed by the Obligors’ Agent and the Agent; minus 

  
 6 

	 	(c)	the Availability Block applicable to such Borrower as advised to the Obligors’ Agent by the Agent in accordance with this Agreement with at least three Business Days’ prior written notice (provided that any
such change will take effect as and from the delivery of the next Aggregate Borrowing Base Certificate following the expiry of such notice), 

provided always that the Borrowing Base shall be zero upon the occurrence of a Borrowing Base Data Failure for so long as such Borrowing Base
Data Failure is continuing; 
 “Borrowing Base Data Failure” shall mean the Borrowers (or the Obligors’ Agent (as
applicable)) failing to provide any of the information required to be provided pursuant to Clause 25.5 (Borrowing Base Certificate and related information) on the due date for the provision of such information. 

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

	 	(a)	the interest (excluding the Applicable Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current
Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received 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 for a period starting on the Business Day following
receipt or recovery and ending on the last day of the current Interest Period; 

 “Budget” means any annual
budget for the Group substantially in the form provided to the Arrangers prior to the date of this Agreement or, after the date of this Agreement, any other form agreed by the Parent and the Agent, each acting reasonably, and delivered by the Parent
to the Agent pursuant to Clause 25.4 (Budget); 
 “Business Day” means a day (other than a Saturday or Sunday) on
which banks are open for general business in London, New York, Oslo and: 
  

	 	(i)	(in relation to any date for payment or purchase of euro) any TARGET Day; and 

  

	 	(ii)	(in relation to any date for payment or purchase of a currency other than US dollars, euro, Norwegian Kroner or sterling) the principal financial centre of the country of that currency; 

“Capital Expenditure” has the meaning given to that term in Clause 26.1 (Financial definitions); 

  
 7 

 “Cash Dominion Period” shall mean the period from the occurrence of a Cash
Dominion Triggering Event until the date of a subsequent Cash Dominion Rescission Triggering Event; 
 “Cash Dominion Rescission
Triggering Event” shall mean the occurrence of both of the following: 
  

	 	(a)	no Event of Default exists; and 

  

	 	(b)	Aggregate Availability being equal to or greater than the greater of (i) USD 10,000,000 and (ii) 15 percent of the lesser of the (A) Aggregate Borrowing Base and (B) Total Commitments less the
aggregate Availability Block for thirty consecutive days; 

 “Cash Dominion Triggering Event” shall mean the
occurrence of either of the following: 
  

	 	(a)	an Event of Default, which is continuing; or 

  

	 	(b)	Aggregate Availability being less than the greater of (i) USD 10,000,000 and (ii) 15 percent of the lesser of the (A) Aggregate Borrowing Base and (B) Total Commitments less the aggregate
Availability Block; 

 “Cash Equivalent Investments” means at any time: 

 

	 	(a)	certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Bank; 

  

	 	(b)	any investment in marketable debt obligations issued or guaranteed by the government of the United States of America, the United Kingdom, any member state of the European Economic Area or any Participating Member State
or by an instrumentality or agency of any of them having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security; 

 

	 	(c)	commercial paper 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, any member state of the European Economic Area or any Participating Member State; 

 

	 	(iii)	which matures within one year after the relevant date of calculation; and 

  

	 	(iv)	which has a credit rating of either A-1 or higher by Standard & Poor’s Rating Services or F1 or higher by Fitch Ratings Ltd or
P-1 or higher by Moody’s Investors Service Limited, or, if no rating is available in respect of the commercial paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating; 

  
 8 

	 	(d)	sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an Acceptable Bank (or their dematerialised equivalent); 

 

	 	(e)	any investment in money market funds which: 

  

	 	(i)	have a credit rating of either A-1 or higher by Standard & Poor’s Rating Services or F1 or higher by Fitch Ratings Ltd or P-1
or higher by Moody’s Investors Service Limited; and 

  

	 	(ii)	invest substantially all their assets in securities of the types described in paragraphs (a) to (d) above to the extent that investment can be turned into cash on not more than 30 days’ notice; or

  

	 	(f)	any other debt security approved by the Majority Lenders, 

 in each case, denominated in US
dollars, sterling, euro or Norwegian Kroner and to which any Obligor is alone (or together with other Obligors beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security (other than
Security arising under the Transaction Security Documents); 
 “Cashflow” has the meaning given to that term in Clause
26.1(Financial definitions); 
 “Change of Control” means: 

 

	 	(a)	the Parent ceases to own, directly or indirectly, legal and beneficial title to at least 49 percent of the issued share capital of each Borrower; or 

 

	 	(b)	a “Change of Control” as defined in the Secured Bonds Indenture occurs in relation to the Parent; 

“Charged Property” means all of the assets of the Obligors which from time to time are, or are expressed to be, the subject of
the Transaction Security; 
 “Closing Date” means the date the Agent issues a notice of satisfaction to the Obligors’
Agent and the Lenders pursuant to Clause 4.1(a) (Initial conditions precedent); 
 “Code” means the US Internal
Revenue Code of 1986; 
 “Collection Account” means the Initial Collection Accounts and any other bank accounts that may be
maintained by any Borrower into which Receivables of any Eligible Account Debtor are, or are to be, paid or credited from time to time and which have been designated in writing as “Collection Accounts” by the Obligors’ Agent; 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute; 
 “Compliance Certificate” means a certificate substantially in the form set out in Schedule 9 (Form
of Compliance Certificate); 

  
 9 

 “Confidential Information” means all information relating to the Parent, any
Obligor, the Group, any Receivables, any Contract of Services, the Finance Documents and/or the Facility which is provided to a Finance Party in relation to the Finance Documents or a Facility from any member of the Group or any of its advisers (a
“Providing Party”) in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but
excludes: 
  

	 	(i)	information that: 

  

	 	(A)	is or becomes public information other than as a direct or indirect result of any breach by the Finance Party of a confidentiality agreement to which that Finance Party is party or Clause 43 (Confidential
Information); or; or 

  

	 	(B)	is identified in writing at the time of delivery as non-confidential by the relevant Providing Party; or 

 

	 	(C)	is known by the Finance Party before the date the information is disclosed to the Finance Party by any Providing Party or is lawfully obtained by the Finance Party after that date, from a source which is, as far as the
Finance Party is aware, unconnected with the Group and which, in either case, as far as the Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and 

 

	 	(ii)	any Funding Rate; 

 “Confidentiality Undertaking” means a confidentiality
undertaking substantially in a recommended form of the LMA as set out in Schedule 10 (LMA form of Confidentiality Undertaking) or in any other form agreed between the Obligors’ Agent and the Agent; 

“Constitutional Documents” means: 
  

	 	(i)	in relation to an English Borrower, the certificate of incorporation, certificate of incorporation on change of name and articles of association of that English Borrower; 

 

	 	(ii)	in relation to a Norwegian Borrower, the certificate of incorporation (in Norwegian: firmaattest) and articles of association (in Norwegian: vedtekter) of that Norwegian Borrower, 

 

	 	(iii)	in relation to any other Borrower, its constitutional documents, 

 and any other constitutional
document applicable to any of them; 
 “Contract of Services” means a contract for the provision of, or including the
provision of, aircraft transportation services and any lease or similar agreement for one or more aircraft; 

  
 10 

 “Contribution Notice” means a contribution notice issued by the Pensions
Regulator under s38 or s47 Pensions Act 2004; 
 “CTA” means the Corporation Tax Act 2009; 

“Debt Purchase Transaction” means, in relation to a person, a transaction where such person: 

 

	 	(a)	purchases by way of assignment or transfer; 

  

	 	(b)	enters into any sub-participation in respect of; or 

  

	 	(c)	enters into any other agreement or arrangement having an economic effect substantially similar to a sub-participation in respect of, 

any Revolving Facility Commitment or amount outstanding under this Agreement; 

“Default” means: 
  

	 	(a)	an Event of Default or any event or circumstance specified in Clause 28 (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; and 

  

	 	(b)	a Borrowing Base Data Failure; 

 “Defaulting Lender” means any Lender: 

 

	 	(a)	which has failed to make its participation in a Loan available (or has notified the Agent or the Parent (which has notified the Agent) that it will not make its participation in a Loan available) by the Utilisation Date
of that Loan in accordance with Clause 5.4 (Lenders’ participation) or which has failed to provide cash collateral (or has notified the Issuing Bank or the Parent (which has notified the Agent) that it will not provide cash
collateral) in accordance with Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover); 

 

	 	(b)	which has otherwise rescinded or repudiated a Finance Document; 

  

	 	(c)	which is an Issuing Bank which has failed to issue a Letter of Credit (or has notified the Agent or the Parent (which has notified the Agent) that it will not issue a Letter of Credit) in accordance with Clause 6.5
(Issue of Letters of Credit) or which has failed to pay a claim (or has notified the Agent or the Parent (which has notified the Agent) that it will not pay a claim) in accordance with (and as defined in) Clause 7.2 (Claims under a Letter
of Credit); or 

  

	 	(d)	with respect to which an Insolvency Event has occurred and is continuing, 

  
 11 

 unless, in the case of paragraphs (a) and (c) above: 

 

	 	(i)	its failure to pay, or to issue a Letter of Credit is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

  

	 	    	payment is made within five Business Days of its due date; or 

  

	 	(ii)	the Lender is disputing in good faith whether it is contractually obliged to make the payment in question; 

“Delegate” means any delegate, agent, attorney or co-trustee appointed by the Security
Agent in respect of the Charged Property pursuant to the Finance Documents; 
 “Deposit Account Control Agreement” means any
agreement or other documentation (including a notice and acknowledgement in substantially the form (if any) scheduled to any applicable Transaction Security Document) entered into between the Security Agent, any Borrower and the relevant account
holding bank, necessary to perfect the Security of the Security Agent in relation to the Collection Accounts and, in the case of bank accounts of an English Borrower, to effect control over bank accounts; 

“Disruption Event” means either or both of: 
  

	 	(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise
in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or 

 

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party: 

 

	 	(i)	from performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted; 

“EBITDA” has the meaning given to that term in Clause 26.1 (Financial definitions); 

“ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or
any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the Securities and Exchange Commission of the US; 

  
 12 

 “Eligible Account Debtor” means the Account Debtors listed in Schedule 17
(Eligible Account Debtors) and any other Account Debtor designated as such from time to time in writing by the Obligors’ Agent; 

“Eligible Investment Grade Receivables” means Eligible Receivables of an Investment Grade Account Debtor; 

“Eligible Non Investment Grade Receivables” means Eligible Receivables of Account Debtors which are not Investment Grade
Account Debtors; 
 “Eligible Receivables” means, unless otherwise agreed between the Agent and the Obligors’ Agent,
any Receivable owed to a Borrower which the Agent determines in its Permitted Discretion is eligible as the basis for the extension of Revolving Facility Loans and Swingline Loans and the issuance of Letters of Credit and provided that any
Receivable previously agreed to be eligible (or arising under a Contract of Services in respect of which Receivables have been previously agreed to be eligible) by the Agent in its Permitted Discretion (and which is not otherwise ineligible pursuant
to the provisions set out in paragraphs (a) to (w) below) may be assumed to remain eligible for the purposes of any Aggregate Borrowing Base Certificate and Borrowing Base unless advised otherwise by the Agent in its Permitted Discretion to the
Obligors’ Agent in writing with at least three Business Days prior notice (with any such change taking effect as and from the delivery of the next Aggregate Borrowing Base Certificate following expiry of such notice). Without limiting the
Agent’s Permitted Discretion, Eligible Receivables shall not, unless otherwise agreed by the Agent in its Permitted Discretion, include any Receivable of a Borrower: 
  

	 	(a)	which is not subject to a first priority perfected (other than with respect to the need to serve notices on Account Debtors, unless such service is required under the terms of the Finance Documents) Security in favour
of the Security Agent; 

  

	 	(b)	which is not owed by an Eligible Account Debtor; 

  

	 	(c)	which is subject to any Security other than (i) Security in favour of the Security Agent and (ii) Permitted Security which does not have priority over the Security in favour of the Security Agent;

  

	 	(d)	which is unpaid more than 90 days after the date of the original invoice therefor or more than 60 days after the original due date therefor; 

 

	 	(e)	which is owing by an Account Debtor for which more than 50 percent in aggregate of the Receivables owing from such Account Debtor and its Affiliates are ineligible under paragraph (d); 

 

	 	(f)	which is owing by an Account Debtor to the extent the aggregate amount of Eligible Receivables owing from such Account Debtor and its Affiliates to all Borrowers exceeds the Applicable
Non-Governmental Percentage (or the Applicable Governmental Percentage in the case of Receivables owing from the UK’s Department of Transport (and its Affiliates and any other Governmental Authority of
the UK) and Statoil Petroleum AS (and its Affiliates and any other Governmental Authority of Norway)) of the aggregate amount of Eligible Receivables of all Borrowers; 

  
 13 

	 	(g)	with respect to which any covenant, representation or warranty contained in this Agreement or in any Transaction Security Document has been breached (in the case of a covenant) or is not true (in the case of a
representation or warranty) in each case in any material respect (except that such materiality qualifier shall not be applicable to any such covenant, representation or warranty that are already qualified or modified by materiality in the text
thereof) unless and until no Default or Event of Default is continuing in respect of such breach or incorrect representation or warranty; 

  

	 	(h)	which (i) is not evidenced by an invoice (or other documentation satisfactory to the Agent) which has been sent to the Account Debtor, (ii) represents a progress billing or retainage, (iii) is contingent
upon such Borrower’s completion of any further performance, (iv) relates to services for which a performance, surety or completion bond or similar assurance has been issued by or on behalf of a Borrower and which remains outstanding, (but
only to the extent of the amount of such performance surety or completion bond or similar assurance), (v) relates to payments of interest, fees or late charges (but only to the extent of such interest, fees or late charges), or (vi) which
constitutes customer prepayments or unearned revenue; 

  

	 	(i)	for which the services giving rise to such Receivable have not been performed by such Borrower or if such Receivable is invoiced having been previously invoiced without a valid credit note having subsequently been
raised in relation to the earlier invoice; 

  

	 	(j)	which is owed by an Account Debtor which has (i) applied for, suffered, or consented to the appointment of any receiver, custodian, trustee, or liquidator of its assets, (ii) had possession of all or a
material part of its property taken by any receiver, custodian, trustee or liquidator, (iii) filed, or had filed against it, any request or petition for liquidation, reorganization, arrangement, adjustment of debts, adjudication as bankrupt, winding-up, or voluntary or involuntary case under any state or federal bankruptcy laws, (iv) admitted in writing its inability, or is generally unable to, pay its debts as they become due, (v) become
insolvent under the laws of its jurisdiction of incorporation, or (vi) ceased operation of its business (in each case for so long as such circumstances are continuing); 

 

	 	(k)	which is owed by an Account Debtor which is not incorporated in the United Kingdom, the United States of America, Australia, Norway, the Falkland Islands or any member state of the European Union as at the date of this
Agreement unless, in any such case (unless the Agent otherwise agrees in its Permitted Discretion), such Receivable is backed by (a) a letter of credit acceptable to the Agent, acting reasonably, which is in the possession of (which includes
letters of credit delivered by electronic means), and is directly drawable by, the Agent or (b) credit insurance in form and substance acceptable in all respects to the Agent, acting reasonably; 

 

	 	(l)	which is owed by an Account Debtor which is a Sanctioned Person; 

  
 14 

	 	(m)	as to which the contract or agreement underlying such Receivable is governed by (or, if no governing law is expressed therein, is deemed to be governed by) the laws of any jurisdiction other than the United Kingdom, the
United States of America, Australia, Norway, the Falkland Islands or any member state of the European Union as at the date of this Agreement; 

  

	 	(n)	which is owed in any currency other than US dollars, sterling, euro or Norwegian Kroner; 

  

	 	(o)	which is owed by any Governmental Authority of any country (other than the United Kingdom, the United States of America, Australia, Norway, the Falkland Islands or any member state of the European Union as at the date
of this Agreement provided that all steps necessary to perfect the security interest of the Security Agent in such Receivable has been complied with to the Agent’s reasonable satisfaction); 

 

	 	(p)	which is owed by any member of the Group or any employee, officer or director of any member of the Group; 

  

	 	(q)	which is subject to any counterclaim, deduction, defence, setoff, rejection by the relevant Account Debtor or dispute but only to the extent of any such counterclaim, deduction, defence, setoff, rejection or dispute;

  

	 	(r)	which is evidenced by any promissory note, chattel paper or analogous instrument unless all necessary steps to perfect the security interest of the Security Agent in such Receivable have been taken to the satisfaction
of the Agent, acting reasonably; 

  

	 	(s)	with respect to which such Borrower has made any agreement with the Account Debtor for any reduction thereof (other than discounts and adjustments given in the ordinary course of business) but only to the extent of any
such reduction, any Receivable in relation to which the payment terms have been extended beyond the dates for payment required pursuant to paragraph (d) above or any Receivable which represents the unpaid portion of a previously invoiced
Receivable (to the extent it so represents); 

  

	 	(t)	which does not comply in all material respects with the requirements of all applicable laws and regulations; 

  

	 	(u)	which constitutes rent or revenue from leases of aircraft but only to the extent that such Receivables constitute more than 15% of the Aggregate Borrowing Base; 

 

	 	(v)	which is subject to any limitation on charging or assignment or other restriction (whether arising by operation of law, by agreement or otherwise) which would, under the local governing law of the contract creating such
Receivable, have the effect of prohibiting or restricting the creation of security and/or a trust over such Receivable in the manner required under the applicable Transaction Security Documents, in each case unless any required permission or consent
to enable such creation of security or trust has been obtained to the satisfaction of the Agent, acting reasonably; or 

  
 15 

	 	(w)	which is excluded from the scope of any Transaction Security Document by virtue of the definition of “Excluded Property” (or equivalent terminology in any such Transaction Security Document).

 Subject to the requirement for the consent of the Super Majority Lenders set out in Clause 42.3 (Other exceptions),
the Agent and the Obligors’ Agent shall enter into good faith negotiations as requested by the respective other party to adjust the definition of Eligible Receivables if, in any jurisdiction, the legal or factual circumstances in relation to
the Eligible Receivables have changed. 
 In the case of the acquisition of a new business or undertaking by a Borrower as permitted under
this Agreement (“New Assets”), the Agent shall have the right to require in its Permitted Discretion, at the cost of the relevant Borrower, a field examination of the Receivables acquired as a result of such acquisition of New
Assets, from an appraiser selected and engaged by the Agent, acting reasonably, and until such time as the field examination shall have been completed (which the Agent shall use reasonable endeavours to effect within 90 days of being informed about
the relevant New Assets by a Borrower or the Obligors’ Agent) the New Assets shall only be included as Eligible Receivables to the extent that the value of the New Assets does not exceed 10 percent of the aggregate Borrowing Base (subject
to all the other eligibility criteria set out in this definition) 
 Following any field examination in connection with the New Assets, the
Agent may, in its Permitted Discretion, request additional or amended eligibility criteria to apply to such New Assets, based on the results of such field examination provided that, until such time as the Agent may request adjusted eligibility
criteria, the New Assets will be subject to the same eligibility criteria for Eligible Receivables as currently applied by the Agent to the other Receivables; 

“Eligible Unbilled Receivables” means any Eligible Receivables to which all of paragraphs (a) to ((w)) of that definition
apply, save for paragraph (h)(i) and any other requirement of the eligibility criteria that requires such amounts to be invoiced to an Account Debtor provided that any such Receivable is billed to the Account Debtor no later than the end of the
calendar month following the calendar month in which (a) the relevant service was provided to such Account Debtor or (b) the relevant rental or leasing period (in relation to which the relevant Eligible Receivable has accrued) has ended;

 “English Borrower” means Bristow Helicopters Limited and each other Borrower resident for tax purposes in England and
Wales; 
 “English Obligor” means the English Borrower and any other Obligor incorporated and existing in England and Wales;

 “English Qualifying Lender” means: 
  

	 	(a)	a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is: 

 

	 	(i)	a Lender: 

  
 16 

	 	(A)	which is a bank (as defined for the purpose of s879 ITA) making an advance under a Finance Document and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that
advance or would be within such charge as respects such payments apart from s18A CTA; or 

  

	 	(B)	in respect of an advance made under a Finance Document by a person that was a bank (as defined for the purpose of s879 ITA) at the time that that advance was made and within the charge to United Kingdom corporation tax
as respects any payments of interest made in respect of that advance; or 

  

	 	(ii)	a Lender which is: 

  

	 	(A)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	 	(B)	a partnership each member of which is: 

  

	 	(1)	a company so resident in the United Kingdom; or 

  

	 	(2)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of
s19 CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 CTA; 

  

	 	(C)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (within the meaning of s19 CTA) of that company; or 

  

	 	(iii)	an English Treaty Lender; or 

  

	 	(b)	a Lender which is a building society (as defined for the purposes of s880 ITA) making an advance under a Finance Document. 

“English Sub Limit” means USD 40,000,000 or such other amount as may be agreed pursuant to Clause 5.7 (Adjustment of Sub
Limits) or to which such sub-limit may be increased pursuant to Clause 2.2 (Increase); 

“English Treaty Lender” means a Lender which: 
  

	 	(a)	is treated as resident of an English Treaty State for the purposes of the English Treaty; and 

  
 17 

	 	(b)	does not carry on business in the United Kingdom through a permanent establishment with which that Lender’s participation in the Loan is effectively connected; 

“English Treaty State” means a jurisdiction having a double taxation agreement with the United Kingdom (an “English
Treaty”) which makes provision for full exemption from tax imposed by the United Kingdom on interest; 

“Environment” means humans, animals, plants and all other living organisms including the ecological systems of which they form
part and the following media: 
  

	 	(a)	air (including air within natural or man-made structures, whether above or below ground); 

  

	 	(b)	water (including territorial, coastal and inland waters, water under or within land and water in drains and sewers); and 

  

	 	(c)	land (including land under water); 

 “Environmental Claim” means any claim,
proceeding, formal notice or investigation by any person in respect of any Environmental Law; 
 “Environmental Law” means
any applicable law or regulation which relates to: 
  

	 	(a)	the pollution or protection of the Environment; 

  

	 	(b)	the conditions of the workplace; or 

  

	 	(c)	the generation, handling, storage, use, release or spillage of any substance which, alone or in combination with any other, is capable of causing harm to the Environment, including any waste; 

“Environmental Permits” means any permit and other Authorisation and the filing of any notification, report or assessment
required under any Environmental Law for the operation of the business of any member of the Group conducted on or from the properties owned or used by any member of the Group; 

“Event of Default” means any event or circumstance specified as such in Clause 28 (Events of Default); 

“Excluded Receivables” means any Receivable in respect of which the relevant security contemplated in the relevant Transaction
Security Document is prohibited, (except to the extent any such prohibition is ineffective under applicable law or the relevant consent for the granting of the applicable security under the relevant Transaction Security Document has been granted and
such security can be effectively created as contemplated therein without causing a breach of the relevant Contract of Services); 

“Excluded Swap Obligation” means, with respect to any Obligor, any Swap Obligation if, and to the extent that, all or a
portion of any guarantee of such Obligor of, or the grant by such Obligor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act

  
 18 

 
or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Obligor’s failure for any reason
to constitute an ECP at the time of any guarantee of such Obligor or the grant of such security interest becomes or would become effective with respect to such Swap Obligation. 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 any such guarantee or security interest is or becomes illegal; 

“Existing Financial Indebtedness” means any agreement providing for or making available any Financial Indebtedness of any
Borrower or Subsidiary of any Borrower as set out in Schedule 15 (Existing Financial Indebtedness) and existing as at the date of this Agreement; 

“Expiry Date” means, for a Letter of Credit, the last day of its Term; 

“Facility” means the Revolving Facility; 

“Facility Office” means: 
  

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

  

	 	(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;

  

	 	(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 

  
 19 

	 	(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 Letter” means: 
  

	 	(a)	any letter or letters dated on or about the date of this Agreement between the Arrangers and the Parent or any other Obligor (or the Agent and the Parent or any other Obligor or the Security Agent and the Parent or any
other Obligor) setting out any of the fees referred to in Clause 17 (Fees); and 

  

	 	(b)	any agreement between an Obligor and a Finance Party setting out fees payable to a Finance Party referred to in Clause 2.2(h) (Increase) or Clause 17.3 (Fees payable in respect of Letters of Credit) of
this Agreement or under any other Finance Document; 

 “Finance Document” means this Agreement, any Accession
Deed, any Compliance Certificate, any Fee Letter, any Resignation Letter, any Transaction Security Document, any Utilisation Request and any other document designated as a “Finance Document” by the Agent and the Obligors’
Agent; 
 “Finance Party” means the Agent, the Arrangers, the Security Agent, a Lender, an Issuing Bank and the Swingline
Lender; 
 “Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of
an entity or any person performing similar duties as the foregoing persons (including director acting in such capacity); 

“Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(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 (but not Trade Instruments), notes, debentures, loan stock or any similar instrument; 

 

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

  
 20 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for
de-recognition under the Accounting Principles); 

  

	 	(f)	any Treasury Transaction (and, when calculating the value of that Treasury 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 Treasury 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 (i) an underlying liability
(but not, in any case, Trade Instruments) of an entity which is not a member of the Group which liability would fall within one of the other paragraphs of this definition or (ii) any liabilities of any member of the Group relating to any
post-retirement benefit scheme; 

  

	 	(h)	any amount raised by the issue of shares which are redeemable (other than at the option of the issuer) before the Termination 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 180 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; 

“Financial Quarter” has the meaning given to that term in Clause 26.1 (Financial definitions); 

“Financial Support Direction” means a financial support direction issued by the Pensions Regulator under s43 Pensions Act
2004; 
 “Financial Year” has the meaning given to that term in Clause 26.1 (Financial definitions); 

“Foreign Base Rate” means, in relation to any Loan denominated in sterling, euro or Norwegian Kroner, LIBOR or in the case of
Norwegian Kroner, NIBOR for a one-month interest period (as in effect on the first day of the then-current calendar month) for the applicable currency, calculated daily, provided that if that rate is less than
zero for any currency, the Foreign Base Rate shall be deemed to be zero; 

  
 21 

 “Foreign Base Rate Loan” means a Loan requested to be made as a Foreign Base
Rate Loan in the relevant Utilisation Request; 
 “Funding Rate” means any individual rate notified by a Lender to the Agent
pursuant to Clause 16.3(a)(ii) (Cost of funds); 
 “Governmental Authority” means the government of any nation or any
political subdivision thereof, whether state or local, the European Central Bank, the Council of Ministers of the European Union and any agency, authority, instrumentality, regulatory body, court, central bank or other entity (including any European
supranational body) exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government; 

“Group” means the Parent, each of its Subsidiaries and any other corporation, partnership, joint venture, limited liability
company, trust, association or other entity, the accounts of which would be consolidated with those of the Parent in the Parent’s consolidated financial statements if such financial statements were prepared in accordance with the Accounting
Principles applicable to the Parent as of such date; 
 “Group Structure Chart” means the group structure chart delivered to
the Agent pursuant to Schedule 2, Part 1 (Conditions precedent to signing of the Agreement and initial Utilisation); 

“Guarantor” means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with
Clause 31 (Changes to the Obligors); 
 “Holding Company” means, in relation to a person, any other person in respect
of which it is a Subsidiary; 
 “IFRS” means international accounting standards within the meaning of IAS Regulation
1606/2002 to the extent applicable to the relevant financial statements; 
 “Impaired Agent” means the Agent at any time
when: 
  

	 	(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment; 

 

	 	(b)	the Agent otherwise rescinds or repudiates a Finance Document; 

  

	 	(c)	(if the Agent is also a Lender) it is a Defaulting Lender under paragraph (a), (b) or (c) of the definition of “Defaulting Lender”; or 

 

	 	(d)	an Insolvency Event has occurred and is continuing with respect to the Agent; 

 unless, in the
case of paragraph (a) above: 
  

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

  
 22 

	 	
payment is made within ten Business Days of its due date; or 

  

	 	(ii)	the Agent is disputing in good faith whether it is contractually obliged to make the payment in question; 

“Increase Confirmation” means a confirmation substantially in the form set out in Schedule 12 (Form of Increase
Confirmation); 
 “Increase Lender” has the meaning given to that term in Clause 2.2 (Increase); 

“Information Package” means all written information (other than any Contracts of Services or information or statements
contained therein) provided by the Obligors’ Agent or any other Obligor to the Agent in connection with the Facility prior to the date of this Agreement and/or uploaded prior to the date of this Agreement to a virtual dataroom to which the
Agent and the Lenders have been provided access; 
 “Initial Collection Accounts” means those bank accounts set out in
Schedule 16 (Initial Collection Accounts); 
 “Insolvency Event” in relation to an entity means that the entity: 

 

	 	(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

  

	 	(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 

 

	 	(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors; 

  

	 	(d)	institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or
organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition
is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official; 

  

	 	(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is
presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity
not described in paragraph (d) above and: 

  

	 	(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or 

 

	 	(ii)	is not dismissed, discharged, stayed or restrained in each case within 14 days of the institution or presentation thereof; 

  
 23 

	 	(f)	has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1, Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2, Banking Act 2009 or a bank
administration proceeding pursuant to Part 3, Banking Act 2009; 

  

	 	(g)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(h)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than,
for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph (d) above); 

 

	 	(i)	has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all
its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; 

 

	 	(j)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (i) above; or

  

	 	(k)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; 

“Intellectual Property” means: 
  

	 	(a)	any patents, trade marks, service marks, designs, business names, copyrights, database rights, design rights, domain names, moral rights, inventions, confidential information, knowhow and other intellectual property
rights and interests (which may now or in the future subsist), whether registered or unregistered; and 

  

	 	(b)	the benefit of all applications and rights to use such assets of each Obligor (which may now or in the future subsist); 

“Interest Period” means, in relation to a Loan, each period determined in accordance with Clause 15 (Interest Periods)
and, in relation to an Unpaid Sum, each period determined in accordance with Clause 14.3 (Default interest); 
 “Interpolated
Screen Rate” means, in relation to any Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: 

 

	 	(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and 

 

	 	(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, each as of the Specified Time for the currency of that Loan;

  
 24 

 “Investment Grade Account Debtor” means any Account Debtor which is, or is a
Subsidiary of an entity which is, rated BBB- or higher by Standard & Poor’s or Baa3 or higher by Moody’s; 

“Issuing Bank” means: 
  

	 	(a)	the Original Issuing Bank; and 

  

	 	(b)	any Lender which has become a Party as an “Issuing Bank” pursuant to Clause 6.10 (Appointment of additional Issuing Banks), 

(and if there is more than one such Issuing Bank, such Issuing Banks shall be referred to, whether acting individually or together, as the
“Issuing Bank”), provided that: 
  

	 	(x)	in respect of a Letter of Credit issued or to be issued pursuant to the terms of this Agreement, the “Issuing Bank” shall be the Issuing Bank which has issued or, subject to paragraph (y) below is
designated by the Obligor’s Agent or relevant Borrower to issue, that Letter of Credit; and 

  

	 	(y)	Barclays Bank PLC as Issuing Bank will only issue standby Letters of Credit; 

“ITA” means the Income Tax Act 2007; 

“Joint Venture” means any joint venture entity that is not a member of the Group, whether a company, unincorporated firm,
undertaking, association, joint venture or partnership or any other entity; 
 “L/C Proportion” means in relation to a
Lender in respect of any Letter of Credit, the proportion (expressed as a percentage) borne by that Lender’s Available Commitment to the relevant Available Facility immediately prior to the issue of that Letter of Credit, adjusted to reflect
any assignment or transfer under this Agreement to or by that Lender; 
 “Legal Opinion” means any legal opinion delivered
to the Agent under Clause 4.1 (Initial conditions precedent) or Clause 31 (Changes to the Obligors); 
 “Legal
Reservations” means: 
  

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

  

	 	(b)	the time barring of claims under the Limitation Acts the possibility that an undertaking to assume liability for or indemnify a person against non-payment of UK stamp duty may be
void and defences of set-off or counterclaim; 

  

	 	(c)	the principle that security expressed to be fixed may nevertheless be held to be floating depending on factual circumstances; 

  
 25 

	 	(d)	the principle that assignments of rights which are prohibited to be assigned may not be effective; 

  

	 	(e)	similar principles, rights and defences under the laws of any Relevant Jurisdiction; and 

  

	 	(f)	any other matters which are set out as qualifications or reservations as to matters of law of general application in any Legal Opinion; 

“Lender” means: 
  

	 	(a)	any Original Lender; 

  

	 	(b)	any bank or financial institution, trust, fund or other entity which has become a Party as a Lender in accordance with Clause 2.2 (Increase) or Clause 29 (Changes to the Lenders); and 

 

	 	(c)	any Substitute Affiliate Lender, 

 which in each case has not ceased to be a Party as such in
accordance with the terms of this Agreement. Where the context requires, the term “Lenders” includes the Swingline Lender; 

“Letter of Credit” means: 
  

	 	(a)	a letter of credit in any form requested by the Obligors’ Agent and agreed by the Agent with the prior consent of the Majority Lenders and the Issuing Bank, each acting reasonably; or 

 

	 	(b)	any guarantee, indemnity or other instrument in a form requested by a Borrower (or the Obligors’ Agent on its behalf) and agreed by the Agent with the prior consent of the Majority Lenders and the Issuing Bank,
each acting reasonably; 

 “LIBOR” means, in relation to any Loan denominated in US dollars, sterling or euro:

  

	 	(a)	the applicable Screen Rate (rounded up to the nearest 1/8th of 1 percent) as of the Specified Time for the currency of that Loan and for a period equal in length to
the Interest Period of that Loan; or 

  

	 	(b)	as otherwise determined pursuant to Clause 16.1 (Unavailability of Screen Rate), and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero; 

“LIBOR Rate Loan” means a Loan requested to be made as a LIBOR Rate Loan in the relevant Utilisation Request; 

“Limitation Acts” means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984; 

“LMA” means the Loan Market Association; 

  
 26 

 “Loan” means a Revolving Facility Loan and, where the context requires, a
Swingline Loan; 
 “Majority Lenders” means a Lender or Lenders whose Revolving Facility Commitments aggregate more than
50 percent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 50 percent of the Total Commitments immediately prior to that reduction); 

“Material Adverse Effect” means a material adverse effect on: 

 

	 	(a)	the business, operations, property or financial condition of (i) the Parent, (ii) each Obligor individually and/or (iii) the Group taken as a whole; or 

 

	 	(b)	the ability of an Obligor to perform its obligations pursuant to Clause 10.2(a) (Restrictions on Receivables and Cash Dominion), Clause 25.5 (Borrowing Base Certificate and related information),
Clause 27.28(a) (Access, Maintenance of records and field examinations) and its payment 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 (not including any recategorisation of any fixed charge over Collection Accounts of a Borrower other than an English Borrower as a floating charge); 

“Material Indebtedness” means: 
  

	 	(a)	the term loan credit agreement dated as of 1 February 2017 among Bristow U.S. LLC, the lenders party thereto and Macquarie Bank Limited, as agent; 

 

	 	(b)	the Parent’s 6.25% Senior Notes due 2022; 

  

	 	(c)	the Parent’s 8.75% Senior Secured Notes due 2023; 

  

	 	(d)	the Parent’s 4.50% Convertible Senior Notes due 2023; 

  

	 	(e)	the credit agreement dated as of 17 July 2017 among Bristow Equipment Leasing, the financial institutions named therein and PK Airfinance S.A.R.L, as agent; 

 

	 	(f)	any indebtedness of the Borrowers and their consolidated Subsidiaries in excess of USD 50,000,000; and 

  

	 	(g)	any indenture or other agreement governing Financial Indebtedness of the Parent or any of its Subsidiaries under which an aggregate principal amount in excess of USD 50,000,000 is outstanding at any time;

  
 27 

 “Month” means a period starting on one day in a calendar month and ending on the
numerically corresponding day in the next calendar month, except that: 
  

	 	(a)	(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or
if there is not, on the immediately preceding Business Day; 

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and 

 

	 	(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. 

The above rules will only apply to the last Month of any period; 

“New Lender” has the meaning given to that term in Clause 29 (Changes to the Lenders); 

“NIBOR” means, in relation to any Loan denominated in Norwegian Kronerr: 

 

	 	(a)	the applicable Screen Rate (rounded upwards to five decimal places) as of the Specified Time for the currency of that Loan and for a period equal in length to the Interest Period of that Loan; or 

 

	 	(b)	as otherwise determined pursuant to Clause 16.1 (Unavailability of Screen Rate), 

 and
if, in either case, that rate is less than zero, NIBOR shall be deemed to be zero; 
 “NIBOR Rate Loan” means a Loan
requested to be made as a NIBOR Rate Loan in the relevant Utilisation Request; 

“Non-Acceptable L/C Lender” means a Lender under the Revolving Facility which: 

 

	 	(a)	is not an Acceptable Bank; 

  

	 	(b)	is a Defaulting Lender; or 

  

	 	(c)	has failed to make (or has notified the Agent that it will not make) a payment to be made by it under Clause 7.3 (Indemnities) or Clause 32.11 (Lenders’ indemnity to the Agent) or any other payment to
be made by it under the Finance Documents to or for the account of any other Finance Party in its capacity as Lender by the due date for payment unless the failure to pay falls within the description of any of those items set out at paragraphs
(i) and (ii) of the definition of “Defaulting Lender”; 

“Non-Consenting Lender” has the meaning given to that term in Clause 42.6
(Replacement of Lender) 
 “Norway” means the Kingdom of Norway; 

  
 28 

 “Norwegian Borrower” means Bristow Norway AS and each other Borrower resident
for tax purposes in Norway; 
 “Norwegian Obligor” means the Norwegian Borrower and any other Obligor incorporated and
existing in Norway; 
 “Norwegian Qualifying Lender” means an Lender which is beneficially entitled to interest payable to
that Lender in respect of an advance under a Finance Document and which is: 
  

	 	(a)	a Lender which is: 

  

	 	(i)	a company resident in Norway for Norwegian tax purposes; or 

  

	 	(ii)	a company not so resident in Norway which carries on a trade in Norway through a permanent establishment and which brings into account interest payable in respect of that advance in computing its taxable income in
Norway; or 

  

	 	(b)	a Norwegian Treaty Lender; 

 “Norwegian
Sub-Limit” means USD 35,000,000 or such other amount as may be agreed pursuant to Clause 5.7 (Adjustment of Sub Limits) or to which such sub-limit may be
increased pursuant to the terms of Clause 2.2 (Increase); 
 “Norwegian Treaty Lender” means a Lender which: 

 

	 	(a)	is treated as resident of a Norwegian Treaty State for the purposes of the Norwegian Treaty; and 

  

	 	(b)	does not carry on business in Norway through a permanent establishment with which that Lender’s participation in the Loan is effectively connected; 

“Norwegian Treaty State” means a jurisdiction having a double taxation agreement with Norway (a “Norwegian
Treaty”) which makes provision for full exemption from tax imposed by Norway on interest; 
 “Notifiable Debt Purchase
Transaction” has the meaning given to that term in Clause 30.2(b) (Disenfranchisement on Debt Purchase Transactions entered into by Group Companies); 

“Obligor” means a Borrower or a Guarantor; 

“Obligors’ Agent” means Bristow Group Inc., appointed to act on behalf of each Obligor in relation to the Finance
Documents pursuant to Clause 2.4 (Obligors’ Agent); 
 “OFAC” means the Office of Foreign Assets Control of the
United States Department of the Treasury; 

  
 29 

 “Original Financial Statements” means: 

 

	 	(a)	in relation to the Parent, its audited financial statements for its Financial Year ended 31 March 2017; 

  

	 	(b)	in relation to each Original Obligor other than the Parent, its unaudited financial statements for its Financial Quarter ended 31 December 2017; and 

 

	 	(c)	in relation to any other Obligor: 

  

	 	(i)	its audited financial statements (if available, in the case of an Obligor which has been acquired by the Group after the date of this Agreement); or 

 

	 	(ii)	its unaudited financial statements (in the case of any other member of the Group or any Obligor acquired by the Group after the date of this Agreement which does not have audited financial statements),

 in each case delivered to the Agent as required by Clause 31 (Changes to the Obligors); 

“Original Jurisdiction” means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated as at
the date of this Agreement or, in the case of an Additional Obligor, as at the date on which that Additional Obligor becomes Party as a Borrower or a Guarantor (as the case may be); 

“Original Obligor” means an Original Borrower or an Original Guarantor; 

“Parent Indenture” means the Indenture dated as of June 17, 2008, among the Parent, the subsidiary guarantors signatory
thereto, and U.S. Bank National Association, as trustee, pursuant to which the Parent has issued its 6.25% Senior Notes, as supplemented by the Third Supplemental Indenture dated as of October 12, 2012, as further supplemented by the Fourth
Supplemental Indenture dated as of June 21, 2016, as further supplemented by the Fifth Supplemental Indenture dated as of November 10, 2016; 

“Parent’s Auditors” means KPMG or any other nationally or internationally recognised firm appointed by the Parent to act
as its statutory auditors; 
 “Participating Member State” means any member state of the European Union that has the euro as
its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union; 
 “Party”
means a party to this Agreement; 
 “Pensions Regulator” means the body corporate called the Pensions Regulator established
under Part I Pensions Act 2004; 

  
 30 

 “Permitted Acquisition” means: 

 

	 	(a)	an acquisition by a Borrower or Subsidiary of a Borrower of an asset sold, leased, transferred or otherwise disposed of by a member of the Group if such acquisition is made: (i) at a time when no Default is
continuing or (ii) in circumstances otherwise constituting a Permitted Disposal (other than pursuant to paragraph (a) of the definition thereof); 

  

	 	(b)	an acquisition of shares or securities pursuant to a Permitted Share Issue; 

  

	 	(c)	an acquisition of securities which are Cash Equivalent Investments or an acquisition of other securities in the ordinary course of business; 

 

	 	(d)	any acquisition of shares or securities in satisfaction of trade payables pursuant to any reorganisation of or any bankruptcy or insolvency proceedings in relation to any debtor; 

 

	 	(e)	the incorporation of a company which on incorporation becomes a member of the Group; 

  

	 	(f)	an acquisition, of issued share capital of a limited liability company or partnership but only if: 

  

	 	(i)	no Default is continuing on the closing date for the acquisition or would occur as a result of the acquisition; 

  

	 	(ii)	the acquired company, business or undertaking is engaged in a business substantially the same as that carried on by the Borrowers or other members of the Group; and 

 

	 	(g)	any acquisition to which has been consented to by the Majority Lenders; 

 “Permitted
Discretion” means a commercially reasonable determination made in good faith in accordance with customary business practice (from the perspective of a secured asset based lender in a comparable transaction) and any exercise or non-exercise of any right or any determination or any similar action expressed in the Finance Documents to be exercisable, made, or taken in the Agent’s Permitted Discretion shall not require any consent or
discretion from any other Finance Party; 
 “Permitted Disposal” means any sale, lease, licence, transfer or other disposal
which, except in the case of paragraphs (a), (c) or (d), is on arm’s length terms:  
  

	 	(a)	of any asset (other than the Charged Property) by a Borrower or Subsidiary of a Borrower to a member of the Group if such disposal is made at a time when no Default is continuing; 

 

	 	(b)	of aircraft, engines, parts, equipment, trading stock or other assets (other than the Charged Property) or cash, made by a member of the Group in the ordinary course of business of the disposing entity;

  

	 	(c)	of any asset by a Borrower to another Borrower; 

  

	 	(d)	of any asset by a Subsidiary of a Borrower to a Borrower or another Subsidiary of a Borrower; 

  
 31 

	 	(e)	of assets in exchange for other assets comparable or superior as to type, value and quality (other than an exchange of a non-cash asset for cash); 

 

	 	(f)	of obsolete or redundant aircraft, parts, vehicles, plant and equipment and other assets; 

  

	 	(g)	of Cash Equivalent Investments for cash or in exchange for other Cash Equivalent Investments; 

  

	 	(h)	constituted by a licence of intellectual property rights permitted by Clause 27.29 (Intellectual Property); 

  

	 	(i)	to a Joint Venture, to the extent permitted by Clause 27.12 (Joint ventures); 

  

	 	(j)	arising as a result of any Permitted Security; 

  

	 	(k)	of real estate for cash on arm’s length terms; 

  

	 	(l)	has been consented to by the Majority Lenders; and 

  

	 	(m)	of assets for cash where the higher of the market value and net consideration receivable (when aggregated with the higher of the market value and net consideration receivable for any other sale, lease, licence, transfer
or other disposal by any Borrower or Subsidiary of any Borrower not allowed under the preceding paragraphs) does not exceed USD 15,000,000 (or its equivalent) in total during the term of this Agreement and does not exceed USD 10,000,000 (or its
equivalent) in any Financial Year of the Parent provided that if any such assets are, immediately prior to their disposal, Charged Property, in the event that any such disposal exceeds an aggregate amount of USD 5,000,000 (or its
equivalent) during the term of this Agreement the Obligors’ Agent shall, promptly following such disposal, provide the Agent with an updated Aggregate Borrowing Base Certificate taking account of such disposal; 

“Permitted Financial Indebtedness” means Financial Indebtedness: 

 

	 	(a)	owed by any Borrower or Subsidiary of a Borrower to another member of the Group as of the date of this Agreement or incurred by any Borrower or Subsidiary of a Borrower from any other member of the Group on or after the
date of this Agreement at a time when no Default is continuing, and any premiums, expenses, interest or fees accrued thereon; 

  

	 	(b)	arising under Existing Financial Indebtedness including any further borrowings thereunder up to the maximum amount permitted to be available to be borrowed under such Existing Financial Indebtedness as of the date of
this Agreement and any Financial Indebtedness incurred or applied to refinance or otherwise repay or prepay any such Existing Financial Indebtedness to the extent so applied and not exceeding the principal amount of such refinanced or repaid
Existing Financial Indebtedness and any premiums, expenses, interest or fees accrued on any of the foregoing; 

  

	 	(c)	to the extent covered by a Letter of Credit; 

  
 32 

	 	(d)	arising under a foreign exchange transaction for spot or forward delivery entered into in connection with protection against fluctuation in currency rates where that foreign exchange exposure arises in the ordinary
course of trade or in respect of Utilisations made in Agreed Currencies, but not a foreign exchange transaction for investment or speculative purposes; 

  

	 	(e)	arising under a Permitted Loan or a Permitted Guarantee or as permitted by Clause 27.32 (Treasury Transactions); 

  

	 	(f)	of any person acquired by a Borrower or Subsidiary of a Borrower after the date of this Agreement which is incurred under arrangements in existence at the date of acquisition, but not incurred or increased or having its
maturity date extended in contemplation of, or since, that acquisition, and outstanding only for a period of three months following the date of acquisition; 

  

	 	(g)	under Finance Leases of aircraft, parts, engines, vehicles, plant, equipment or computers, provided that the aggregate capital value of all such items so leased under outstanding leases by the Borrowers does not exceed
USD 100,000,000 (or its equivalent in other currencies) at any time; 

  

	 	(h)	arising under the Finance Documents; 

  

	 	(i)	which are Banking Services Obligations or Swap Agreement Obligations; 

  

	 	(j)	the incurrence of which has been consented to by the Majority Lenders; and 

  

	 	(k)	not permitted by the preceding paragraphs and the outstanding principal amount of which does not exceed USD 75,000,000 (or its equivalent) in aggregate for the Borrowers and their Subsidiaries at any time;

 “Permitted Guarantee” means:  

 

	 	(a)	any guarantee of the obligations of any member of the Group existing on the date of this Agreement or given or otherwise entered into for or on behalf of any member of the Group after the date of this Agreement at a
time when no Default is continuing; 

  

	 	(b)	the endorsement of negotiable instruments in the ordinary course of trade; 

  

	 	(c)	any performance or similar bond guaranteeing performance by a member of the Group under any contract entered into in the ordinary course of trade; 

 

	 	(d)	any guarantee of a Joint Venture to the extent permitted by Clause 27.12 (Joint ventures); 

  

	 	(e)	any guarantee permitted under Clause 27.24 (Financial Indebtedness); 

  

	 	(f)	any guarantee given in respect of the netting or set-off arrangements permitted pursuant to paragraph (b) of the definition of “Permitted Security”;

  

	 	(g)	any indemnity given in the ordinary course of the documentation of an acquisition or disposal transaction which is a Permitted Acquisition or Permitted Disposal which indemnity is in a customary form and subject to
customary limitations; 

  
 33 

	 	(h)	any indemnity given in favour of a person who is not a member of the Group in the ordinary course of business; 

  

	 	(i)	any guarantee under the Finance Documents; 

  

	 	(j)	any guarantee of Banking Services Obligations or Swap Agreement Obligations; and 

  

	 	(k)	any guarantee which has been consented to by the Majority Lenders; 

 “Permitted Joint
Venture” means any investment in any Joint Venture where:  
  

	 	(a)	the Joint Venture is a limited liability company, limited liability corporation or partnership or any other entity consented to by the Majority Lenders; 

 

	 	(b)	the Joint Venture is engaged in a business substantially the same as that carried on by the Borrowers or any of their Subsidiaries or any other business consented to by the Majority Lenders; and 

 

	 	(c)	in any financial year of the Parent, the aggregate of: 

  

	 	(i)	all amounts subscribed for shares in, lent to, or invested in all such Joint Ventures by any Borrower or Subsidiary of a Borrower; 

  

	 	(ii)	the contingent liabilities of any Borrower or Subsidiary of a Borrower under any guarantee given in respect of the liabilities of any such Joint Venture; and 

 

	 	(iii)	the book value of any assets transferred by any Borrower or Subsidiary of a Borrower to any such Joint Venture, 

does not exceed USD 25,000,000 (or its equivalent in other currencies or such other amounts as may be approved by the Majority Lenders); 

“Permitted Loan” means:  

 

	 	(a)	any Financial Indebtedness owed to any Borrower or Subsidiary of a Borrower by another member of the Group as of the date of this Agreement or granted by any Borrower or Subsidiary of a Borrower to any member of the
Group after the date of this Agreement if no Default is continuing at the time of such grant, and any interest or fees accrued thereon; 

  

	 	(b)	any trade credit extended by any Borrower or Subsidiary of a Borrower to its customers on normal commercial terms and in the ordinary course of its trading activities and any interest or fees accrued thereon;

  

	 	(c)	Financial Indebtedness which is referred to in the definition of, or otherwise constitutes, Permitted Financial Indebtedness (except under paragraph (e) of that definition) and any interest or fees accrued thereon;

  
 34 

	 	(d)	any loan made to a Joint Venture to the extent permitted under Clause 27.12 (Joint ventures) and any interest or fees accrued thereon; 

 

	 	(e)	any loan made by a Borrower or Subsidiary of a Borrower to another Borrower or a Subsidiary of a Borrower and any interest or fees accrued thereon; 

 

	 	(f)	any loan made by a Borrower or Subsidiary of a Borrower to an employee or director of any Borrower or Subsidiary of a Borrower and any interest or fees accrued thereon if the principal amount of that loan when
aggregated with the amount of all loans to employees and directors by Borrowers and their Subsidiaries does not exceed USD 1,000,000 (or its equivalent) at any time; 

 

	 	(g)	any Financial Indebtedness consented to by the Majority Lenders; and 

  

	 	(h)	any loan made by a Borrower or Subsidiary of a Borrower and any interest or fees accrued thereon so long as the aggregate principal amount of the Financial Indebtedness owed to the Borrowers and their Subsidiaries under
any such loans does not exceed USD 25,000,000 (or its equivalent) at any time; 

 “Permitted Security” means:

  

	 	(a)	any lien arising by operation of law and in the ordinary course of trading and not as a result of any default or omission by any Borrower; 

 

	 	(b)	any netting or set-off arrangement entered into by any Borrower or Subsidiary of a Borrower in the ordinary course of its banking arrangements for the purpose of netting debit and
credit balances but only so long as (i) such arrangement does not permit either (x) credit balances of any Borrower on Collection Accounts or (y) the proceeds of Receivables of Eligible Account Debtors (other than Excluded
Receivables) to be netted or set off against debit balances of members of the Group which are not Borrowers and (ii) such arrangement does not give rise to other Security over the Charged Property of Borrowers; 

 

	 	(c)	any payment or close out netting or set-off arrangement pursuant to any Treasury Transaction or foreign exchange transaction entered into by a Borrower which constitutes Permitted
Financial Indebtedness, excluding any Security or Quasi-Security under a credit support arrangement; 

  

	 	(d)	any Security or Quasi-Security over or affecting any asset of any Borrower or Subsidiary of a Borrower other than Charged Property of the Borrowers; 

 

	 	(e)	any Security or Quasi-Security created or expressed to be created pursuant to the Finance Documents. 

  
 35 

 “Permitted Share Issue” means an issue of shares by a Borrower or Subsidiary of
a Borrower to another member of the Group or any of their Affiliates or any other person provided it does not cause a Change of Control; 

“Priority Banking Services Obligations” means any Banking Services Obligations designated as such for the purposes of this
Agreement by the Obligors’ Agent to the Agent in writing from time to time and in relation to which, the Agent has established an appropriate Reserve in its Permitted Discretion; 

“Priority Swap Agreement Obligations” means any Swap Agreement Obligations designated as such for the purposes of this
Agreement by the Obligors’ Agent to the Agent in writing from time to time and in relation to which, the Agent has established an appropriate Reserve in its Permitted Discretion; 

“Qualifying Lender” has the meaning given to that term in Clause 18 (Tax gross up and indemnities); 

“Quasi Security” has the meaning given to that term in Clause 27.15 (Negative pledge); 

“Quotation Day” means, in relation to any period for which an interest rate is to be determined two Business Days (or, if the
currency is euro, two TARGET Days) before the first day of that period, (unless market practice differs in the Relevant Market for that currency, in which case the Quotation Day for that currency will be determined by the Agent in accordance with
market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)); 

“Receivable” means all book debts, both present and future, due or owing or which may become due or owing to any Borrower
arising under any Contract of Services from any person who is not a member of the Group for the provision or sale of aircraft transportation services (including the proceeds thereof) and the benefit of all related rights, documents and remedies
(including under negotiable or non-negotiable instruments, guarantees, indemnities, legal or equitable charges, reservation of proprietary rights, rights of tracing and liens) and all payments and proceeds
representing or made in respect of the same but not including any termination payments, amounts for the purchase of any equipment or aircraft, any indemnity or damages payments, any insurance proceeds or payments in respect of insurances. In
relation to a Borrower, “its Receivables” means all Receivables in which it has any rights or which are owed to it; 

“Receiver” means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged
Property appointed in accordance with the Finance Documents; 
 “Related Fund” in relation to a fund (the “first
fund”), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or
investment adviser is an Affiliate of the investment manager or investment adviser of the first fund; 

  
 36 

 “Relevant Jurisdiction” means, in relation to an Obligor: 

 

	 	(a)	its Original Jurisdiction; and 

  

	 	(b)	the jurisdiction whose laws govern the perfection of any of the Transaction Security Documents entered into by it; 

“Relevant Market” means the London interbank market; 

“Relevant Period” has the meaning given to that term in Clause 26.1 (Financial definitions); 

“Renewal Request” means a written notice delivered to the Agent in accordance with Clause 6.6 (Renewal of a Letter of
Credit); 
 “Repeating Representations” means each of the representations set out in Clause 24.2 (Status) to
Clause 24.7 (Governing law and enforcement), Clause 24.12 (No default), paragraphs (e) and (f) of Clause 24.13 (No misleading information), paragraphs (e) and (f) of Clause 24.14 (Financial Statements), Clause
24.19 (Anti Corruption Laws and Sanctions), Clause 24.21 (Ranking) to Clause 24.24 (Legal and beneficial ownership) and Clause 24.28 (Centre of main interests and establishments); 

“Representative” means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian; 

“Reserves” means any and all reserves which the Agent deems necessary, in its Permitted Discretion (including
(i) reserves for FX volatility, (ii) reserves for dilution of Receivables in excess of 2 percent, (iii) reserves for value added taxes with respect to the Charged Property and payroll withholding taxes for English Borrowers,
(iv) reserves required to provide for the statutory lien as set out in the Norwegian Mortgage Act, Section 6-4, and (v) reserves in relation to any Priority Banking Services Obligations an any
Priority Swap Agreement Obligations, if applicable); 
 “Resignation Letter” means a letter substantially in the form set
out in Schedule 7 (Form of Resignation Letter); 
 “Revolving Facility” means the revolving credit facility made
available under this Agreement as described in Clause 2.1(a) (The Facilities); 
 “Revolving Facility Commitment”
means: 
  

	 	(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading “Revolving Facility Commitment” in Schedule 1, Part 2 (The Original Parties) and the
amount of any other Revolving Facility Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase); and 

  

	 	(b)	in relation to any other Lender, the amount in the Base Currency of any Revolving Facility Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase),

 to the extent not cancelled, reduced or transferred by it under this Agreement; 

  
 37 

 “Revolving Facility Exposure” means, with respect to any Lender at any time, the
sum of the outstanding principal amount of such Lender’s participations in Revolving Facility Loans and Swingline Exposure at such time; 

“Revolving Facility Loan” means a loan made or to be made under the Revolving Facility or the principal amount outstanding for
the time being of that loan (and shall not include any Swingline Loan); 
 “Rollover Loan” means one or more Revolving
Facility Loans: 
  

	 	(a)	made or to be made on the same day that: 

  

	 	(i)	a maturing Revolving Facility Loan is due to be repaid; or 

  

	 	(ii)	a demand by the Agent pursuant to a drawing in respect of a Letter of Credit is due to be met; 

  

	 	(b)	the aggregate amount of which is equal to or less than the amount of the maturing Revolving Facility Loan or the relevant claim in respect of that Letter of Credit as of the date of the relevant Utilisation Request
before giving effect to any prepayments on such date; 

  

	 	(c)	in the same currency as the maturing Revolving Facility Loan (unless it arose as a result of the operation of Clause 9.2 (Unavailability of a currency)) or the relevant claim in respect of that Letter of Credit;
and 

  

	 	(d)	made or to be made to the same Borrower for the purpose of: 

  

	 	(i)	refinancing in whole or in part that maturing Revolving Facility Loan; or 

  

	 	(ii)	satisfying the relevant claim in respect of that Letter of Credit; 

 “Sanctioned
Country” means, at any time, a country or territory which is itself the subject or target of any comprehensive Sanctions (including, as of the date of this Agreement, Cuba, Iran, North Korea, Sudan and Syria but which does not include, as
of the date of this Agreement, the Russian Federation); 
 “Sanctioned Person” means, at any time, (a) any person
listed in any Sanctions-related list of designated persons maintained by the OFAC, the U.S. Department of State or by the United Nations Security Council, the European Union or any European Union member state, Her Majesty’s Treasury of the
United Kingdom or other relevant sanctions authority (including designation on OFAC’s Specially designated Nationals and Blocked Persons List), (b) any person located, operating, organized or resident in a Sanctioned Country, (c) any
person that is the subject or target of any Sanctions, or (d) any person owned or controlled by any such person or persons described in the foregoing paragraphs (a), (b) or (c); 

“Sanctions” means any economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time
by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United
Kingdom or other relevant sanctions authority of the U.S.A., the United Kingdom or any European Union member state; 

  
 38 

 “Screen Rate” means: 

 

	 	(a)	in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant currency and period
displayed (before any correction, recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate); and 

 

	 	(b)	in relation to NIBOR, the displayed rates for the relevant period appearing under the heading page “NIBOR” on the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate)
administered by Norske Finansielle Referanser AS and calculated in cooperation with Oslo Stock Exchange acting as calculation agent (or any other person which takes over the administration and/or calculation of that rate); 

“Secured Bonds Indenture” means the Indenture, dated as of March 6, 2018, among the Parent, the subsidiary guarantors
party thereto and U.S. Bank National Association, as trustee and as collateral agent; 
 “Secured Finance Document
Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all amounts outstanding under Letters of Credit, all accrued and unpaid fees owed by the Obligors under the Finance Documents and all expenses,
reimbursements, indemnities and other obligations and indebtedness of the Obligors under the Finance Documents (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding), obligations and liabilities under the Finance Documents of any of the Obligors to any of the Lenders, the Agent, the Issuing Bank or any indemnified party, individually or collectively,
existing on the Closing Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or
incurred under this Agreement or any of the other Finance Documents or in respect of any of the Loans made or reimbursement under the Finance Documents or other obligations under the Finance Documents incurred or any of the Letters of Credit or
other instruments at any time evidencing any thereof; 
 “Secured Obligations” means all Secured Finance Document
Obligations, together with all (i) Banking Services Obligations and (ii) Swap Agreement Obligations in each case owing to one or more Lenders or (in the case of (i) and (ii)) their respective Affiliates; provided, however, that the
definition of “Secured Obligations” shall not create any guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of determining
any obligations of any Guarantor; 
 “Secured Parties” means each Finance Party from time to time party to this Agreement,
each provider of Banking Services, to the extent the Banking Services Obligations constitute Secured Obligations, each counterparty to any Swap Agreement, to the extent the obligations thereunder constitute Secured Obligations and any Receiver or
Delegate; 

  
 39 

 “Security” means a mortgage, land charge, charge, pledge, assignment by way of
security, lien, transfer of title, retention of title arrangement, or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect; 

“Separate Loan” has the meaning given to that term in Clause 10.1 (Repayment of Loans); 

“Settlement” has the meaning given to that term in Clause 8(g) (Swingline Loans); 

“Settlement Date” has the meaning given to that term in Clause 8(g) (Swingline Loans); 

“Specified Time” means a day or time determined in accordance with Schedule 11 (Timetables); 

“Stock” shall mean shares of capital stock or shares in the capital, as the case may be (whether denominated as common stock
or preferred stock or ordinary shares or preferred shares, as the case may be), beneficial, partnership or membership interests, participations or other equivalents (regardless of how designated) of or in a corporation, partnership, limited
liability company, unlimited liability company or equivalent entity, whether voting or non-voting; 

“Structural Intra-Group Loans” means a loan by the Parent to any of its Subsidiaries, and loans made by one member of the
Group to another member of the Group; 
 “Subsidiary” means an entity over which a person has direct or indirect
control or owns directly or indirectly more than 50 percent of the voting capital or similar right of ownership and “control” for the purpose of this Agreement means the power to direct the management and the policies of the
entity whether through the ownership of voting capital, by contract and include a subsidiary undertaking within the meaning of s1162 Companies Act 2006 and a subsidiary within the meaning of s1159 Companies Act 2006 or the Norwegian Private Limited
Liability Companies Act of 13 June 1997 No. 44 as applicable provided that for the purposes of determining the Subsidiaries of any Obligor or other member of the Group, Turkmenistan Helicopters Limited shall be deemed not to be a
“Subsidiary” of an Obligor or other member of the Group unless its accounts have been consolidated with those of the Parent in the most recent consolidated financial statements of the Parent delivered to the Agent pursuant to Clause 25.1
(Financial statements); 
 “Super Majority Lenders” means a Lender or Lenders whose Revolving Facility Commitments
aggregate more than 662/3 percent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more
than 662/3 percent of the Total Commitments immediately prior to that reduction); 

  
 40 

 “Swap Agreement” means any agreement with respect to any swap, forward, spot,
future, credit default or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or
measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by
current or former directors, officers, employees or consultants of the Borrowers or their Subsidiaries shall be a Swap Agreement; 

“Swap Agreement Obligations” means any and all obligations of the Borrowers, whether absolute or contingent and howsoever and
whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Agreements permitted hereunder with a Lender or an Affiliate of a Lender,
and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction; 

“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder; 

“Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The
Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time; 

“Swingline Loan” has the meaning given to such term in Clause 8 (Swingline Loans); 

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a
single shared platform and which was launched on 19 November 2007; 
 “TARGET Day” means any day on which TARGET2 is
open for settlement of payment in euro; 
 “Tax” means any tax, levy, impost, duty or other charge or withholding of a
similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same); 

“Term” means each period determined under this Agreement for which the Issuing Bank is under a liability under a Letter of
Credit; 
 “Termination Date” means the earlier of: 

 

	 	(a)	the fifth anniversary of this Agreement; 

  

	 	(b)	the date being 91 days prior to the then earliest scheduled maturity of any Material Indebtedness the principal amount of which exceeds USD 50,000,000 on such date; 

  
 41 

	 	(c)	the date on which more than an aggregate amount of USD 50,000,000 of Material Indebtedness has become due and payable; and 

  

	 	(d)	if a Change of Control occurs in relation to the Parent; 

 “Third Party Disposal”
means the disposal of a Guarantor (other than the Parent) to a person which is not a member of the Group where that disposal is permitted under Clause 27.16 (Disposals) or made with the approval of the Majority Lenders (and the
Obligors’ Agent has confirmed this is the case); 
 “Total Commitments” means the aggregate of the Revolving Facility
Commitments from time to time; 
 “Trade Instruments” means any performance bonds, or advance payment bonds or documentary
letters of credit issued in respect of the obligations of any member of the Group arising in the ordinary course of business of that member of the Group; 

“Transaction Security” means the Security created or expressed to be created in favour of the Security Agent pursuant to the
Transaction Security Documents; 
 “Transaction Security Documents” means each of the documents listed as being a
Transaction Security Document in Schedule 2, Part 1, Paragraph 19 (Conditions precedent to signing of the Agreement and initial Utilisation) and any document required to be delivered to the Agent under Schedule 2, Part 2, (Conditions
precedent required to be delivered by Additional Obligors) together with any other document to be entered into on or after the date of this Agreement by any Obligor creating or expressed to create any Security over all or any part of its assets
in respect of the obligations of any of the Obligors under any of the Finance Documents; 
 “Transfer Certificate” means a
certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form agreed between the Agent and the Obligors’ Agent; 

“Transfer Date” means, in relation to an assignment or a transfer, the later of: 

 

	 	(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and 

  

	 	(b)	the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate; 

“Treasury Transactions” means any derivative transaction entered into in connection with protection against or benefit from
fluctuation in any rate or price; 
 “Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance
Documents; 
 “US” means the United States of America; 

“USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001; 

  
 42 

 “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; 

“Utilisation” means a Loan or a Letter of Credit and includes, where applicable, any Swingline Loan; 

“Utilisation Date” means the date of a Utilisation, being the date on which the relevant Loan is to be made or the relevant
Letter of Credit is to be issued; 
 “Utilisation Request” means a notice substantially in the relevant form set out in
Schedule 3 (Utilisation Request); and 
 “VAT” means: 

 

	 	(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and 

 

	 	(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a), or imposed elsewhere. 

 

	1.2	Construction 

  

	 	(a)	Unless a contrary indication appears, a reference in this Agreement to: 

  

	 	(i)	the “Agent”, the “Arrangers”, any “Finance Party”, any “Issuing Bank”, any “Lender”, any “Obligor”, any
“Party”, any “Secured Party”, the “Security Agent” or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights
and/or obligations under the Finance Documents and, in the case of the Security Agent, any person for the time being appointed as Security Agent or Security Agents in accordance with the Finance Documents; 

 

	 	(ii)	the “Agent” includes Barclays Bank PLC acting through any branch as it may designate for the purposes of this Agreement from time to time provided that unless the Parent otherwise agrees any such branch
must be in the United Kingdom or the United States of America; 

  

	 	(iii)	a document in “agreed form” is a document which is previously agreed in writing by or on behalf of the Obligors’ Agent and the Agent or, if not so agreed, is in the form specified by the Agent;

  

	 	(iv)	“assets” includes present and future properties, revenues and rights of every description; 

  
 43 

	 	(v)	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;

  

	 	(vi)	a “group of Lenders” includes all the Lenders; 

  

	 	(vii)	“guarantee” means (other than in Clause 23 (Guarantee and indemnity)) any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect,
actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the
ability of such person to meet its indebtedness; 

  

	 	(viii)	“including” means including without limitation; 

  

	 	(ix)	“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; 

 

	 	(x)	the “Interest Period” of a Letter of Credit shall be construed as a reference to the Term of that Letter of Credit; 

 

	 	(xi)	a Lender’s “participation” in relation to a Letter of Credit shall be construed as a reference to the relevant amount that is or may be payable by a Lender in relation to that Letter of Credit;

  

	 	(xii)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not
having separate legal personality); 

  

	 	(xiii)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency,
department or of any regulatory, self-regulatory or other authority or organisation; 

  

	 	(xiv)	a Utilisation made and to be made to a Borrower includes a Letter of Credit issued on its behalf; 

  

	 	(xv)	a provision of law is a reference to that provision as amended or re-enacted; 

  

	 	(xvi)	unless otherwise stated, a time of day is a reference to New York time; 

  

	 	(xvii)	a “limited liability company” includes a corporation whose shareholders have, in the absence of any guarantee or surety, limited liability for such corporation’s obligations; 

 

	 	(xviii)	“aircraft” includes fixed wing aircraft and helicopters; and 

  
 44 

	 	(xix)	“aircraft transportation services” includes utility and search and rescue services. 

  

	 	(b)	The determination of the extent to which a rate is “for a period equal in length” to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being
determined pursuant to the terms of this Agreement. 

  

	 	(c)	Section, Clause and Schedule headings are for ease of reference only. 

  

	 	(d)	Unless a contrary indication appears, 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)	A Borrower providing “cash cover” for a Letter of Credit means a Borrower paying an amount in the currency of the Letter of Credit to an interest-bearing account in the name of the Borrower and the
following conditions being met: 

  

	 	(i)	the account is with the Issuing Bank for which that cash cover is to be provided; 

  

	 	(ii)	subject to Clause 7.6(b) (Regulation and consequences of cash cover provided by Borrower), until no amount is or may be outstanding under that Letter of Credit (at which time all of such cash cover may be
withdrawn by the Borrower), withdrawals from the account may only be made to pay the relevant Finance Party amounts due and payable to it under this Agreement in respect of that Letter of Credit; and 

 

	 	(iii)	the Borrower has executed a security document over that account, in form and substance satisfactory to the Finance Party with which that account is held, creating a first ranking security interest over that account.

  

	 	(f)	A Default or an Event of Default is “continuing” if it has not been remedied or waived. 

  

	 	(g)	Unless a contrary indication appears, a reference to an amount, threshold or limit expressed in US dollars includes the equivalent of such amount, threshold or limit in other currencies at the Agent’s Spot Rate of
Exchange. 

  

	 	(h)	A Borrower “repaying” or “prepaying” a Letter of Credit means: 

  

	 	(i)	that Borrower providing cash cover for that Letter of Credit; 

  

	 	(ii)	the maximum amount payable under the Letter of Credit being reduced or cancelled in accordance with its terms; or 

  

	 	(iii)	the Issuing Bank being satisfied that it has no further liability under that Letter of Credit, and the amount by which a Letter of Credit is repaid or prepaid under Clause 1.2(h)(i) and Clause 1.2(h)(ii) is the
amount of the relevant cash cover, reduction or cancellation. 

  
 45 

	 	(i)	An amount borrowed includes any amount utilised by way of Letter of Credit. 

  

	 	(j)	A Lender funding its participation in a Utilisation includes a Lender participating in a Letter of Credit. 

  

	 	(k)	Amounts outstanding under this Agreement include amounts outstanding under or in respect of any Letter of Credit. 

  

	 	(l)	An outstanding amount of a Letter of Credit at any time is the maximum amount that is or may be payable by the relevant Borrower in respect of that Letter of Credit at that time. 

 

	 	(m)	A Borrower’s obligation on Utilisations becoming “due and payable” includes the Borrower repaying any Letter of Credit in accordance with Clause 1.2(g). 

 

	1.3	Currency symbols and definitions 

  

	 	(a)	“$”, “USD” and “US dollars” denote the lawful currency of the United States of America; 

 

	 	(b)	“£”, “GBP” and “sterling” denote the lawful currency of the United Kingdom; 

 

	 	(c)	“€”, “EUR” and “euro” denote the single currency of the Participating Member States; and 

 

	 	(d)	“NOK” and “Norwegian Kroner” denote the lawful currency of Norway. 

  

	1.4	Third party rights 

  

	 	(a)	Unless expressly provided to the contrary in a Finance Document a person who is not a Party 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 this Agreement. 

  

	 	(b)	Subject to Clause 42.3(a) (Other exceptions) but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any
time. 

  
 46 

 SECTION 2 

THE FACILITIES 
  

	2.	THE FACILITIES 

  

	2.1	The Facilities 

  

	 	(a)	Subject to the terms of this Agreement, the Lenders make available a multicurrency revolving credit facility in an aggregate amount the Base Currency Amount of which is equal to the Total Commitments. 

 

	 	(b)	The Revolving Facility will be available to all the Norwegian Borrowers up to the Norwegian Sub-Limit and to all the English Borrowers up to the English Sub-Limit. 

  

	2.2	Increase 

  

	 	(a)	The Obligors’ Agent may, by giving prior written notice to the Agent: 

  

	 	(i)	within forty-five Business Days after the effective date of a cancellation of: 

  

	 	(A)	any Available Commitments of a Defaulting Lender in accordance with Clause 11.6 (Right of cancellation in relation to a Defaulting Lender); or 

 

	 	(B)	any Revolving Facility Commitments of a Lender in accordance with: 

  

	 	(1)	Clause 11.1 (Illegality); or 

  

	 	(2)	Clause 11.5 (Right of cancellation and repayment in relation to a single Lender or Issuing Bank); 

request that the Revolving Facility Commitments be increased (and the Revolving Facility Commitments shall be so increased) in an aggregate
amount in the Base Currency of up to the amount of the Available Commitments or Revolving Facility Commitments relating to that Facility so cancelled; and 
  

	 	(ii)	from time to time, request that the Revolving Facility Commitments be increased (and the Revolving Facility Commitments shall be so increased) in an aggregate amount not exceeding USD 25,000,000 over and above the
original amount of the Revolving Facility Commitments (being USD 75,000,000) up to a maximum amount of USD 100,000,000. 

  
 47 

 Any such increase pursuant to either paragraph (i) or paragraph (ii) above shall be
effected as follows: 
  

	 	(A)	the increased Revolving Facility Commitments and/or increased Total Commitments will be assumed by one or more Lenders or other banks or financial institutions (each an “Increase Lender”) selected by
the Obligors’ Agent (none of which shall be a member of the Group), which shall (taking into account any Substitute Affiliate Lenders to be appointed at the time of such Increase Lender becoming a Lender) be legally able to comply with its
obligations under this Agreement in respect of lending to the jurisdictions in which the Borrowers are incorporated and which are acceptable to the Agent and each Issuing Bank (such consent not to be unreasonably withheld or delayed) and each of
which confirms in writing (whether in the relevant Increase Confirmation or otherwise) its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Revolving Facility Commitments which it is
to assume (including in relation to the allocation of the Norwegian Sub Limit and English Sub Limit as specified by the Obligors’ Agent pursuant to Clause 2.2(b) (which proposed allocation shall be disclosed to all Lenders (including any
Increase Lender) as part of the request to increase the Revolving Facility Commitments and/or the Total Commitments (as applicable))), as if it had been an Original Lender in respect of those Revolving Facility Commitments; 

 

	 	(B)	each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Increase Lender would have assumed and/or acquired had the
Increase Lender been an Original Lender in respect of that part of the increased Revolving Facility Commitments which it is to assume; 

  

	 	(C)	each Increase Lender shall become a Party as a “Lender” and any Increase Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another
as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender in respect of that part of the increased Commitments which it is to assume; 

 

	 	(D)	the Revolving Facility Commitments of the other Lenders shall continue in full force and effect; and 

  

	 	(E)	any increase in the Revolving Facility Commitments shall take effect on the date specified by the Obligors’ Agent in the notice referred to above or any later date on which the conditions set out in Clause 2.2(b)
are satisfied. 

  

	 	(b)	Any increase requested pursuant to the provision of Clause 2.2(a)(ii) shall be in a minimum amount of USD 5,000,000 and shall be allocated between the Norwegian Sub Limit and the English Sub Limit as specified by the
Obligors’ Agent (which sub limits shall be increased accordingly). 

  
 48 

	 	(c)	An increase in the Revolving Facility Commitments will only be effective on the Agent executing a duly completed Increase Confirmation appearing on its face to comply with the terms of this Agreement and delivered in
accordance with the terms of this Agreement which the Agent shall do as soon as practicable after receipt and it being satisfied, acting reasonably, that the following conditions are satisfied; 

 

	 	(i)	in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase, the Agent has complied with all necessary “know your customer” or other similar checks under all
applicable laws and regulations in relation to the assumption of the increased Revolving Facility Commitments by that Increase Lender; and 

  

	 	(ii)	the execution of any deeds of extension, confirmation agreement or equivalent documentation with respect to existing Transaction Security, reasonably required by the Agent or the Increase Lender, or required as a matter
of applicable local law ensuring that the Increase Lender will benefit from all existing Transaction Security and any other documentation reasonably requested by the Agent in connection with the increase; 

 

	 	(iii)	no Default is existing or will occur immediately following or as a result of such increase; 

  

	 	(iv)	the Repeating Representations are true and correct in all material respects and will be so true and correct on the date on which any such increase will become effective (or, if any Repeating Representation is expressed
to be given as of an earlier date, on such earlier date); 

  

	 	(v)	receipt of all previously invoiced and documented reasonable out of pocket fees and expenses owing in respect of such increase to the Agent and the agreed upon fees of the Increase Lender(s) (other than any fees which
are only payable after such increase); and 

  

	 	(vi)	the Agent has received evidence satisfactory to the Agent (acting reasonably) that any such increase of the Total Commitments (if fully drawn) will not be in breach of the terms of any documentation evidencing the
Material Indebtedness. 

  

	 	(d)	The Agent may rely on any certification from an Obligor as to the matters referred to in paragraphs (iii), (iv) and (vi) above unless it has actual knowledge or reasonable belief that any such certification is
incorrect. 

  

	 	(e)	Each Increase Lender, by executing the Increase Confirmation, 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 this Agreement on or prior to the date on which the increase becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as it would have been had it
been an Original Lender. 

  
 49 

	 	(f)	Bristow Helicopters Limited shall promptly on demand pay the Agent and the Security Agent the amount of all costs and expenses (including legal fees) reasonably incurred by either of them and, in the case of the
Security Agent, by any Receiver or Delegate in connection with any increase in Revolving Facility Commitments under this Clause 2.2. 

  

	 	(g)	The Increase Lender shall, on the date upon which the increase takes effect, pay to the Agent (for its own account) a fee in an amount equal to the fee which would be payable under Clause 29.3 (Assignment or transfer
fee) if the increase was a transfer pursuant to Clause 29.5 (Procedure for transfer) and if the Increase Lender was a New Lender. 

  

	 	(h)	The relevant Obligor(s) may pay to the Increase Lender a fee in the amount and at the times agreed to be paid by such Obligor in a Fee Letter between the Obligors’ Agent (or the relevant Obligor(s)) and the
Increase Lender. 

  

	 	(i)	Neither the Agent nor any Lender shall have any obligation to find an Increase Lender and in no event shall any Lender whose Revolving Facility Commitment is replaced by an Increase Lender be required to pay or
surrender any of the fees received by such Lender pursuant to the Finance Documents. 

  

	 	(j)	Clause 29.4 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this Clause 2.2 in relation to an Increase Lender as if references in that Clause to: 

 

	 	(i)	an “Existing Lender” were references to all the Lenders immediately prior to the relevant increase; 

  

	 	(ii)	the “New Lender” were references to that “Increase Lender”; and 

  

	 	(iii)	a “re-transfer” and “re-assignment” were references to respectively a “transfer” and
“assignment”. 

  

	2.3	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 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 an Obligor is a separate
and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with Clause 2.3(c). The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the
avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party’s participation in a Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is
a debt owing to that Finance Party by that Obligor. 

  
 50 

	 	(c)	A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights under or in connection with the Finance Documents. 

 

	2.4	Obligors’ Agent 

  

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

  

	 	(i)	the Parent on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions (including, in the case of a Borrower, Utilisation
Requests), to execute on its behalf any Accession Deed, to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Obligor notwithstanding that they may affect the
Obligor, without further reference to or the consent of that Obligor; and 

  

	 	(ii)	each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance Documents to the Parent, 

and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including any Utilisation
Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication. 
  

	 	(b)	Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Obligors’ Agent or given to the Obligors’ Agent under any
Finance Document on behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor under any Finance Document) shall be
binding for all purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Obligors’ Agent and any other Obligor, those of the
Obligors’ Agent shall prevail. 

  

	2.5	Banking Services and Swap Agreements 

 Each Lender providing (or which has an Affiliate
providing) Banking Services for, or having (or which has an Affiliate having) Swap Agreements with, any Borrower shall deliver to the Agent and the Obligors’ Agent on the date of this Agreement and, promptly after entering into (or an Affiliate
entering into) such Banking Services or Swap Agreements, written notice setting out the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Borrower to such Lender and its Affiliates (whether matured or
unmatured, absolute or contingent) and containing a confirmation from the relevant Affiliate (if applicable) that it agrees to 

  
 51 

 
the Transaction Security being held on the terms set out in the Finance Documents. In addition, each such Lender shall deliver to the Agent and the Obligors’ Agent, following the end of each
calendar month, a summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap Agreement Obligations to such Lender and its Affiliates. The most recent information provided to the Agent shall be used in
determining the amounts to be applied in respect of such Banking Services Obligations and/or Swap Agreement Obligations pursuant to Clause 36.6 (Partial payments). 

 

	3.	PURPOSE 

  

	3.1	Purpose 

  

	 	(a)	Each Borrower shall apply all amounts borrowed by it towards the working capital needs and the general corporate purposes of the Borrowers and their Subsidiaries. 

 

	 	(b)	No Borrower (or the Obligors’ Agent) will request any Utilisation, and no Borrower shall use, and each Borrower shall procure that its Subsidiaries, the other members of the Group and its and their respective
directors, officers, employees and agents shall not use, the proceeds of any Revolving Facility Loan or Swingline Loan: 

  

	 	(i)	in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any Anti-Corruption Laws; 

 

	 	(ii)	for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country; or 

 

	 	(iii)	in any manner that would result in the violation by any such person or entity or any party to this Agreement of any Sanctions. 

  

	3.2	Monitoring  

 No Finance Party is bound to monitor or verify the application of any
amount borrowed pursuant to this Agreement. 
  

	4.	CONDITIONS OF UTILISATION 

  

	4.1	Initial conditions precedent 

  

	 	(a)	The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) in relation to any Utilisation if on or before the Utilisation Date for that Utilisation, the Agent has received all of the
documents and other evidence listed in Schedule 2, Part 1 (Conditions precedent to signing of the Agreement and initial Utilisation) in form and substance satisfactory to the Agent. The Agent shall notify the Obligors’
Agent and the Lenders promptly upon being so satisfied. 

  
 52 

	 	(b)	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in Clause 4.1(a), the Lenders authorise (but do not require) the
Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 

  

	4.2	Further conditions precedent 

 Subject to Clause 4.1, the Lenders will only be obliged to
comply with Clause 5.4 (Lenders’ participation), if on the date of the Utilisation Request and on the proposed Utilisation Date: 
  

	 	(a)	in the case of a Rollover Loan, no Event of Default is continuing or would result from the proposed Loan and, in the case of any other Utilisation, no Default or Event of Default is continuing or would result from the
proposed Utilisation; 

  

	 	(b)	after the making of the proposed Utilisation, the Facility would be in compliance with the limits set out in Clause 5.3(b)(v) (Currency and amount) and/or Clause 6.4(b)(v) (Currency and amount);

  

	 	(c)	the Repeating Representations to be made by each Obligor are true and correct in all material respects (save where such Repeating Representation already incorporates the concept of materially). 

 

	4.3	Maximum number of Utilisations 

  

	 	(a)	A Borrower (or the Obligors’ Agent) may not deliver a Utilisation Request if, as a result of the proposed Utilisation, 12 or more Revolving Facility Loans or Swingline Loans would be outstanding or such higher
number as the Agent may agree in its discretion. 

  

	 	(b)	Any Separate Loan shall not be taken into account in this Clause 4.3. 

  
 53 

 SECTION 3 

UTILISATION 
  

	5.	UTILISATION - LOANS 

  

	5.1	Delivery of a Utilisation Request 

 A Borrower (or the Obligors’ Agent on its
behalf) may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time. 
  

	5.2	Completion of a Utilisation Request for Loans 

  

	 	(a)	Each Utilisation Request for a Loan is irrevocable and will not be regarded as having been duly completed unless: 

  

	 	(i)	it identifies the Borrower; 

  

	 	(ii)	it identifies whether requested Loan is to be a LIBOR Rate Loan, a NIBOR Rate Loan, an ABR Rate Loan or a Foreign Base Rate Loan; 

  

	 	(iii)	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

	 	(iv)	the currency and amount of the Utilisation comply with Clause 5.3; and 

  

	 	(v)	the proposed Interest Period (if applicable) complies with Clause 15 (Interest Periods). 

  

	 	(b)	Only one Utilisation may be requested in each subsequent Utilisation Request. 

  

	5.3	Currency and amount 

  

	 	(a)	The currency specified in a Utilisation Request must be the Base Currency Amount or an Agreed Currency. LIBOR Rate Loans may be denominated in sterling, euro or US dollars, NIBOR Rate Loans must be denominated in
Norwegian Kroner, ABR Rate Loans must be denominated in US dollars, and Foreign Base Rate Loans may be denominated in sterling, euro or Norwegian Kroner. 

  

	 	(b)	The amount of the proposed Utilisation must be: 

  

	 	(i)	if the currency selected is the Base Currency, a minimum of USD 250,000 or, if less, the lesser of (A) the Availability for the relevant Borrower and (B) the Aggregate Availability and (C) the maximum
amount available to be borrowed by the relevant Borrower in compliance with paragraph (v) below; or 

  

	 	(ii)	if the currency selected is sterling, a minimum of £250,000 or, if less, the lesser of (A) the Availability for the relevant Borrower and (B) the Aggregate Availability and (C) the maximum amount
available to be borrowed by the relevant Borrower in compliance with paragraph (v) below; 

  
 54 

	 	(iii)	if the currency selected is euro, a minimum of €250,000 or, if less, the lesser of (A) the Availability for the relevant Borrower and (B) the Aggregate Availability; or 

 

	 	(iv)	if the currency selected is Norwegian Kroner, a minimum of NOK 2,000,000 or, if less, the lesser of (A) the Availability for the relevant Borrower and (B) the Aggregate Availability and (C) the maximum
amount available to be borrowed by the relevant Borrower in compliance with paragraph (v) below; and 

  

	 	(v)	in an aggregate principal amount that will not result in: 

  

	 	(A)	any Lender’s Revolving Facility Exposure exceeding such Lender’s Revolving Facility Commitment; or 

  

	 	(B)	the Aggregate Revolving Exposure exceeding the lesser of (x) the Total Commitments and (y) the Aggregate Borrowing Base; or 

 

	 	(C)	with respect to the relevant Borrower, the Lenders’ Revolving Facility Exposure in relation to such Borrower, exceeding the lesser of (x) the Total Commitments, (y) the Borrowing Base of the relevant
Borrower and (z) in the case of the Norwegian Borrower, the Norwegian Sub Limit or in the case of the English Borrower, the English Sub Limit. 

  

	5.4	Lenders’ participation 

  

	 	(a)	If the conditions set out in this Agreement have been met, and subject to Clause 10.1 (Repayment of Loans), each Lender shall make its participation in each Loan available by the Utilisation Date through its
Facility Office. 

  

	 	(b)	The amount of each Lender’s participation in each Loan will be equal to its Applicable Percentage of the Total Commitments immediately prior to making the Loan. 

 

	 	(c)	The Agent shall determine the Base Currency Amount of each Revolving Facility Loan which is to be made in an Agreed Currency and notify each Lender of the amount, currency and the Base Currency Amount of each Loan, the
amount of its participation in that Loan and, if different, the amount of that participation to be made available in accordance with Clause 36.1 (Payments to the Agent) by the Specified Time. 

 

	5.5	Lender Affiliates and Facility Office 

  

	 	(a)	In respect of a Loan or Loans to a particular Borrower (“Designated Loans”) a Lender (a “Designating Lender”) may at any time and from time to time, acting reasonably, designate (by
three Business Days’ prior written notice to the Agent and the Obligors’ Agent or such shorter period as they may agree): 

  
 55 

	 	(i)	a substitute Facility Office from which it will make Designated Loans (a “Substitute Facility Office”); or 

  

	 	(ii)	nominate an Affiliate to act as the Lender of Designated Loans (a “Substitute Affiliate Lender”), 

provided that a Designating Lender may only designate a Substitute Facility Office or nominate a Substitute Affiliate Lender pursuant to this
Clause to the extent that the relevant Substitute Facility Office or the Substitute Affiliate Lender is legally able to lend to the relevant Borrower. 
  

	 	(b)	A notice to nominate a Substitute Affiliate Lender must be in the form set out in Schedule 8 (Form of Substitute Affiliate Lender Designation Notice) and be countersigned by the relevant Substitute Affiliate
Lender confirming it will be bound as a Lender under this Agreement in respect of the Designated Loans in respect of which it acts as Lender. 

  

	 	(c)	The Designating Lender will act as the representative of any Substitute Affiliate Lender it nominates for all administrative purposes under this Agreement. The Obligors, the Agent and the other Finance Parties will be
entitled to deal only with the Designating Lender, except that payments will be made (by the Agent, except as otherwise provided in this Agreement) in respect of Designated Loans to the Facility Office of the Substitute Affiliate Lender. In
particular the Revolving Facility Commitments of the Designating Lender will not be treated as reduced by the introduction of the Substitute Affiliate Lender for voting purposes under this Agreement or the other Finance Documents nor will the
participations of such Substitute Affiliate Lender in Designated Loans entitle it to any rights or otherwise be treated as Revolving Facility Commitments for voting purposes under this Agreement or the other Finance Documents, provided that if the
Substitute Affiliate Lender is a Defaulting Lender the Designating Lender shall be deemed to be a Defaulting Lender for voting purposes under this Agreement. 

  

	 	(d)	Save as mentioned in paragraph (c) above, a Substitute Affiliate Lender will be treated as a Lender for all purposes under the Finance Documents and having a Revolving Facility Commitment equal to the principal
amount of its outstanding participations in all Designated Loans in which it is participating if and for so long as it continues to be a Substitute Affiliate Lender under this Agreement. 

 

	 	(e)	A Designating Lender may revoke its designation of an Affiliate as a Substitute Affiliate Lender by notice in writing to the Agent and the Obligors’ Agent provided that such notice may only take effect when there
are no Designated Loans outstanding to the Substitute Affiliate Lender. Upon such Substitute Affiliate Lender ceasing to be a Substitute Affiliate Lender the Designating Lender will automatically assume (and be deemed to assume without further
action by any Party) all rights and obligations previously vested in the Substitute Affiliate Lender. 

  

  
 56 

	 	(f)	If a Designating Lender designates a Substitute Facility Office or Substitute Affiliate Lender in accordance with this clause: 

  

	 	(i)	any Substitute Affiliate Lender shall be treated for the purposes of Clause 18.2(d)(i) (Tax gross-up) as having become a Lender on the date of this Agreement;

  

	 	(ii)	the Designating Lender shall ensure that the relevant Substitute Affiliate Lender funds its participations in Loans to be funded by such Substitute Affiliate Lender and performs each obligation it would be required to
perform if it was a Party; and 

  

	 	(iii)	as a result of circumstances existing at the date the designation occurs, an Obligor would be obliged to make a payment to the Substitute Affiliate Lender or Designating Lender acting through a Substitute Facility
Office under Clause 19 (Increased costs), then, the Substitute Affiliate Lender or Designating Lender acting through a Substitute Facility Office is only entitled to receive payment under those Clauses to the same extent as the Designating
Lender would have been if the designation had not occurred. 

  

	5.6	Cancellation of Commitment  

 The Revolving Facility Commitments which, at that time, are
unutilised shall be immediately cancelled at the end of the Availability Period. 
  

	5.7	Adjustment of Sub Limits 

  

	 	(a)	Not more than once in any six month period, the Obligors’ Agent may make a request to the Agent in writing (an “Adjustment Request”) that the amount of either or both of the Norwegian Sub Limit
and/or the English Sub Limit be increased or decreased (a “Sub Limit Adjustment”) provided always that the net result of any such requested increase or decrease shall result in the aggregate amount of the Norwegian Sub Limit and the
English Sub Limit equalling the Total Commitments at such time. 

  

	 	(b)	Any Sub Limit Adjustment in excess of USD 7,500,000 (whether an increase or decrease but without counting both an increase and decrease in determining the amount of the Sub Limit Adjustment for this purpose) from the
amount of the sub limits as at the date of this Agreement shall require the consent of all of the Lenders. Any Sub Limit Adjustment less than USD 7,500,000 (whether an increase or decrease) from the amount of the sub limits as at the date of
this Agreement shall only require the consent of the Majority Lenders, in each case acting reasonably. 

  

	 	(c)	Following the receipt of an Adjustment Request, the Agent shall inform the Lenders accordingly and request their consent to the relevant Sub Limit Adjustment. 

 

	 	(d)	The Lenders may, acting reasonably, request any information from the Obligors’ Agent in relation to such Sub Limit Adjustment, which the Obligors’ Agent shall use reasonable endeavours to provide.

  
 57 

	 	(e)	If the consent of the relevant Lenders (pursuant to Clause 5.7(b)) has not been received within ten Business Days of receipt by the Lenders from the Agent of the Adjustment Request, the Adjustment Request shall be
deemed to be rejected and no such Sub Limit Adjustment shall be made. 

  

	 	(f)	The Lenders may give their consent to any Adjustment Request subject to such conditions as they may reasonably request but no such conditions shall be effective unless agreed by the Borrowers (provided always if the
Obligors do not satisfy such conditions, the Lenders shall not be under any obligation to agree to the Adjustment Request). 

  

	 	(g)	If the applicable Lenders give their approval to the Adjustment Request then the Norwegian Sub Limit and the English Sub Limit shall be adjusted accordingly as requested with effect from the date set out in the
Adjustment Request (or any later date agreed between the Agent and the Obligors’ Agent) and on such date, if applicable the Agent shall effect such changes (if any) to the outstanding Loans which are necessary to ensure compliance with the new
Norwegian Sub Limit and the new English Sub Limit, and the Obligors’ Agent and the Borrowers shall be deemed to have made such prepayment requests and shall be deemed to have submitted such Utilisation Requests as may be necessary to effect
such changes. 

  

	5.8	Revaluation of Loans 

 If any Loans are denominated in an Agreed Currency, the Agent
shall, at the end of each calendar month, recalculate the Base Currency Amount of each such Loan by notionally converting into the Base Currency the outstanding amount of that Loan on the basis of the Agent’s Spot Rate of Exchange on the date
of calculation and notify the Obligors’ Agent of such recalculation within seven Business Days of the end of each calendar month. The Obligors’ Agent shall use the most recently notified amounts of such Loans for the purposes of the next
Aggregate Borrowing Base Certificate following the date of such notification. 
  

	6.	UTILISATION - LETTERS OF CREDIT  

  

	6.1	The Revolving Facility 

  

	 	(a)	The Revolving Facility may be utilised by way of Letters of Credit. 

  

	 	(b)	Clause 5 (Utilisation - Loans) does not apply to utilisations by way of Letters of Credit. 

  

	 	(c)	In determining the amount of the Available Facility and a Lender’s L/C Proportion of a proposed Letter of Credit for the purposes of this Agreement the Available Commitment of a Lender will be calculated ignoring
any cash cover provided for outstanding Letters of Credit. 

  

	6.2	Delivery of a Utilisation Request for Letters of Credit 

 A Borrower (or the
Obligors’ Agent on its behalf) may request a Letter of Credit to be issued by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time. A Letter of Credit may be requested to be issued on behalf of another
member of the Group by a Borrower (or the Obligors’ Agent on behalf of a Borrower) and the requesting Borrower shall be the Borrower of that Letter of Credit. 

  
 58 

	6.3	Completion of a Utilisation Request for Letters of Credit 

 Each Utilisation Request for
a Letter of Credit is irrevocable and will not be regarded as having been duly completed unless: 
  

	 	(a)	it specifies that it is for a Letter of Credit; 

  

	 	(b)	it identifies the Borrower of the Letter of Credit; 

  

	 	(c)	it identifies the Issuing Bank which is to issue the Letter of Credit and such Issuing Bank is permitted to be an Issuing Bank for the relevant Letter of Credit in accordance with this Agreement; 

 

	 	(d)	the proposed Utilisation Date is a Business Day within the Availability Period applicable to the Revolving Facility; 

  

	 	(e)	the currency and amount of the Letter of Credit comply with Clause 6.4; 

  

	 	(f)	the form of Letter of Credit is attached; 

  

	 	(g)	the Expiry Date of the Letter of Credit falls on or before five Business Days prior to the then scheduled Termination Date pursuant to paragraphs (a) and (b) of the definition thereof; 

 

	 	(h)	the Term of the Letter of Credit is 12 months or less; 

  

	 	(i)	the delivery instructions for the Letter of Credit are specified; and 

  

	 	(j)	the identity of the beneficiary of the Letter of Credit is approved by the Issuing Bank acting reasonably. 

  

	6.4	Currency and amount 

  

	 	(a)	The currency specified in a Utilisation Request must be the Base Currency or an Agreed Currency. 

  

	 	(b)	The amount of the proposed Letter of Credit must be an amount whose Base Currency Amount is not more than the Available Facility and which is: 

 

	 	(i)	if the currency selected is the Base Currency, a minimum of USD 100,000 or, if less, the lesser of (a) the Availability for the relevant Borrower and (b) the Aggregate Availability and (c) the maximum
amount available to be utilised as a Letter of Credit by the relevant Borrower in compliance with paragraph (v) below; or 

  

	 	(ii)	if the currency selected is sterling, a minimum of £100,000 or, if less, the lesser of (a) the Availability for the relevant Borrower and (b) the Aggregate Availability and (c) the maximum amount
available to be utilised as a Letter of Credit by the relevant Borrower in compliance with paragraph (v) below; or 

  
 59 

	 	(iii)	if the currency selected is euro, a minimum of €100,000 or, if less, the lesser of (a) the Availability for the relevant Borrower and (b) the Aggregate Availability and (c) the maximum amount
available to be utilised as a Letter of Credit by the relevant Borrower in compliance with paragraph (v) below; or 

  

	 	(iv)	if the currency selected is Norwegian Kroner, a minimum of NOK 1,000,000 or, if less, the lesser of (a) the Availability for the relevant Borrower and (b) the Aggregate Availability and (c) the maximum
amount available to be utilised as a Letter of Credit by the relevant Borrower in compliance with paragraph (v) below; 

  

	 	(v)	in an aggregate principal amount that will not result in: 

  

	 	(A)	any Lender’s Revolving Facility Exposure exceeding such Lender’s Revolving Facility Commitment; or 

  

	 	(B)	the Aggregate Revolving Exposure exceeding the lesser of (x) the Total Commitments and (y) the Aggregate Borrowing Base; or 

 

	 	(C)	with respect to the relevant Borrower, the Lenders’ Revolving Facility Exposure in relation to such Borrower, exceeding the lesser of (x) the Total Commitments, (y) the Borrowing Base of the relevant
Borrower and (z) in the case of the Norwegian Borrower, the Norwegian Sub Limit or in the case of the English Borrower, the English Sub Limit. 

  

	 	(c)	The maximum aggregate Base Currency Amount of all Letters of Credit shall not exceed USD 25,000,000 at any time. 

  

	6.5	Issue of Letters of Credit 

  

	 	(a)	If the conditions set out in this Agreement have been met, the Issuing Bank shall issue the Letter of Credit on the Utilisation Date. 

 

	 	(b)	Subject to Clause 4.1 (Initial conditions precedent), the Issuing Bank will only be obliged to comply with Clause 6.5(a), if on the date of the Utilisation Request or Renewal Request and on the proposed
Utilisation Date: 

  

	 	(i)	in the case of a Letter of Credit to be renewed in accordance with Clause 6.6 no Event of Default is continuing or would result from the proposed Utilisation and, in the case of any other Utilisation, no Default is
continuing or would result from the proposed Utilisation; and 

  

	 	(ii)	the Repeating Representations to be made by each Obligor are true in all material respects. 

  
 60 

	 	(c)	The amount of each Lender’s participation in each Letter of Credit will be equal to its L/C Proportion. 

  

	 	(d)	The Agent shall determine the Base Currency Amount of each Letter of Credit which is to be issued in an Agreed Currency and shall notify the Issuing Bank and each Lender of the details of the requested Letter of Credit
and its participation in that Letter of Credit by the Specified Time. 

  

	 	(e)	The Issuing Bank has no duty to enquire of any person whether or not any of the conditions set out in Clause 6.5(b) have been met. The Issuing Bank may assume that those conditions have been met unless it is expressly
notified to the contrary by the Agent. The Issuing Bank will have no liability to any person for issuing a Letter of Credit based on such assumption. 

  

	 	(f)	The Issuing Bank is solely responsible for the form of the Letter of Credit that it issues. The Agent has no duty to monitor the form of that document. 

 

	 	(g)	Subject to Clause 32.7(i) (Rights and discretions), each of the Issuing Bank and the Agent shall provide the other with any information reasonably requested by the other that relates to a Letter of Credit and its
issue. 

  

	 	(h)	The Issuing Bank may issue a Letter of Credit in the form of a SWIFT message or other form of communication customary in the relevant market but has no obligation to do so. 

 

	6.6	Renewal of a Letter of Credit 

  

	 	(a)	A Borrower (or the Obligors’ Agent on its behalf) may request that any Letter of Credit issued at the request of that Borrower be renewed by delivery to the Agent of a Renewal Request in substantially similar form
to a Utilisation Request for a Letter of Credit by the Specified Time. 

  

	 	(b)	The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request for a Letter of Credit except that the condition set out in Clause 6.3(f) shall not apply. 

 

	 	(c)	The terms of each renewed Letter of Credit shall be the same as those of the relevant Letter of Credit immediately prior to its renewal, except that: 

 

	 	(i)	its amount may be less than the amount of the Letter of Credit immediately prior to its renewal; and 

  

	 	(ii)	its Term shall start on the date which was the Expiry Date of the Letter of Credit immediately prior to its renewal, and shall end on the proposed Expiry Date specified in the Renewal Request. 

 

	 	(d)	Subject to Clause 6.6(e), if the conditions set out in this Agreement have been met, the Issuing Bank shall amend and re-issue any Letter of Credit pursuant to a Renewal Request.

  
 61 

	 	(e)	Where a new Letter of Credit is to be issued to replace by way of renewal an existing Letter of Credit, the Issuing Bank is not required to issue that new Letter of Credit until the Letter of Credit being replaced has
been returned to the Issuing Bank or the Issuing Bank is satisfied, acting reasonably, either that it will be returned to it or otherwise that no liability can arise under it. 

 

	6.7	Reduction of a Letter of Credit 

  

	 	(a)	If, on the proposed Utilisation Date of a Letter of Credit, any Lender under the Revolving Facility is a Non-Acceptable L/C Lender and: 

 

	 	(i)	that Lender has failed to provide cash collateral to the Issuing Bank in accordance with Clause 7.4 (Cash collateral by Non-Acceptable L/C Lender and Borrower’s
option to provide cash cover); and 

  

	 	(ii)	the Borrower of that proposed Letter of Credit has not exercised its right to provide cash cover to the Issuing Bank in accordance with Clause 7.4(g) (Cash collateral by
Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), 

the Issuing Bank may, subject to paragraph (d) below, reduce the amount of that Letter of Credit by an amount equal to the amount of the
participation of that Non-Acceptable L/C Lender in respect of that Letter of Credit and that Non-Acceptable L/C Lender shall be deemed not to have any participation (or
obligation to indemnify the Issuing Bank) in respect of that Letter of Credit for the purposes of the Finance Documents. 
  

	 	(b)	The Issuing Bank shall notify the Agent and the Obligors’ Agent of each reduction made pursuant to this Clause 6.7. 

  

	 	(c)	This Clause 6.7 shall not affect the participation of each other Lender in that Letter of Credit except for any increase in their participation pursuant to paragraph (d) below. 

 

	 	(d)	If paragraph (a) applies and there are sufficient Available Commitments of other Lenders who are not Non-Acceptable L/C Lenders the Issuing Bank shall not reduce a Letter of
Credit but instead the relevant Non-Acceptable L/C Lender shall cease to have any participation in respect of that Letter of Credit and its participations will be reallocated to such other Lenders pro rata to
their Available Commitments. 

  

	6.8	Revaluation of Letters of Credit 

 If any Letters of Credit are denominated in an Agreed
Currency, the Agent shall, at the end of each calendar month, recalculate the Base Currency Amount of each such Letter of Credit by notionally converting into the Base Currency the outstanding amount of that Letter of Credit on the basis of the
Agent’s Spot Rate of Exchange on the date of calculation and notify the Obligors’ Agent of such recalculation within seven Business Days of the end of each calendar month. The Obligors’ Agent shall use the most recently notified
amounts of such Letters of Credit for the purposes of the next Aggregate Borrowing Base Certificate following the date of such notification. 

  
 62 

	6.9	Reduction or expiry of Letter of Credit 

 If the amount of any Letter of Credit is wholly
or partially reduced or it is repaid or prepaid or it expires prior to its Expiry Date, the relevant Issuing Bank and the Borrower that requested (or on behalf of which the Obligors’ Agent requested) the issue of that Letter of Credit shall
promptly notify the Agent of the details upon becoming aware of them. 
  

	6.10	Appointment of additional Issuing Banks 

 Any Lender which has agreed to the
Obligors’ Agent’s request to be an Issuing Bank for the purposes of this Agreement shall become a Party as an “Issuing Bank” upon notifying the Agent and the Obligors’ Agent that it has so agreed to be an Issuing Bank. 

 

	7.	LETTERS OF CREDIT 

  

	7.1	Immediately payable 

 If a Letter of Credit or any amount outstanding under a Letter of
Credit is expressed to be immediately payable, the Borrower that requested (or on behalf of which the Obligors’ Agent requested) the issue of that Letter of Credit shall repay or prepay that amount immediately. 

 

	7.2	Claims under a Letter of Credit 

  

	 	(a)	Each Borrower irrevocably and unconditionally authorises the Issuing Bank to pay any claim made or purported to be made under a Letter of Credit requested by it (or requested by the Obligors’ Agent on its behalf)
and which appears on its face to be in order (in this Clause 7, a “claim”). 

  

	 	(b)	Each Borrower shall immediately on demand pay to the Agent for the Issuing Bank an amount equal to the amount of any claim. 

  

	 	(c)	Each Borrower acknowledges that the Issuing Bank: 

  

	 	(i)	is not obliged to carry out any investigation or seek any confirmation from any other person before paying a claim; and 

  

	 	(ii)	deals in documents only and will not be concerned with the legality of a claim or any underlying transaction or any available set-off, counterclaim or other defence of any person.

  

	 	(d)	The obligations of a Borrower under this Clause 7 will not be affected by: 

  

	 	(i)	the sufficiency, accuracy or genuineness of any claim or any other document; or 

  

	 	(ii)	any incapacity of, or limitation on the powers of, any person signing a claim or other document. 

  
 63 

	7.3	Indemnities 

  

	 	(a)	Each Borrower shall immediately on demand indemnify the Issuing Bank against any cost, loss or liability incurred by the Issuing Bank (otherwise than by reason of the Issuing Bank’s gross negligence or wilful
misconduct) in acting as the Issuing Bank under any Letter of Credit requested by (or on behalf of) that Borrower. 

  

	 	(b)	Each Lender shall (according to its L/C Proportion) immediately on demand indemnify the Issuing Bank against any cost, loss or liability incurred by the Issuing Bank (otherwise than by reason of the Issuing Bank’s
gross negligence or wilful misconduct) in acting as the Issuing Bank under any Letter of Credit (unless the Issuing Bank has been reimbursed by an Obligor pursuant to a Finance Document). 

 

	 	(c)	The Borrower which requested (or on behalf of which the Obligors’ Agent requested) a Letter of Credit shall immediately on demand reimburse any Lender for any payment it makes to the Issuing Bank under this Clause
7.3 in respect of that Letter of Credit. 

  

	 	(d)	The obligations of each Lender or Borrower under this Clause are continuing obligations and will extend to the ultimate balance of sums payable by that Lender or Borrower in respect of any Letter of Credit, regardless
of any intermediate payment or discharge in whole or in part. 

  

	 	(e)	If a Borrower has provided cash cover in respect of a Lender’s participation in a Letter of Credit, the Issuing Bank shall seek reimbursement from that cash cover before making a demand of that Lender under Clause
7.3(b). Any recovery made by an Issuing Bank pursuant to that cash cover will reduce that Lender’s liability under Clause 7.3(b). 

  

	 	(f)	The obligations of any Lender or Borrower under this Clause will not be affected by any act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this
Clause (without limitation and whether or not known to it or any other person) including: 

  

	 	(i)	any time, waiver or consent granted to, or composition with, any Obligor, any beneficiary under a Letter of Credit or any other person; 

 

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

 

	 	(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, any beneficiary under a Letter of
Credit 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; 

  
 64 

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

 

	 	(v)	any amendment (however fundamental) or replacement of a Finance Document, any Letter of Credit or any other document or security; 

  

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

 

	 	(vii)	any insolvency or similar proceedings. 

  

	7.4	Cash collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover 

 

	 	(a)	If, at any time, a Lender under the Revolving Facility is a Non-Acceptable L/C Lender, the Issuing Bank may, by notice to that Lender, request that Lender to pay and that Lender
shall pay, on or prior to the date falling two Business Days after the request by the Issuing Bank, an amount equal to that Lender’s L/C Proportion of: 

  

	 	(i)	the outstanding amount of a Letter of Credit; or 

  

	 	(ii)	in the case of a proposed Letter of Credit, the amount of that proposed Letter of Credit, 

 and
in the currency of that Letter of Credit to an interest-bearing account held in the name of that Lender with the Issuing Bank. 
  

	 	(b)	The Non-Acceptable L/C Lender to whom a request has been made in accordance with Clause 7.4(a) shall enter into a security document or other form of collateral arrangement over
the account, in form and substance satisfactory to the Issuing Bank, as collateral for any amounts due and payable under this Agreement by that Lender to the Issuing Bank in respect of that Letter of Credit. 

 

	 	(c)	Subject to Clause 7.4(f), withdrawals from such an account may only be made to pay the Issuing Bank amounts due and payable to it under this Agreement by the Non-Acceptable L/C
Lender in respect of that Letter of Credit until no amount is or may be outstanding under that Letter of Credit. 

  

	 	(d)	Each Lender under the Revolving Facility shall notify the Agent and the Obligors’ Agent: 

  

	 	(i)	on the date of this Agreement or on any later date on which it becomes such a Lender in accordance with Clause 2.2 (Increase) or Clause 29 (Changes to the Lenders) whether it is a Non-Acceptable L/C Lender; and 

  

	 	(ii)	as soon as practicable upon becoming aware of the same, that it has become a Non-Acceptable L/C Lender, 

  
 65 

	 	
and an indication in Schedule 1 (The Original Parties), in a Transfer Certificate, in an Assignment Agreement or in an Increase Confirmation to that effect will constitute a notice under
Clause 7.4(d)(i) to the Agent and, upon delivery in accordance with Clause 29.7 (Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Obligors’ Agent), to the Obligors’ Agent. 

 

	 	(e)	Any notice received by the Agent pursuant to Clause 7.4(d) shall constitute notice to the Issuing Bank of that Lender’s status and the Agent shall, upon receiving each such notice, promptly notify the Issuing Bank
of that Lender’s status as specified in that notice. 

  

	 	(f)	Notwithstanding Clause 7.4(c), a Lender which has provided cash collateral in accordance with this Clause 7.4 may, by notice to the Issuing Bank, request that an amount equal to the amount provided by it as collateral
in respect of the relevant Letter of Credit (together with any accrued interest) be returned to it: 

  

	 	(i)	to the extent that such cash collateral has not been applied in satisfaction of any amount due and payable under this Agreement by that Lender to the Issuing Bank in respect of the relevant Letter of Credit;

  

	 	(ii)	if: 

  

	 	(A)	it ceases to be a Non-Acceptable L/C Lender; 

  

	 	(B)	its obligations in respect of the relevant Letter of Credit are transferred to a New Lender in accordance with the terms of this Agreement; or 

 

	 	(C)	an Increase Lender has agreed to undertake that Lender’s obligations in respect of the relevant Letter of Credit in accordance with the terms of this Agreement; and 

 

	 	(iii)	if no amount is due and payable by that Lender in respect of a Letter of Credit, 

 and the
Issuing Bank shall pay that amount to the Lender within three Business Days of that Lender’s request (and shall cooperate with the Lender in order to procure that the relevant security or collateral arrangement is released and discharged). 

 

	 	(g)	To the extent that a Non-Acceptable L/C Lender fails to provide cash collateral (or notifies the Issuing Bank that it will not provide cash collateral) in accordance with this
Clause 7.4 in respect of a proposed Letter of Credit, the Issuing Bank shall promptly notify the Obligors’ Agent (with a copy to the Agent) and the Borrower of that proposed Letter of Credit may, at any time before the proposed Utilisation Date
of that Letter of Credit, provide cash cover to an account with the Issuing Bank in an amount equal to that Lender’s L/C Proportion of the amount of that proposed Letter of Credit. 

  
 66 

	7.5	Requirement for cash cover from Borrower 

 If: 

 

	 	(a)	a Non-Acceptable L/C Lender fails to provide cash collateral (or notifies the Issuing Bank that it will not provide cash collateral) in accordance with Clause 7.4 (Cash
collateral by Non-Acceptable L/C Lender and Borrower’s option to provide cash cover) in respect of a Letter of Credit that has been issued; 

 

	 	(b)	the Issuing Bank notifies the Obligors’ Agent (with a copy to the Agent) that it requires the Borrower of the relevant Letter of Credit to provide cash cover to an account with the Issuing Bank in an amount equal
to that Non-Acceptable L/C Lender’s L/C Proportion of the outstanding amount of that Letter of Credit (or if less, the amount of cash cover the Non-Acceptable L/C
Lender has failed to provide); 

  

	 	(c)	that Borrower has not already provided such cash cover which is continuing to stand as collateral; and 

  

	 	(d)	a Cash Dominion Period is continuing, 

 then that Borrower shall provide such cash cover within
10 Business Days of the notice referred to in Clause 7.5(b) (unless the relevant Non-Acceptable L/C Lender has been replaced as a Lender). 

 

	7.6	Regulation and consequences of cash cover provided by Borrower 

  

	 	(a)	Any cash cover provided by a Borrower pursuant to Clause 7.4 or Clause 7.5 may be funded out of a Revolving Facility Loan. 

  

	 	(b)	Notwithstanding Clause 1.2(e) (Construction), the relevant Borrower may request that an amount equal to the cash cover (together with any accrued interest) provided by it pursuant to Clause 7.4 or Clause 7.5 be
returned to it: 

  

	 	(i)	to the extent that such cash cover has not been applied in satisfaction of any amount due and payable under this Agreement by that Borrower to the Issuing Bank in respect of a Letter of Credit; 

 

	 	(ii)	if: 

  

	 	(A)	the relevant Lender ceases to be a Non-Acceptable L/C Lender; 

  

	 	(B)	the relevant Lender’s obligations in respect of the relevant Letter of Credit are transferred to a New Lender in accordance with the terms of this Agreement; or 

 

	 	(C)	an Increase Lender has agreed to undertake the relevant Lender’s obligations in respect of the relevant Letter of Credit in accordance with the terms of this Agreement; and 

  
 67 

	 	(iii)	if no amount is due and payable by the relevant Lender in respect of the relevant Letter of Credit, 

and the Issuing Bank shall pay that amount to that Borrower within 3 Business Days of that Borrower’s request. 

 

	 	(c)	To the extent that a Borrower has provided cash cover pursuant to Clause 7.4 or Clause 7.5, the relevant Lender’s L/C Proportion in respect of that Letter of Credit will remain (but that Lender’s obligations
in relation to that Letter of Credit may be satisfied in accordance with Clause 1.2(e)(ii) (Construction)). However the relevant Borrower’s obligation to pay any Letter of Credit fee in relation to the relevant Letter of Credit to the
Agent (for the account of that Lender) in accordance with Clause 17.3(b) (Fees payable in respect of Letters of Credit) will be reduced proportionately as from the date on which it provides that cash cover (and for so long as the relevant
amount of cash cover continues to stand as collateral). 

  

	 	(d)	The relevant Issuing Bank shall promptly notify the Agent of the extent to which a Borrower provides cash cover pursuant to Clause 7.4 or Clause 7.5 and of any change in the amount of cash cover so provided.

  

	7.7	Rights of contribution 

 No Obligor will be entitled to any right of contribution or
indemnity from any Finance Party in respect of any payment it may make under this Clause 7 (other than a Defaulting Lender which has failed to comply with this Clause 7, provided always that in no event shall any right of contribution or indemnity
attach to, or adversely affect, any other Finance Party). 
  

	8.	SWINGLINE LOANS 

  

	 	(a)	The Agent, the Swingline Lender and the Lenders agree that a Borrower (or the Obligors’ Agent on behalf of a Borrower) may request a Swingline Loan by submitting a duly completed Utilisation Request by the
Specified Time. Following such request, the terms of this Clause 8 apply and the Swingline Lender will, on behalf of the Lenders and in the amount requested, advance same day funds to the relevant Borrower, on the date of the applicable Utilisation
to the bank account nominated by the relevant Borrower for the purpose of receiving such amounts from time to time (each such loan made solely by the Swingline Lender pursuant to this Clause 8 is referred to in this Agreement as a “Swingline
Loan”), with settlement among the Lenders as to the Swingline Loans to take place on a periodic basis as set out in this Clause 8. 

  

	 	(b)	Except as otherwise provided in this Clause 8, each Swingline Loan shall be subject to all the terms and conditions applicable to other Loans funded by the Lenders, except that all payments thereon shall be payable to
the Swingline Lender solely for its own account. 

  

	 	(c)	The aggregate amount of Swingline Loans outstanding at any time shall not exceed USD 7,500,000. 

  
 68 

	 	(d)	The Swingline Lender shall not make any Swingline Loan if the requested Swingline Loan exceeds Aggregate Availability or the relevant Borrower’s Availability (taking into account the English Sub Limit or the
Norwegian Sub Limit (as applicable)) before or after giving effect to such Swingline Loan. 

  

	 	(e)	Upon the making of a Swingline Loan (whether before or after the occurrence of a Default and regardless of whether a Settlement (as defined below) has been requested with respect to such Swingline Loan), each
Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Swingline Lender, without recourse or warranty, an undivided interest and participation in such Swingline Loan in
proportion to its Applicable Percentage of the Revolving Facility Commitment. 

  

	 	(f)	The Swingline Lender may, at any time, require the Lenders to fund their participations referred to in paragraph (e). From and after the date, if any, on which any Lender is required to fund its participation in any
Swingline Loan purchased hereunder, the Agent shall promptly distribute to such Lender, such Lender’s Applicable Percentage of all payments of principal and interest and all proceeds of Charged Property received by the Agent in respect of such
Swingline Loan. 

  

	 	(g)	The Agent, on behalf of the Swingline Lender, may request settlement (a “Settlement”) with the Lenders on at least a weekly basis or on any date that the Agent elects, by notifying the relevant Lenders
of such requested Settlement by facsimile, telephone, or e-mail no later than 11.00 a.m. London time on the date of such requested Settlement (the “Settlement Date”). Each Lender (other than
the Swingline Lender, in the case of the Swingline Loans) shall transfer the amount of such Lender’s Applicable Percentage of the outstanding principal amount of the applicable Swingline Loan with respect to which Settlement is requested to the
Agent, to such account of the Agent as the Agent may designate, not later than 3.00 p.m., on such Settlement Date. 

  

	 	(h)	Settlements may occur during the existence of a Default and whether or not the applicable conditions precedent set out in Clause 4.2 (Further conditions precedent) have then been satisfied. Such amounts
transferred to the Agent shall be applied against the amounts of the Swingline Lender’s Swingline Loans and, together with the Swingline Lender’s Applicable Percentage of such Swingline Loan, shall constitute ABR Rate Loans of such
Lenders, respectively. If any such amount is not transferred to the Agent by any Lender on such Settlement Date, the Swingline Lender shall be entitled to recover from such Lender on demand such amount, together with interest thereon.

  

	 	(i)	All Swingline Loans will be denominated in US dollars. 

  

	9.	AGREED CURRENCIES  

  

	9.1	Selection of currency 

 A Borrower (or the Obligors’ Agent on its behalf) shall
select the currency of a Utilisation in a Utilisation Request. 

  
 69 

	9.2	Unavailability of a currency 

 If before the Specified Time on any Quotation Day: 

 

	 	(a)	a Lender notifies the Agent that the Agreed Currency requested is not readily available to it in the amount required; or 

  

	 	(b)	a Lender notifies the Agent that compliance with its obligation to participate in a Loan in the proposed Agreed Currency would contravene a law or regulation applicable to it, 

the Agent will give notice to the relevant Borrower to that effect by the Specified Time on that day. In this event, any Lender that gives
notice pursuant to this Clause 9.2 will be required to participate in the Loan in the Base Currency (in an amount equal to that Lender’s proportion of the Base Currency Amount, or in respect of a Rollover Loan, an amount equal to that
Lender’s proportion of the Base Currency Amount of the Rollover Loan that is due to be made) and its participation will be treated as a separate Loan denominated in the Base Currency during that Interest Period. 

 

	9.3	Agent’s calculations 

 Each Lender’s participation in a Loan will be determined
in accordance with Clause 5.4(b) (Lenders’ participation). 

  
 70 

 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	10.	REPAYMENT 

  

	10.1	Repayment of Loans and Letters of Credit 

  

	 	(a)	Subject to Clause 10.1(d), each Borrower which has drawn a Revolving Facility Loan shall repay that Loan: 

  

	 	(i)	on the last day of its Interest Period (in the case of LIBOR Rate Loans and NIBOR Rate Loans); and 

  

	 	(ii)	on the Termination Date (in the case of ABR Rate Loans and Foreign Base Rate Loans). 

  

	 	(b)	Notwithstanding the above, all Loans (including Swingline Loans) shall be repaid in full on the Termination Date. 

  

	 	(c)	Without prejudice to each Borrower’s obligation under Clause 10.1(a), if: 

  

	 	(i)	one or more Revolving Facility Loans are to be made available to a Borrower: 

  

	 	(A)	on the same day that a maturing Revolving Facility Loan is due to be repaid by that Borrower; 

  

	 	(B)	in the same currency as the maturing Revolving Facility Loan (unless it arose as a result of the operation of Clause 9.2 (Unavailability of a currency)); and 

 

	 	(C)	in whole or in part for the purpose of refinancing the maturing Revolving Facility Loan; and 

  

	 	(ii)	the proportion borne by each Lender’s participation in the maturing Revolving Facility Loan to the amount of that maturing Revolving Facility Loan is the same as the proportion borne by that Lender’s
participation in the new Revolving Facility Loans to the aggregate amount of those new Revolving Facility Loans, 

 the
aggregate amount of the new Revolving Facility Loans shall, unless the relevant Borrower or the Obligors’ Agent notifies the Agent to the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the
maturing Revolving Facility Loan so that: 
  

	 	(A)	if the amount of the maturing Revolving Facility Loan exceeds the aggregate amount of the new Revolving Facility Loans: 

  

	 	(1)	the relevant Borrower will only be required to make a payment under Clause 36.1 (Payments to the Agent) in an amount in the relevant currency equal to that excess; and 

  
 71 

	 	(2)	each Lender’s participation in the new Revolving Facility Loans shall be treated as having been made available and applied by the Borrower in or towards repayment of that Lender’s participation in the maturing
Revolving Facility Loan and that Lender will not be required to make a payment under Clause 36.1 (Payments to the Agent) in respect of its participation in the new Revolving Facility Loans; and 

 

	 	(B)	if the amount of the maturing Revolving Facility Loan is equal to or less than the aggregate amount of the new Revolving Facility Loans: 

 

	 	(1)	the relevant Borrower will not be required to make a payment under Clause 36.1 (Payments to the Agent); and 

  

	 	(2)	each Lender will be required to make a payment under Clause 36.1 (Payments to the Agent) in respect of its participation in the new Revolving Facility Loans only to the extent that its participation in the new
Revolving Facility Loans exceeds that Lender’s participation in the maturing Revolving Facility Loan and the remainder of that Lender’s participation in the new Revolving Facility Loans shall be treated as having been made available and
applied by the Borrower in or towards repayment of that Lender’s participation in the maturing Revolving Facility Loan. 

  

	 	(d)	At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations of that Lender in the Revolving Facility Loans then outstanding will be automatically extended to the Termination
Date and will be treated as separate Revolving Facility Loans (the “Separate Loans”) denominated in the currency in which the relevant participations are outstanding. 

 

	 	(e)	A Borrower may repay any Separate Loan by giving not less than three Business Days’ prior notice to the Agent. The Agent will forward a copy of a prepayment notice received in accordance with this Clause 10.1(e) to
the Defaulting Lender concerned as soon as practicable on receipt. 

  

	 	(f)	Interest in respect of a Separate Loan will accrue on the same basis as the relevant Revolving Facility Loan and if the relevant Revolving Facility Loan was a LIBOR Rate Loan or NIBOR Rate Loan for successive Interest
Periods selected by the Borrower by the time and date specified by the Agent (acting reasonably) and will be payable by that Borrower to the Agent (for the account of that Defaulting Lender) on the last day of each Interest Period of that Loan.

  
 72 

	 	(g)	The terms of this Agreement relating to Revolving Facility Loans generally shall continue to apply to Separate Loans other than to the extent inconsistent with Clause 10.1(d) to (f) above, in which case those
paragraphs shall prevail in respect of any Separate Loan. 

  

	 	(h)	Each Borrower on whose behalf a Letter of Credit has been issued which is outstanding on the Termination Date shall repay that Letter of Credit on the Termination Date. 

 

	10.2	Restrictions on Receivables and Cash Dominion 

  

	 	(a)	Each Borrower covenants with the Agent that it will: 

  

	 	(i)	not (without the prior written consent of the Agent) create Security over (otherwise than pursuant to the Transaction Security Documents), dispose of, release, set off, compound or otherwise deal with the Receivables of
Eligible Account Debtors otherwise than by getting in and realising them in the ordinary and proper course of its business (and for this purpose the realisation of the Receivables of Eligible Account Debtors by means of block discounting, factoring
or the like shall not be regarded as dealing in the ordinary and proper course of its business); 

  

	 	(ii)	pay or procure the payment of the proceeds of Receivables of Eligible Account Debtors (other than Excluded Receivables) into a Collection Account governed by a mandate and/or other agreement in each case in form and
substance satisfactory to the Agent (including a Deposit Account Control Agreement) and conferring control over such account on the Security Agent in the use of any Collection Account of an English Borrower and each Borrower hereby declares itself
trustee of proceeds of any such Receivables not from time to time so paid to hold the same upon trust (or, in jurisdictions where the concept of trust is not recognised, as agent) for the Security Agent to pay the same to the Agent in or towards
payment and discharge of the Secured Obligations in such order and manner as the Agent may in its absolute and unfettered discretion from time to time conclusively determine, it being understood and agreed that if the proceeds of Receivables of
Eligible Account Debtors invoiced as of the date of this Agreement are paid into the accounts indicated on the relevant invoices and promptly transferred to the relevant Collection Account (and until such time as such amounts are so transferred,
they shall be held on trust by the relevant Borrower for the Agent) any such payment shall not be a breach of any provisions of any Finance Document or render any such Receivable as not being an Eligible Receivable and any prompt payment by a
Borrower of an amount which should have been received in a Collection Account into a Collection Account shall cure any Default arising from such receipt into another account; 

 

	 	(iii)	provide any instruction or authorisation to the relevant account bank reasonably required by the Agent for the Agent and Security Agent to ensure that the provisions of Clause 10.2(b) to Clause 10.2(d) are capable
of being complied with; 

  
 73 

	 	(iv)	promptly upon opening a Collection Account, enter into a Deposit Account Control Agreement duly executed by such Borrower and the account bank with which the relevant account is maintained; and 

 

	 	(v)	in the event that the Deposit Account Control Agreement takes the form of a notice and acknowledgement with the applicable account bank, use its reasonable endeavours to procure that such account bank delivers to the
Agent a written acknowledgement substantially in the form of the acknowledgement and agreement attached to the notice provided that such account shall not be a Collection Account for the purposes of the Finance Documents unless a Deposit Account
Control Agreement has been entered into or such acknowledgement received. 

  

	 	(b)	Subject to Clause 10.2(d), on each Business Day all funds standing to the credit of each Collection Account of the English Borrowers shall be transferred by the Security Agent into a bank account of the Agent in
the relevant currency nominated by the Agent for the purposes of this clause (each such bank account being an “English Payment Account”) and the Agent shall apply all funds standing to the credit of each English Payment Account:

  

	 	(i)	first, to prepay the Loans (including any Swingline Loans) of Lenders other than Defaulting Lenders then owed by that English Borrower (in such order as is selected by that English Borrower on the giving of not less
than three Business Days’ prior written notice to the Agent or if not so selected, on a pro-rata basis); 

  

	 	(ii)	second, to prepay the Loans (including any Swingline Loans) of Defaulting Lenders then owed by that English Borrower (in such order as is selected by that English Borrower on the giving of not less than three Business
Days’ prior written notice to the Agent or if not so selected, on a pro-rata basis); 

  

	 	(iii)	third, in and towards payment pro rata of any outstanding amounts of interest, fees, costs and expenses and any other amounts due from and owing by that English Borrower but unpaid under the Finance Documents; and

  

	 	(iv)	fourth, the balance, if any, in the Permitted Discretion of the Agent, to either be (A) returned by the Agent to the relevant Collection Account of that English Borrower or (B) paid by the Agent to a bank
account (not being a Collection Account) of that English Borrower. 

  

	 	(c)	Subject to Clause 10.2(d), on each Business Day during a Cash Dominion Period all funds standing to the credit of each Collection Account of the Norwegian Borrowers shall be transferred by the Security Agent into a
bank account of the Agent in the relevant currency nominated by the Agent for the purposes of this clause (each such bank account being a “Norwegian Payment Account”) and the Agent shall apply all funds standing to the credit of
each Norwegian Payment Account: 

  
 74 

	 	(i)	first, to prepay the Loans (including any Swingline Loans) of Lenders other than Defaulting Lenders then owed by that Norwegian Borrower (in such order as is selected by that Norwegian Borrower on the giving of not less
than three Business Days’ prior written notice to the Agent or if not so selected on a pro-rata basis); 

  

	 	(ii)	second, to prepay the Loans (including any Swingline Loans) of Defaulting Lenders then owed by that Norwegian Borrower (in such order as is selected by that Norwegian Borrower on the giving of not less than three
Business Days’ prior written notice to the Agent or if not so selected on a pro-rata basis); 

  

	 	(iii)	third, in and towards payment pro rata of any outstanding amounts of interest, fees, costs and expenses and any other amounts due from and owing by that Norwegian Borrower but unpaid under the Finance Documents; and

  

	 	(iv)	fourth, the balance, if any, to be paid by the Agent to a bank account (not being a Collection Account) of the Norwegian Borrower. 

  

	 	(d)	While an Event of Default is continuing all funds standing to the credit of each English Payment Account and each Norwegian Payment Account shall be applied by the Agent (and transferred to the Agent by the Security
Agent for such purpose): 

  

	 	(i)	first, to prepay the Loans (including any Swingline Loans) of Lenders other than Defaulting Lenders then outstanding (on a pro-rata basis) and to provide cash cover of up to (A)
101 percent of the aggregate amount of any outstanding Letters of Credit denominated in Agreed Currencies and (B) 100 percent of the aggregate amount of any outstanding Letters of Credit denominated in US dollars (in each case to the
extent not already cash covered); 

  

	 	(ii)	second, to prepay the Loans (including any Swingline Loans) of Defaulting Lenders then outstanding (on a pro-rata basis); 

 

	 	(iii)	third, in and towards payment pro rata of any outstanding amounts of interest, fees, costs and expenses and any other amounts due and owing but unpaid under the Finance Documents; and 

 

	 	(iv)	fourth, the balance, if any, in the Permitted Discretion of the Agent, to either be (A) returned by the Agent to the relevant Collection Account or (B) paid to a bank account (not being a Collection Account)
of the relevant Borrower. 

 In connection with Clause 10.2(d)(i) and (ii), amounts standing to the credit of (A) any
English Payment Account shall first be used to prepay the Loans made to that English Borrower and provide cash cover in relation to Letters of Credit issued for the benefit of that English Borrower before being applied in relation to the Loans made
to any other Borrower and provide cash cover in relation to Letters of Credit issued for the benefit of any other Borrower; and 

  
 75 

 
(B) any Norwegian Payment Account shall first be used to prepay the Loans made to that Norwegian Borrower and provide cash cover in relation to Letters of Credit issued for the benefit of that
Norwegian Borrower before being applied in relation to the Loans made to any other Borrower and provide cash cover in relation to Letters of Credit issued for the benefit of any other Borrower. 

 

	 	(e)	In the event and to the extent that any applicable Revolving Facility Loans and/or Swingline Loans remain unpaid following the application set out in any of Clause 10.2(b)(i) and (ii), Clause 10.2(c)(i) and (ii) or
Clause 10.2(d)(i) and (ii) as a result of a mismatch between the currencies of the amounts in the relevant Collection Accounts and the currencies in which the applicable outstanding Revolving Facility Loans and/or Swingline Loans and/or Letters
of Credit are denominated, the Borrowers shall be deemed to have requested the Agent to convert any such excess funds to the currency or currencies of the applicable outstanding Revolving Facility Loans, Swingline Loans and/or Letters of Credit at
the Agent’s Spot Rate of Exchange and apply such converted amounts to such applicable outstanding Revolving Facility Loans, Swingline Loans and/or Letters of Credit. 

 

	11.	ILLEGALITY, VOLUNTARY PREPAYMENT AND CANCELLATION 

  

	11.1	Illegality 

 If, in any applicable jurisdiction, it becomes unlawful for a Lender to
perform any of its obligations as contemplated by this Agreement or to fund, issue or maintain its participation in any Utilisation as required under this Agreement or it becomes unlawful for any Affiliate of a Lender for that Lender to do so: 

 

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

  

	 	(b)	upon the Agent notifying the Obligors’ Agent, the Available Commitment of that Lender will be immediately cancelled; and 

  

	 	(c)	to the extent that the Lender’s participation has not been transferred pursuant to Clause 42.6 (Replacement of Lender), each Borrower shall repay that Lender’s participation in each Utilisation made to
that Borrower on the last day of the Interest Period for that Utilisation occurring after the Agent has notified the Obligors’ Agent 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) and that Lender’s corresponding Revolving Facility Commitment(s) shall be cancelled in the amount of the participations repaid. 

  
 76 

	11.2	Illegality in relation to Issuing Bank 

 If it becomes unlawful for an Issuing Bank to
issue or leave outstanding any Letter of Credit or it becomes unlawful for any Affiliate of an Issuing Bank for that Issuing Bank to do so then: 
  

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

  

	 	(b)	upon the Agent notifying the Obligors’ Agent, the Issuing Bank shall not be obliged to issue any Letter of Credit; 

  

	 	(c)	the Obligors’ Agent shall procure that the relevant Borrower shall use its best endeavours to procure the release of each Letter of Credit issued by that Issuing Bank and outstanding at such time on or before the
date specified by the Issuing Bank in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law); and 

  

	 	(d)	unless any other Lender is or has become an Issuing Bank pursuant to the terms of this Agreement, the Revolving Facility shall cease to be available for the issue of Letters of Credit. 

 

	11.3	Voluntary cancellation 

 The Obligors’ Agent may, if it gives the Agent not less
than three Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of USD 5,000,000) of the aggregate Available Commitments. Any cancellation under this Clause
11.3 shall reduce the Revolving Facility Commitments of the Lenders rateably. 
  

	11.4	Voluntary prepayment of Utilisations 

 A Borrower to which a Utilisation has been made
may, if it or the Obligors’ Agent gives the Agent not less than three Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Utilisation (but if in part, being an amount
that reduces the Base Currency Amount of the Utilisation by a minimum amount of USD 500,000). 
  

	11.5	Right of cancellation and repayment in relation to a single Lender or Issuing Bank 

  

	 	(a)	If: 

  

	 	(i)	any sum payable to any Lender by an Obligor is required to be increased under Clause 18.2(c) (Tax gross-up); or 

 

	 	(ii)	any Lender or Issuing Bank claims indemnification from the Obligors’ Agent or an Obligor under Clause 18.3 (Tax indemnity) or Clause 19.1 (Increased costs), 

the Obligors’ Agent may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the
Agent notice: 
  

	 	(iii)	(if such circumstances relate to a Lender) of cancellation of the Revolving Facility Commitment(s) of that Lender and its intention to procure the repayment of that Lender’s participation in the Utilisations; or

  
 77 

	 	(iv)	(if such circumstances relate to the Issuing Bank) of repayment of any outstanding Letter of Credit issued by it and cancellation of its appointment as an Issuing Bank under this Agreement in relation to any Letters of
Credit to be issued in the future. 

  

	 	(b)	On receipt of a notice referred to in Clause 11.5(a) in relation to a Lender, the Revolving Facility Commitment(s) of that Lender shall immediately be reduced to zero. 

 

	 	(c)	On the last day of each Interest Period which ends after the Obligors’ Agent has given notice under Clause 11.5(a) in relation to a Lender (or, if earlier, the date specified by the Obligors’ Agent in that
notice), each Borrower to which a Utilisation is outstanding shall repay that Lender’s participation in that Utilisation together with all interest and other amounts accrued under the Finance Documents. 

 

	11.6	Right of cancellation in relation to a Defaulting Lender 

  

	 	(a)	If any Lender becomes a Defaulting Lender or Non-Acceptable L/C Lender, the Obligors’ Agent may, at any time whilst the Lender continues to be a Defaulting Lender or Non-Acceptable L/C Lender, give the Agent five Business Days’ notice of cancellation of the Available Commitment of that Lender. 

 

	 	(b)	On the notice referred to in Clause 11.6(a) above becoming effective, the Available Commitment of the Defaulting Lender or Non-Acceptable L/C Lender shall immediately be reduced
to zero. 

  

	 	(c)	The Agent shall as soon as practicable after receipt of a notice referred to in Clause 11.6(a), notify all the Lenders. 

  

	12.	MANDATORY PREPAYMENT AND CANCELLATION 

  

	12.1	Availability Shortfall 

 Upon the occurrence of an Availability Shortfall (other than one
arising as a result of a Borrowing Base Data Failure), the Borrowers shall (and the Obligors’ Agent shall ensure that the Borrowers shall) prepay a Base Currency Amount of the Loans in an aggregate amount equal to the Base Currency Amount of
the relevant Availability Shortfall (or if lower the aggregate amount of the Loans) and if requested by the Agent (on the instructions of the relevant Issuing Banks) repay Letters of Credit in an aggregate amount equal to Base Currency Amount of the
relevant Availability Shortfall less the Base Currency Amount of the Loans prepaid pursuant to this Clause 12.1 in relation to the relevant Availability Shortfall (provided that if such calculation results in a negative number no such
prepayment of Letters of Credit shall be required) within one Business Day of the earlier of any Obligor becoming aware of the existence of an Availability Shortfall and receipt of written notice from the Agent in relation to the same (provided that
unless and until a written notice is received from the Agent, the requirement to prepay shall be in relation to outstanding Loans only and the Borrowers shall only be obliged to prepay Letters of Credit in the event that the Obligors’ Agent
receives written notice from the Agent in relation to the same (such notice to include details of the prepayment of Letters of Credit required)). 

  
 78 

	12.2	Borrowing Base Data Failure 

 If a Borrowing Base Data Failure is continuing, the
Borrowers shall (and the Obligors’ Agent shall ensure that the Borrowers shall) prepay all outstanding amounts under the Facility (including any outstanding amounts of interest, fees, costs and expenses), other than Letters of Credit, and
prepay all outstanding Letters of Credit which the Agent (on the instructions of the relevant Issuing Banks) notifies the Obligors’ Agent are to be prepaid within three Business Days of the earlier of any Obligor becoming aware of the existence
of a Borrowing Base Data Failure or receipt of written notice from the Agent in relation to the same (provided that unless and until a written notice is received from the Agent, the requirement to prepay shall be in relation to outstanding Loans
only and the Borrowers shall only be obliged to prepay Letters of Credit in the event that the Obligors’ Agent receives written notice from the Agent in relation to the same (such notice to include details of the prepayment of Letters of Credit
required)). 
  

	12.3	Application of mandatory prepayments 

 A prepayment of Utilisations made under Clause
12.1 shall be applied in the following order: 
  

	 	(a)	first, in prepayment of any Swingline Loans which are outstanding; 

  

	 	(b)	second, in prepayment of any Utilisations whose Interest Period ends on the date of prepayment; and 

  

	 	(c)	third, in prepayment of any other Utilisations such that: (A) any such outstanding Revolving Facility Loans shall be prepaid on a pro rata basis; and (B) such outstanding Revolving Facility Loans shall be
prepaid before any outstanding Letters of Credit (which shall then prepaid on a pro rata basis). 

  

	13.	RESTRICTIONS 

  

	13.1	Notices of cancellation or prepayment 

 Any notice of cancellation, prepayment,
authorisation or other election given by any Party under Clause 11 (Illegality, voluntary prepayment and cancellation) or Clause 12.3 (Application of mandatory prepayments and cancellations) shall (subject to the terms of those
Clauses) be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

 

	13.2	Interest and other amounts 

 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, provided that no Break Costs shall be due in connection with any prepayment made pursuant to Clause 10.2 (Restrictions on Receivables and
Cash Dominion) nor shall any Break Costs be due in connection with any prepayment of a Separate Loan or any Loan that is not a LIBOR Rate Loan or NIBOR Rate Loan. 

  
 79 

	13.3	Reborrowing of Revolving Facility 

 Unless a contrary indication appears in this
Agreement, any part of the Revolving Facility which is prepaid or repaid may be reborrowed in accordance with the terms of this Agreement. 
  

	13.4	Prepayment in accordance with Agreement 

 No Borrower shall repay or prepay all or any
part of the Utilisations or cancel all or any part of the Revolving Facility Commitments except at the times and in the manner expressly provided for in this Agreement. 
  

	13.5	No reinstatement of Commitments 

 Subject to Clause 2.2 (Increase), no amount of
the Total Commitments cancelled under this Agreement may be subsequently reinstated. 
  

	13.6	Agent’s receipt of notices 

 If the Agent receives a notice under Clause 11
(Illegality, voluntary prepayment and cancellation) it shall promptly forward a copy of that notice or election to either the Obligors’ Agent or the affected Lender, as appropriate. 

 

	13.7	Application of prepayments 

 Any prepayment of a Utilisation (other than a prepayment
pursuant to Clause 11.1 (Illegality) or Clause 11.5 (Right of cancellation and repayment in relation to a single Lender or Issuing Bank) or any other prepayment under this Agreement which is expressly stated as being due to a
particular Lender or Lenders(s) (including the Swingline Lender)) shall be applied pro rata to each Lender’s participation in that Utilisation. 

  
 80 

 SECTION 5 

COSTS OF UTILISATION 
  

	14.	INTEREST 

  

	14.1	Calculation of interest 

  

	 	(a)	The rate of interest on each Loan (other than a Swingline Loan) for each Interest Period is the percentage rate per annum which is the aggregate of: 

 

	 	(i)	the Applicable Margin; and 

  

	 	(ii)	LIBOR (in the case of LIBOR Rate Loans); or 

  

	 	(iii)	NIBOR (in the case of NIBOR Rate Loans); or 

  

	 	(iv)	ABR (in the case of ABR Rate Loans); or 

  

	 	(v)	the Foreign Base Rate (in the case of Foreign Base Rate Loans). 

  

	 	(b)	The rate of interest on each Swingline Loan shall be the percentage rate per annum which is the aggregate of: 

  

	 	(i)	the Applicable Margin; and 

  

	 	(ii)	ABR. 

  

	 	(c)	The rate of interest for each ABR Rate Loan, Swingline Loan and each Foreign Base Rate Loan shall be calculated and applied on a daily basis. 

 

	14.2	Payment of interest 

  

	 	(a)	In the case of LIBOR Rate Loans and NIBOR Rate Loans, the Borrower to which such a Loan has been made shall pay accrued interest on that Loan in arrears on the last day of each Interest Period (and, if the Interest
Period is longer than three Months, on the dates falling at three Monthly intervals after the first day of the Interest Period) and on the Termination Date. 

  

	 	(b)	In the case of ABR Rate Loans, Swingline Loans and Foreign Base Rate Loans, the Borrower to which such a Loan has been made shall pay accrued interest on that Loan in arrears on the first Business Day of each Financial
Quarter and on the Termination Date. 

  

	14.3	Default interest  

  

	 	(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date (other than any overdue amount which consists of all or part of a Loan), interest shall accrue on the overdue amount from the
due date up to the date of actual payment (both before and after judgment) at a rate which is two percent per annum higher than the rate which would have been payable if the overdue amount had, during the period of
non-payment, constituted a LIBOR Rate Loan or NIBOR Rate Loan in the same currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).

  
 81 

	 	(b)	If any overdue amount consists of all or part of a Loan, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which is two percent per
annum higher than the rate which would otherwise have applied to that Loan. 

  

	 	(c)	If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: 

 

	 	(i)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and 

 

	 	(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be two percent per annum higher than the rate which would have applied if the overdue amount had not become due.

  

	 	(d)	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.

  

	 	(e)	Any interest accruing under this Clause 14.3 shall be immediately payable by the Obligor on demand by the Agent. 

14.4 Notification of rates of interest 
  

	 	(a)	The Agent shall promptly notify the relevant Lenders and the Obligors’ Agent of the determination of a rate of interest under this Agreement. 

 

	 	(b)	The Agent shall promptly notify the Obligors’ Agent of each Funding Rate relating to a Loan. 

  

	15.	INTEREST PERIODS 

  

	15.1	Selection of Interest Periods 

  

	 	(a)	A Borrower (or the Obligors’ Agent on behalf of a Borrower) may select an Interest Period for a Revolving Facility Loan which is a LIBOR Rate Loan or a NIBOR Rate Loan in the Utilisation Request for that Loan.

  

	 	(b)	Subject to this Clause 15, a Borrower (or the Obligors’ Agent) may select an Interest Period of one, two or three Months or of any other period agreed between the Obligors’ Agent, the Agent and all the Lenders
in relation to the relevant Loan. 

  

	 	(c)	An Interest Period for a Loan shall not extend beyond the Termination Date. 

  

	 	(d)	A Revolving Facility Loan which is a LIBOR Rate Loan or a NIBOR Rate Loan has one Interest Period only. 

  
 82 

	 	(e)	An Interest Period for a Loan other than a LIBOR Rate Loan or NIBOR Rate Loan shall end on the Termination Date. 

  

	15.2	Non-Business Days 

 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). 

 

	16.	CHANGES TO THE CALCULATION OF INTEREST 

  

	16.1	Unavailability of Screen Rate 

  

	 	(a)	Interpolated Screen Rate: If no Screen Rate is available for LIBOR or, if applicable, NIBOR for the Interest Period of a Loan, the applicable LIBOR or NIBOR shall be the Interpolated Screen Rate for a period
equal in length to the Interest Period of that Loan. 

  

	 	(b)	Alternative Source: If at any time the Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Clause 16.1(a) or Clause 16.2 have arisen and
such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Clause 16.1(a) or Clause 16.2 have not arisen but the supervisor for the administrator of LIBOR or NIBOR or a Governmental Authority having jurisdiction
over the Agent has made a public statement identifying a specific date after which LIBOR or NIBOR shall no longer be used for determining interest rates for loans, then the Agent and the Obligors’ Agent shall endeavor to establish an alternate
rate of interest to LIBOR or NIBOR (as applicable) that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States of America at such time, and shall enter into an
amendment to this Agreement to reflect any such alternate rate of interest and such other related changes to this Agreement as may be applicable and agreed by the Agent and the Obligors’ Agent. Notwithstanding anything to the contrary in Clause
42 (Amendments and waivers.), such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Agent shall not have received, within five Business Days of the date notice
of such alternate rate of interest is provided to the Lenders, a written notice from the Majority Lenders stating that such Majority Lenders object to such amendment. Notwithstanding the above, if such alternate rate of interest shall be less than
zero, such rate shall be deemed to be zero for the purposes of this Agreement 

  

	 	(c)	Cost of funds: In the event that Clause 16.1(b) applies but the Majority Lenders have objected to the comparable or successor rate (or until the Agent and the Borrowers (or the Obligors’ Agent on
their behalf) have approved such comparable or successor rate) Clause 16.3 shall apply to that Loan for that Interest Period. 

  
 83 

	16.2	Market disruption 

 If, before close of business in London on the Quotation Day for the
relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in a LIBOR Rate Loan or NIBOR Rate Loan exceed 50 percent of that Loan) that the cost to it of funding its participation in that Loan from
whatever source it may reasonably select would be in excess of LIBOR in the case of a LIBOR Rate Loan, or NIBOR in the case of a NIBOR Rate Loan (or if the Majority Lenders cannot agree a substitute rate in accordance with Clause 16.1(b)) then
Clause 16.3 shall apply to that Loan for the relevant Interest Period. 
  

	16.3	Cost of funds 

  

	 	(a)	If this Clause 16.3 applies, the rate of interest on each Lender’s share of the relevant Loan for the relevant Interest Period shall be the percentage 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 within two Business Days of the first day of that Interest Period (or, if earlier, on the date falling two Business Days before the
date on which 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 the relevant Lender of funding its participation in that Loan from whatever source it may reasonably
select. 

  

	 	(b)	If this Clause 16.3 applies and the Agent or the Obligors’ Agent so requires, the Agent and the Obligors’ Agent shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing
a substitute basis for determining the rate of interest. 

  

	 	(c)	Any alternative basis agreed pursuant to Clause 16.3(b) shall, with the prior consent of all the Lenders and the Obligors’ Agent, be binding on all Parties. 

 

	 	(d)	If this Clause 16.3 applies pursuant to Clause 16.2 and: 

  

	 	(i)	a Lender’s Funding Rate is less than LIBOR in the case of a LIBOR Rate Loan or, in relation to any NIBOR Rate Loan, NIBOR; or 

  

	 	(ii)	a Lender does not supply a quotation by the time specified in Clause 16.3(a)(ii), 

 the
cost to that Lender of funding its participation in that Loan for that Interest Period shall be deemed, for the purposes of Clause 16.3(a), to be LIBOR or, in relation to a Loan in Norwegian Kroner, NIBOR. 

 

	16.4	Notification to Obligors’ Agent 

 If Clause 16.3 applies the Agent shall, as soon as
is practicable, notify the Obligors’ Agent. 

  
 84 

	16.5	Break Costs 

  

	 	(a)	Each Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a LIBOR Rate Loan or NIBOR Rate Loan (in each case other than a
Separate Loan) or Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum provided that no Break Costs shall be due in connection with any prepayment pursuant to Clause 10.2
(Restrictions on Receivables and Cash Dominion). 

  

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

 

	17.	FEES 

  

	17.1	Commitment fee 

  

	 	(a)	Bristow Helicopters Limited shall pay to the Agent (for the account of each Lender in proportion to their Available Commitments subject to Clause 17.1(c)) a fee in the Base Currency computed at the rate of:

  

	 	(i)	0.375 percent per annum at any time when the Aggregate Revolving Exposure exceeds 50 percent of the lower of (x) Total Commitments minus the aggregate Availability Block; and (y) the Aggregate
Borrowing Base minus the sum of the aggregate Availability Block and any applicable Reserves; and 

  

	 	(ii)	0.50 percent per annum at all other times, 

 in each case on the average daily Aggregate
Availability for each relevant period. 
  

	 	(b)	The accrued commitment fee as of the end of each Financial Quarter is payable quarterly in arrears on the day falling five Business Days after the end of that Financial Quarter, and, if cancelled in full, on the
cancelled amount of the relevant Lender’s Revolving Facility Commitment at the time the cancellation is effective. 

  

	 	(c)	No commitment fee is payable to the Agent (for the account of a Lender) for any day on which that Lender is a Defaulting Lender. The aggregate commitment fee otherwise payable to the Agent shall be reduced by the amount
to which a Defaulting Lender is not entitled pursuant to this Clause 17.1(c) and provided that such reduction shall only reduce the proportion of the fee that would otherwise have been payable for the account of the relevant Defaulting Lender.

  

	17.2	Fee Letter 

 The relevant Obligors who have agreed to pay such fees shall pay to the
Finance Parties any additional fees in the amount and at the times agreed in a Fee Letter. 

  
 85 

	17.3	Fees payable in respect of Letters of Credit 

  

	 	(a)	The Borrower which has requested a Letter of Credit shall pay to the Issuing Bank a fronting fee at the rate of 0.125 percent per annum on the outstanding amount of each Letter of Credit for the period from the
issue of that Letter of Credit until its Expiry Date. 

  

	 	(b)	The relevant Borrower shall pay to the Agent (for the account of each Lender) a Letter of Credit fee in the Base Currency (computed at the rate equal to the Applicable Margin applicable for LIBOR Rate Loans) on the
outstanding amount of each Letter of Credit (after taking into account any cash cover in accordance with paragraph (d)) requested by it for the period from the issue of that Letter of Credit until its Expiry Date. Subject to Clause 7.6(c)
(Regulation and consequences of cash cover provided by Borrower), this fee shall be distributed according to each Lender’s L/C Proportion of that Letter of Credit. 

 

	 	(c)	The accrued fronting fee and Letter of Credit fee on a Letter of Credit shall be payable on the first Business Day of each Financial Quarter (or such shorter period as shall end on the Expiry Date for that Letter of
Credit) starting on the date of this Agreement. 

  

	 	(d)	If a Borrower provides cash cover in respect of any Letter of Credit: 

  

	 	(i)	the fronting fee payable to the Issuing Bank and (subject to Clause 7.6(c) (Regulation and consequences of cash cover provided by Borrower)), the Letter of Credit fee payable for the account of each Lender
shall continue to be payable until the expiry of the Letter of Credit but taking into account the cash cover provided; and 

  

	 	(ii)	each Borrower shall be entitled to withdraw interest accrued on the cash cover to pay the fees described in Clause 17.3(d)(i) if applicable. 

 

	 	(e)	The applicable Borrower that has requested a Letter of Credit shall pay to the Issuing Bank (for its own account) an issuance/administration fee in the amount and at the times specified in a Fee Letter.

  
 86 

 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

	18.	TAX GROSS UP AND INDEMNITIES 

  

	18.1	Definitions 

 In this Agreement: 

“Borrower DTTP Filing” means an HM Revenue & Customs’ Form DTTP2 duly completed and filed by the relevant
English Borrower, which: 
  

	 	(i)	where it relates to an English Treaty Lender that is an Original Lender, contains the scheme reference number and jurisdiction of tax residence stated opposite that Lender’s name in Schedule 1, Part 2 (The
Original Parties), and 

  

	 	(A)	where the English Borrower is an Original Borrower, is filed with HM Revenue & Customs within 30 days of the date of this Agreement; or 

 

	 	(B)	where the English Borrower is an Additional Borrower, is filed with HM Revenue & Customs within 30 days of the date on which that Borrower becomes an Additional Borrower; or 

 

	 	(ii)	where it relates to an English Treaty Lender that is not an Original Lender, contains the scheme reference number and jurisdiction of tax residence stated in respect of that Lender in the documentation which it executes
on becoming a Party as a Lender; and 

  

	 	(A)	where the English Borrower is a Borrower as at the date on which that Treaty Lender becomes a Party as a Lender, is filed with HM Revenue & Customs within 30 days of that date; or 

 

	 	(B)	where the English Borrower is not a Borrower as at the date on which that Treaty Lender becomes a Party as a Lender, is filed with HM Revenue & Customs within 30 days of the date on which that Borrower becomes
an Additional Borrower. 

 “Protected Party” means a Finance Party which is or will be subject to any
liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. 

“Qualifying Lender” means: 
  

	 	(a)	in respect of amounts payable by an English Borrower, an English Qualifying Lender; and 

  

	 	(b)	in respect of amounts payable by a Norwegian Borrower, a Norwegian Qualifying Lender. 

  
 87 

 “Tax Confirmation” means a confirmation by a Lender that the person beneficially
entitled to interest payable to that Lender in respect of an advance under a Finance Document is either: 
  

	 	(a)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	 	(b)	a partnership each member of which is: 

  

	 	(i)	a company so resident in the United Kingdom; or 

  

	 	(ii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of
s19 CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 CTA; or 

  

	 	(c)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that advance in computing the
chargeable profits (within the meaning of s19 CTA) of that company. 

 “Tax Credit” means a credit against,
relief or remission for, or repayment of, any Tax. 
 “Tax Deduction” means a deduction or withholding for or on account of
Tax from a payment under a Finance Document, other than a FATCA Deduction. 
 “Tax Payment” means either the increase in a
payment made by an Obligor to a Finance Party under Clause 18.2 (Tax gross-up) or a payment under Clause 18.3 (Tax indemnity). 

“Treaty” means: 
  

	 	(a)	in respect of amounts payable by an English Borrower, an English Treaty; or 

  

	 	(b)	in respect of amounts payable by a Norwegian Borrower, a Norwegian Treaty, 

 or both as the
context may require. 
 “Treaty Lender” means: 

(a) in respect of amounts payable by an English Borrower, an English Treaty Lender; and 

(b) in respect of amounts payable by a Norwegian Borrower, a Norwegian Treaty Lender. 

or both as the context may require. 

  
 88 

 “Treaty State” means: 

 

	 	(a)	in respect of amounts payable by an English Borrower, an English Treaty State; or 

  

	 	(b)	in respect of amounts payable by a Norwegian Borrower, a Norwegian Treaty State, 

 or both as
the context may require. 
 “UK Non-Bank Lender” means a Lender which is not an
Original Lender and which gives a Tax Confirmation in the documentation which it executes on becoming a Party as a Lender. 
 Unless a
contrary indication appears, in this Clause 18 a reference to “determines” or “determined” means a determination made in the absolute discretion of the person making the determination. 

 

	18.2	Tax gross-up 

  

	 	(a)	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. 

  

	 	(b)	The Obligors’ Agent shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a
Lender or Issuing Bank shall notify the Agent on becoming so aware in respect of a payment payable to that Lender or Issuing Bank. If the Agent receives such notification from a Lender or Issuing Bank it shall notify the Obligors’ Agent and
that Obligor. 

  

	 	(c)	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the
payment which would have been due if no Tax Deduction had been required. 

  

	 	(d)	A payment shall not be increased under Clause 18.2(c) by reason of a Tax Deduction on account of Tax imposed by the United Kingdom or Norway, if on the date on which the payment falls due: 

 

	 	(i)	the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a
result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or relevant Treaty, or any published practice or published concession of any relevant taxing
authority; or 

  

	 	(ii)	the relevant Lender is an English Qualifying Lender solely by virtue of paragraph (a)(ii) of the definition of “English Qualifying Lender” and: 

  
 89 

	 	(A)	an officer of H.M. Revenue & Customs has given (and not revoked) a direction (a “Direction”) under s931 ITA which relates to the payment and that Lender has received from the Obligor making the
payment or from the Obligors’ Agent a certified copy of that Direction; and 

  

	 	(B)	the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made; or 

  

	 	(iii)	the relevant Lender is an English Qualifying Lender solely by virtue of paragraph (a)(ii) of the definition of “English Qualifying Lender” and: 

 

	 	(A)	the relevant Lender has not given a Tax Confirmation to the Obligors’ Agent; and 

  

	 	(B)	the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation to the Obligors’ Agent, on the basis that the Tax Confirmation would have enabled the
Obligors’ Agent to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of s930 ITA; or 

  

	 	(iv)	the relevant Lender is a Treaty Lender and the Obligor making the payment is able to demonstrate that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its
obligations under Clause 18.2(g) or Clause 18.2(h) (as applicable) below. 

  

	 	(e)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by
law. 

  

	 	(f)	Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the
payment a statement under s975 ITA (in the case of an English Borrower) or other evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing
authority. 

  

	 	(g)	

  

	 	(i)	Subject to Clause 18.2(g)(ii), a Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate in completing any procedural
formalities necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction. 

  
 90 

	 	(ii)	

  

	 	(A)	a Treaty Lender which is an Original Lender and that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its
jurisdiction of tax residence opposite its name in Schedule 1 (Part 2) (The Original Parties); and 

  

	 	(B)	a Treaty Lender which is not an Original Lender and that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and
its jurisdiction of tax residence in the documentation which it executes on becoming a Party as a Lender, 

 and, having done
so, that Lender shall be under no obligation pursuant to Clause 18.2(g)(i). 
  

	 	(h)	If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with Clause 18.2(g)(ii) and: 

 

	 	(i)	an English Borrower making a payment to that Lender has not made a Borrower DTTP Filing in respect of that Lender; or 

  

	 	(ii)	an English Borrower making a payment to that Lender has made a Borrower DTTP Filing in respect of that Lender but: 

  

	 	(A)	that Borrower DTTP Filing has been rejected by HM Revenue & Customs; or 

  

	 	(B)	HM Revenue & Customs has not given the Borrower authority to make payments to that Lender without a Tax Deduction within 60 days of the date of the Borrower DTTP Filing, 

and in each case, the English Borrower has notified that Lender in writing, that Lender and the Borrower shall
co-operate in completing any additional procedural formalities necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction. 

 

	 	(i)	If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with Clause 18.2(g)(ii), no Obligor shall make a Borrower DTTP Filing or file any other form relating to the HMRC
DT Treaty Passport scheme in respect of that Lender’s Commitment(s) or its participation in any Utilisation unless the Lender otherwise agrees. 

  

	 	(j)	An English Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of that Borrower DTTP Filing to the Agent for delivery to the relevant Lender. 

  
 91 

	 	(k)	A UK Non-Bank Lender shall promptly notify the Obligors’ Agent and the Agent if there is any change in the position from that set out in the Tax Confirmation.

  

	18.3	Tax indemnity  

  

	 	(a)	Bristow Helicopters Limited shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been
(directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 

  

	 	(b)	Clause 18.3(a) shall not apply: 

  

	 	(i)	with respect to any Tax assessed on a Finance Party: 

  

	 	(A)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

  

	 	(B)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, 

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or
receivable) by that Finance Party; or 
  

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by an increased payment under Clause 18.2; or 

  

	 	(B)	would have been compensated for by an increased payment under Clause 18.2 but was not so compensated solely because one of the exclusions in Clause 18.2(d) applied; or 

 

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

  

	 	(c)	A Protected Party making, or intending to make a claim under Clause 18.3(a) shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the
Obligors’ Agent. 

  

	 	(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 18.3, notify the Agent. 

  
 92 

	18.4	Tax Credit 

 If an Obligor makes a Tax Payment and the relevant Finance Party determines
that: 
  

	 	(a)	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and 

 

	 	(b)	that Finance Party has obtained and utilised that Tax Credit, 

 the Finance Party shall pay an
amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the
Obligor. 
  

	18.5	Lender status confirmation 

 Each Lender which is not an Original Lender shall indicate,
in the documentation which it executes on becoming a Lender, and for the benefit of the Agent and without liability to any Obligor, which of the following categories it falls in: 

 

	 	(a)	with respect to an English Borrower: 

  

	 	(i)	not an English Qualifying Lender; 

  

	 	(ii)	an English Qualifying Lender (other than an English Treaty Lender); or 

  

	 	(iii)	an English Treaty Lender; and 

  

	 	(b)	with respect to a Norwegian Borrower: 

  

	 	(i)	not a Norwegian Qualifying Lender; 

  

	 	(ii)	a Norwegian Qualifying Lender (other than a Norwegian Treaty Lender); or 

  

	 	(iii)	a Norwegian Treaty Lender. 

 If such a Lender fails to indicate its status in accordance with
this Clause 18.5 then that Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of
such notification, shall inform the Obligors’ Agent). For the avoidance of doubt, the documentation which a Lender executes on becoming a Lender shall not be invalidated by any failure of a Lender to comply with this Clause 18.5. 

 

	18.6	Stamp taxes 

 Bristow Helicopters Limited shall pay and, within three Business Days of
demand, indemnify each Secured Party against any cost, loss or liability that Secured Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 

  
 93 

	18.7	VAT 

  

	 	(a)	All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT
which is chargeable on that supply, and accordingly, subject to Clause 18.7(b), if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the
relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly
provide an appropriate VAT invoice to that Party). 

  

	 	(b)	If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the “Recipient”) under a Finance Document, and any Party other than
the Recipient (the “Relevant Party”) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in
respect of that consideration): 

  

	 	(i)	(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to
the amount of the VAT. The Recipient must (where this Clause 18.7(b)(i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably
determines relates to the VAT chargeable on that supply; and 

  

	 	(ii)	(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT
chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT. 

 

	 	(c)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such
cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority. 

 

	 	(d)	Any reference in this Clause 18.7 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to
the person who is treated as making a supply or, as appropriate, receiving the supply, under the grouping rules (as provided for in Article 11 of the Council Directive 2006/112/EC as implemented by the relevant state; or any other similar provision
in any jurisdiction which is not a member state of the European Union). 

  
 94 

	 	(e)	In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that
Party’s VAT registration and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such supply. 

 

	18.8	FATCA information 

  

	 	(a)	Subject to Clause 18.8(c), each Party (including, for the purpose of this clause, any Substitute Affiliate Lender) shall, within ten 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;
and 

  

	 	(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 Clause 18.8(a)(i) 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)	Clause 18.8(a) shall not oblige any Finance Party to do anything, and Clause 18.8(a)(ii) 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 Clause 18.8(a)(i) or 18.8(a)(ii) (including, for the avoidance of
doubt, where Clause 18.8(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. 

  
 95 

	 	(e)	If a Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any other applicable law or regulation require it, each Lender shall, within ten Business Days of:

  

	 	(i)	where an Original Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date of this Agreement; 

  

	 	(ii)	where a Borrower is a US Tax Obligor on a date on which any other Lender becomes a Party as a Lender, that date; 

  

	 	(iii)	the date a new US Tax Obligor accedes as a Borrower; or 

  

	 	(iv)	where a Borrower is not a US Tax Obligor, the date of a request from the Agent, 

 supply to the
Agent: 
  

	 	(A)	a withholding certificate on applicable US Internal Revenue Service Form W-8, Form W-9 or any other relevant form; or 

 

	 	(B)	any withholding statement or other document, authorisation or waiver as the Agent may require to certify or establish the status of such Lender under FATCA or that other law or regulation. 

 

	 	(f)	The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to Clause 18.8(e) to the relevant Borrower. 

 

	 	(g)	If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent by a Lender pursuant to Clause 18.8(e) is or becomes materially inaccurate or incomplete, that Lender shall
promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The
Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the relevant Borrower. 

  

	 	(h)	The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to Clause 18.8(e) or Clause 18.8(g) without further verification. The Agent
shall not be liable for any action taken by it under or in connection with Clause 18.8(e), Clause 18.8(f) or Clause 18.8(g). 

  

	18.9	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. 

  
 96 

	 	(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 Obligors’ Agent and the Agent and the Agent shall notify the other Finance Parties. 

  

	19.	INCREASED COSTS 

  

	19.1	Increased costs 

  

	 	(a)	Subject to Clause 19.3 Bristow Helicopters Limited shall, within three Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or
any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or treaty after the date of this Agreement (including, for the avoidance of doubt,
changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III, CRD IV and CRR (and all requests, rules, guidelines or directives relating to each of the foregoing or issued in connection therewith)) or (ii) compliance
with any law or regulation made after the date of this Agreement. 

  

	 	(b)	In this Agreement: 

  

	 	(i)	“Basel III” means: 

  

	 	(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”. 

  

	 	(ii)	“CDR IV” means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit
institutions and investment firms, as amended; 

  
 97 

	 	(iii)	“CRR” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, as amended;

  

	 	(iv)	“Increased Costs” means: 

  

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

  

	 	(B)	an additional or increased cost; or 

  

	 	(C)	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 Revolving Facility Commitment or funding or performing its obligations under any Finance Document or Letter of
Credit. 
  

	19.2	Increased cost claims 

  

	 	(a)	A Finance Party intending to make a claim pursuant to Clause 19.1 shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Obligors’ Agent.

  

	 	(b)	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs. 

 

	19.3	Exceptions 

  

	 	(a)	Clause 19.1 does not apply to the extent any Increased Cost is: 

  

	 	(i)	attributable to a Tax Deduction required by law to be made by an Obligor; 

  

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

  

	 	(iii)	compensated for by Clause 18.3 (Tax indemnity) (or would have been compensated for under Clause 18.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in Clause 18.3(b)
(Tax indemnity) applied); or 

  

	 	(iv)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation. 

  

	 	(b)	In this Clause 19.3 reference to a “Tax Deduction” has the same meaning given to the term in Clause 18.1 (Definitions). 

  
 98 

	20.	OTHER INDEMNITIES 

  

	20.1	Currency indemnity 

  

	 	(a)	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment 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 that Obligor; or 

  

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

that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Secured 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 Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 

 

	20.2	Other indemnities 

 Bristow Helicopters Limited shall (or shall procure that an Obligor
will), within five Business Days of demand, indemnify the Arrangers and each other Secured Party (and each of their Affiliates and their respective officers, directors, employees, advisors and agents) (each, an “Indemnitee”) against
any cost, loss or liability incurred by it (in the case of fees and expenses of legal counsel limited to one in total per jurisdiction for all Indemnitees (with one additional counsel in each relevant jurisdiction to act in the event of an actual or
perceived conflict of interest between the Indemnitees)) as a result of: 
  

	 	(a)	the occurrence of any Event of Default; 

  

	 	(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including any cost, loss or liability arising as a result of Clause 35 (Sharing among the Finance Parties);

  

	 	(c)	funding, or making arrangements to fund, its participation in a Utilisation requested by the Obligors’ Agent or a 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 Finance Party alone); 

  

	 	(d)	issuing or making arrangements to issue a Letter of Credit requested by the Obligors’ Agent or a Borrower in a Utilisation Request but not issued 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 Finance Party alone); or 

  
 99 

	 	(e)	a Utilisation (or part of a Utilisation) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Obligors’ Agent, 

provided that such indemnity shall not, as to any Indemnitee, be available or apply to any costs, losses or liabilities to the extent that such
costs, losses or liabilities are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (i) the gross negligence or willful misconduct of such
Indemnitee, (b) a material breach by such Indemnitee (or in the case of an Indemnitee which is not a Finance Party, its related Finance Party) of its obligations under the Finance Documents or (c) a dispute solely between any of the
Indemnitees not arising out of any act or omission on the part of an Obligor or any of their Affiliates (other than claims brought against an Indemnified Party in its capacity as an Arranger, Bookrunner, agent or similar role in connection with the
Finance Documents). 
  

	20.3	Indemnity to the Agent 

 Bristow Helicopters Limited shall promptly indemnify the Agent
against: 
  

	 	(a)	any cost, loss or liability incurred by the Agent (acting reasonably and in the case of fees and expenses of legal counsel limited to one in total per jurisdiction) as a result of: 

 

	 	(i)	investigating any event which it reasonably believes is a Default; 

  

	 	(ii)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; or 

 

	 	(iii)	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement, 

provided that such indemnity shall not be available or apply to any costs, losses or liabilities to the extent that such costs, losses or
liabilities are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (a) the gross negligence or willful misconduct of the Agent or (b) a
material breach by the Agent of any of its obligations under the Finance Documents; and 
  

	 	(b)	any cost, loss or liability (including for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) (or, in the
case of any cost, loss or liability pursuant to Clause 36.11 (Disruption to payment systems etc.) notwithstanding the Agent’s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on
the fraud of the Agent) in acting as Agent under the Finance Documents. 

  
 100 

	20.4	Indemnity to the Security Agent 

  

	 	(a)	Bristow Helicopters Limited shall promptly indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability incurred by any of them (in the case of fees and expenses of legal counsel
limited to one in total per jurisdiction) as a result of: 

  

	 	(i)	any failure by the Obligors’ Agent to comply with its obligations under Clause 22 (Costs and expenses); 

  

	 	(ii)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; 

 

	 	(iii)	the taking, holding, protection or enforcement of the Transaction Security; 

  

	 	(iv)	the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents or by law; 

 

	 	(v)	any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents; or 

  

	 	(vi)	acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of the Charged Property (otherwise, in each case, than by reason of the relevant Security Agent’s,
Receiver’s or Delegate’s gross negligence or wilful misconduct), 

 provided that, otherwise than in relation to any
Receiver or Delegate under Clause 20.4(a)(iv), such indemnity shall not be available or apply to costs, losses or liabilities to the extent that such costs, losses or liabilities are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (a) the gross negligence or willful misconduct of the Security Agent, Receiver or Delegate, (b) a material breach by the Security Agent of any provision under
the Finance Documents or (c) a dispute solely between the Security Agent, Receiver and Delegate not arising out of any act or omission on the part of an Obligor or any of their Affiliates. 

 

	 	(b)	The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties, indemnify itself out of the Charged Property in respect of, and pay and retain, all sums necessary to give
effect to the indemnity in this Clause 20.4 (to the extent payable hereunder) and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all moneys payable to it. 

 

	21.	MITIGATION BY THE LENDERS 

  

	21.1	Mitigation 

  

	 	(a)	 Each Finance Party shall, in consultation with the Obligors’ Agent, take all reasonable steps to mitigate
any circumstances which arise and which would result in the Facility ceasing to be available or any amount becoming payable (or being increased) under or pursuant to, or cancelled pursuant to, any of

  
 101 

	 	
Clause 11.1 (Illegality), (or, in respect of the Issuing Bank, Clause 11.2 (Illegality in relation to Issuing Bank)), Clause 18 (Tax gross up and indemnities) or Clause 19
(Increased costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. 

 

	 	(b)	Clause 21.1(a) does not in any way limit the obligations of any Obligor under the Finance Documents. 

  

	21.2	Limitation of liability 

  

	 	(a)	Bristow Helicopters Limited shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 21.1. 

 

	 	(b)	A Finance Party is not obliged to take any steps under Clause 21.1 if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. 

 

	22.	COSTS AND EXPENSES 

  

	22.1	Transaction expenses 

 Bristow Helicopters Limited shall, promptly on demand, pay the
Agent, the Arrangers, the Issuing Bank and the Security Agent the amount of all reasonable and documented costs and expenses (including the reasonable legal fees, costs and disbursements of one primary US counsel, one primary English counsel and one
primary Norwegian counsel and, if necessary, one counsel in any other applicable jurisdiction), incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with the negotiation, preparation, printing,
execution, syndication and perfection of: 
  

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

  

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

  

	22.2	Amendment costs 

 If: 

 

	 	(a)	an Obligor requests an amendment, waiver or consent; or 

  

	 	(b)	an amendment is required pursuant to Clause 36.10 (Change of currency), 

 Bristow
Helicopters Limited shall, within three Business Days of demand, reimburse each of the Agent and the Security Agent for the amount of all reasonable and documented costs and expenses (including the reasonable legal fees, costs and disbursements of
one primary US counsel, one primary English counsel and one primary Norwegian counsel and, if necessary, one counsel in any other applicable jurisdiction) reasonably incurred by the Agent and the Security Agent (and, in the case of the Security
Agent, by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement. 

  
 102 

	22.3	Enforcement and preservation costs 

 Bristow Helicopters Limited shall, within three
Business Days of demand, pay to each Secured Party the amount of all costs and expenses (including the legal fees, costs and disbursements of one primary US counsel, one primary English counsel and one primary Norwegian counsel and, if necessary,
one counsel in any other applicable jurisdiction (and one additional counsel in each relevant jurisdiction to act for the Lenders as a whole in the event of an actual or perceived conflict of interest and, while an Event of Default is continuing,
other advisors and professionals engaged by the Agent or the Arrangers)) incurred by it in connection with the enforcement of or the preservation of any rights under any Finance Document and the Transaction Security and any proceedings instituted by
or against the Security Agent as a consequence of taking or holding the Transaction Security or enforcing these rights. 
  

	22.4	Monitoring Costs 

 Bristow Helicopters Limited shall, within five Business Days of
demand, pay to the Agent all reasonable fees and expenses incurred with respect to each field examination conducted in accordance with Clause 27.28 (Access, Maintenance of records and field examinations) (including field examination fees at
the examiners’ then-current rates, plus out of pocket expenses, in each case reasonably incurred) based on the fees and expenses of advisers and professionals engaged by the Agent. 

  
 103 

 SECTION 7 

GUARANTEE 
  

	23.	GUARANTEE AND INDEMNITY  

  

	23.1	Guarantee and indemnity  

 Each Guarantor irrevocably and unconditionally jointly
and severally: 
  

	 	(a)	guarantees to each Finance Party punctual performance by each other Obligor of all that Obligor’s obligations under the Finance Documents; 

 

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

  

	 	(c)	agrees with each Finance Party 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 it 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 23 if the amount claimed had been recoverable on the basis of a guarantee. 

 

	23.2	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. 
  

	23.3	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 23 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	23.4	Waiver of defences 

 The obligations of each Guarantor under this Clause 23 will not be
affected by an act, omission, matter or thing which, but for this Clause 23, would reduce, release or prejudice any of its obligations under this Clause 23 (without limitation and whether or not known to it or any Finance Party) including: 

 

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

  
 104 

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

 

	 	(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 a Finance Document or any other document or security including any change in the purpose
of, any extension of or 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. 

  

	23.5	Guarantor intent 

 Without prejudice to the generality of Clause 23.4, each Guarantor
expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under
any of the Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing
existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees,
costs and/or expenses associated with any of the foregoing. 
  

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

  
 105 

	23.7	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 23. 

 

	23.8	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 23: 
  

	 	(a)	to be indemnified by an 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 any Guarantor has given a guarantee, undertaking or indemnity under Clause 23.1;

  

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

  

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

 If a
Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the
Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 36
(Payment mechanics). 

  
 106 

	23.9	Release of Guarantors’ right of contribution 

 If any Guarantor (a “Retiring
Guarantor”) ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor: 

 

	 	(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the
performance by any other Guarantor of its obligations under the Finance Documents; and 

  

	 	(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Finance Documents 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 any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor.

  

	23.10	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. 
  

	23.11	Norwegian Guarantee Limitations 

  

	 	(a)	The obligations of a Guarantor incorporated in Norway (each a “Norwegian Guarantor”) under this guarantee will be limited by such mandatory provisions of law applicable to that Norwegian Guarantor
limiting the legal capacity or ability of the Norwegian Guarantor to grant or honour a guarantee as provided for under this Clause 23 including, but not limited to, the provisions of Sections 8-7 to 8-10 of the Norwegian Private Limited Liability Companies Act of 13 June 1997 No. 44 (as from time to time amended). Consequently, the obligations of each Norwegian Guarantor under this Clause 23 shall
only apply to the extent not so limited, it being understood, however, by each Norwegian Guarantor that if a limitation is no longer applicable as a mandatory provision under Norwegian law, such limitations will no longer apply to the obligations of
such Norwegian Obligor, and each Norwegian Obligor shall in such circumstances take any such actions and execute such additional documents as the Agent may reasonably request to effectuate that such limitation is no longer applicable.

  

	 	(b)	The limitations set out in Clause 23.11(a) shall apply mutatis mutandis to any Transaction Security provided by any Norwegian Guarantor under the Finance Documents and to any guarantee, undertaking, obligation,
indemnity and payment, including but not limited to distributions, cash-sweeps, credits, loans and set-offs (including under Clause 37 (Set-off)), pursuant to or
permitted by the Finance Documents in relation to a Norwegian Guarantor. 

  

	 	(c)	To the extent permitted by applicable law, if a payment under this guarantee or the honouring of any Transaction Security by a Norwegian Guarantor has been made in contravention of the limitations contained in this
Clause 23.11, the Finance Parties shall not be liable for any damages in relation thereto, and the maximum amount repayable by the Finance Parties as a consequence of such contravention shall be the amount received from that Norwegian
Guarantor. 

  
 107 

 SECTION 8 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	24.	REPRESENTATIONS 

  

	24.1	General 

 Each Obligor makes the representations and warranties set out in this Clause 24
to each Finance Party. 
  

	24.2	Status 

  

	 	(a)	It is a limited liability corporation, or a limited liability company duly incorporated and validly existing under the law of its Original Jurisdiction. 

 

	 	(b)	Each of the Obligors and each of the Borrowers’ Subsidiaries is a limited liability corporation or a limited liability company or partnership, duly incorporated and validly existing under the law of its
jurisdiction of incorporation. 

  

	 	(c)	It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being conducted. 

  

	24.3	Binding obligations 

 Subject to the Legal Reservations: 

 

	 	(a)	the obligations expressed to be assumed by it in each Finance Document to which it is a party are legal, valid, binding and enforceable obligations subject to, in each case, necessary registrations; and

  

	 	(b)	(without limiting the generality of Clause 24.3(a)), each Transaction Security Document to which it is a party creates the security interests which that Transaction Security Document purports to create and those
security interests are valid and effective subject to, in each case, necessary registrations. 

  

	24.4	Non-conflict with other obligations 

 The entry
into and performance by it of, and the transactions contemplated by, the Finance Documents and the granting of the Transaction Security do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it in any material respect; 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	in any material respect any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any such agreement or instrument. 

  
 108 

	24.5	Power and authority 

  

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

  

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

 

	24.6	Validity and admissibility in evidence 

  

	 	(a)	All Authorisations required: 

  

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

 

	 	(ii)	to make the Finance Documents to which it is a party admissible in evidence, valid and enforceable in its Relevant Jurisdictions, 

have been obtained or effected and are in full force and effect. 
  

	 	(b)	All Authorisations necessary for the conduct of its and each of its Subsidiaries’ business, trade and ordinary activities have been obtained or effected and are in full force and effect if failure to obtain or
effect those Authorisations has or is reasonably likely to have a Material Adverse Effect. 

  

	24.7	Governing law and enforcement 

  

	 	(a)	The choice of governing law of the Finance Documents to which it is party will be recognised and enforced in its Relevant Jurisdictions. 

 

	 	(b)	Any judgment obtained in relation to a Finance Document to which it is party in the jurisdiction of the governing law of that Finance Document will be recognised and enforced in its Relevant Jurisdictions.

  

	24.8	Insolvency 

 No: 

 

	 	(a)	corporate action, legal proceeding or other procedure or step described in Clause 28.7(a) (Insolvency proceedings); or 

  

	 	(b)	creditors’ process described in Clause 28.8 (Creditors’ process), 

 has been
taken or, to its knowledge, threatened in relation to (w) any Obligor on an individual basis or (x) the Group taken as a whole; and none of the circumstances described in Clause 28.6 (Insolvency) applies to (y) any Obligor on
an individual basis or (z) the Group taken as a whole. 

  
 109 

	24.9	Solvency 

 On the date of this Agreement (i) the fair value of the assets of each
Borrower on an individual basis and the Group taken as a whole, at a fair valuation, exceeds its or their debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable value of the property of each Borrower on an
individual basis and of the Group taken as a whole is greater than the amount that will be required to pay the probable liability of its or their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities
become absolute and matured; (iii) each Borrower on an individual basis and the Group taken as a whole is able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured;
and (iv) no Borrower individually, and the Group taken as a whole, does not have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted. 

 

	24.10	No filing or stamp taxes 

 Under the laws of its Relevant Jurisdiction, it is not
necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Finance Documents or the
transactions contemplated by the Finance Documents except for: 
  

	 	(a)	registration of particulars of any Transaction Security Document entered into by Bristow Helicopters Limited at Companies House in England and Wales under s859A Companies Act 2006 and payment of associated fees; and

  

	 	(b)	registration of any Transaction Security Document constituting a floating charge over receivables (No.: factoringpant) subject to registration in the Norwegian Register of Mortgaged Movable Property and payment
of associated fees, 

 which registrations, filings, taxes and fees will be made and paid promptly after the date of the
relevant Finance Document. 
  

	24.11	Deduction of Tax 

 It is not required to make any deduction for or on account of Tax from
any payment it may make under any Finance Document to a Lender which is: 
  

	 	(a)	a Qualifying Lender; or 

  

	 	(b)	a Treaty Lender, subject to completion of all necessary filings and procedural steps. 

  

	24.12	No default 

  

	 	(a)	No Event of Default and, on the date of this Agreement, no Default is continuing or is reasonably likely to result from the making of any Utilisation or the entry into, the performance of any obligations under, any
Finance Document. 

  
 110 

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

  

	24.13	No misleading information 

 Save as disclosed in writing to the Agent and the Arrangers
prior to the date of this Agreement or, if later, prior to the date such information is provided: 
  

	 	(a)	any factual information contained in the Information Package (as modified or supplemented by any other information provided) was true and accurate in all material respects as at the date of the relevant report or
document containing the information or (as the case may be) as at the date the information is expressed to be given or, if later, the date of this Agreement; 

  

	 	(b)	any financial projection or forecast contained in the Information Package has been prepared on the basis of recent historical information and on assumptions reasonably believed by the Parent to be reasonable (as at the
date the relevant projection or forecast was prepared) and arrived at after careful consideration; 

  

	 	(c)	any expressions of opinion or intention provided by or on behalf of a member of the Group for the purposes of the Information Package were made after careful consideration and (as at the date of the relevant report or
document containing the expression of opinion or intention) were fair and based on reasonable grounds; 

  

	 	(d)	no event or circumstance has occurred or arisen and no information has been omitted from the Information Package (as modified or supplemented by any other information provided) and no information has been given or
withheld that results in the information, opinions, intentions, forecasts or projections contained in the Information Package (as modified or supplemented by any other information provided) being untrue or misleading in any material respect;

  

	 	(e)	all other written information provided by or on behalf of any member of the Group to a Finance Party (as modified or supplemented by any other information provided) was true, complete and accurate in all material
respects as at the date it was provided and not misleading in any material respect; and 

  

	 	(f)	to the best of the knowledge and belief of the Obligors at the time of delivery of an Aggregate Borrowing Base Certificate, none of the written factual information and written data in or provided in connection with each
Aggregate Borrowing Base Certificate contained any untrue statement of fact or omitted to state any fact or other information necessary to make such information and data not misleading at the time the relevant Aggregate Borrowing Base Certificate
was provided to the Agent in light of the circumstances under which such information or data was furnished. 

  
 111 

	24.14	Financial Statements 

  

	 	(a)	Its Original Financial Statements were prepared in accordance with the Accounting Principles consistently applied. 

  

	 	(b)	Its unaudited Original Financial Statements fairly present its financial condition and its results of operations for the relevant financial quarter. 

 

	 	(c)	The Parent’s audited Original Financial Statements fairly presented its financial condition and its results of operations during the relevant financial year. 

 

	 	(d)	There has been no material adverse change in its assets, business or financial condition (or the assets, business or consolidated financial condition of the Group, in the case of the Parent) since the date of its
Original Financial Statements. 

  

	 	(e)	Its most recent financial statements delivered pursuant to Clause 25.1 (Financial statements): 

  

	 	(i)	have been prepared in accordance with the Accounting Principles; and 

  

	 	(ii)	fairly present its financial condition (consolidated in the case of the Parent’s Original Financial Statements) as at the end of, and results of operations (consolidated in the case of the Parent’s Original
Financial Statements) for, the period to which they relate. 

  

	 	(f)	The budgets and forecasts supplied in connection with this Agreement were arrived at after careful consideration and have been prepared in good faith on the basis of assumptions reasonably believed by the Parent to be
reasonable at the date they were prepared and supplied. 

  

	24.15	No proceedings  

  

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

  

	 	(b)	No judgment or order of a court, arbitral body or agency which is reasonably likely to have a Material Adverse Effect has (to the best of its knowledge and belief (having made due and careful enquiry)) been made against
it or any of its Subsidiaries. 

  

	24.16	No breach of laws 

  

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

  
 112 

	 	(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. 

  

	24.17	Environmental laws 

  

	 	(a)	Each member of the Group is in compliance with Clause 27.4 (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 has or is reasonably likely to have a Material Adverse Effect. 

  

	 	(b)	No Environmental Claim has been commenced or (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, to
have a Material Adverse Effect. 

  

	24.18	Taxation 

  

	 	(a)	It is not (and none of the Subsidiaries of the Borrowers are) materially overdue in the filing of any Tax returns and it is not (and none of its Subsidiaries are) overdue in the payment of any amount in respect of Tax
of USD 5,000,000 (or its equivalent in any other currency) or more. 

  

	 	(b)	No claims or investigations are being, or are reasonably likely to be, made or conducted against it (or any of its Subsidiaries) with respect to Taxes such that a liability of, or claim against, any member of the Group
of USD 5,000,000 (or its equivalent in any other currency) or more is reasonably likely to arise. 

  

	 	(c)	It is resident for Tax purposes only in its Original Jurisdiction. 

  

	24.19	Anti-Corruption Laws and Sanctions 

  

	 	(a)	Each member of the Group has implemented and maintains in effect policies and procedures designed to ensure compliance by such member of the Group and their respective directors, officers, employees and agents with
Anti-Corruption Laws and applicable Sanctions, and such member of the Group and its respective officers and employees and, to the knowledge (after due and careful inquiry) of such member of the Group, its directors and agents, are in compliance with
Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably be expected to result in any member of the Group being designated as a Sanctioned Person. 

 

	 	(b)	No (i) member of the Group or any of their respective directors, officers or employees, or (ii) to the knowledge (after due and careful inquiry) of any such member of the Group, any agent of such member of the
Group that will act in any capacity in connection with or benefit from the credit facility established hereby is: 

  

	 	(i)	a Sanctioned Person; 

  
 113 

	 	(ii)	otherwise the subject or target of any Sanctions; or 

  

	 	(iii)	located, organised or resident in a Sanctioned Country. 

  

	 	(c)	No Loan, use of proceeds, or other transaction contemplated by this Agreement or the other Finance Documents will violate Anti-Corruption Laws or applicable Sanctions, subject to applicable restrictions by mandatory
law. 

  

	24.20	Security and Financial Indebtedness 

  

	 	(a)	No Security or Quasi Security exists over all or any of the present or future assets of any Borrower or Subsidiary of a Borrower other than as permitted by this Agreement. 

 

	 	(b)	No Borrower or Subsidiary of a Borrower has any Financial Indebtedness outstanding other than as permitted by this Agreement. 

  

	24.21	Ranking 

 The Transaction Security has (if the registration and payments of fees referred
to in Clause 24.10 have been completed) or will have (once the registration and payments of fees referred to in Clause 24.10 have been completed) first ranking priority and it is not subject to any prior ranking or pari passu ranking Security. 

 

	24.22	No Immunity 

 In any proceedings taken in any Relevant Jurisdiction in relation to and
accordance with a Finance Document, no Obligor will be entitled to claim for themselves or any of their Charged Property immunity from suit, execution, attachment or other legal process. 

 

	24.23	Good title to assets 

 It and each of its Subsidiaries has a good, valid and marketable
title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as presently conducted but only to the extent that a failure to so have would have or would reasonably likely to have
Material Adverse Effect. 
  

	24.24	Legal and beneficial ownership 

  

	 	(a)	Each Borrower is the sole legal and beneficial owner of the respective assets over which it purports to grant Security. 

  

	 	(b)	Each Borrower has good and valid rights in the Charged Property with respect to which it has purported to grant Security and has full power and authority to grant to the Security Agent such Security free and clear of
all other Security save for Permitted Security.  

  
 114 

	24.25	Intellectual Property 

 It and each of its Subsidiaries is the sole legal and beneficial
owner of or has licensed to it on normal commercial terms all the Intellectual Property which is material in the context of its business and which is required by it in order to carry on its business as it is being conducted, but only to the extent
that a failure to own or licence any such Intellectual Property would have or would be reasonably likely to have a Material Adverse Effect. 
  

	24.26	Group Structure Chart  

 The Group Structure Chart is true and accurate in all
material respects. 
  

	24.27	Accounting Reference Date 

 The Accounting Reference Date of the Parent is, as of the
date of this Agreement, 31 March. 
  

	24.28	Centre of main interests and establishments 

 In relation to any Obligor incorporated in
a member state of the European Union, for the purposes of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the “Regulation”) or any other regulation replacing the Regulation: 

 

	 	(a)	its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its Original Jurisdiction; and 

  

	 	(b)	save as may be disclosed to the Agent in writing from time to time, it has no “establishment” (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction other than, as at the
date of this Agreement, Scotland, the Netherlands and the Falkland Islands. 

  

	24.29	No adverse consequences 

  

	 	(a)	It is not necessary under the laws of its Relevant Jurisdictions: 

  

	 	(i)	in order to enable any Finance Party to enforce its rights under any Finance Document; or 

  

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

that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in any of its Relevant Jurisdictions. 

 

	 	(b)	No Finance Party is or will be deemed to be resident, domiciled or carrying on business in its Relevant Jurisdictions by reason only of the execution, performance and/or enforcement of any Finance Document.

  

	24.30	Insurance 

 Each member of the Group has insurance on and in relation to its business and
assets against those risks and to the extent as is usual for companies acting commercially reasonably and carrying on the same or substantially similar business. 

  
 115 

	24.31	Times when representations made 

  

	 	(a)	All the representations and warranties in this Clause 24 are made by each Original Obligor on the date of this Agreement. 

  

	 	(b)	The Repeating Representations are deemed to be made by each Obligor on the date of each Utilisation Request, on each Utilisation Date and on the first day of each Interest Period. 

 

	 	(c)	The Repeating Representations and the representations in Clauses 24.11, paragraphs (a), (b) and (d) of Clause 24.14, 24.15, 24.16 and 24.18 are deemed to be made by each Additional Obligor (in each case in relation
only to itself and its Subsidiaries (if any)) on the day on which it becomes (or it is proposed that it becomes) an Additional Obligor. 

  

	 	(d)	Each representation or warranty deemed to be made after the date of this Agreement shall be deemed to be made by reference to the facts and circumstances existing at the date the representation or warranty is deemed to
be made. 

  

	25.	INFORMATION UNDERTAKINGS 

 The undertakings in this Clause 25 remain in force from the
date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Revolving Facility Commitment is in force. 

In this Clause 25: 

“Annual Financial Statements” means the financial statements for a Financial Year delivered pursuant to Clause 25.1(a). 

“Monthly Financial Statements” means the financial statements delivered pursuant to Clause 25.1(c). 

“Quarterly Financial Statements” means the financial statements delivered pursuant to Clause 25.1(b). 

 

	25.1	Financial statements 

 The Parent shall supply to the Agent: 

 

	 	(a)	within 90 days after the end of each of its Financial Years: 

  

	 	(i)	the Parent’s audited consolidated financial statements for that Financial Year; 

  

	 	(ii)	the unaudited balance sheet and statements of income of each other Obligor for that Financial Year; and 

  

	 	(b)	within 45 days after the end of each Financial Quarter of each of its Financial Years the Parent’s unaudited consolidated financial statements for that Financial Quarter; and 

  
 116 

	 	(c)	if an Event of Default is continuing or during a Cash Dominion Period and so requested during any such period by the Agent in its Permitted Discretion, within 10 Business Days of the later of the end of the relevant
month and the request by the Agent, the unaudited balance sheet and unaudited statements of income of each Borrower for that month, 

provided that the Parent shall not be required to supply to the Agent any information or document pursuant to this Clause which is freely
available to be obtained by the Agent from the Parent’s public filings (including any filings with the S.E.C.) by the otherwise required due date. 
  

	25.2	Provision and contents of Compliance Certificate 

  

	 	(a)	The Parent shall supply a Compliance Certificate to the Agent with each set of its Annual Financial Statements and each set of its Quarterly Financial Statements. 

 

	 	(b)	The Compliance Certificate shall, amongst other things, set out (in reasonable detail) computations as to the Fixed Charge Coverage Ratio whether or not the Fixed Charge Coverage Ratio is being tested at that time;

  

	 	(c)	Each Compliance Certificate shall be signed by an authorised signatory of the Parent. 

  

	25.3	Requirements as to financial statements 

  

	 	(a)	The Parent shall procure that each set of Annual Financial Statements and Quarterly Financial Statements and Monthly Financial Statements is in English and: 

 

	 	(i)	each set of the Parent’s Annual Financial Statements shall be audited by the Parent’s Auditors and shall not be subject to any “going concern” qualification or exception or any material qualification
or exception as to the scope of such audit; and 

  

	 	(ii)	each set of Quarterly Financial Statements includes an unaudited balance sheet and unaudited statement of income for each Borrower. 

  

	 	(b)	Each set of financial statements delivered pursuant to Clauses 25.1(a)(i) and 25.1(b) (Financial statements) shall be certified by an authorised signatory of the Parent as giving a true and fair view of (in the
case of Annual Financial Statements for any Financial Year), or fairly representing (in other cases), its financial condition and operations as at the date as at which those financial statements were drawn up. 

 

	 	(c)	The Parent shall procure that each set of financial statements of an Obligor delivered pursuant to Clause 25.1 (Financial statements) is prepared using the Accounting Principles. 

  
 117 

	 	(d)	If the Agent, acting reasonably, wishes to discuss the financial position of any member of the Group with the auditors of that member of the Group, the Agent may notify the Obligors’ Agent, stating the questions or
issues which the Agent wishes to discuss with those auditors. In this event, the Obligors’ Agent must ensure that those auditors are authorised (at the expense of the Obligors’ Agent): 

 

	 	(i)	to discuss the financial position of the relevant member of the Group with the Agent on request from the Agent; and 

  

	 	(ii)	to disclose to the Agent for the Finance Parties any information which the Agent may reasonably request. 

  

	 	(e)	Notwithstanding any other term of this Agreement no Event of Default shall occur, or be deemed to occur, as a result of any restriction on the identity of the Parent’s Auditors contained in this Agreement being
prohibited, unlawful, ineffective, invalid or unenforceable pursuant to the Audit Laws. 

  

	25.4	Budget 

  

	 	(a)	The Parent shall supply to the Agent in sufficient copies for all the Lenders, as soon as the same become available but in any event within 60 days after the start of each of its Financial Years, an annual Budget for
that financial year. 

  

	 	(b)	The Parent shall ensure that each Budget for a financial year (other than the Budget delivered pursuant to Clause 4.1(a) (Initial conditions precedent)) includes a projected consolidated Group profit and
loss, a consolidated Group balance sheet, a consolidated Group statement of cashflows, projected Aggregate Availability and a revenue forecast for each Borrower. 

  

	25.5	Borrowing Base Certificate and related information 

 The Obligors’ Agent
shall supply to the Agent within twenty Business Days of the end of each calendar month as of the period then ended (provided that, during a Cash Dominion Period, such information shall be provided on a weekly basis, three Business Days after the
end of each calendar week and prepared as of the last day of such calendar week): 
  

	 	(a)	an Aggregate Borrowing Base Certificate, which sets out each Borrower’s Borrowing Base and supporting information in connection therewith; 

 

	 	(b)	a detailed aging of the Borrowers’ Receivables, including all invoices aged by invoice date and Account Debtor; 

  

	 	(c)	a worksheet of calculations prepared by the Borrowers to determine Eligible Receivables, such worksheets detailing the Receivables excluded from Receivables and the reason for such exclusion; and 

 

	 	(d)	if requested by the Agent acting in its Permitted Discretion prior to the end of the relevant period, a reconciliation of the Borrowers’ Receivables: (A) the amounts shown in the Borrowers’ general ledger
and financial statements and the reports delivered pursuant to paragraph (b) above and (B) the amounts and dates shown in the reports delivered pursuant to paragraph (b) above and the Aggregate Borrowing Base Certificate delivered
pursuant to Clause 25.5(a) as of such date. 

  
 118 

	25.6	Year end 

 The Parent shall not change its Accounting Reference Date without the consent
of the Majority Lenders, acting reasonably, unless required by applicable law. 
  

	25.7	Information: miscellaneous 

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

	 	(a)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any member of the Group, and which are reasonably likely to
have a Material Adverse Effect or are reasonably likely to be adversely determined and if adversely determined are reasonably likely to have a Material Adverse Effect; 

 

	 	(b)	promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency which is made against any member of the Group and which is reasonably likely to have a Material Adverse
Effect; 

  

	 	(c)	(subject to Clause 27.28(b) (Access, maintenance of records and field examination)) promptly, such information as the Security Agent may reasonably require about the Charged Property and compliance of the
Obligors with the terms of any Transaction Security Documents; 

  

	 	(d)	(subject to Clause 27.28(b) (Access, maintenance of records and field examination)) promptly on request, such further information regarding the financial condition, assets and operations of the Group and/or
any Obligor as any Finance Party (through the Agent) may reasonably request, in particular if required under applicable banking supervisory laws and regulations and/or in line with standard banking practice; 

 

	 	(e)	as soon as available but in any event within 45 days after the end of each Financial Quarter and at such other times as may be requested by the Agent in its Permitted Discretion, as of the Financial Quarter then ended,
a schedule and aging of the Borrowers’ accounts payable, delivered electronically in a text format file acceptable to the Agent; 

  

	 	(f)	(subject to Clause 27.28(b) (Access, maintenance of records and field examination)) during any Cash Dominion Period, promptly following request by the Agent an updated customer list for each Borrower, which list
shall state the customer’s name, mailing address and phone number, delivered electronically in a text formatted file acceptable to the Agent (in each case to be provided in accordance with and subject to applicable data protection laws); and

  

	 	(g)	promptly upon the Agent’s request, acting reasonably, copies of invoices issued by the Borrowers in connection with any Receivables owed by Eligible Account Debtors. 

  
 119 

	25.8	Notification of default 

  

	 	(a)	The Obligors’ Agent shall notify the Agent (and shall ensure that each Obligor notifies) of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that
Obligor is aware that a notification has already been provided by another Obligor). 

  

	 	(b)	Promptly upon a request by the Agent, if the Agent considers in good faith that there may be a Default, the Obligors’ Agent shall supply to the Agent a certificate signed by an authorised signatory on its behalf
certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 

  

	25.9	“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 or the composition of the shareholders 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/or obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer, 

obliges the Agent or any Lender (or, in the case of Clause 25.9(a)(iii), 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 (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in Clause 25.9(a)(iii), on behalf of any prospective new Lender) in
order for the Agent, such Lender or, in the case of the event described in Clause 25.9(a)(iii), 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 supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the 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. 

 

	 	(c)	The Parent shall, by not less than ten Business Days’ prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes
an Additional Obligor pursuant to Clause 31 (Changes to the Obligors). 

  
 120 

	 	(d)	Following the giving of any notice pursuant to Clause 25.9(c), if the accession of such Additional Obligor obliges the Agent or any Lender to comply with “know your customer” or similar identification
procedures in circumstances where the necessary information is not already available to it, the Parent 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 (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or 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 accession of such Subsidiary to this Agreement as an Additional Obligor. For the avoidance of doubt,
no Subsidiary requested by the Parent to become an Additional Obligor shall become an Additional Obligor unless and until the Agent and each Lender are satisfied that it has completed all necessary “know your customer” or other
similar checks and that the Agent and Lenders are satisfied with the results of such checks. 

  

	26.	FINANCIAL COVENANTS 

  

	26.1	Financial definitions 

 In this Clause 26 terms defined in the Secured Bonds Indenture,
as of the date of this Agreement, and not otherwise defined in this Clause 26 shall have the meanings given to them in, and be determined in accordance with the provisions of, the Secured Bonds Indenture (in the form as of the date of this
Agreement) and for the avoidance of doubt if any such term includes a term defined in this Agreement such term shall have the meaning given in and be determined in accordance with the Secured Bonds Indenture (in the form as of the date of this
Agreement). In addition, in this Agreement: 
 “Capital Expenditure” means any expenditure which, in accordance with the
Accounting Principles, is treated as capital expenditure excluding the capital element of any expenditure or obligation incurred in connection with a Finance Lease. 

“Cashflow” means, in respect of any Relevant Period, Consolidated Cash Flow for that Relevant Period after: 

 

	 	(a)	adding the amount of any cash receipts during that Relevant Period in respect of any Consolidated Income Taxes rebates or credits and deducting the amount actually paid in respect of Consolidated Income Taxes during
that Relevant Period by the Parent and any Restricted Subsidiary; and 

  
 121 

	 	(b)	deducting the amount of any Capital Expenditure actually made in cash during that Relevant Period by the Parent and any Restricted Subsidiary except (in each case) to the extent funded from or offset or subsequently
refinanced, reimbursed or compensated by the proceeds of: 

  

	 	(i)	any Indebtedness; 

  

	 	(ii)	any issuance of shares or other securities; 

  

	 	(iii)	insurances; 

  

	 	(iv)	asset sales, or 

  

	 	(v)	cash recoveries from litigation or settlements of litigation or other disputes; 

 and so that no
amount shall be added (or deducted) more than once. 
 “Debt Service” means, in respect of any Relevant Period, the
aggregate of: 
  

	 	(a)	Consolidated Interest Expense for that Relevant Period; 

  

	 	(b)	all scheduled repayments of Indebtedness falling due during that Relevant Period and paid in cash in the Relevant Period but excluding: 

 

	 	(i)	any amounts falling due under any overdraft or revolving facility (including the Revolving Facility) and which were available for simultaneous redrawing according to the terms of that facility; 

 

	 	(ii)	any such obligations owed to any member of the Group; 

  

	 	(iii)	any prepayment of Indebtedness existing on the date of this Agreement which is required to be repaid under the terms of this Agreement; and 

 

	 	(iv)	any mandatory prepayment of Indebtedness; and 

  

	 	(c)	the amount of any cash dividends paid by the Parent in respect of that Relevant Period, 

 and so
that no amount shall be included more than once. 
 “Finance Lease” means any lease or hire purchase contract, a liability
under which would in accordance with the Accounting Principles in effect as December 31, 2017 be required to be treated as a balance sheet liability. 

“Financial Quarter” means the period commencing on the day after one Quarter Date and ending on the next Quarter Date. 

“Financial Year” means the annual accounting period of the Parent ending on, as of the date of this Agreement, 31 March
in each year. 
 “Fixed Charge Coverage Ratio” means the ratio of Cashflow to Debt Service in respect of any Relevant Period
of the Parent and its Restricted Subsidaries on a consoldiated basis. 
 “Quarter Date” means the last day of each quarter
of a Financial Year of the Parent, being as of the date of this Agreement, each of 31 March, 30 June, 30 September and 31 December. 

  
 122 

 “Relevant Period” means each period of twelve months ending on the last day of
the Financial Year and each period of twelve months ending on the last day of each Financial Quarter. 
  

	26.2	Financial condition 

 If the Agent by notice so requests during a Cash Dominion Period,
the Parent shall ensure that at any time after such request during that Cash Dominion Period, the Fixed Charge Coverage Ratio with respect to the Parent and its Restricted Subsidiaries on a consolidated basis in respect of any Relevant Period
starting after the Agent’s request and ending during that Cash Dominion Period shall not be less than 1:1. 
  

	26.3	Financial testing 

 The financial covenant set out in Clause 26.2 shall be calculated in
accordance with the Accounting Principles applicable to the Parent and tested (at any time when such covenant applies as provided for above) by reference to each of the relevant financial statements delivered pursuant to Clause 25.1(a)(i) and Clause
25.1(b) (Financial statements) and/or each Compliance Certificate delivered pursuant to Clause 25.2 (Provision and contents of Compliance Certificate). 
  

	26.4	Unrestricted Subsidiaries 

 The Parent shall promptly provide the Agent with a copy of
any designation of an Unrestricted Subsidiary, provided always that the Parent may not: 
  

	 	(a)	designate either Borrower as an Unrestricted Subsidiary; or 

  

	 	(b)	designate a Subsidiary of a Borrower as an Unrestricted Subsidiary at any time while an Event of Default is continuing or during a Cash Dominion Period. 

 

	27.	GENERAL UNDERTAKINGS 

 The undertakings in this Clause 27 remain in force from the date
of this Agreement for so long as any amount is outstanding under the Finance Documents or any Revolving Facility Commitment is in force.  

Authorisations and compliance with laws 
  

	27.1	Authorisations 

 Each Borrower shall (and shall ensure that each of its Subsidiaries
will) promptly: 
  

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

  

	 	(b)	supply, on request, certified copies to the Agent of: 

 any Authorisation required under any law
or regulation of a Relevant Jurisdiction: 
  

	 	(i)	for the performance of its obligations under the Finance Documents; 

  
 123 

	 	(ii)	to ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document; and 

  

	 	(iii)	to carry on its business where failure to do so has or is reasonably likely to have a Material Adverse Effect. 

  

	27.2	Compliance with laws 

 Each Borrower shall (and shall ensure that each of its
Subsidiaries will) comply in all respects with all laws to which it may be subject (including all laws in connection with the operation or use of its helicopters), if failure so to comply has or is reasonably likely to have a Material Adverse
Effect. 
  

	27.3	Existence; Conduct of Business 

 Each Obligor will, and will cause each Subsidiary of
each Borrower to: 
  

	 	(a)	do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, licenses, permits, franchises, governmental authorizations,
intellectual property rights, licenses and permits material to the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted, provided that the foregoing shall not
prohibit any merger, consolidation, liquidation or dissolution permitted under Clause 27.8; and 

  

	 	(b)	carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted, where failure to do so has or is reasonably likely to have a Material
Adverse Effect. 

  

	27.4	Environmental compliance 

 Each Borrower shall (and shall ensure that each of its
Subsidiaries will): 
  

	 	(a)	comply with all Environmental Law; 

  

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

  

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

where failure to do so has or is reasonably likely to have a Material Adverse Effect. 

 

	27.5	Environmental claims 

 Each Borrower shall (and shall ensure that each of its
Subsidiaries will), promptly upon becoming aware of the same, inform the Agent in writing of: 
  

	 	(a)	any Environmental Claim against it which is current, pending or threatened; and 

  
 124 

	 	(b)	any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against it, 

where the claim, if determined against it, has or is reasonably likely to have a Material Adverse Effect. 

 

	27.6	Anti-corruption law 

  

	 	(a)	No Borrower shall (and shall ensure that none of its Subsidiaries will) directly or indirectly use the proceeds of the Facility: 

  

	 	(i)	for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in its Relevant Jurisdictions; 

 

	 	(ii)	to knowingly fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions; 

 

	 	(iii)	to knowingly fund or facilitate any activities of or business in any Sanctioned Country; or 

  

	 	(iv)	in any manner that will result in a violation by any member of the Group or Finance Party of Sanctions. 

  

	 	(b)	Each Borrower shall (and shall ensure that each of its Subsidiaries will): 

  

	 	(i)	conduct is businesses in compliance with applicable Anti Corruption Laws; and 

  

	 	(ii)	maintain policies and procedures designed to promote and achieve compliance with applicable Anti-Corruption Laws. 

  

	 	(c)	Each Borrower shall (and shall ensure that each of its Subsidiaries will) maintain in effect and enforce policies and procedures designed to ensure compliance by such entity and their respective directors, officers,
employees and agents are in all material aspects in compliance with Anti-Corruption Laws and applicable Sanctions. 

  

	27.7	Taxation 

  

	 	(a)	Each Borrower shall (and shall ensure that each of its Subsidiaries 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 

  

	 	(iii)	such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably likely to have a Material Adverse Effect. 

  
 125 

	 	(b)	No Borrower may change its residence for Tax purposes. 

 Restrictions on business focus

  

	27.8	Merger 

 No Borrower shall enter into any merger (other than a Permitted Acquisition),
consolidation or amalgamation with a person other than another Borrower or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution). 

 

	27.9	Change of business 

 The Borrowers shall procure that no substantial change is made to
the general nature of their business of the business of any of their Subsidiaries from that carried on at the date of this Agreement. 
  

	27.10	Fiscal Year  

  

	 	(a)	Except as permitted under Clause 27.10(b), no Borrower shall change its Financial Year without the consent of the Majority Lenders (not to be unreasonably withheld). 

 

	 	(b)	Clause 27.10(a) does not apply to any change required by applicable law. 

  

	27.11	Acquisitions 

  

	 	(a)	Except as permitted under Clause 27.11(b), no Borrower shall (and shall ensure that none of its Subsidiaries will): 

  

	 	(i)	acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest in any of them); or 

  

	 	(ii)	incorporate a company. 

  

	 	(b)	Clause 27.11(b) does not apply to an acquisition of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) or the incorporation of a company which is a Permitted
Acquisition. 

  

	27.12	Joint ventures 

  

	 	(a)	Except as permitted under Clause 27.12(b), no Borrower shall (and shall ensure that none of its Subsidiaries will): 

  

	 	(i)	enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture; or 

  

	 	(ii)	transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations of a Joint Venture or maintain the solvency of or provide working capital to any Joint Venture (or agree to do
any of the foregoing). 

  
 126 

	 	(b)	Clause 27.12(b) does not apply to any acquisition of (or agreement to acquire) any interest in a Joint Venture or transfer of assets (or agreement to transfer assets) to a Joint Venture if such transaction is a
Permitted Joint Venture, Permitted Disposal or a Permitted Acquisition. 

 Restrictions on dealing with assets and
security 
  

	27.13	Preservation of assets 

 Each Borrower shall (and shall ensure that each of its
Subsidiaries will) maintain in good working order and condition (ordinary wear and tear excepted) all of its assets necessary or desirable in the conduct of its business to the extent failure to do so has or is reasonably likely to have a material
adverse effect on the interests or rights of the Secured Parties under the Finance Documents. 
  

	27.14	Pari passu ranking 

 Each Borrower shall (and shall ensure that each of its Subsidiaries
will) ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors
whose claims are mandatorily preferred by laws of general application to companies. 
  

	27.15	Negative pledge 

 In this Clause 27.15, “Quasi-Security” means an
arrangement or transaction described in Clause 27.15(b). 
 Except as permitted under Clause 27.15(c): 

 

	 	(a)	No Borrower shall (and shall ensure that none of its Subsidiaries will) create or permit to subsist any Security over any of the Charged Property. 

 

	 	(b)	No Borrower shall (and shall ensure that none of its Subsidiaries will): 

  

	 	(i)	sell, transfer or otherwise dispose of any of the Charged Property on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group;

  

	 	(ii)	sell, transfer or otherwise dispose of any of its Receivables on recourse terms; 

  

	 	(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enter into any other preferential arrangement having a similar effect, in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the
acquisition of an asset. 

  
 127 

	 	(c)	Clauses 27.15(a) and 27.15(b) do not apply to any Security or, as the case may be Quasi Security which is Permitted Security. 

  

	27.16	Disposals 

  

	 	(a)	Except as permitted under Clause 27.16(b), no Borrower shall (and shall ensure that none of its Subsidiaries will) enter into a single transaction or a series of transactions (whether related or not) and whether
voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset. 

  

	 	(b)	Clause 27.16(a) does not apply to any sale, lease, transfer or other disposal which is a Permitted Disposal. 

  

	27.17	Sale and Leaseback Transactions 

 No Borrower shall, nor will it permit any Subsidiary
to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other
property that it intends to use for substantially the same purpose or purposes as the property sold or transferred, except (i) on arm’s length terms or (ii) with a member of the Group if entered into at a time when no Default is
continuing. 
  

	27.18	Arm’s length basis 

  

	 	(a)	Except as permitted by Clause 27.18(b), no Borrower shall (and shall ensure that none of its Subsidiaries will) enter into any transaction with any person except on arm’s length terms and for full market value.

  

	 	(b)	The following transactions shall not be a breach of this Clause 27.17: 

  

	 	(i)	intra-Group loans permitted under Clause 27.19; 

  

	 	(ii)	fees, costs and expenses payable under the Transaction Documents in the amounts set out in the Transaction Documents delivered to the Agent under Clause 4.1 (Initial conditions precedent) or agreed by the Agent;
and 

  

	 	(iii)	any intra-Group Permitted Disposal, Permitted Financial Indebtedness, Permitted Share Issues or Permitted Acquisitions. 

Restrictions on movement of cash-cash out 
  

	27.19	Loans or credit 

  

	 	(a)	Except as permitted under Clause 24.19(b) or 24.19(c), no Borrower shall (and shall ensure that none of its Subsidiaries will) be a creditor in respect of any Financial Indebtedness. 

 

	 	(b)	Clause 27.19(a) does not apply to any Permitted Loan. 

  
 128 

	27.20	No guarantees or indemnities 

  

	 	(a)	Except as permitted under Clause 24.20(b), no Borrower shall (and shall ensure that none of its Subsidiaries will) incur or allow to remain outstanding any guarantee in respect of any obligation of any person.

  

	 	(b)	Clause 27.20(a) does not apply to a guarantee which is a Permitted Guarantee. 

  

	27.21	Dividends and share redemption 

  

	 	(a)	Except as permitted under Clause 27.21(b), no Borrower shall (and shall ensure that none of its Subsidiaries will): 

  

	 	(i)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any
class of its share capital); 

  

	 	(ii)	repay or distribute any dividend or share premium reserve; 

  

	 	(iii)	redeem, repurchase, defease, retire or repay any of a Borrower’s share capital or resolve to do so, 

at any time when a Default is continuing. 
  

	 	(b)	Clause 27.21(a) does not apply to any payment, dividend, charge, fee or other distribution made to a Borrower or a Subsidiary of a Borrower. 

 

	27.22	Structural Intra-Group Loans 

 No Borrower shall (and shall ensure that none of its
Subsidiaries will) at any time when an Event of Default is continuing: 
  

	 	(a)	repay or prepay any principal amount (or capitalised interest) outstanding under Structural Intra-Group Loans; 

  

	 	(b)	pay any interest or any other amounts payable in connection with the Structural Intra-Group Loans; or 

  

	 	(c)	purchase, redeem, defease or discharge any amount outstanding with respect to the Structural Intra-Group Loans, 

save with the consent of the Majority Lenders or where such payment or repayment is made in order to directly facilitate a repayment or
prepayment under the Facility. 

  
 129 

	27.23	Optional Prepayment; amendment of Material Indebtedness 

  

	 	(a)	No Borrower will, nor will it permit any Subsidiary to, make or agree to pay or make, directly or indirectly, any voluntary prepayment of principal of any Financial Indebtedness except: 

 

	 	(i)	any payments of any Financial Indebtedness created under or pursuant to the Finance Documents; 

  

	 	(ii)	any payments of Financial Indebtedness owed to a member of the Group made when no Default is continuing; 

  

	 	(iii)	refinancings, prepayments or repayments of Financial Indebtedness from the proceeds of other Financial Indebtedness to the extent such other Financial Indebtedness is permitted under this Agreement; 

 

	 	(iv)	payment of secured Financial Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Financial Indebtedness (to the extent such sale or transfer is permitted)
under this Agreement. 

  

	 	(v)	payments of any Financial Indebtedness at any time when there are no outstanding Loans or Letters of Credit (other than any Letters of Credit that are cash covered) and there will be no Loans or Letters of Credit
outstanding immediately following such payment; 

  

	 	(vi)	voluntary prepayments of principal amounts of Financial Indebtedness of the Borrower and their Subsidiaries not exceeding in aggregate USD 5,000,000 in any Financial Year; and 

 

	 	(vii)	voluntary prepayments of any Financial Indebtedness at any time when there are no Loans or Letters of Credit outstanding (other than any Letters of Credit that are cash covered) and there will be no Loans or Letters of
Credit outstanding immediately following such prepayment. 

  

	 	(b)	No Borrower or Subsidiary of a Borrower will waive, amend or modify any of its Financial Indebtedness to the extent that any such waiver, amendment or modification has or could reasonably be expected to have a material
adverse effect on interests or rights of the Secured Parties under the Finance Documents. 

 Restrictions on movement of
cash-cash in 
  

	27.24	Financial Indebtedness 

  

	 	(a)	Except as permitted under Clause 27.24(b), no Borrower shall (and shall ensure that none of its Subsidiaries will) incur or allow to remain outstanding any Financial Indebtedness. 

 

	 	(b)	Clause 27.24(b) does not apply to Financial Indebtedness which is Permitted Financial Indebtedness. 

  

	27.25	Share capital 

 No Borrower shall (and shall ensure that none of its Subsidiaries will)
issue any shares except pursuant to a Permitted Share Issue. 

  
 130 

 Miscellaneous 

 

	27.26	Insurance 

 Each Borrower shall (and shall ensure that each of its Subsidiaries will)
maintain appropriate insurance cover with respect to its assets and apply the proceeds of insurances in accordance with prudent industry practice and subject to standard market conditions and any restrictions in any documents governing or evidencing
any Financial Indebtedness. 
  

	27.27	Pensions 

  

	 	(a)	Except for the Bristow Staff Pension Scheme the Parent shall promptly notify the Agent if any Obligor or other member of the Group incorporated in England is, has at any time been or after the date of this Agreement
becomes an employer (for the purposes of ss38-51 Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993) or
“connected” with or an “associate” of (as those terms are used in ss38 or 43 Pensions Act 2004) such an employer. 

  

	 	(b)	The Obligors’ Agent shall promptly deliver to the Agent any actuarial reports in relation to all pension schemes of either Borrower prepared after the date of this Agreement. 

 

	 	(c)	The Obligors’ Agent shall promptly notify the Agent of any material change in the rate of contributions to any pension schemes of either Borrower, paid or recommended to be paid (whether by the scheme actuary or
otherwise) or required (by law or otherwise). 

  

	 	(d)	Bristow Helicopters Limited shall promptly notify the Agent of any default (howsoever described) of the payment obligations of any member of the Group under the recovery plan in relation to the Bristow Staff Pension
Scheme set forth between Bristow Helicopter Group Limited and Bristow Staff Pension Scheme Trustees Limited on the 9th of May 2017. 

 

	 	(e)	The Obligors’ Agent shall promptly notify the Agent of any investigation or proposed investigation by the Pensions Regulator, in each case proposed or commenced after the date of this Agreement, which may lead to
the issue of a Financial Support Direction or a Contribution Notice to it or any member of the Group. 

  

	 	(f)	Each Obligor shall promptly notify the Agent if it receives a Financial Support Direction or a Contribution Notice from the Pensions Regulator after the date of this Agreement. 

  
 131 

	27.28	Access, Maintenance of records and field examinations 

  

	 	(a)	Subject to paragraph (b) below, each Borrower shall (and shall ensure that each of its Subsidiaries will) (not more than once in every Financial Year unless the Agent reasonably suspects a Default is continuing or
is likely to occur) permit the Agent and/or the Security Agent (together with accountants or other professional advisers and contractors of the Agent or Security Agent if a Default is continuing or if the Agent, acting reasonably, considers that a
Default is reasonably likely to occur) access at all reasonable times and on reasonable notice to (x) the premises, assets, books, accounts and records of each such entity and (y) meet and discuss matters with the relevant Borrower. In
exercising this right, the Agent and the Security Agent and accountants or other professional advisers and contractors of the Agent or Security Agent undertake to minimise disruptions of the business operations of the Borrowers or other relevant
entity. 

  

	 	(b)	No Borrower or Subsidiary of the Borrower shall be required to provide any document or information to any Finance Party or give any Finance Party access to any premises, assets, books, accounts, or records that it is
not permitted to provide or provide such access to without breaching any agreement, applicable confidentiality undertaking or applicable law including without limitation, International Traffic in Arms Regulations and any requirement of the U.K.
Department of Transport. 

  

	 	(c)	Each Borrower will keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrowers acknowledge that the
Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders certain reports pertaining to the Borrowers’ assets for internal use by the Agent and the Lenders and the Finance Parties acknowledge that any such
reports shall be Confidential Information for the purposes of this Agreement. 

  

	 	(d)	The Agent may conduct a field examination in relation to the Borrowers on an ongoing basis at annual intervals to ensure the accuracy of the Borrowing Base calculations and related reporting and control systems. The
Agent may employ the services of a professional field exam company in order to conduct any such field exam. A second field examination in any 12 month period may be conducted at any time if an Event of Default is then continuing or if the Aggregate
Availability for the rolling 12 month period prior to the request for such second field exam falls below the greater of (a) USD 10,000,000 and (b) 15 percent of the lesser of the Aggregate Borrowing Base and the Total Commitment, less
the aggregate Availability Block (a “Field Exam Trigger Event”). Such field exams shall be conducted at the expense of the Borrowers (subject to the expense being reasonably incurred) provided always that there shall be no limit on
the number of field examinations which may be carried out (in each case at the expense of the Borrowers) in the event that an Event of Default has occurred and is continuing (it being understood that any such field examination commenced after the
commencement of an Event of Default or after a Field Exam Trigger Event may be completed at the Borrowers’ expense notwithstanding the cessation of the Event of Default or the Field Exam Trigger Event ceasing to apply). 

  
 132 

	27.29	Intellectual Property 

 Each Borrower shall (and shall ensure that each of its
Subsidiaries will): 
  

	 	(a)	preserve and maintain the subsistence and validity of the Intellectual Property necessary for the business of the relevant entity; 

  

	 	(b)	use reasonable endeavours to prevent any infringement in any material respect of the Intellectual Property necessary for the business of the relevant entity; 

 

	 	(c)	make registrations and pay all registration fees and taxes necessary to maintain the Intellectual Property necessary for the business of the relevant entity in full force and effect and record its interest in that
Intellectual Property; 

  

	 	(d)	not use or permit the Intellectual Property necessary for the business of the relevant entity to be used in a way or take any step or omit to take any step in respect of that Intellectual Property which may materially
and adversely affect the existence or value of that Intellectual Property or imperil the right of any member of the Group to use such property; and 

  

	 	(e)	not discontinue the use of the Intellectual Property necessary for the business of the relevant entity; 

where failure to do so, in the case of Clause 27.29(a) to (c), or in the case of Clause 27.29(d) and (e), such use, permission to use,
omission or discontinuation, is reasonably likely to have a Material Adverse Effect. 
  

	27.30	Amendments 

  

	 	(a)	No Borrower shall (and shall ensure that none of its Subsidiaries will) amend, vary, novate, supplement, supersede, waive or terminate any term of the Constitutional Documents or any other document delivered to the
Agent pursuant to Clause 4.1 (Initial conditions precedent) or Clause 31 (Changes to the Obligors) except: 

  

	 	(i)	in accordance with Clause 42 (Amendments and waivers); or 

  

	 	(ii)	in a way which could not be reasonably expected materially and adversely to affect the interests of the Lenders under the Finance Documents. 

 

	 	(b)	The Parent shall promptly supply to the Agent a copy of any document relating to any of the matters referred to in Clause 27.30(a) entered into prior to the date of this Agreement. 

 

	27.31	Financial assistance 

 Each Borrower shall (and shall ensure that each of its
Subsidiaries will) to the extent applicable comply in all respects with ss678 and 679 Companies Act 2006 and any equivalent applicable legislation in other jurisdictions (including the Norwegian Private Limited Liability Companies Act of
13 June 1997 No. 44, section 8-7 and 8-10) in relation to the Finance Documents and use of proceeds of Loans, including in relation to the execution of the
Transaction Security Documents and payment of amounts due under this Agreement. 

  
 133 

	27.32	Treasury Transactions 

 No Borrower shall (and shall ensure that each of its Subsidiaries
will) enter into any Treasury Transaction, other than in the ordinary course of business and not for speculative purposes. 
  

	27.33	Further assurance 

  

	 	(a)	Subject to Clause 27.33(d), each Borrower shall promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Security Agent may
reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)): 

  

	 	(i)	to perfect the Security created or intended to be created under or evidenced by the Transaction 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 Transaction Security) or for the exercise of any rights, powers and remedies of the Security Agent or the Finance Parties provided by or pursuant to the Finance Documents or by law
(other than a notice to Account Debtors unless required pursuant to paragraph (c) below or the terms of a Transaction Security Document); 

  

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

  

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

  

	 	(b)	Subject to Clause 27.33(d), each Borrower shall promptly following a request by the Security Agent take all such action as is available to it (including making all filings and registrations) as may be necessary for the
purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Finance Parties by or pursuant to the Finance Documents. 

 

	 	(c)	At any time at the request of the Agent in its sole discretion during a Cash Dominion Period, each Borrower agrees that if any of its Account Debtors have not previously received notice of the security interests of the
Security Agent over the relevant Receivables, it shall promptly give notice to such Account Debtors and if any Borrower does not serve such notice, each of them hereby authorizes the Agent and/or the Security Agent to serve such notice on their
behalf. Furthermore, following the occurrence of a Cash Dominion Triggering Event, each Borrower shall, promptly upon a request from the Security Agent take such other steps as are necessary to perfect the Security over its Receivables in any
applicable jurisdiction (including the jurisdiction of the law governing the contract generating the Receivable and/or the jurisdiction of any Account Debtor). 

  
 134 

	 	(d)	No Borrower shall be required to effect or purport to effect any Security over any Excluded Receivable or ensure any charge over accounts of a Borrower that is not an English Borrower is a fixed charge and not a
floating charge. 

  

	28.	EVENTS OF DEFAULT 

 Each of the events or circumstances set out in this Clause 28 is an
Event of Default (save for Clause 28.16). 
  

	28.1	Non-payment 

 An Obligor does not pay on the due
date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless, with respect to any payment under the Finance Documents: 

 

	 	(a)	its failure to pay is caused by: 

  

	 	(i)	administrative or technical error (and is not a payment of principal); or 

  

	 	(ii)	a Disruption Event; and 

  

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

  

	28.2	Financial covenants and other obligations 

 The Parent fails to comply with Clause 26.2
at any time when compliance with such Clause is required in accordance with this Agreement. 
  

	28.3	Other obligations 

  

	 	(a)	A member of the Group does not comply with any provision of the Finance Documents (other than those referred to in Clause 28.1 and Clause 28.2 and other than Clause 25.5 (Borrowing Base Certificate and related
information)). 

  

	 	(b)	No Event of Default under Clause 28.3(a) will occur if the failure to comply is capable of remedy and is remedied within three Business Days after the earlier of notice being given by the Agent to the Parent and
the Parent or the relevant member of the Group becoming aware of the failure to comply. 

  

	 	(c)	No Event of Default under Clause 28.3(a) will occur if the failure to comply is a failure to pay Receivables into any Collection Account which is: 

 

	 	(i)	a result of an Account Debtor paying a Receivable invoiced as of the date of this Agreement into another bank account or paying a Receivable invoiced after the date of this Agreement into a bank account other than a
Collection Account where it has been notified it should pay such Receivable into a Collection Account provided that the relevant Borrower is in compliance with Clause 10.2(a)(ii); or 

  
 135 

	 	(ii)	a result of a Borrower not having a Collection Account in the relevant currency (other than as a result of voluntary closure by a Borrower of a Collection Account) provided there are then no Loans or Letters of Credit
outstanding (other than Letters of Credit which are fully cash covered) and the relevant Borrower is using its reasonable endeavours to ensure a replacement Collection Account is put in place provided that the relevant Borrower holds any proceeds of
Receivables of Eligible Account Debtors on trust for the Agent until such time as the replacement Collection Account is put in place. 

  

	28.4	Misrepresentation 

 Any representation or statement made or deemed to be made by a member
of the Group in the Finance Documents or any other document delivered by or on behalf of any member of the Group under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect (except where
the representation or statement is already qualified by materiality) when made or deemed to be made unless the underlying event causing such Default is capable of remedy and remedied within three Business Days such that if the statement was then
made it would not be incorrect or misleading in any material respect. 
  

	28.5	Cross default 

  

	 	(a)	Any Material Indebtedness of any member of the Group or any Financial Indebtedness of any Borrower is not paid when due nor within any originally applicable grace period. 

 

	 	(b)	Any Material Indebtedness of any member of the Group or any Financial Indebtedness of any Borrower 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 Material Indebtedness of any member of the Group or any Financial Indebtedness of any Borrower is cancelled or suspended by a creditor of any member of the Group as a result of an event of default
(however described). 

  

	 	(d)	Any creditor of any member of the Group becomes entitled to declare any Material Indebtedness of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however
described) or any creditor of any Borrower becomes entitled to declare any Financial Indebtedness of any Borrower due and payable prior to its specified maturity as a result of an event of default (however described) any Financial Indebtedness of
any Borrower. 

  

	 	(e)	No Event of Default will occur under this Clause 28.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within Clause 28.5(a) to Clause 28.5(d) is: 

 

	 	(i)	in relation to Material Indebtedness, less than USD 50,000,000 (or its equivalent in any other currency or currencies); or 

  
 136 

	 	(ii)	in relation to Financial Indebtedness of the Borrowers, less than an aggregate amount of USD 10,000,000 (or its equivalent in any other currency or currencies). 

 

	28.6	Insolvency  

  

	 	(a)	Any member of the Group: 

  

	 	(i)	is unable or admits inability to pay its debts as they fall due; 

  

	 	(ii)	is deemed to, or is declared to, be unable to pay its debts under applicable law; 

  

	 	(iii)	suspends or threatens to suspend making payments on any of its debts; or 

  

	 	(iv)	by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its
indebtedness. 

  

	 	(b)	The value of the assets of any member of the Group is less than its liabilities (taking into account contingent and prospective liabilities). 

 

	 	(c)	A moratorium is declared in respect of any Material Indebtedness of any member of the Group or Financial Indebtedness of any Borrower in each case exceeding the applicable thresholds for such Financial Indebtedness in
Clause 28.5(e). If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium. 

  

	28.7	Insolvency proceedings 

  

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

  

	 	(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or
otherwise) of any member of the Group; 

  

	 	(ii)	a composition, compromise, assignment or arrangement with any creditor or group of creditors in anticipation of financial difficulties of any member of the Group; 

 

	 	(iii)	the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any member of the Group or any of its assets; or 

 

	 	(iv)	enforcement of any Security over any assets of any Borrower in respect of Financial Indebtedness exceeding USD 10,000,000, 

or any analogous procedure or step is taken in any jurisdiction. 

  
 137 

	 	(b)	Clause 28.7(a) shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement or any solvent
liquidation, dissolution, merger or similar action in relation to any member of the Group which is not an Obligor. 

  

	28.8	Creditors’ process 

 Any expropriation, attachment, sequestration, distress or
execution or any analogous process in any jurisdiction affects any asset or assets of a member of the Group having an aggregate value of: 
  

	 	(a)	USD 50,000,000 in the case of the members of the Group; or 

  

	 	(b)	USD 10,000,000 in the case of the Borrowers, 

 and, in each case, is not discharged within 21
days. 
  

	28.9	Unlawfulness and invalidity 

  

	 	(a)	It is or becomes unlawful for a member of the Group to perform any of its obligations under the Finance Documents or (subject to the Legal Reservations and perfection requirements) any Transaction Security created or
expressed to be created or evidenced by the Transaction Security Documents ceases to be effective. 

  

	 	(b)	Any obligation or obligations of any member of the Group under any Finance Documents are not (subject to the Legal Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or
cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents. 

  

	 	(c)	Any Finance Document ceases to be in full force and effect or any Transaction Security ceases to be legal, valid, binding, enforceable or effective (subject to the Legal Reservations) or is alleged by a party to it
(other than a Finance Party) to be ineffective. 

  

	28.10	Cessation of business 

 Any Obligor suspends or ceases to carry on (or threatens to
suspend or cease to carry on) all or a material part of its business. 
  

	28.11	Change of control 

 After the date of this Agreement, a Change of Control in relation to
a Borrower occurs. 

  
 138 

	28.12	Expropriation 

 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 the event that
the assets or value of the business the subject of such action have an aggregate value in excess of: 
  

	 	(a)	USD 50,000,000 in the case of the members of the Group; or 

  

	 	(b)	USD 10,000,000 in the case of the Borrowers. 

  

	28.13	Repudiation and rescission of agreements 

 A member of the Group (or any other relevant
party) rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or any of the Transaction Security or evidences an intention to rescind or repudiate a Finance Document or any Transaction Security. 

 

	28.14	Litigation 

 Any litigation, arbitration, administrative, regulatory proceedings or
investigations of, or before, any court, arbitral body or agency are started or threatened, or any judgment or order of a court, arbitral body or agency is made in relation to the Finance Documents or the transactions contemplated in the Finance
Documents or against any member of the Group or its assets which have or are reasonably likely to have a Material Adverse Effect. 
  

	28.15	Material adverse change 

 Any event or circumstance occurs which has or is reasonably
likely to have a Material Adverse Effect. 
  

	28.16	Acceleration 

 On and at any time after the occurrence of an Event of Default which is
continuing the Agent may, and shall if so directed by the Majority Lenders: 
  

	 	(a)	by notice to the Obligors’ Agent: 

  

	 	(i)	cancel the Total Commitments at which time they shall immediately be cancelled; 

  

	 	(ii)	declare that all or part of the Utilisations, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, at which time they shall become
immediately due and payable; 

  

	 	(iii)	declare that all or part of the Utilisations be payable on demand, at which time they shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders; 

 

	 	(iv)	declare that cash cover in respect of each Letter of Credit is immediately due and payable at which time it shall become immediately due and payable; and/or 

  
 139 

	 	(v)	declare that cash cover in respect of each Letter of Credit is payable on demand at which time it shall immediately become due and payable on demand by the Agent on the instructions of the Majority Lenders; and/or

  

	 	(b)	exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents. 

  
 140 

 SECTION 9 

CHANGES TO PARTIES 
  

	29.	CHANGES TO THE LENDERS 

  

	29.1	Assignments and transfers by the Lenders 

 Subject to this Clause 29 and to Clause 30
(Restriction on Debt Purchase Transactions), a Lender (the “Existing Lender”) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 under any Finance Document to another
bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (but not a natural person) provided such
transferee is licensed to carry out lending activity in each relevant jurisdiction (to the extent such license is required) and legally able to lend to the Borrowers (the “New Lender”). 

 

	29.2	Conditions of assignment or transfer 

  

	 	(a)	An Existing Lender may not make an assignment or transfer in accordance with Clause 29.1 without the prior written consent (not to be unreasonably withheld or delayed) of the Borrowers, Swingline Lender, Issuing Bank
and Agent provided that the prior written consent of the Borrowers shall not be required in the event that the assignment or transfer is: 

  

	 	(i)	to another Lender or an Affiliate of a Lender which is not a Non-Acceptable L/C Lender; 

  

	 	(ii)	to a fund which is a Related Fund of that Existing Lender which is not a Non-Acceptable L/C Lender; or 

 

	 	(iii)	made at a time when an Event of Default is continuing; 

 provided that the New Lender is not a Non-Acceptable L/C Lender, each Borrower is deemed to have given their consent to such assignment or transfer if that Borrower fails to provide its express written refusal within ten Business Days following receipt
of a written request with respect to such to such assignment or transfer from the Agent or the applicable Existing Lender. 
  

	 	(b)	Other than in respect of a transfer to another Lender or an Affiliate of a Lender and unless otherwise agreed by the Borrowers and the Agent, an assignment or transfer of part of a Lender’s participation must be in
a minimum amount of USD 5,000,000 or, if less, all of its Revolving Facility Commitments and provided that that the amount of that Lender’s remaining participation (when aggregated with its Affiliates’ participation) in respect of
Revolving Facility Commitments is in a minimum amount of USD 1,000,000 or nil. 

  
 141 

	 	(c)	An assignment will only be effective on: 

  

	 	(i)	receipt by the Agent (whether in the Assignment Agreement or otherwise) 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 other Finance Parties and the other Secured Parties as it would have been under if it had been an Original Lender; and 

  

	 	(ii)	the performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of
which the Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	(d)	A transfer will only be effective if the procedure set out in Clause 29.5 is complied with. 

  

	 	(e)	If: 

  

	 	(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause
19 (Increased costs), 

 then the New Lender or Lender acting through its new Facility Office is only entitled to
receive payment under that Clause to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. 

 

	 	(f)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, 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 this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to
the same extent as the Existing Lender would have been had it remained a Lender. 

  

	29.3	Assignment or transfer fee 

 Unless the Agent otherwise agrees and excluding an
assignment or transfer (i) to an Affiliate of an Existing Lender or (ii) made in connection with primary syndication of the Facility, the New Lender or (if agreed) the transferring Lender shall, on the date upon which an assignment or
transfer takes effect, pay to the Agent (for its own account) a fee of USD 3,500. 

  
 142 

	29.4	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, the Transaction Security or any other documents; 

 

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor or any other member of the Group of its obligations under the Finance Documents or any other documents; or 

 

	 	(iv)	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, the other Finance Parties and the Secured Parties that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this
Agreement 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 or the Transaction Security; and 

 

	 	(ii)	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 Revolving Facility
Commitment is in force. 

  

	 	(c)	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 29;
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 otherwise.

  

	29.5	Procedure for transfer 

  

	 	(a)	Subject to the conditions set out in Clause 29.2 a transfer is effected in accordance with Clause 29.5(c) when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender
and the New Lender. The Agent shall, subject to Clause 29.5(b), as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate 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. 

  
 143 

	 	(b)	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer”
or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

  

	 	(c)	Subject to Clause 29.9, on the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents and in respect of the Transaction Security each of the Obligors and
the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their respective rights against one another under the Finance Documents and in respect of
the Transaction Security shall be cancelled (being the “Discharged Rights and Obligations”); 

  

	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor or
other member of the Group and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Agent, the Arrangers, the Security Agent, the New Lender, the other Lenders and the Issuing Bank shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction
Security 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 Agent, the Arrangers, the Security Agent,
the Issuing Bank and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and 

  

	 	(iv)	the New Lender shall become a Party as a “Lender”. 

  

	29.6	Procedure for assignment 

  

	 	(a)	Subject to the conditions set out in Clause 29.2 an assignment may be effected in accordance with Clause 29.6(c) when the Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing
Lender and the New Lender. The Agent shall, subject to Clause 29.6(b), as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in
accordance with the terms of this Agreement, execute that Assignment Agreement. 

  
 144 

	 	(b)	The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer”
or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender. 

  

	 	(c)	Subject to Clause 29.9, on the Transfer Date: 

  

	 	(i)	the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

  

	 	(ii)	the Existing Lender will be released from the obligations (the “Relevant Obligations”) expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which
it is bound in respect of the Transaction Security); and 

  

	 	(iii)	the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations. 

 

	 	(d)	Lenders may utilise procedures other than those set out in this Clause 29.6 to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause
29.5, to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in Clause 29.2. 

 

	29.7	Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Obligors’ Agent 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement or an Increase
Confirmation, send to the Obligors’ Agent a copy of that Transfer Certificate, Assignment Agreement or Increase Confirmation. 
  

	29.8	Security over Lenders’ rights 

 In addition to the other rights provided to Lenders
under this Clause 29, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security 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: 
  

	 	(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and 

  

	 	(b)	any charge, assignment or other Security 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,

  
 145 

 except that no such charge, assignment or Security 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 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.

  

	29.9	Pro rata interest settlement 

  

	 	(a)	If the Agent has notified the Lenders that it is able to distribute interest payments on a “pro rata basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 29.5
or any assignment pursuant to Clause 29.6 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): 

 

	 	(i)	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 Monthly intervals after the first day of that Interest Period); and 

  

	 	(ii)	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: 

 

	 	(A)	when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Lender; and 

  

	 	(B)	the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 29.9, have been payable to it on that date, but after deduction of the Accrued Amounts.

  

	 	(b)	In this Clause 29.9 references to “Interest Period” shall be construed to include a reference to any other period for accrual of fees. 

 

	 	(c)	An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 29.9 but which does not have a Revolving Facility Commitment shall be deemed not to be a Lender for the purposes of ascertaining
whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents. 

  
 146 

	29.10	Participant register 

 In the event that any Lender enters into a sub-participation in relation to its participation in the Loans it shall maintain a “participant register” which the relevant Lender shall have no obligation to disclose except to the extent necessary to
establish that an obligation is in registered form for U.S. federal income tax purposes. Any such sub-participation shall not affect the rights or obligations of the relevant Lender which shall remain the
lender of record for the relevant participation in the Loans nor shall it entitle any such sub-participant to any rights under the Finance Documents or oblige any Obligor to pay any amount to such Lender or sub-participant which it would not have been obliged to pay in the absence of such sub-participation. 

 

	30.	RESTRICTION ON DEBT PURCHASE TRANSACTIONS 

  

	30.1	Prohibition on Debt Purchase Transactions by the Group 

 The Parent shall not, and shall
procure that each other member of the Group shall not, enter into any Debt Purchase Transaction or beneficially own all or any part of the share capital of a company that is a Lender or a party to a Debt Purchase Transaction of the type referred to
in paragraphs (b) or (c) of the definition of “Debt Purchase Transaction”. 
  

	30.2	Disenfranchisement on Debt Purchase Transactions entered into by Group Companies 

  

	 	(a)	For so long as any member of the Group: 

  

	 	(i)	beneficially owns a Revolving Facility Commitment; or 

  

	 	(ii)	has entered into a sub-participation agreement relating to a Revolving Facility Commitment or other agreement or arrangement having a substantially similar economic effect and
such agreement or arrangement has not been terminated, 

 in ascertaining: 

 

	 	(A)	the Majority Lenders or Super Majority Lenders; or 

  

	 	(B)	whether: 

  

	 	(1)	any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments; or 

  

	 	(2)	the agreement of any specified group of Lenders, 

 has been obtained to approve any request for
a consent, waiver, amendment or other vote under the Finance Documents such Revolving Facility Commitment shall be deemed to be zero and such member of the Group or the person with whom it has entered into such
sub-participation, other agreement or arrangement shall be deemed not to be a Lender for the purposes of Clause 30.2(a)(ii)(A) and Clause 30.2(a)(ii)(B) (unless in the case of a person not being a member of
the Group, it is a Lender by virtue otherwise than by beneficially owning the relevant Revolving Facility Commitment). 

  
 147 

	 	(b)	Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly notify the Agent in writing if it knowingly enters into a Debt Purchase Transaction with a member of the Group (a
“Notifiable Debt Purchase Transaction”), such notification to be substantially in the form set out in Schedule 13, Part 1 (Forms of Notifiable Debt Purchase Transaction Notice). 

 

	 	(c)	A Lender shall promptly notify the Agent if a Notifiable Debt Purchase Transaction to which it is a party: 

  

	 	(i)	is terminated; or 

  

	 	(ii)	ceases to be with a member of the Group, as applicable, 

 such notification to be substantially
in the form set out in Schedule 13, Part 2 (Forms of Notifiable Debt Purchase Transaction Notice). 
  

	 	(d)	Each member of the Group that is a Lender agrees that: 

  

	 	(i)	in relation to any meeting or conference call to which all the Lenders are invited to attend or participate, it shall not attend or participate in the same if so requested by the Agent or, unless the Agent otherwise
agrees, be entitled to receive the agenda or any minutes of the same; and 

  

	 	(ii)	in its capacity as Lender, unless the Agent otherwise agrees, it shall not be entitled to receive any report or other document prepared at the behest of, or on the instructions of, the Agent or one or more of the
Lenders. 

  

	30.3	Member of the Group’s notification to other Lenders of Debt Purchase Transactions 

Any member of the Group which is or becomes a Lender and which enters into a Debt Purchase Transaction as a purchaser or a participant shall,
by 5.00 p.m. on the Business Day following the day on which it entered into that Debt Purchase Transaction, notify the Agent of the extent of the Revolving Facility Commitment(s) or amount outstanding to which that Debt Purchase Transaction
relates. The Agent shall promptly disclose such information to the Lenders. 
  

	31.	CHANGES TO THE OBLIGORS 

  

	31.1	Assignment and transfers by Obligors 

 No Obligor may assign any of its rights or
transfer any of its rights or obligations under the Finance Documents. 

  
 148 

	31.2	Additional Borrowers 

  

	 	(a)	Subject to compliance with the provisions of Clause 25.9(c) and Clause 25.9(d) (“Know your customer” checks), the Parent may request that any member of the Group becomes a Borrower. That member of the
Group shall become a Borrower if: 

  

	 	(i)	it is incorporated in the same jurisdiction as an existing Borrower and the Majority Lenders approve the addition of that member of the Group or otherwise if all the Lenders approve the addition of that member of the
Group; 

  

	 	(ii)	the Parent and that member of the Group deliver to the Agent a duly completed and executed Accession Deed; 

  

	 	(iii)	the member of the Group is (or becomes) a Guarantor concurrently with or prior to becoming a Borrower; 

  

	 	(iv)	the Parent confirms that no Default is continuing or would occur as a result of that member of the Group becoming an Additional Borrower; and 

 

	 	(v)	the Agent has received all of the documents and other evidence listed in Schedule 2, Part 2 (Conditions precedent required to be delivered by an Additional Obligor) in relation to that Additional Borrower, each
in form and substance satisfactory to the Agent. 

  

	 	(b)	The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Schedule 2, Part 2
(Conditions precedent required to be delivered by an Additional Obligor). 

  

	 	(c)	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in Clause 31.2(b) above, the Lenders authorise (but do not require) the
Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 

  

	31.3	Additional Guarantors 

  

	 	(a)	Subject to compliance with the provisions of Clause 25.9(c) and Clause 25.9(d) (“Know your customer” checks), the Parent may request that any member of the Group becomes a Guarantor. 

 

	 	(b)	A member of the Group shall become an Additional Guarantor if: 

  

	 	(i)	the Parent and the proposed Additional Guarantor deliver to the Agent a duly completed and executed Accession Deed; and 

  

	 	(ii)	the Agent has received all of the documents and other evidence listed in Schedule 2, Part 2 (Conditions precedent required to be delivered by an Additional Obligor) in relation to that Additional
Guarantor, each in form and substance satisfactory to the Agent. 

  
 149 

	 	(c)	The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Schedule 2, Part 2
(Conditions precedent required to be delivered by an Additional Obligor). 

  

	 	(d)	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in Clause 31.3(c), the Lenders authorise (but do not require) the
Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 

  

	31.4	Resignation of a Guarantor 

  

	 	(a)	The Parent may request that a Guarantor (other than the Parent or a Borrower) ceases to be a Guarantor by delivering to the Agent a Resignation Letter if: 

 

	 	(i)	that Guarantor is being disposed of by way of a Third Party Disposal and the Parent has confirmed this is the case; or 

  

	 	(ii)	all the Lenders have consented to the resignation of that Guarantor. 

  

	 	(b)	The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if: 

  

	 	(i)	the Parent has confirmed that no Default is continuing or would result from the acceptance of the Resignation Letter; and 

  

	 	(ii)	no payment is due from the Guarantor under Clause 23.1 (Guarantee and indemnity). 

  

	 	(c)	The resignation of that Guarantor shall not be effective until the date of the relevant Third Party Disposal at which time that company shall cease to be a Guarantor and shall have no further rights or obligations under
the Finance Documents as a Guarantor. 

  

	31.5	Repetition of representations 

 Delivery of an Accession Deed constitutes confirmation by
the relevant Subsidiary that the representations and warranties referred to in Clause 24.31(c) (Times when representations made) are true and correct in relation to it as at the date of delivery as if made by reference to the facts and
circumstances then existing. 

  
 150 

	31.6	Resignation and release of security on disposal 

 If a Guarantor (other than the Parent
or a Borrower) is or is proposed to be the subject of a Third Party Disposal then: 
  

	 	(a)	where that Guarantor created Transaction Security over any of its assets or business in favour of the Security Agent, or Transaction Security in favour of the Security Agent was created over the shares (or equivalent)
of that Guarantor, the Security Agent may, at the cost of Bristow Helicopters Limited and the request of the Obligors’ Agent, release those assets, business or shares (or equivalent) and issue certificates of
non-crystallisation; and 

  

	 	(b)	any resignation of that Guarantor and related release of Transaction Security referred to in Clause 31.6(a) shall become effective only on the making of that disposal. 

  
 151 

 SECTION 10 

THE FINANCE PARTIES 
  

	32.	ROLE OF THE AGENT, THE ARRANGERS, THE ISSUING BANK AND OTHERS 

  

	32.1	Appointment of the Agent 

  

	 	(a)	Each of the Arrangers, the Lenders and the Issuing Bank appoints the Agent to act as its agent under and in connection with the Finance Documents. 

 

	 	(b)	Each of the Arrangers, the Lenders and the Issuing Bank authorises the Agent 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. 

  

	32.2	Instructions 

  

	 	(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; 

  

	 	(B)	the Super Majority Lenders if the relevant Finance Document stipulates the matter is a Super Majority Lender decision; and 

  

	 	(C)	in all other cases, the Majority Lenders; and 

  

	 	(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with Clause 32.2(a)(i). 

  

	 	(b)	The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority 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 any such
instructions or clarification that it has requested. 

  

	 	(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 Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save for the Security Agent. 

  
 152 

	 	(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 32.2(f) shall not apply
to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Transaction Security Documents or enforcement of the Transaction Security or Transaction Security Documents. 

 

	32.3	Duties of the Agent 

  

	 	(a)	The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

  

	 	(b)	Subject to Clause 31.2(c), the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. 

 

	 	(c)	Without prejudice to Clause 29.7 (Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Obligors’ Agent), and Clause 7.4(e) (Cash collateral by
Non-Acceptable L/C Lender and Borrower’s option to provide cash cover), Clause 32.3(b) shall not apply to any Transfer Certificate, any Assignment Agreement or any Increase Confirmation.

  

	 	(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, the Arrangers or the Security
Agent) 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). 

  
 153 

	32.4	Role of the Arrangers 

 Except as specifically provided in the Finance Documents, the
Arrangers have no obligations of any kind to any other Party under or in connection with any Finance Document. 
  

	32.5	No fiduciary duties 

  

	 	(a)	Nothing in any Finance Document constitutes the Agent, the Arrangers or the Issuing Bank as a trustee or fiduciary of any other person. 

 

	 	(b)	None of the Agent, the Arrangers or the Issuing Bank 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. 

 

	32.6	Business with the Group 

 The Agent, the Arrangers and the Issuing Bank may accept
deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group. 
  

	32.7	Rights and discretions 

  

	 	(a)	The Agent and the Issuing Bank may: 

  

	 	(i)	rely on any representation, communication, notice or document (including any notice given by a Lender pursuant to Clause 30.2(b) or 30.2(c) (Disenfranchisement on Debt Purchase Transactions entered into by Investor
Affiliates)) believed by it to be genuine, correct and appropriately authorised; 

  

	 	(ii)	assume that: 

  

	 	(A)	any instructions received by it from the Majority 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 Clause 32.7(a)(ii)(A), may assume the truth and accuracy of that certificate.

  
 154 

	 	(b)	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: 

  

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 28.1 (Non-payment)); 

 

	 	(ii)	any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised; 

  

	 	(iii)	any notice or request made by the Obligors’ Agent (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors; and 

 

	 	(iv)	no Notifiable Debt Purchase Transaction: 

  

	 	(A)	has been entered into; or 

  

	 	(B)	has been terminated. 

  

	 	(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. 

 

	 	(d)	Without prejudice to the generality of Clause 31.2(c) but subject to Clause 22 (Costs and expenses), 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 necessary. 

  

	 	(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 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. 

  

	 	(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)	Without prejudice to the generality of Clause 32.7(g), the Agent: 

  

	 	(i)	may disclose; and 

  

	 	(ii)	on the written request of the Obligors’ Agent or the Majority Lenders shall, as soon as reasonably practicable, disclose, 

the identity of a Defaulting Lender or Non-Acceptable L/C Lender to the Obligors’ Agent and to
the other Finance Parties. 

  
 155 

	 	(i)	Notwithstanding any other provision of any Finance Document to the contrary, none of the Agent, the Arrangers or the Issuing Bank is obliged to do or omit to do anything if it would, or might in its reasonable opinion,
constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	 	(j)	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.

  

	32.8	Responsibility for documentation 

 None of the Agent, the Arrangers or the Issuing Bank
is responsible or liable for: 
  

	 	(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, the Arrangers, the Issuing Bank an Obligor or any other person in or in connection with any Finance Document or
the Information Package 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; 

 

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or the Transaction Security 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 Transaction Security; or 

  

	 	(c)	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
applicable law or regulation relating to insider dealing or otherwise. 

  

	32.9	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. 

  

  
 156 

	32.10	Exclusion of liability 

  

	 	(a)	Without limiting Clause 32.10(b) (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent or the Issuing Bank), none of the Agent or the Issuing Bank will be
liable 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 Transaction
Security, unless directly caused by its gross negligence or wilful misconduct; 

  

	 	(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, the Transaction Security 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 Transaction Security other than by reason of its gross negligence or wilful misconduct; or 

 

	 	(iii)	without prejudice to the generality of Clauses 32.2(a)(i) and 32.2(a)(ii), any damages, costs or losses to any person, any diminution in value or any liability whatsoever including, without limitation, for negligence or
any other category of liability whatsoever arising in relation to the Finance Documents 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 (including any Disruption Event); 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 or Issuing Bank (as applicable)) may take any proceedings against any officer, employee or agent of the Agent or the Issuing Bank in respect of any claim it might have against the Agent or
the Issuing Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Finance Document and any officer, employee or agent of the Agent or the Issuing Bank may rely on this
Clause 32.10 subject to Clause 1.4 (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. 

  
 157 

	 	(d)	Nothing in this Agreement shall oblige the Agent or the Arrangers 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 or for any Affiliate of any Lender, 

on behalf of any Lender and each Lender confirms to the Agent and the Arrangers 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 the Arrangers. 
  

	 	(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 Transaction
Security 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. 

 

	32.11	Lenders’ indemnity to the Agent 

  

	 	(a)	Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent,
within three Business Days of demand, against any cost, loss or liability (including for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent’s gross negligence or wilful
misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 36.11 (Disruption to payment systems etc.), notwithstanding the Agent’s negligence, gross negligence or any other category of liability whatsoever but not
including any claim based on the fraud of the Agent in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document). 

 

	 	(b)	Subject to Clause 32.11(c), Bristow Helicopters Limited shall immediately on demand reimburse any Lender for any payment that Lender makes to the Agent pursuant to Clause 32.11(a). 

 

	 	(c)	Clause 32.11(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. 

  
 158 

	32.12	Resignation of the Agent 

  

	 	(a)	The Agent may resign and appoint one of its Affiliates acting through a Facility Office in the United Kingdom or the United States of America or another jurisdiction approved by the Obligor’s Agent as successor by
giving notice to the Lenders and the Obligors’ Agent. 

  

	 	(b)	Alternatively the Agent may resign by giving 30 days’ notice to the Lenders and the Obligors’ Agent, in which case the Majority Lenders (after consultation with the Obligors’ Agent) may appoint a
successor Agent acting through a Facility Office in the United Kingdom or the United States of America or another jurisdiction approved by the Obligor’s Agent. 

 

	 	(c)	If the Majority Lenders have not appointed a successor Agent in accordance with Clause 32.12(b) within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Obligors’ Agent)
may appoint a successor Agent acting through a Facility Office in the United Kingdom or the United States of America or another jurisdiction approved by the Obligor’s Agent. 

 

	 	(d)	If the Agent wishes to resign because (acting reasonably) 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 Clause 32.12(c), the
Agent may (if it concludes (acting reasonably) 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 32 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 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. The Parent shall, within three Business Days of demand, reimburse the retiring Agent for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records
and providing such assistance. 

  

	 	(f)	The Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	 	(g)	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under Clause 32.12(d)) but shall remain entitled to
the benefit of Clause 20.3 (Indemnity to the Agent) and this Clause 32 (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. 

  
 159 

	 	(h)	The Agent shall resign in accordance with Clause 32.12(b) (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to Clause 32.12(c)) if on or after the date which is three
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 18.8 (FATCA information) and 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 18.8 (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 Obligors’ Agent 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) 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 that Lender, by notice to the Agent, requires it to resign. 
  

	32.13	Replacement of the Agent 

  

	 	(a)	After consultation with the Obligors’ Agent, the Majority Lenders may, by giving 30 days’ notice to the Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the
Majority Lenders) replace the Agent by appointing a successor Agent. 

  

	 	(b)	The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Lenders) 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 Majority 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 Clause 32.13(b)) but shall remain entitled to the benefit of Clause 20.3 (Indemnity to the Agent) and this Clause 32 (and any agency fees for the account of the
retiring Agent shall cease to accrue from (and shall be payable on) that date). 

  
 160 

	 	(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. 

 

	32.14	Confidentiality 

  

	 	(a)	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.

  

	 	(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. 

 

	32.15	Relationship with the Lenders 

  

	 	(a)	Subject to Clause 29.9 (Pro rata interest settlement) 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 Business Days’ prior notice from that Lender to the contrary in accordance with the terms of
this Agreement. 
  

	 	(b)	Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice
shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 38.7 (Electronic communication)) electronic mail address and/or any other information required to enable the
transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address (or such
other information), department and officer by that Lender for the purposes of Clause 38.3 (Addresses) and Clause 38.7(a)(ii) (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to
receive all such notices, communications, information and documents as though that person were that Lender. 

  
 161 

	32.16	Credit appraisal by the Lenders and the Issuing Bank 

 Without affecting the
responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender and Issuing Bank confirms to the Agent, the Arrangers and the Issuing Bank, 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 member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction Security and any other agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document or the Transaction Security; 

  

	 	(c)	whether that Lender or Issuing Bank 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 Transaction Security,
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 Transaction Security;

  

	 	(d)	the adequacy, accuracy or completeness of the Information Package and any other information provided by the Obligors’ Agent, any other Obligor or by any other person under or in connection with any Finance
Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and 

 

	 	(e)	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 any of the Transaction Security or the existence of any Security affecting the Charged
Property. 

  

	32.17	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. 

 

	32.18	Reliance and engagement letters 

 Each Finance Party and Secured Party confirms that each
of the Arrangers 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 Arrangers or Agent) the terms of any reliance letter or engagement letters relating to
any reports or letters provided by accountants in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those reports 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. 

  
 162 

	33.	THE SECURITY AGENT 

  

	33.1	Security Agent as trustee 

  

	 	(a)	To the extent permitted under the relevant laws governing the Transaction Security Documents, the Security Agent declares that it holds the Charged Property on trust for the Secured Parties on the terms contained in
this Agreement. 

  

	 	(b)	Each of the Secured Parties authorises the Security Agent 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. 

  

	33.2	Instructions 

  

	 	(a)	The Security Agent shall: 

  

	 	(i)	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 Majority Lenders; and 

 

	 	(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (a)(i). 

  

	 	(b)	The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders 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)	Any instructions given to the Security Agent by the Majority Lenders shall override any conflicting instructions given by any other persons and will be binding on all Secured Parties. 

 

	 	(d)	Paragraph (a) shall not apply: 

  

	 	(i)	where a contrary indication appears in a Finance Document; 

  

	 	(ii)	where a Finance Document requires the Security Agent to act in a specified manner or to take a specified action; or 

  

	 	(iii)	in respect of any provision which protects the Security Agent’s own position in its personal capacity as opposed to its role of Security Agent for the Secured Parties including Clause 33.5 to Clause 33.10, Clause
33.13 to Clause 33.20 and Clause 33.23 to Clause 33.25; 

  

	 	(e)	In exercising any discretion to exercise a right, power or authority under the Finance Documents where it has not received any instructions as to the exercise of that discretion, the Security Agent shall do so having
regard to the interests of all the Secured Parties. 

  
 163 

	 	(f)	The Security Agent may refrain from acting in accordance with any instructions of any Secured Party or group of Secured Parties 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 (together with any applicable VAT) which it may incur in complying with those
instructions. 

  

	 	(g)	Without prejudice to the remainder of this Clause 33.2, in the absence of instructions, the Security Agent may act (or refrain from acting) as it considers in its discretion to be appropriate. 

 

	33.3	Duties of the Security Agent 

  

	 	(a)	The Security Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

  

	 	(b)	The Security Agent shall promptly: 

  

	 	(i)	forward to the Agent a copy of any document received by the Security Agent from any Obligor under any Finance Document; and 

  

	 	(ii)	forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party. 

 

	 	(c)	Except where a Finance Document specifically provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

  

	 	(d)	If the Security Agent receives notice from a Party referring to any Finance Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Agent. 

 

	 	(e)	The Security 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). 

 

	33.4	No fiduciary duties to Obligors 

 Nothing in this Agreement constitutes the Security
Agent as an agent, trustee or fiduciary of any Obligor. 
  

	33.5	No duty to account 

 The Security Agent shall not be bound to account to any other
Secured Party for any sum or the profit element of any sum received by it for its own account. 
  

	33.6	Business with the Group 

 The Security Agent may accept deposits from, lend money to and
generally engage in any kind of banking or other business with any member of the Group. 

  
 164 

	33.7	Rights and discretions 

  

	 	(a)	The Security 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 Majority Lenders or any Secured Party are duly given in accordance with the terms of the Finance Documents; 

 

	 	(B)	unless it has received notice of revocation, that those instructions have not been revoked; and 

  

	 	(C)	if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions under the Finance Documents for so acting have been satisfied; 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)(iii)(A), may assume the truth and accuracy of that certificate.

  

	 	(b)	The Security Agent may assume (unless it has received notice to the contrary in its capacity as security trustee for the Secured Parties) that: 

 

	 	(i)	no Default has occurred; 

  

	 	(ii)	any right, power, authority or discretion vested in any Party has not been exercised; and 

  

	 	(iii)	any notice made by the Obligors’ Agent is made on behalf of and with the consent and knowledge of all the Obligors. 

  

	 	(c)	The Security Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts. 

 

	 	(d)	Without prejudice to the generality of paragraphs (c) or (e) but subject to Clause 22 (Costs and expenses), the Security Agent may at any time engage and pay for the services of any lawyers to act as
independent counsel to the Security Agent (and so separate from any lawyers instructed by any other Secured Party) if the Security Agent in its reasonable opinion deems this to be necessary. 

  
 165 

	 	(e)	The Security 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 Security Agent or by any other Party) 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 Security Agent, any Receiver and any Delegate may act in relation to the Finance Documents and the Charged Property through its officers, employees and agents. 

 

	 	(g)	Unless this Agreement expressly specifies otherwise, the Security Agent may disclose to any other Party any information it reasonably believes it has received as security trustee under this Agreement. 

 

	 	(h)	Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law
or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	 	(i)	Notwithstanding any provision of any Finance Document to the contrary, the Security 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. 

  

	33.8	Responsibility for documentation 

 None of the Security Agent, any Receiver nor any
Delegate is responsible or liable for: 
  

	 	(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security Agent, an Obligor or any other person 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; 

 

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of 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 

  

	 	(c)	any determination as to whether any information provided or to be provided to any Secured Party is non-public information the use of which may be regulated or prohibited by
applicable law or regulation relating to insider dealing or otherwise. 

  
 166 

	33.9	No duty to monitor 

 The Security 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. 

  

	33.10	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Security Agent, any Receiver or Delegate), none of the Security Agent, any
Receiver nor any Delegate will be liable 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 misconduct; 

  

	 	(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 other than by reason of its gross negligence or wilful misconduct; 

 

	 	(iii)	any shortfall which arises on the enforcement or realisation of the Charged Property; or 

  

	 	(iv)	without prejudice to the generality of paragraphs (a)(i) to (a) (iii), any damages, costs, losses, any diminution in value or any liability whatsoever arising in relation to the Finance Documents 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. 

  
 167 

	 	(b)	No Party (other than the Security Agent, that Receiver or that Delegate (as applicable)) may take any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any
claim it might have against the Security Agent, a Receiver or a Delegate in relation to a Finance Document or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Charged
Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 

 

	 	(c)	Nothing in this Agreement shall oblige the Security Agent 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 Secured Party, 

on behalf of any Secured Party and each Secured Party confirms to the Security Agent 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 Security Agent. 
  

	 	(d)	Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Security Agent, any Receiver or Delegate, any liability of the Security Agent, any Receiver or Delegate 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 Security
Agent, Receiver or Delegate (as the case may be) 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 Security Agent, Receiver or Delegate (as the
case may be) at any time which increase the amount of that loss. In no event shall the Security Agent, any Receiver or Delegate 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 Security Agent, Receiver or Delegate (as the case may be) has been advised of the possibility of such loss or damages. 

 

	33.11	Secured Parties’ indemnity to the Security Agent 

  

	 	(a)	Each Secured Party shall (in proportion to its share of the Total Commitments or if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero), indemnify the
Security Agent and every Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the relevant Security Agent’s, Receiver’s or
Delegate’s gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under, or exercising any authority conferred under, the Finance Documents (unless the relevant Security Agent, Receiver or Delegate has been
reimbursed by an Obligor pursuant to a Finance Document). 

  
 168 

	 	(b)	Subject to Clause 33.11(c), Bristow Helicopters Limited shall immediately on demand reimburse any Secured Party for any payment that Secured Party makes to the Security Agent and every Receiver and every Delegate
pursuant to Clause 33.11(a). 

  

	 	(c)	Clause 33.11(b) shall not apply to the extent that the indemnity payment in respect of which the Secured Party claims reimbursement relates to a liability of the Security Agent, Receiver and/or Delegate to an Obligor.

  

	33.12	Resignation of the Security Agent 

  

	 	(a)	The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the Secured Parties and the Obligors’ Agent. 

 

	 	(b)	Alternatively the Security Agent may resign by giving 30 days’ notice to the Secured and the Obligors’ Agent, in which case the Majority Lenders may appoint a successor Security Agent. 

 

	 	(c)	If the Majority Lenders have not appointed a successor Security Agent in accordance with Clause paragraph (b) within 20 days after notice of resignation was given, the retiring Security Agent (after consultation
with the Agent) may appoint a successor Security Agent. 

  

	 	(d)	The retiring Security Agent shall make available to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes of
performing its functions as Security Agent under the Finance Documents. The Parent shall, within three Business Days of demand, reimburse the retiring Security Agent for the amount of all costs and expenses (including legal fees) properly incurred
by it in making available such documents and records and providing such assistance. 

  

	 	(e)	The Security Agent’s resignation notice shall only take effect upon: 

  

	 	(i)	the appointment of a successor; and 

  

	 	(ii)	the transfer of all the Charged Property to that successor. 

  

	 	(f)	Upon the appointment of a successor, the retiring Security Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 33.12 (and any
Security Agent fees for the account of the retiring Security 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 that successor had been an original Party. 

  
 169 

	 	(g)	The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph (b). In this event, the Security Agent shall resign in accordance with paragraph (b). 

 

	33.13	Confidentiality 

  

	 	(a)	In acting as trustee for the Secured Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any other of its divisions or departments.

  

	 	(b)	If information is received by another division or department of the Security Agent, it may be treated as confidential to that division or department and the Security Agent shall not be deemed to have notice of it.

  

	 	(c)	Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not 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. 

  

	33.14	Information from the Secured Parties 

 Each Secured Party shall supply the Security Agent
with any information that the Security Agent may reasonably specify as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent. 
  

	33.15	Credit appraisal by the Secured Parties 

 Without affecting the responsibility of any
Secured Party for information supplied by it or on its behalf in connection with any Finance Document, each Secured Party confirms to the Security Agent 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 member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Charged Property and 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; 

  

	 	(c)	whether that Secured 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 Charged Property, 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; 

 

	 	(d)	the adequacy, accuracy or completeness of any information provided by the Security Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance
Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and 

  
 170 

	 	(e)	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 any of the Transaction Security or the existence of any Security affecting the Charged
Property. 

  

	33.16	Reliance and engagement letters 

 The Security Agent may obtain and rely on any
certificate or report from any Obligor’s auditor and may enter into any reliance letter or engagement letter relating to that certificate or report on such terms as it may consider appropriate (including restrictions on the auditor’s
liability and the extent to which that certificate or report may be relied on or disclosed). 
  

	33.17	No responsibility to perfect Transaction Security 

 The Security Agent shall not be
liable for any failure to: 
  

	 	(a)	require the deposit with it of any deed or document certifying, representing or constituting the title of any Obligor to any of the Charged Property; 

 

	 	(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any Finance Document or the Transaction Security; 

 

	 	(c)	register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any law or regulation or to give notice to any person of the execution of any
Finance Document or of the Transaction Security; 

  

	 	(d)	take, or to require any Obligor to take, any step to perfect its title to any of the Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under any law or
regulation; or 

  

	 	(e)	require any further assurance in relation to any Security Document. 

  

	33.18	Insurance by Security Agent 

  

	 	(a)	The Security Agent shall not be obliged: 

  

	 	(i)	to insure any of the Charged Property; 

  

	 	(ii)	to require any other person to maintain any insurance; or 

  

	 	(iii)	to verify any obligation to arrange or maintain insurance contained in any Finance Document, 

and the Security Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any
such insurance. 

  
 171 

	 	(b)	Where the Security Agent is named on any insurance policy as an insured party, it shall not be liable for any damages, costs or losses to any person as a result of 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 the Majority Lenders request it to do so in writing and the Security Agent fails to do so within fourteen days after receipt of that request.

  

	33.19	Custodians and nominees 

 The Security Agent may appoint and pay any person to act as a
custodian or nominee on any terms in relation to any asset 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. 
  

	33.20	Delegation by the Security Agent 

  

	 	(a)	Each of the Security Agent, any Receiver and any Delegate may, at any time, acting reasonably, delegate by power of attorney or otherwise to any person for any period, all or any right, power, authority or discretion
vested in it in its capacity as such. 

  

	 	(b)	That delegation may be made upon any terms and conditions (including the power to sub-delegate) and subject to any restrictions that the Security Agent, that Receiver or that
Delegate (as the case may be) may, acting reasonably, think fit in the interests of the Secured Parties. 

  

	 	(c)	No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of, any such
delegate or sub-delegate. 

  

	33.21	Additional Security Agents 

  

	 	(a)	The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it: 

 

	 	(i)	if it considers (acting reasonably) that appointment to be in the interests of the Secured Parties; 

  

	 	(ii)	for the purposes of conforming to any legal requirement, restriction or condition which the Security Agent deems to be relevant; or 

  

	 	(iii)	for obtaining or enforcing any judgment in any jurisdiction, 

 and the Security Agent shall
give prior notice to the Obligors’ Agent and the Secured Parties of that appointment. 

  
 172 

	 	(b)	Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those given to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and
responsibilities that are given or imposed by the instrument of appointment. 

  

	 	(c)	The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for
the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent. 

  

	33.22	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 Obligor may have to any of the Charged Property and shall not be liable for, or bound to require any Obligor to remedy, any defect in its right or title. 

 

	33.23	Winding up of trust 

 If the Security Agent, with the approval of the Agent, each acting
reasonably, determines that: 
  

	 	(a)	all of the Secured Finance Document Obligations have been fully and finally discharged; and 

  

	 	(b)	no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Obligor pursuant to the Finance Documents, 

then: 
  

	 	(i)	the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the
Transaction Security Documents; and 

  

	 	(ii)	any Security Agent which has resigned pursuant to Clause 33.12 shall release, without recourse or warranty, all of its rights under each Transaction Security Document. 

 

	33.24	Powers supplemental to Trustee Acts 

 The rights, powers, authorities and discretions
given to the Security Agent under or in connection with the Finance Documents 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 law or regulation or otherwise.

  
 173 

	33.25	Disapplication of Trustee Acts 

 s1 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 permitted by law and regulation, 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. 

 

	34.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

 No provision of this Agreement or any other
Finance Document 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. 

 

	35.	SHARING AMONG THE FINANCE PARTIES 

  

	35.1	Payments to Finance Parties 

  

	 	(a)	Subject to Clause 35.1(b), if a Finance Party (a “Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 36 (Payment mechanics) (a
“Recovered Amount”) and applies that amount to a payment due under the Finance Documents then: 

  

	 	(i)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent; 

  

	 	(ii)	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 36 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and 

 

	 	(iii)	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 36.6 (Partial payments). 

 

	 	(b)	Clause 35.1(a) shall not apply to any amount received or recovered by an Issuing Bank in respect of any cash cover provided for the benefit of that Issuing Bank. 

  
 174 

	35.2	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 36.6 (Partial payments) towards the obligations of
that Obligor to the Sharing Finance Parties. 
  

	35.3	Recovering Finance Party’s rights 

 On a distribution by the Agent under Clause 35.2
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. 
  

	35.4	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. 

 

	35.5	Exceptions 

  

	 	(a)	This Clause 35 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 the other Finance Party of the legal or arbitration proceedings; and 

  

	 	(ii)	the 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. 

  
 175 

 SECTION 11 

ADMINISTRATION 
  

	36.	PAYMENT MECHANICS 

  

	36.1	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 (or, in relation to euro, in a principal financial centre in such Participating Member State or London, as
specified by the Agent) and with such bank as the Agent, in each case, specifies. 

  

	36.2	Distributions by the Agent 

 Each payment received by the Agent under the Finance
Documents for another Party shall, subject to Clause 36.3 and Clause 36.4 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 (or, in
relation to euro, in the principal financial centre of a Participating Member State or London, as specified by that Party). 
  

	36.3	Distributions to an Obligor 

 The Agent may (with the consent of the Obligor or in
accordance with Clause 37 (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. 
  

	36.4	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 Clause 36.4(c) 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.

  
 176 

	 	(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 to whom that sum was made available shall promptly following 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 to whom that sum was made available, shall on demand (or in the case of the Borrower promptly following
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. 

 

	36.5	Impaired Agent 

  

	 	(a)	If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 36.1 may instead either:

  

	 	(i)	pay that amount direct to the required recipient(s); or 

  

	 	(ii)	if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account
held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender
making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or
“Recipient Parties”). 

 In each case such payments must be made on the due date for payment under the
Finance Documents. 
  

	 	(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements. 

 

	 	(c)	A Party which has made a payment in accordance with this Clause 36.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts
standing to the credit of the trust account. 

  
 177 

	 	(d)	Promptly upon the appointment of a successor Agent in accordance with Clause 32.13(Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to
Clause 36.5(e)) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties
in accordance with Clause 36.2. 

  

	 	(e)	A Paying Party shall, promptly upon request by a Recipient Party and to the extent: 

  

	 	(i)	that it has not given an instruction pursuant to Clause 36.5(d); and 

  

	 	(ii)	that it has been provided with the necessary information by that Recipient Party, 

 give all
requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party. 
  

	36.6	Partial payments 

  

	 	(a)	If the Agent receives a payment for application against amounts due in respect of any Finance Documents that is insufficient to discharge all the amounts then due and payable by an Obligor under those Finance Documents,
the Agent shall (subject to Clause 36.6(d)) apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid amount owing to the Agent, the Issuing Bank (other than any amount under Clause 7.2 (Claims under a Letter of Credit) or, to the extent relating to the
reimbursement of a claim (as defined in Clause 7 (Letters of Credit)), Clause 7.3 (Indemnities)) or the Security Agent under the Finance Documents; 

  

	 	(ii)	second, in or towards payment of any outstanding amounts under outstanding Swingline Loans; 

  

	 	(iii)	third, in or towards payment pro rata of any accrued interest, fees or commission due but unpaid under the Finance Documents; 

  

	 	(iv)	fourth, in or towards payment pro rata of (A) any principal due but unpaid under the Finance Documents (B) any amount due but unpaid under Clause 7.2 (Claims under a Letter of Credit) and Clause 7.3
(Indemnities) and (C) any amount due under Priority Banking Services Obligations and Priority Swap Agreement Obligations; 

  

	 	(v)	fifth, in or towards payment pro rata of any Banking Services Obligations or Swap Agreement Obligations to the extent not paid pursuant to any of the paragraphs above; and 

  
 178 

	 	(vi)	sixth, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	(b)	The Agent shall, if so directed by all of the Lenders, vary the order set out in Clause 36.6(a)(i) to 36.6(a)(vi). 

  

	 	(c)	Clauses 36.6(a) and 36.6(b) will override any appropriation made by an Obligor. 

  

	 	(d)	Amounts shall only be paid towards Banking Services Obligations and Swap Agreement Obligations following an Event of Default which is continuing. 

 

	36.7	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. 

 

	36.8	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. 

 

	36.9	Currency of account 

  

	 	(a)	Subject to Clauses 36.9(b) to (e), the Base Currency is the currency of account and payment for any sum due from an Obligor under any Finance Document. 

 

	 	(b)	A repayment of a Utilisation or Unpaid Sum or a part of a Utilisation or Unpaid Sum shall be made in the currency in which that Utilisation or Unpaid Sum is denominated, pursuant to this Agreement, on its due date.

  

	 	(c)	Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated, pursuant to this Agreement, when that interest accrued. 

 

	 	(d)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	 	(e)	Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other currency. 

  
 179 

	36.10	Change of currency 

  

	 	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: 

 

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
designated by the Agent (after consultation with the Obligors’ Agent); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or
down by the Agent (acting reasonably). 

  

	 	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Obligors’ Agent) specifies to be necessary, be amended to comply with
any generally accepted conventions and market practice in the Relevant Market and otherwise to reflect the change in currency. 

  

	36.11	Disruption to payment systems etc. 

 If either the Agent determines (in its discretion)
that a Disruption Event has occurred or the Agent is notified by the Obligors’ Agent that a Disruption Event has occurred: 
  

	 	(a)	the Agent may, and shall if requested to do so by the Obligors’ Agent, consult with the Obligors’ Agent with a view to agreeing with the Obligors’ Agent such changes to the operation or administration of
the Facility as the Agent may deem necessary in the circumstances; 

  

	 	(b)	the Agent shall not be obliged to consult with the Obligors’ Agent in relation to any changes mentioned in Clause 36.11(a) if, in its opinion, it is not practicable to do so in the circumstances and, in any event,
shall have no obligation to agree to such changes; 

  

	 	(c)	the Agent may consult with the Finance Parties in relation to any changes mentioned in Clause 36.11(a) but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

  

	 	(d)	any such changes agreed upon by the Agent and the Obligors’ Agent shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case
may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 42 (Amendments and waivers); 

  

	 	(e)	the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including for negligence, gross negligence or any other category of liability whatsoever
but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 36.11; and 

 

	 	(f)	the Agent shall notify the Finance Parties of all changes agreed pursuant to Clause 36.11(d). 

  
 180 

	37.	SET-OFF 

 A Finance Party may set off any matured
obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation 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. 
  

	38.	NOTICES 

  

	38.1	Communications 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 fax or letter. 
  

	38.2	Borrowing Base related communication; Reporting 

 Unless the Agent requests to receive
such information in writing, the Obligors’ Agent shall provide by email: 
  

	 	(a)	Aggregate Borrowing Base Certificates to each of the following email addresses: 

  

			
	 Name:
	  	Email Address:
	General inbox	  	bdmabl@barclays.com
	Komal Ramkirath	  	Komal.ramkirath@barclays.com
	Thomas Maughan	  	Thomas.maughan@barclays.com

  

	 	(e)	any other information required to be separately provided to the Agent under Clause 25 (Information undertakings) to each of the following email addresses, 

 

			
	 Name:
	  	Email Address:
	General inbox	  	bdmabl@barclays.com
	Komal Ramkirath	  	Komal.ramkirath@barclays.com
	Thomas Maughan	  	Thomas.maughan@barclays.com

 or, in each case, to any substitute address as the Agent may notify the Obligors’ Agent by not less than
five Business Days’ notice: 

  
 181 

	38.3	Addresses 

 The address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	in the case of the Parent, the Obligors’ Agent and each other Obligor, that identified with its name below; 

  

	 	(b)	in the case of each Lender, the Issuing Bank or the Swingline Lender, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and 

 

	 	(c)	in the case of the Agent or the Security Agent, that identified with its name below, 

 or any
substitute address, fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days’ notice. 

 

	38.4	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents by fax or letter will only be effective: 

 

	 	(i)	if by way of fax, when received in legible form; or 

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, 

and, if a particular department or officer is specified as part of its address details provided under Clause 38.3, if addressed to that
department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Agent or the Security Agent will be effective only when actually received by the Agent or Security Agent and then (in the case of a fax or letter) only if it
is expressly marked for the attention of the department or officer identified with the Agent’s or Security Agent’s signature below (or any substitute department or officer as the Agent or Security Agent shall specify for this purpose).

  

	 	(c)	All notices from or to an Obligor shall be sent through the Agent. 

  

	 	(d)	Any communication or document made or delivered to the Obligors’ Agent in accordance with this Clause 38.4 will be deemed to have been made or delivered to each of the Obligors. 

 

	 	(e)	Any communication or document which becomes effective, in accordance with Clauses 38.4(a) to 38.4(d), after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

  
 182 

	38.5	Notification of address and fax number 

  

	 	Promptly	upon changing its address or fax number, the Agent shall notify the other Parties. 

  

	38.6	Communication when Agent is Impaired Agent 

 If the Agent is an Impaired Agent the
Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices
to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed 

 

	38.7	Electronic communication 

  

	 	(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including by way of posting to a secure website) if those
two Parties: 

  

	 	(i)	notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and 

 

	 	(ii)	notify each other of any change to their address or any other such information supplied by them by not less than five Business Days’ notice. 

 

	 	(b)	Any such electronic communication as specified in Clause 38.7(a) to be made between an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified
to the contrary, this is to be an accepted form of communication. 

  

	 	(c)	Any such electronic communication as specified in Clause 38.7(a) made between any two Parties will be effective only when actually received (or made available) in readable form and in the case of any electronic
communication made by a Party to the Agent or the Security Agent only if it is addressed in such a manner as the Agent or Security Agent shall specify for this purpose. 

 

	 	(d)	Any electronic communication which becomes effective, in accordance with Clause 38.8(c), after 5.00 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for
the purpose of this Agreement shall be deemed only to become effective on the following day. 

  

	 	(e)	Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in accordance with this Clause 38.7. 

  
 183 

	38.8	Use of websites 

  

	 	(a)	The Obligors’ Agent may satisfy its obligation under this Agreement to deliver any information in relation to those Lenders (the “Website Lenders”) who accept this method of communication by
posting this information onto an electronic website designated by the Obligors’ Agent and the Agent (the “Designated Website”) if: 

  

	 	(i)	the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method; 

 

	 	(ii)	both the Obligors’ Agent and the Agent are aware of the address of and any relevant password specifications for the Designated Website; and 

 

	 	(iii)	the information is in a format previously agreed between the Obligors’ Agent and the Agent. 

If any Lender (a “Paper Form Lender”) does not agree to the delivery of information electronically then the Agent shall
notify the Obligors’ Agent accordingly and the Obligors’ Agent shall at its own cost supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Obligors’ Agent shall at its
own cost supply the Agent with at least one copy in paper form of any information required to be provided by it. 
  

	 	(b)	The Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Obligors’ Agent and the Agent.

  

	 	(c)	The Obligors’ Agent shall promptly upon becoming aware of its occurrence notify the Agent if: 

  

	 	(i)	the Designated Website cannot be accessed due to technical failure; 

  

	 	(ii)	the password specifications for the Designated Website change; 

  

	 	(iii)	any new information which is required to be provided under this Agreement is posted onto the Designated Website; 

  

	 	(iv)	any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or 

  

	 	(v)	the Obligors’ Agent becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software. 

If the Obligors’ Agent notifies the Agent under Clause 38.8(c)(i) or Clause 38.8(c)(v), all information to be provided by the
Obligors’ Agent under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.

  
 184 

	 	(d)	Any Website Lender may request, through the Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the Designated Website. The Obligors’ Agent shall at its own
cost comply with any such request within ten Business Days. 

  

	38.9	English language 

  

	 	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  

	 	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other
official document. 

  

	39.	CALCULATIONS AND CERTIFICATES 

  

	39.1	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	39.2	Certificates and determinations 

 Any certification or determination by a Finance Party
of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	39.3	Day count convention 

 Any interest, commission or fee accruing under a Finance Document
will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice (or 365 days (366 days
in the case of a leap year) in the case of ABR Rate Loans). 
  

	40.	PARTIAL INVALIDITY 

 If, at any time, any provision of a Finance Document 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 provision under the law of any
other jurisdiction will in any way be affected or impaired. 

  
 185 

	41.	REMEDIES AND WAIVERS 

 No failure to exercise, nor any delay in exercising, on the part
of any Finance Party or Secured Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the
part of any Finance Party or Secured Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and
remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided by law. 
  

	42.	AMENDMENTS AND WAIVERS. 

  

	42.1	Required consents 

  

	 	(a)	Subject to Clauses 42.2 and 42.3, any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Obligors’ Agent and any such amendment or waiver will be binding on
all Parties. 

  

	 	(b)	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 42. 

  

	 	(c)	Without prejudice to the generality of Clauses 32.7(c), 32.7(d) and 32.7(e) (Rights and discretions), the Agent may engage, pay for and rely on the services of lawyers in determining the consent level required
for and effecting any amendment, waiver or consent under this Agreement. 

  

	 	(d)	Each Obligor agrees to any such amendment or waiver permitted by this Clause 42 which is agreed to by the Obligors’ Agent. This includes any amendment or waiver which would, but for this Clause 42.1(d), require the
consent of all of the Guarantors. 

  

	 	(e)	Clause 29.9(c) (Pro rata interest settlement) shall apply to this Clause 42.1. 

  

	42.2	All Lender matters 

 Subject to Clause 42.4, an amendment, waiver or (in the case of a
Transaction Security Document) a consent of, or in relation to, any term of any Finance Document that has the effect of changing or which relates to: 
  

	 	(a)	the definition of “Majority Lenders” or “Super Majority Lenders” in Clause 1.1 (Definitions); 

 

	 	(b)	an extension to the date of 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)	a change in currency of payment of any amount under the Finance Documents; 

  
 186 

	 	(e)	in each case, unless otherwise expressly provided for in this Agreement, an increase in any Revolving Facility Commitment or the Total Commitments, an extension of any Availability Period or any requirement that a
cancellation of Revolving Facility Commitments reduces the Revolving Facility Commitments of the Lenders rateably; 

  

	 	(f)	a change to the Borrowers or Guarantors other than in accordance with Clause 31 (Changes to the Obligors); 

  

	 	(g)	any provision which expressly requires the consent of all the Lenders; 

  

	 	(h)	Clause 2.3 (Finance Parties’ rights and obligations), Clauses 10.2(b), (c) and (d) (Restrictions on Receivables and Cash Dominion), Clause 12 (Mandatory prepayment and cancellation), Clause
13.7 (Application of prepayments), Clause 29 (Changes to the Lenders), Clause 35 (Sharing among the Finance Parties), Clause 36.6 (Partial payments), this Clause 42, Clause 48 (Governing law) or Clause 49.1
(Jurisdiction of English courts); 

  

	 	(i)	(other than as expressly permitted or envisaged by the provisions of any Finance Document) the nature or scope of: 

  

	 	(i)	the guarantee and indemnity granted under Clause 23 (Guarantee and indemnity); 

  

	 	(ii)	the Charged Property (other than in relation to determining Eligible Receivables); or 

  

	 	(iii)	the manner in which the proceeds of enforcement of the Transaction Security are distributed 

(except in the case of Clauses 42.2(i)(ii) and 42.2(i)(iii) above, insofar as it relates to a sale or disposal of an asset which is the
subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document); or 
  

	 	(j)	the release of any guarantee and indemnity granted under Clause 23 (Guarantee and indemnity) or of any Transaction Security unless permitted under this Agreement or any other Finance Document or relating to a
sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document, 

shall not be made, or given, without the prior consent of all the Lenders. 

 

	42.3	Other exceptions 

  

	 	(a)	An amendment or waiver which relates to the rights or obligations of the Agent, the Arrangers, the Issuing Bank, the Security Agent or the Swingline Lender (each in their capacity as such) may not be effected without
the consent of the Agent, the Arrangers, the Issuing Bank, the Security Agent, or the Swingline Lender, as the case may be. 

  
 187 

	 	(b)	Any amendment or waiver which relates to: 

  

	 	(i)	relates only to the rights or obligations applicable to a particular Utilisation, Facility or class of Lender; and 

  

	 	(ii)	does not adversely affect the rights or interests of Lenders in respect of any other Utilisation or Facility or another class of Lender, 

may be made in accordance with this Clause 42 but as if references in this Clause 42 to the specified proportion of Lenders (including, for
the avoidance of doubt, all the Lenders) whose consent would, but for this Clause 42.3(b), be required for that amendment or waiver were to that proportion of the Lenders participating in that particular Utilisation or Facility or forming part of
that particular class. 
  

	 	(c)	Subject to Clause 42.3(d), an amendment or waiver that relates to the addition of new categories of eligible assets and amendments to the eligibility criteria in the definition of “Borrowing Base” (or any of
the definitions used therein or which contribute thereto) in each case to the extent any such changes would increase Availability, shall not be made without the prior consent of the Super Majority Lenders and of the Agent. 

 

	 	(d)	An amendment or waiver that relates to an increase or other change of advance rates in the definition of “Borrowing Base”, shall not be made without the prior consent of all Lenders. 

 

	42.4	Replacement of Screen Rate 

 Subject to Clause 42.3(a) if any Screen Rate is not
available for a currency which can be selected for a Loan, any amendment or waiver which relates to providing for another benchmark rate to apply in relation to that currency in place of that Screen Rate (or which relates to aligning any provision
of a Finance Document to the use of that other benchmark rate) may be made with the consent of the Majority Lenders in accordance with the provisions of Clause 16.1(b) (Unavailability of Screen Rate). 

 

	42.5	Excluded Commitments 

 If: 

 

	 	(a)	any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within five
Business Days of that request being made; or 

  

	 	(b)	any Lender which is not a Defaulting Lender fails to respond to such a request (other than an amendment, waiver or consent referred to in Clause 42.2(b), Clause 42.2(c) and Clause 42.2(e)) or such a vote within 10
Business Days of that request being made, 

 (unless, in either case, the Obligors’ Agent and the Agent agree to a longer
time period in relation to any request): 

  
 188 

	 	(i)	its Revolving Facility Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the relevant Facility/ies when ascertaining whether any relevant percentage (including, for the
avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that request; and 

  

	 	(ii)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request. 

 

	42.6	Replacement of Lender 

  

	 	(a)	If: 

  

	 	(i)	any Lender becomes a Non-Consenting Lender (as defined in Clause 42.6(d)); or 

  

	 	(ii)	an Obligor becomes obliged to repay any amount in accordance with Clause 11.1 (Illegality), Clause 11.5 (Right of cancellation and repayment in relation to a single Lender or Issuing Bank) or to pay
additional amounts pursuant to Clause 19.1 (Increased costs), Clause 18.2 (Tax gross-up) or Clause 18.3 (Tax indemnity) to any Lender, 

then the Obligors’ Agent may, on five Business Days’ prior written notice to the Agent and such Lender, replace such Lender by
requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 29 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank or
financial institution (a “Replacement Lender”) selected by the Obligors’ Agent, and acceptable to the Agent and to the Issuing Bank (such consent not to be unreasonably withheld or delayed) and which confirms its willingness to
assume and does assume all the obligations of the transferring Lender in accordance with Clause 29 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer in an amount equal to the outstanding principal amount of
such Lender’s participation in the outstanding Utilisations and all accrued interest and/or Letter of Credit fees, (to the extent that the Agent has not given a notification under Clause 29.9 (Pro rata interest settlement)) Break Costs
(if applicable) and other amounts payable in relation thereto under the Finance Documents. 
  

	 	(b)	The replacement of a Lender pursuant to this Clause 42.6 shall be subject to the following conditions: 

  

	 	(i)	the Obligors’ Agent shall have no right to replace the Agent or Security Agent; 

  

	 	(ii)	neither the Agent nor the Lender shall have any obligation to the Obligors’ Agent to find a Replacement Lender; 

  
 189 

	 	(iii)	in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than 90 days after the date on which that Lender is deemed a Non-Consenting Lender; 

  

	 	(iv)	in no event shall the Lender replaced under this Clause 42.6 be required to pay or surrender to such Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents; and 

 

	 	(v)	the Lender shall only be obliged to transfer its rights and obligations pursuant to Clause 42.6(a) once it is satisfied that it has complied with all necessary “know your customer” or other similar
checks under all applicable laws and regulations in relation to that transfer. 

  

	 	(c)	A Lender shall perform the checks described in Clause 42.6(b)(v) as soon as reasonably practicable following delivery of a notice referred to in Clause 42.6(a) and shall notify the Agent and the Obligors’ Agent
when it is satisfied that it has complied with those checks. 

  

	 	(d)	In the event that: 

  

	 	(i)	the Obligors’ Agent or the Agent (at the request of the Obligors’ Agent) has requested the Lenders to give a consent in relation to, or to agree to a waiver or amendment of, any provisions of the Finance
Documents; 

  

	 	(ii)	the consent, waiver or amendment in question requires the approval of all the Lenders or the Super Majority Lenders; and 

  

	 	(iii)	Lenders whose Revolving Facility Commitments aggregate either: 

  

	 	(A)	in the case of a consent, waiver or amendment requiring the approval of all the Lenders, more than 80 percent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than
80 percent of the Total Commitments prior to that reduction); or 

  

	 	(B)	in the case of a consent, waiver or amendment requiring the approval of the Super Majority Lenders, more than 50.1 percent of the Total Commitments (or, if the Total Commitments have been reduced to zero,
aggregated more than 50.1 percent of the Total Commitments prior to that reduction), 

 have consented or agreed to such
waiver or amendment, 
 then any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a “Non-Consenting Lender”. 
  

	42.7	Disenfranchisement of Defaulting Lenders 

  

	 	(a)	For so long as a Defaulting Lender has any Available Commitment, in ascertaining: 

  

	 	(i)	the Majority Lenders or the Super Majority Lenders; or 

  
 190 

	 	(ii)	whether: 

  

	 	(A)	any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments; or 

  

	 	(B)	the agreement of any specified group of Lenders, 

 has been obtained to approve any request for
a consent, waiver, amendment or other vote of Lenders under the Finance Documents, that Defaulting Lender’s Revolving Facility Commitments will be reduced by the amount of its Available Commitments and, to the extent that that reduction results
in that Defaulting Lender’s Total Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of Clauses 42.7(a)(i) and 42.7(a)(ii). 

 

	 	(b)	For the purposes of this Clause 42.7, the Agent may assume that the following Lenders are Defaulting Lenders: 

  

	 	(i)	any Lender which has notified the Agent that it has become a Defaulting Lender; 

  

	 	(ii)	any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b), (c) or (d) of the definition of “Defaulting Lender” has occurred,

 unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably
requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 
  

	42.8	Replacement of a Defaulting Lender or Non-Acceptable L/C Lender 

  

	 	(a)	The Obligors’ Agent may, at any time a Lender has become and continues to be a Defaulting Lender or Non-Acceptable L/C Lender, by giving ten Business Days’ prior written
notice to the Agent and such Lender: 

  

	 	(i)	replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 29 (Changes to the Lenders) all (and not part only) of its rights and
obligations under this Agreement; 

  

	 	(ii)	require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 29 (Changes to the Lenders) all (and not part only) of the undrawn Revolving Facility Commitment of the
Lender; or 

  
 191 

	 	(iii)	require such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 29 (Changes to the Lenders) all (and not part only) of its rights and obligations in respect of the
Revolving Facility, to a Lender or other bank or financial institution (a “Replacement Lender”) selected by the Obligors’ Agent, and acceptable to the Agent and to the Issuing Bank (such consent not to be unreasonably withheld
or delayed) and which confirms its willingness to assume and does assume all the obligations, or all the relevant obligations, of the transferring Lender in accordance with Clause 29 (Changes to the Lenders) for a purchase price in cash
payable at the time of transfer which is either: 

  

	 	(iv)	in an amount equal to the outstanding principal amount of such Lender’s participation in the outstanding Utilisations and all accrued interest, and/or Letter of Credit fees (to the extent that the Agent has not
given a notification under Clause 29.9 (Pro rata interest settlement)), Break Costs (if applicable) and other amounts payable in relation thereto under the Finance Documents; or 

 

	 	(v)	in an amount agreed between that Defaulting Lender or Non-Acceptable L/C Lender, the Replacement Lender and the Obligors’ Agent and which does not exceed the amount described
in Clause 42.8(a)(i). 

  

	 	(b)	Any transfer of rights and obligations of a Defaulting Lender or Non-Acceptable L/C Lender pursuant to this Clause 42.8 shall be subject to the following conditions:

  

	 	(i)	the Obligors’ Agent shall have no right to replace the Agent or Security Agent; 

  

	 	(ii)	neither the Agent nor the Defaulting Lender or Non-Acceptable L/C Lender shall have any obligation to the Obligors’ Agent to find a Replacement Lender; 

 

	 	(iii)	the transfer must take place no later than twenty Business Days after the notice referred to in Clause 42.8(a); 

  

	 	(iv)	in no event shall the Defaulting Lender or Non-Acceptable L/C Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender or
Non-Acceptable L/C Lender pursuant to the Finance Documents; and 

  

	 	(v)	the Defaulting Lender or Non-Acceptable L/C Lender shall only be obliged to transfer its rights and obligations pursuant to Clause 42.8(a) once it is satisfied that it has
complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to that transfer to the Replacement Lender. 

 

	 	(c)	The Defaulting Lender or Non-Acceptable L/C Lender shall perform the checks described in Clause 42.8(b)(v) as soon as reasonably practicable following delivery of a notice
referred to in Clause 42.8(a) and shall notify the Agent and the Obligors’ Agent when it is satisfied that it has complied with those checks. 

  
 192 

	43.	CONFIDENTIAL INFORMATION 

  

	43.1	Confidentiality 

 Each Finance Party agrees to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by Clause 43.2 and Clause 43.7, and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own
confidential information. 
  

	43.2	Disclosure of Confidential Information 

 Any Finance Party may disclose: 

 

	 	(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this Clause 43.2(a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information; 

  

	 	(b)	to any person: 

  

	 	(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed)
it as Agent or Security Agent and, in each case, to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

  

	 	(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which
payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

 

	 	(iii)	appointed by any Finance Party or by a person to whom Clause 43.2(b)(i) or 43.2(b)(ii) applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf
(including any person appointed under Clause 32.15(b) (Relationship with the Lenders)); 

  

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in Clause 43.2(b)(i) or 43.2(b)(ii); 

  
 193 

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; 

 

	 	(vii)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 29.8 (Security over Lenders’ rights); 

 

	 	(viii)	who is a Party; or 

  

	 	(ix)	with the consent of the Obligors’ Agent, 

 in each case, such Confidential Information as
that Finance Party shall consider appropriate if: 
  

	 	(A)	in relation to Clause 43.2(b)(i), Clause 43.2(b)(ii)(ii) and Clause 43.2(b)(iii), the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be
no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

 

	 	(B)	in relation to Clause 43.2(b)(iv), the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to
the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

  

	 	(C)	in relation to Clause 43.2(b)(v), 43.2(b)(vi) and 43.2(b)(vii), the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances; 

 

	 	(c)	 to any person appointed by that Finance Party or by a person to whom Clause 43.2(b)(i) or 43.2(b)(ii) above
applies to provide administration or settlement services in respect of one or more of the Finance Documents including in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required
to be disclosed to enable such service provider to provide any of the services referred to in this Clause 43.2(c) if the service provider to whom the Confidential Information is to be

  
 194 

 
given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other
form of confidentiality undertaking agreed between the Obligors’ Agent and the relevant Finance Party; and 
  

	 	(d)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the
Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information.

  

	43.3	Entire agreement 

 This Clause 43 constitutes the entire agreement between the Parties in
relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 

 

	43.4	Inside information 

 Each of the Finance Parties acknowledges that some or all of the
Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the
Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 
  

	43.5	Notification of disclosure 

 Each of the Finance Parties agrees (to the extent permitted
by law and regulation) to inform the Obligors’ Agent: 
  

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to Clause 43.2(b)(v) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course
of its supervisory or regulatory function; and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 43. 

  

	43.6	Continuing obligations 

 The obligations in this Clause 43 are continuing and, in
particular, shall survive and remain binding on each Finance Party for a period of 24 months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with the Finance Documents have been paid in full and all Revolving Facility Commitments have been cancelled or otherwise cease to be
available; and 

  

	 	(b)	the date on which such Finance Party otherwise ceases to be a Finance Party. 

  
 195 

	43.7	Disclosure to numbering service providers 

  

	 	(a)	Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or
one or more Obligors the following information: 

  

	 	(i)	names of Obligors; 

  

	 	(ii)	country of domicile of Obligors; 

  

	 	(iii)	place of incorporation of Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	Clause 48 (Governing law); 

  

	 	(vi)	the names of the Agent and the Arrangers; 

  

	 	(vii)	date of each amendment and restatement of this Agreement; 

  

	 	(viii)	amounts of, and names of, the Facility (and any tranches); 

  

	 	(ix)	amount of Total Commitments; 

  

	 	(x)	currencies of the Facility; 

  

	 	(xi)	type of Facility; 

  

	 	(xii)	ranking of Facility; 

  

	 	(xiii)	Termination Date for Facility; 

  

	 	(xiv)	changes to any of the information previously supplied pursuant to Clause 43.7(a)(i) to 43.7(a)(xiii); and 

  

	 	(xv)	such other information agreed between such Finance Party and the Obligors’ Agent, 

 to
enable such numbering service provider to provide its usual syndicated loan numbering identification services. 
  

	 	(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number
may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

  

	 	(c)	The Agent shall notify the Obligors’ Agent and the other Finance Parties of: 

  

	 	(i)	the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility and/or one or more Obligors; and 

  
 196 

	 	(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors by such numbering service provider. 

 

	44.	CONFIDENTIALITY OF FUNDING RATES 

  

	44.1	Confidentiality and disclosure 

  

	 	(a)	The Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save to the extent permitted by Clause 44.1(b) and Clause 44.1(c). 

 

	 	(b)	The Agent may disclose: 

  

	 	(i)	any Funding Rate to the relevant Borrower pursuant to Clause 14.4 (Notification of rates of interest); and 

  

	 	(ii)	any Funding Rate to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if
the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other
form of confidentiality undertaking agreed between the Agent and the relevant Lender. 

  

	 	(c)	The Agent may disclose any Funding Rate, and each Obligor may disclose any Funding Rate, to: 

  

	 	(i)	any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this Clause
44.1(c)(i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the
confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it; 

  

	 	(ii)	any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any
relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall
be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; 

  
 197 

	 	(iii)	any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom
that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the
case may be, it is not practicable to do so in the circumstances; and 

  

	 	(iv)	any person with the consent of the relevant Lender. 

  

	44.2	Related obligations 

  

	 	(a)	The Agent and each Obligor acknowledge that each Funding Rate is or may be price-sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to
insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose. 

  

	 	(b)	The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender: 

  

	 	(i)	of the circumstances of any disclosure made pursuant to Clause 44.1(c)(ii) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or
regulatory function; and 

  

	 	(ii)	upon becoming aware that any information has been disclosed in breach of this Clause 44. 

  

	44.3	No Event of Default 

 No Event of Default will occur under Clause 28.3 (Other
obligations) by reason only of an Obligor’s failure to comply with this Clause 44. 
  

	45.	DISCLOSURE OF LENDER DETAILS BY AGENT 

 The Agent shall provide to the Obligors’
Agent and Issuing Bank within five Business Days of a request by the Obligors’ Agent or the relevant Issuing Banks, as applicable, (but no more frequently than once per calendar month in the case of a request by the Obligors’ Agent), a
list (which may be in electronic form) setting out the names of the Lenders as at the date of that request, their respective Revolving Facility Commitments, the address and fax number (and the department or officer, if any, for whose attention any
communication is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the transmission
of information by electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be
distributed by the Agent to that Lender under the Finance Documents. 

  
 198 

	46.	USA PATRIOT ACT 

 Each Lender that is subject to the requirements of the USA PATRIOT Act
hereby notifies each Obligor that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies such Obligor, which information includes the name and address of such Obligor and other
information that will allow such Lender to identify such Obligor in accordance with the USA PATRIOT Act. 
  

	47.	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. 

  
 199 

 SECTION 12 

GOVERNING LAW AND ENFORCEMENT 
  

	48.	GOVERNING LAW 

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

	49.	ENFORCEMENT 

  

	49.1	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 (including a dispute relating to the existence, validity or termination of this Agreement or
any non-contractual obligation arising out of or in connection with 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 49.1 is for the benefit of the Finance Parties and Secured Parties only. As a result, no Finance Party or Secured 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 and Secured Parties may take concurrent proceedings in any number of jurisdictions. 

  

	49.2	Service of process 

  

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

 

	 	(i)	irrevocably appoints Bristow Helicopters Limited of Redhill Aerodrome, Kings Mill Lane, Redhill, Surrey, RH1 5JZ, as its agent for service of process in relation to any proceedings before the English courts in
connection with any Finance Document governed by English law; and 

  

	 	(ii)	agrees that failure by an agent for service of process to notify the relevant Obligor of the process will not invalidate the proceedings concerned. 

 

	 	(b)	If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Obligors’ Agent (on behalf of all the Obligors) must immediately (and in any event
within 10 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. 

  
 200 

 SCHEDULE 1 

THE ORIGINAL PARTIES 

Part 1 
 The Original
Obligors 
  

			
	 Name of Original Borrower
	  	 Registration number (or equivalent, if any) Original
Jurisdiction

	Bristow Norway AS	  	967827363; Norway
	Bristow Helicopters Limited	  	00551102; England and Wales

  

			
	 Name of Original Guarantor
	  	 Registration number (or equivalent, if any) Original
Jurisdiction

	Bristow Group Inc.	  	2145253; Delaware
	Bristow Norway AS	  	967827363; Norway
	Bristow Helicopters Limited	  	00551102; England and Wales

  
 201 

 Part 2 

The Original Lenders 
  

									
	 Name of Original Lender
	  	 Revolving Facility

Commitment
	  	 Status (Non

Acceptable L/C

Lender: Yes/No)
	  	Treaty Passport Scheme reference
number and jurisdiction of tax
residence (if applicable)	 
	 Barclays Bank PLC
	  	USD 37,500,000	  	No	  			
	 Credit Suisse AG, Cayman Islands Branch
	  	USD 37,500,000	  	No	  			
		  	  
	  		  			
	 Total
	  	USD 75,000,000	  		  			
		  	  
	  		  			

  
 202 

 SCHEDULE 2 

CONDITIONS PRECEDENT 

Part 1 
 Conditions
precedent to signing of the Agreement and initial Utilisation 
 Obligors 

 

	1.	A copy of the Constitutional Documents and of the constitutional documents of each other Original Obligor. 

  

	2.	A copy of a resolution of the board of directors (or the offering committee of the board of directors in the case the Parent) of each Original Obligor, in each case: 

 

	 	(a)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute, deliver and perform the Finance Documents to which it is a party;

  

	 	(b)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection
with the Finance Documents to which it is a party; and 

  

	 	(d)	in the case of an Obligor other than the Parent, authorising the Parent to act as its agent in connection with the Finance Documents. 

 

	3.	A specimen of the signature of each person authorised by the resolution referred to in Schedule 2, Part 1, Paragraph 2 in relation to the Finance Documents and related documents which has signed or will be signing any
Finance Document or document referred to in this Schedule 2 Part 1 (other than a resolution or constitutional document). 

  

	4.	A copy of a resolution signed by all the holders of the issued shares in Bristow Helicopter Limited, approving the terms of, and the transactions contemplated by the Finance Documents to which Bristow Helicopters
Limited is a party. 

  

	5.	A copy of a resolution of the board of directors of each corporate shareholder of Bristow Helicopter Limited approving the terms of the resolution referred to in Schedule 2, Part 1, Paragraph 4. 

 

	6.	A certificate of the relevant Obligor (signed by an authorised signatory) confirming that borrowing or guaranteeing or securing (with respect to guaranteeing or securing, subject to applicable local law qualifications),
as appropriate, the Total Commitments would not cause any borrowing, guarantee, security or similar limit binding on that Original Obligor to be exceeded. 

  

	7.	A certificate of an authorized signatory of the Obligors’ Agent or other relevant Original Obligor certifying that each copy document relating to it specified in Schedule 2, Part 1 is correct, complete and in full
force and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement. 

  
 203 

 Finance Documents 

 

	8.	This Agreement executed by the Original Obligors. 

  

	9.	The Fee Letters executed by the applicable Original Obligors (other than a Finance Party). 

  

	10.	At least two originals of the following Transaction Security Documents to be executed by the Original Obligors specified below opposite the relevant Transaction Security Document: 

 

					
	 Governing Law
	  	 Name of Original Obligor granting security
	  	 Transaction Security Document

	English	  	Bristow Helicopters Limited	  	Security Agreement
	English	  	Bristow Norway AS	  	Bank Account Charge
	Norwegian	  	Bristow Norway AS	  	Security Agreement

  

	11.	A copy of all notices required to be sent under the Transaction Security Documents upon execution of such agreements executed by the relevant Obligors, duly acknowledged by the addressee in the case of notices to any
account bank holding a Collection Account. 

 Legal opinions 

 

	12.	The following legal opinions, each addressed to the Agent, the Security Agent, the Arrangers, the Bookrunners, the Issuing Banks, the Swingline Lender and the Original Lenders and in the form provided prior to the date
of this Agreement: 

  

	 	(a)	a legal opinion of Mayer Brown International LLP, legal advisors to the Agent as to matters of English law; 

  

	 	(b)	a legal opinion of Advokatfirmaet BAHR AS, legal advisors to the Agent, as to matters of Norwegian law; and 

  

	 	(c)	a legal opinion of Baker Botts L.L.P., legal advisors to the Obligors, as to matters of Delaware general corporate law. 

Other documents and evidence 
  

	13.	Evidence that any process agent referred to in Clause 49.2 (Service of process), if not an Original Obligor, has accepted its appointment. 

  
 204 

	14.	The Group Structure Chart. 

  

	15.	The Budget. 

  

	16.	A copy of the Original Financial Statements of each Obligor. 

 Miscellaneous 

 

	17.	Evidence that any fees, costs and expenses due from any Obligor on the Closing Date pursuant to Clause 17 (Fees), Clause 18.6 (Stamp taxes) and Clause 22 (Costs and expenses) have been paid.

  

	18.	A recent lien search in Norway with respect to each Norwegian Obligor, and such search shall reveal no Security on any of the assets of the Norwegian Obligors (in relation to which it is possible to effect a lien
search) except for Permitted Security. 

  

	19.	A recent Companies House search in England with respect to each English Obligor, and such search shall reveal no Security on any of the assets of the English Obligors except for Permitted Security. 

 

	20.	An Aggregate Borrowing Base Certificate which calculates the Aggregate Borrowing Base as of the end of a month no earlier than the most recent month ending 20 Business Days or more before the Closing Date and agreed
supporting Borrowing Base files (the Aggregate Borrowing Base Certificate will include individual Borrower’s Borrowing Bases). 

  

	21.	The Agent or its designee shall have conducted a field examination of the applicable Obligors’ Receivables and related working capital matters and of the applicable Obligors’ related data processing and other
systems, the results of which shall be satisfactory to the Agent in its sole discretion. 

  

	22.	The Agent and its counsel shall have completed all legal due diligence required by the Agent prior to the Closing Date, the results of which shall be satisfactory to Agent in its sole discretion. 

 

	23.	The Agent and the Lenders shall have received all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including the US PATRIOT Act, for each Obligor that they have notified the Obligors’ Agent are required prior to the Closing Date. 

  

	24.	If the Agent so requests, evidence that at least USD250,000,000 of secured bonds have been issued by the Parent pursuant to the Secured Bonds Indenture. 

 

	25.	If the Agent so requests, evidence that all amounts outstanding under the amended and restated revolving credit and term loan agreement dated 22 November 2010 between, amongst others, the Parent and Suntrust Bank
has been repaid and cancelled in full, other than in respect to (a) any outstanding letters of credit issued thereunder, to the extent required by the issuers thereof and any cash collateral therefor and (b) obligations, expenses and
indemnities that survive such cancellation. 

  
 205 

	26.	If applicable, evidence of the discharge and release of all Financial Indebtedness and all Security, other than Permitted Financial Indebtedness and Permitted Security. 

 

	27.	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Obligors’ Agent accordingly prior to the Closing Date) in
connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document. 

  
 206 

 Part 2 

Conditions precedent required to be delivered by an Additional Obligor 

 

	1.	An Accession Deed executed by the Additional Obligor and the Parent. 

  

	2.	A copy of the constitutional documents of the Additional Obligor. 

  

	3.	A copy of a resolution of the board of directors of each Additional Obligor in each case: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Accession Deed and the Finance Documents and resolving that it execute, deliver and perform the Accession Deed and any other Finance Document to which it
is party; 

  

	 	(b)	authorising a specified person or persons to execute the Accession Deed and other Finance Documents on its behalf; 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including, in relation to an Additional Borrower, any Utilisation Request) to be signed and/or
despatched by it under or in connection with the Finance Documents to which it is a party; and 

  

	 	(d)	authorising the Parent to act as its agent in connection with the Finance Documents 

  

	4.	A specimen of the signature of each person authorised by the resolution referred to in Schedule 2, Part 2, Paragraph 4. 

  

	5.	A copy of a resolution signed by all the holders of the issued shares of the Additional Obligor, approving the terms of, and the transactions contemplated by, the Finance Documents to which the Additional Obligor is a
party. 

  

	6.	A copy of a resolution of the board of directors of each corporate shareholder of each Additional Obligor approving the terms of the resolution referred to in this Schedule 2, Part 2, Paragraph 5. 

 

	7.	A certificate of an authorised signatory of the Additional Obligor certifying that each copy document listed in this Schedule 2, Part 2 is correct, complete and in full force and effect and has not been amended or
superseded as at a date no earlier than the date of the Accession Deed. 

  

	8.	A certificate of an authorised signatory of the Additional Obligor certifying as to Additional Obligor’s solvency, that no Default has occurred and that the representations and warranties given in the transaction
documents are true and correct as of the date of the Accession Deed. 

  

	9.	A certificate of the Additional Obligor (signed by a director or equivalent officer) confirming that borrowing or guaranteeing or securing (with respect to guaranteeing or securing, subject to applicable local law
qualifications), as appropriate, the Total Commitments would not cause any borrowing, guarantee, security or similar limit binding on any Additional Obligor to be exceeded. 

  
 207 

	10.	If available, the latest audited financial statements of the Additional Obligor. 

  

	11.	The following legal opinions, each addressed to the Agent, the Security Agent and the Lenders: 

  

	 	(a)	A legal opinion of the legal advisers to the Agent in England, as to English law. 

  

	 	(b)	If the Additional Obligor is incorporated in or has its “centre of main interest” or “establishment” (as referred to in Clause 24.28 (Centre of main interests and
establishments)) in a jurisdiction other than England and Wales or is executing a Finance Document which is governed by a law other than English law, a legal opinion of the legal advisers to the Agent and/or to the Obligors’ Agent, in the
jurisdiction of its incorporation, “centre of main interest” or “establishment” (as applicable) or, as the case may be, the jurisdiction of the governing law of that Finance Document (the “Applicable
Jurisdiction”) as to the law of the Applicable Jurisdiction and in the form distributed to the Lenders prior to signing the Accession Deed. 

  

	12.	If the proposed Additional Obligor is incorporated in a jurisdiction other than England and Wales, evidence that the process agent specified in Clause 49.2 (Service of process), if not an Obligor, has accepted
its appointment in relation to the proposed Additional Obligor. 

  

	13.	Any security documents which are required by the Agent to be executed by the proposed Additional Obligor. 

  

	14.	Any notices or documents required to be given or executed under the terms of those security documents. 

  

	15.	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by the
Accession Letter or for the validity and enforceability of any Finance Document. 

  
 208 

 EXECUTION of Facilities Agreement: 

The Parent 
  

			
	SIGNED by Geoffrey L. Carpenter,	  	)
	Authorised Signatory, duly authorised for	  	)  /s/ Geoffrey L. Carpenter
	and on behalf of BRISTOW GROUP	  	)
	INC:	  	

  

			
	Address:	  	 2103 City West Blvd, 4th Floor

Houston, TX 77042

	Facsimile no:	  	+1 (713) 267-7620
		
	Electronic mail address:	  	geoff.carpenter@bristowgroup.com
		
	For the attention of:	  	Geoff Carpenter, Vice President and Treasurer

 The Original Borrowers 
  

			
	SIGNED by Geoffrey L. Carpenter,	  	)
	Authorised Signatory, duly authorised for	  	)  /s/ Geoffrey L. Carpenter
	and on behalf of BRISTOW NORWAY	  	)
	AS:	  	

  

			
	Address:	  	 c/o 2103 City West Blvd, 4th Floor

Houston, TX 77042

	Facsimile no:	  	+1 (713) 267-7620
		
	Electronic mail address:	  	geoff.carpenter@bristowgroup.com
		
	For the attention of:	  	Geoff Carpenter, Vice President and Treasurer

  

			
	SIGNED by Geoffrey L. Carpenter,	  	)
	Authorised Signatory, duly authorised for	  	)
	and on behalf of BRISTOW	  	)  /s/ Geoffrey L. Carpenter
	HELICOPTERS LIMITED:	  	)

  

			
	Address:	  	 c/o 2103 City West Blvd, 4th Floor

Houston, TX 77042

	Facsimile no:	  	+1 (713) 267-7620
		
	Electronic mail address:	  	geoff.carpenter@bristowgroup.com
		
	For the attention of:	  	Geoff Carpenter, Vice President and Treasurer

 The Original Guarantors 
  

			
	SIGNED by Geoffrey L. Carpenter,	  	)
	Authorised Signatory, duly authorised for	  	)  /s/ Geoffrey L. Carpenter
	and on behalf of BRISTOW GROUP 	  	)
	INC:	  	

  

			
	Address:	  	 c/o 2103 City West Blvd, 4th Floor

Houston, TX 77042

	Facsimile no:	  	+1 (713) 267-7620
		
	Electronic mail address:	  	geoff.carpenter@bristowgroup.com
		
	For the attention of:	  	Geoff Carpenter, Vice President and Treasurer

  

			
	SIGNED by Geoffrey L. Carpenter,	  	)
	Authorised Signatory, duly authorised for	  	)  /s/ Geoffrey L. Carpenter
	and on behalf of BRISTOW NORWAY	  	)
	AS:	  	

  

			
	Address:	  	 c/o 2103 City West Blvd, 4th Floor

Houston, TX 77042

	Facsimile no:	  	+1 (713) 267-7620
		
	Electronic mail address:	  	geoff.carpenter@bristowgroup.com
		
	For the attention of:	  	Geoff Carpenter, Vice President and Treasurer

  

			
	SIGNED by Geoffrey L. Carpenter,	  	)
	Authorised Signatory, duly authorised for	  	)
	and on behalf of BRISTOW	  	)  /s/ Geoffrey L. Carpenter
	HELICOPTERS LIMITED:	  	)

  

			
	Address:	  	 c/o 2103 City West Blvd, 4th Floor

Houston, TX 77042

	Facsimile no:	  	+1 (713) 267-7620
		
	Electronic mail address:	  	geoff.carpenter@bristowgroup.com
		
	For the attention of:	  	Geoff Carpenter, Vice President and Treasurer

 The Arrangers and Bookrunners 
  

			
	SIGNED by Joseph Jordan, Managing	  	)
	Director, duly authorised for and on behalf	  	)  /s/ Joseph Jordan
	of BARCLAYS BANK PLC	  	)

 CREDIT SUISSE AG, 

CAYMAN ISLANDS BRANCH 
  

			
	By:	 	 /s/ Doreen Barr

	Name:	 	Doreen Barr
	Title:	 	Authorized Signatory

  

			
	By:	 	 /s/ Christopher Zybrick

	Name:	 	Christopher Zybrick
	Title:	 	Authorized Signatory

 The Originals Lenders 

 

			
	SIGNED by Joseph Jordan, Managing	  	)
	Director, duly authorised for and on behalf	  	)  /s/ Joseph Jordan
	of BARCLAYS BANK PLC	  	)

  

			
	CREDIT SUISSE AG,
	CAYMAN ISLANDS BRANCH
		
	By:	 	 /s/ Doreen Barr

	Name:	 	Doreen Barr
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Christopher Zybrick

	Name:	 	Christopher Zybrick
	Title:	 	Authorized Signatory

 The Agent 
  

			
	SIGNED by Joseph Jordan, Managing	  	)
	Director, duly authorised for and on behalf	  	)  /s/ Joseph Jordan
	of BARCLAYS BANK PLC:	  	)

  

			
	Address:	  	 745 7th Avenue

New York
 NY 10019

	Electronic mail address:	  	 vanessa.kurbatskiy@barclays.com

/komal.ramkirath@barclays.com

	For the attention of:	  	Vanessa Kurbatskiy/Komal Ramkirath

 The Security Agent 
  

			
	SIGNED by Joseph Jordan, Managing	  	)
	Director, duly authorised for and on behalf	  	)  /s/ Joseph Jordan
	of BARCLAYS BANK PLC:	  	)

  

			
	Address:	  	 745 7th Avenue

New York
 NY 10019

	Electronic mail address:	  	 vanessa.kurbatskiy@barclays.com

/komal.ramkirath@barclays.com

	For the attention of:	  	Vanessa Kurbatskiy/Komal Ramkirath

 The Issuing Bank 
  

			
	SIGNED by Joseph Jordan, Managing	  	)
	Director, duly authorised for and on behalf	  	)  /s/ Joseph Jordan
	of BARCLAYS BANK PLC	  	)

 The Swingline Lender 
  

			
	SIGNED by Joseph Jordan, Managing	  	)
	Director, duly authorised for and on behalf	  	)  /s/ Joseph Jordan
	of BARCLAYS BANK PLC	  	)Exhibit 10.1

 

FIFTH AMENDED AND RESTATED ADVISORY AGREEMENT BRAEMAR HOTELS & RESORTS INC.

 

THIS FIFTH AMENDED AND RESTATED ADVISORY AGREEMENT (this “Amended Agreement”), is dated as of April 23, 2018, by and between BRAEMAR HOTELS & RESORTS INC., a Maryland corporation (the “Company”), BRAEMAR HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership (the “Operating Partnership”), BRAEMAR TRS CORPORATION, a Delaware corporation, ASHFORD INC., a Maryland corporation (“Ashford Inc.”), and ASHFORD HOSPITALITY ADVISORS LLC, a Delaware limited liability company which is the operating company of Ashford Inc. (“Advisors LLC” and, together with Ashford Inc., the “Advisor”).  The parties to this Amended Agreement are sometimes referred to herein individually as a “Party” or collectively as the “Parties.”  Unless the context otherwise requires, the term “Company” and the term “Advisor” shall collectively include such Party and its respective Subsidiaries (including, with respect to the Company, the Operating Partnership and in the case of the Advisor, all Majority or Minority Subsidiaries).  All capitalized terms used in this Amended Agreement shall have the meaning ascribed to those terms in Section 24 or as otherwise defined elsewhere in this Amended Agreement unless the context clearly provides otherwise.

 

WHEREAS, the Company invests primarily in high revenue per available room luxury hotels;

 

WHEREAS, the Parties entered into an Advisory Agreement dated and effective on November 19, 2013, which was amended and restated on May 13, 2014, again amended and restated on November 3, 2014 and again amended and restated on June 10, 2015 (the “Existing Advisory Agreement”), pursuant to which the Advisor agreed to perform certain advisory services identified in the Existing Advisory Agreement, on behalf of, and subject to the supervision of, the Board of Directors;

 

WHEREAS, the Company and the Advisor have discussed the desirability of certain amendments to the Existing Advisory Agreement, and, in doing so, subject to the Company Stockholder Approval, to amend and restate the Existing Advisory Agreement to include these amendments;

 

WHEREAS, the Company desires to continue to avail itself of the experience, brand relationships, lender and capital provider sources and relationships, service provider and vendor relationships, asset management expertise, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor continue to provide the services hereinafter set forth, on behalf of, and subject to the supervision of, the Board of Directors, all as provided herein; and

 

WHEREAS, the Advisor is willing to continue to provide such services to the Company on the terms set forth herein;

 

NOW, THEREFORE, in consideration of the mutual covenants set forth in this Amended Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

 

1

 

1.                                      APPOINTMENT OF ADVISOR.

 

(a)                                 The Company appoints the Advisor as the Company’s exclusive advisor of the Company pursuant to the terms of this Amended Agreement and acknowledges the continued role of the Advisor as the exclusive advisor of the Company, to provide the management and real estate services specified herein on the terms and conditions set forth in this Amended Agreement and the Advisor hereby acknowledges and accepts such appointment.

 

(b)                                 Concurrently with, and as a condition to, the effectiveness of this Amended Agreement:

 

(i)                                     the Escrow Agreement establishing the Termination Fee Escrow Account shall have been executed and delivered by the parties thereto in a form satisfactory to the Advisor;

 

(ii)                                  the Company shall have paid by wire transfer of same day funds to the account or accounts designated by the Advisor an amount in cash equal to five million dollars ($5.0 million); and

 

(iii)                               the Company Stockholder Approval shall have been obtained.

 

2.                                      DUTIES OF ADVISOR.

 

2.1                               Specific Duties.  Subject to the supervision of the Board of Directors and the Company complying with its obligations hereunder, the Advisor shall be solely responsible for the day-to-day operations of the Company including all of its Subsidiaries and joint ventures, and shall perform (or cause to be performed through one or more of its Affiliates or third parties) all services relating to the acquisition and disposition of hotels, asset management and financing and operations of the Company, all as may be reasonably required, which shall include the following:

 

(a)                                 source, investigate and evaluate hotel acquisitions and dispositions consistent with the Company’s Investment Guidelines (as defined in Section 9.3(a) below) and make recommendations to the Board of Directors;

 

(b)                                 engage and supervise, at the Company’s expense, third parties to provide services such as development management, property management, project management, design and construction services, investment banking services, financial services, property disposition brokerage services, independent accounting and auditing services and tax reviews and advice, transfer agent and registrar services, feasibility studies, appraisals, engineering studies, environmental property inspections and due diligence services, underwriting review services, consulting services, and other services, deemed by the Advisor to be reasonably necessary for Advisor to perform its duties hereunder;

 

(c)                                  negotiate the material terms and conditions as well as definitive documentation of any acquisitions, dispositions, financings, restructurings or other transactions

 

2

 

with sellers, purchasers, lenders, brokers, agents and other applicable counterparties and representatives;

 

(d)                                 coordinate and manage any joint ventures to which the Company is a party (including joint ventures with parties that are Affiliates of the Advisor or the Company), including monitoring and enforcing compliance with applicable joint venture or partnership governing documents;

 

(e)                                  negotiate the terms of hotel management agreements, franchise agreements and other contracts or agreements of the Company, and modifications, extensions, waivers or terminations thereof including, without limitation, the negotiation and approval of annual operating and capital budgets thereunder;

 

(f)                                   enforce, monitor and manage compliance of hotel management agreements, franchise agreements and other contracts or agreements of the Company, and modifications, extensions, waivers or terminations thereof;

 

(g)                                  negotiate terms of loan documents (“Loan Documents”) for the Company’s financings;

 

(h)                                 enforce, monitor and manage compliance with Loan Documents to which the Company is a party or is otherwise applicable to the Company;

 

(i)                                     administer the Company’s bookkeeping and accounting functions as are required for the management and operation of the Company, and, subject to the prior authorization of the audit committee of the Board of Directors (the “Audit Committee”), cause the Company to contract with independent public registered accountants and prepare or cause to be prepared such periodic reports and filings as may be required by any governmental authority, including but not limited to the Securities and Exchange Commission (the “SEC”), in connection with the ordinary conduct of the Company’s business, and otherwise assist the Company with its compliance with applicable legal and regulatory requirements, including without limitation, proxy statements, annual, quarterly and other periodic reports and other filings required under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), returns and filings under the Internal Revenue Code of 1986, as amended (the “Code”) and any regulations or rulings thereunder, the securities and tax statutes of any state or other jurisdiction in which the Company is obligated to file such reports, or the rules and regulations promulgated under any of the foregoing;

 

(j)                                    assist in preparing and filing any offering documents, registration statements and prospectuses included therein, and other forms or documents filed with the SEC pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or any state securities regulations; provided, however, the Company shall be responsible for the content of any and all of its offering documents, SEC filings or state regulatory filings, including, without limitation, those filings referred to in Section 2.1(i), and the Advisor shall not be held liable for any costs or liabilities arising out of any misstatements or omissions in the Company’s offering documents, SEC filings, state regulatory filings or other filings referred to in Section 2.1(i) and this

 

3

 

Section 2.1(j), whether or not material, and the Company shall promptly indemnify Advisor for such costs and liabilities;

 

(k)                                 investigate, evaluate, negotiate and otherwise manage and take actions it deems necessary to resolve all Proceedings to which the Company may be a party or otherwise involved or to which the Company may be subject other than any Proceedings to which the Advisor or any of its Affiliates are adverse to the Company, subject to such limitations or parameters as may be imposed from time to time by the Board of Directors, and cause the Company to retain such legal counsel, consultants and other third parties on behalf of the Company, as the Advisor deems necessary in connection with the foregoing, and coordinate, supervise and manage all such legal counsel, consultants and other third parties;

 

(l)                                     provide, or cause a third party to provide, the Company with personnel to perform the Company’s risk management and oversight function;

 

(m)                             provide office space, office equipment and personnel necessary for the performance by the Advisor of the services contemplated by this Amended Agreement;

 

(n)                                 cause the payments required to fulfill all of the Company obligations to be made, including without limitation payments of interest and principal on indebtedness of the Company and dividends or distributions to stockholders to the extent declared by the Board of Directors;

 

(o)                                 communicate with the Company’s investors and analysts as required to satisfy reporting or other requirements of any governing body or exchange on which the Company’s securities are traded and to maintain effective relations with such investors and assist the Company with public relations, marketing materials, website and investor relation services;

 

(p)                                 so long as the Board of Directors deems necessary, assist the Company in maintaining its status as a real estate investment trust for U.S. Federal income tax purposes (“REIT”) and monitoring compliance with the various REIT qualification tests and other rules set out in the Code and Treasury Regulations thereunder and using commercially reasonable efforts to cause the Company to qualify for taxation as a REIT;

 

(q)                                 provide direction and guidance to the Board of Directors in connection with policy decisions considered by the Board of Directors;

 

(r)                                    furnish reports and statistical and economic research to the Board of Directors regarding the Company’s activities, investments, financing and capital market activities and services performed for the Company by the Advisor;

 

(s)                                   asset manage and monitor the operating performance of the Company’s real estate investments, including monitoring the management and implementation of capital improvement programs, pursue property tax appeals (as appropriate), and provide periodic reports with respect to the Company’s investments to the Board of Directors, including comparative information with respect to such operating performance and budgeted or projected operating results;

 

4

 

(t)                                    establish, maintain and oversee the Company’s bank accounts (provided that the Advisor shall not be required to provide or assist in proactive investment management strategies or invest excess cash in securities other than U.S. Treasuries);

 

(u)                                 consult with the Board of Directors regarding the Company’s capital structure and capital raising;

 

(v)                                 take all actions reasonably necessary to enable the Company to comply with and abide by all applicable laws and regulations in all material respects subject to the Company providing appropriate, necessary and timely funding of capital;

 

(w)                               provide the Company with an internal audit staff with the ability to satisfy any applicable regulatory requirements, including requirements of the New York Stock Exchange and the SEC, and any additional duties that are determined reasonably necessary or appropriate by the Audit Committee (“Internal Audit Services”); and

 

(x)                                 take such other actions and render such other services as may reasonably be requested by the Company consistent with the purpose of this Amended Agreement and the aforementioned services; provided, that any increase in the scope of duties or services to be provided by the Advisor (i) must be jointly approved by the Company and the Advisor according to Section 9.4 and (ii) will be subject to additional compensation determined in accordance with Section 9.4.

 

2.2                               Officers and Other Personnel.  The Advisor shall make available personnel necessary to perform the services and functions the Advisor is responsible for performing under this Amended Agreement, including persons to serve as officers of the Company.  The Parties agree that persons that are directors, managers, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parent of an Affiliate, may serve as a director or officer of the Company, except that no director, officer or employee of the Advisor or its Affiliates who also is a director or officer of the Company shall receive any compensation from the Company for serving as a director or officer other than (a) reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board; or (b) as otherwise approved by the Board, including a majority of the Independent Directors, and no such director shall be deemed an Independent Director.  The Advisor or its Affiliates shall neither be obligated to dedicate any of their officers or other personnel exclusively to the Company nor is the Advisor, its Affiliates or any of its officers or other employees obligated to dedicate any specific portion of its or their time to the Company or its business, except as necessary to perform the services provided for in this Amended Agreement provided further that if the Advisor terminates the employment of Richard Stockton without the Company’s consent, and the termination creates any cost or other liability to the Company in regards to unvested options or stock granted by the Company to Mr. Stockton, then the Advisor will be responsible for, and reimburse the Company for, the cost or other liability.

 

2.3                               Professional Services.

 

(a)                                 The Advisor shall be entitled to rely on qualified experts and professionals (including, without limitation, accountants, legal counsel and other professional

 

5

 

service providers) hired by the Advisor at the Company’s sole cost and expense.  The Advisor may retain, for and on behalf, and at the sole cost and expense of the Company, such services of any individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization or other entity (each a “Person”) as the Advisor deems necessary or advisable in connection with the management and operations of the Company.

 

(b)                                 The Parties agree and acknowledge that, to the extent applicable in connection with the application or qualification for any and all licensing exemptions and other exemptions contained in any professional regulatory laws, the Advisor and the Advisor’s personnel are equivalent to “internal personnel” of the Company or shall be otherwise considered to meet applicable standards, and the Company shall not assert that they are not “internal personnel” under such circumstances.  Notwithstanding anything to the contrary contained herein, neither the Advisor nor any of its personnel are performing nor shall be required to perform services hereunder that would require the Advisor or any of its personnel to be licensed as a real estate broker in any state or other jurisdiction.

 

(c)                                  Notwithstanding the fact that certain officers and other personnel employed by the Advisor may be both licensed attorneys (each licensed attorney, an “Advisor Attorney”) and officers, managers, partners or employees of the Company, whenever an Advisor Attorney provides legal advice and services in his or her capacity as a manager, partner, officer or employee of the Company, then the Advisor Attorney shall be deemed to be acting in that capacity solely for the Company, and not as a manager, partner, officer or employee of the Advisor or under the control or direction of the Advisor, even if paid by the Advisor.  No Advisor Attorney shall be required to provide legal advice to the Company in any situation in which the Company and the Advisor are adverse.

 

2.4                               Board of Directors Matters.

 

(a)                                 In accordance with Article VII, Section 4 of the charter of the Company, the Company shall nominate persons designated by the Advisor as candidates for election as directors at any stockholders meeting at which directors are to be elected such that the Advisor designees constitute as nearly as possible 29% of the Board of Directors, in all cases rounding to the next larger whole number, for so long as this Amended Agreement is in effect.

 

(b)                                 The Company shall not amend Article VII, Section 4 of the charter of the Company as in effect as of the date of this Amended Agreement or make any other amendments to the charter or bylaws of the Company that would in any way impair the ability of the Company to comply in full with its obligations under this Amended Agreement.

 

(c)                                  The Parties stipulate that a breach of this Section 2.4 would cause irreparable harm and that the obligations of the Company under this Section 2.4 shall, in addition to any other remedies available at applicable law, be enforceable by a decree of specific performance issued by any court of competent jurisdiction, and appropriate injunctive relief may be applied for and granted in connection therewith.

 

2.5                               Certain Related Party Matters.  Any waiver, consent, approval, modification, enforcement matter or election required to be made by the Company under the

 

6

 

Mutual Exclusivity Agreement between the Company, Remington Lodging and Hospitality, LLC (“Remington”) and Monty J. Bennett, dated as of November 19, 2013, as the same may be amended from time to time, or the Master Management Agreement between the Company and Remington, dated as of November 19, 2013, as the same may be amended or supplemented from time to time, shall be within the exclusive discretion and control of a majority of the Independent Directors (or higher vote thresholds specifically set forth in such agreements) unless specifically delegated to the Advisor by a majority of the Independent Directors.

 

2.6                               Increase in Scope of Duties.  Any increase in the scope of duties or services to be provided by the Advisor must be jointly approved by the Company and the Advisor pursuant to Section 9.4 and will be subject to additional compensation in accordance with Section 9.4.

 

2.7                               Asset Management.  The Advisor shall be the Company’s sole and exclusive asset manager with authority to source, evaluate and monitor the Company’s investment opportunities consistent with the Company’s Investment Guidelines, and to direct the operation and policies of the Company, such as managing the Company’s assets and monitoring the operating performance of the Company’s hotel real estate investments and other assets, including the management and implementation of capital improvement programs, pursue property tax appeals (as appropriate), and providing periodic reports with respect to the Company’s hotel real estate investments and other assets to the Board of Directors, including comparative information with respect to such operating performance and budgeted or projected operating results.

 

3.                                      AUTHORITY OF ADVISOR.

 

(a)                                 Subject only to the express limitations set forth in this Amended Agreement and the continuing authority of the Board of Directors over the management of the Company, the power to direct the management, operation and policies of the Company shall be vested solely and exclusively in the Advisor, including, without limitation, the authority to (i) locate, analyze and select investment opportunities; (ii) structure the terms and conditions of transactions pursuant to which investments will be made or acquired for the Company; (iii) arrange for financing or refinancing of the Company’s assets; (iv) enter into hotel management agreements, franchise agreements and other contracts or agreements of the Company, and modifications, extensions, waivers or terminations thereof including, without limitation, the negotiation and approval of annual operating and capital budgets thereunder; (v) oversee duly qualified and licensed property managers and other Persons who perform services for the Company; (vi) arrange for, or provide, accounting and other record-keeping functions; (vii) administer distributions and dividends; and (viii) administer the sale, conveyance, contribution or transfer of assets and related closings thereof.  Notwithstanding the foregoing, all material decisions with respect to annual capital plans, brand conversions, the commencement or settlement of litigation matters, investment decisions, capital market transactions, annual budgets and management and franchise options recommended by the Advisor, including the acquisition, sale, financing and refinancing of assets, shall be subject to the prior authorization of the Board of Directors, except to the extent such authority is expressly delegated by the Board of Directors to the Advisor.  Additionally, if the charter or Maryland General Corporation Law requires the prior approval of the Board of Directors, the Advisor may not take any action on behalf of the

 

7

 

Company without the prior approval of the Board of Directors or duly authorized committees thereof.  In such cases where prior approval is required, the Advisor will deliver to the Board of Directors such documents and supporting information as may be reasonably requested by the Board of Directors to evaluate a proposed investment (and any related financing) or other matters requiring the Board of Directors’ authorization.

 

(b)                                 The Company hereby authorizes the Advisor, and appoints the Advisor as its attorney-in-fact, to, without limitation, execute and file or record, if necessary, any instrument, document, notice or agreement on its behalf pursuant to the authority granted pursuant to Section 3(a) or otherwise granted by the Company to the Advisor under this Amended Agreement.  This power, being coupled with an interest, shall be irrevocable until this Amended Agreement is terminated pursuant to Section 12 and all amounts payable pursuant to Section 12 (including without limitation any Termination Fee) have been paid, satisfied and discharged in full.

 

4.                                      BANK ACCOUNTS.

 

(a)                                 The Advisor shall, and hereby is authorized to, and shall have the exclusive right and authority to, establish and maintain subject to any applicable conditions or limitations of loan documents applicable to the Company, one or more bank, brokerage or similar accounts in the Advisor’s own name for the account of the Company or in the name of the Company and collect and deposit into any account or accounts, and disburse from any such account or accounts, any and all money, securities and other cash equivalents on behalf of the Company, provided that no funds shall be comingled with the funds of the Advisor.  The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and the independent auditors of the Company.

 

(b)                                 In addition to any rights and remedies provided to the Advisor by this Amended Agreement or under applicable law, the Advisor shall have the right in its sole discretion, without prior notice to the Company, to set off, take and apply any monies of the Company on deposit in any bank, brokerage or similar account established and maintained for the Company by the Advisor pursuant to this Section 4 or any money on deposit in the Termination Fee Escrow Account to the payment of all amounts becoming due and payable by the Company; provided, that exercise of any set-off right shall not impact the Company’s obligation to pay any obligations that remain due and payable following set-off by the Advisor.

 

5.                                      PAYMENT OF EXPENSES.

 

5.1                               Reimbursable Expenses.

 

(a)                                 Except as provided herein, the Company shall pay directly or reimburse the Advisor, on the terms provided herein, all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Amended Agreement, including, but not limited to:

 

(i)                                     tax, legal, accounting, advisory, investment banking and other third party professional fees; Board of Directors’ fees, retainers and expense

 

8

 

reimbursements, taxes and assessments on income or property and taxes as an expense of doing business;

 

(ii)                                  any deposits or retainers required by a third party prior to providing services required by the Company or the Advisor;

 

(iii)                               underwriting and brokerage fees and charges;

 

(iv)                              costs associated with insurance (including errors and omissions insurance requested by Section 8.2 purchased by the Advisor);

 

(v)                                 interest and fees and expenses arising out of borrowings made by the Company, including, but not limited to, costs associated with establishing and maintaining any of the Company’s credit facilities, other financing arrangements, or other indebtedness of the Company (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company’s securities offerings;

 

(vi)                              expenses connected with communications to holders of the Company’s securities and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and filing required reports with the SEC, the costs payable by the Company to any transfer agent and registrar, expenses in connection with the listing or trading of the Company’s securities on any exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to the Company’s stockholders and proxy materials with respect to any meeting of the Company’s stockholders and any other reports or related statements;

 

(vii)                           travel and entertainment expenses;

 

(viii)                        conference sponsorships and other costs and expenses related to conferences;

 

(ix)                              transaction diligence and closing costs;

 

(x)                                 dead deal costs or distributions paid by the Company;

 

(xi)                              costs and expenses associated with administering all equity awards or compensation plans established by the Company, including the value of awards made by the Company to the employees, officers, Affiliates and representatives of the Advisor;

 

(xii)                           expenses (including the Company’s pro rata portion of rent, telephone, printing, mailing, utilities, office furniture, equipment, machinery and other office and overhead expenses) relating to any office(s) or office facilities, including disaster backup recovery sites and facilities, maintained for the Company or the investments of the Company, the Advisor or their Affiliates required for the operation of the Company;

 

9

 

(xiii)                        any costs and expenses incurred by the Advisor to enforce its rights under Section 12, Section 16 or Section 19 but only to the extent that the Advisor is the prevailing party in the applicable Proceeding; and

 

(xiv)                       any other costs incurred or paid by the Advisor that the Advisor believes, in its sole discretion, are reasonably necessary for the performance by the Advisor of its duties and functions under this Amended Agreement and including any expenses incurred by Advisor to comply with applicable laws or governmental rules or regulations that impose duties on the Company or the Advisor in its capacity as advisor to the Company.

 

(b)                                 To the extent that any expenses or costs incurred or paid by the Advisor are also attributable to any other entity advised by the Advisor (including, without limitation, Ashford Trust), the Company shall only be responsible for its allocable share of the office and administrative expenses of the Advisor incurred in providing its duties pursuant to this Amended Agreement allocated as reasonably determined by the Advisor in its discretion pursuant to a methodology reviewed by the Audit Committee on a quarterly basis.

 

5.2                               Advisory Agreement Matters.

 

(a)                                 Except as provided below, the Advisor shall be responsible for all wages, salaries, cash bonus payments and benefits related to all employees of the Advisor providing services to the Company (including any officers of the Company who are also officers of the Advisor), provided that the Company shall reimburse the Advisor or be directly responsible for: (i) any expenses for wages, salaries, cash bonus payments and benefits paid by the Advisor to employees providing services related to the Internal Audit Services described in the next sentence, (ii) expenses related to the equity compensation awarded by the Company to employees, officers, Affiliates and representatives of the Advisor pursuant to Section 6.3 below, and (iii) all reasonable international office expenses, overhead, personnel costs, travel and other costs directly related to Advisor’s non-executive personnel that are located internationally or that oversee the operations of international assets or related to Advisor’s personnel that source, investigate or provide diligence services in connection with possible acquisitions or investments internationally (“International Expenses”).  The Company shall reimburse the Advisor, on a monthly basis, the Company’s pro-rata portion (as reasonably agreed to between the Advisor and a majority of the Company’s Independent Directors or the Audit Committee, chairman of the Audit Committee or lead director) of all expenses related to (x) employment of the Advisor’s internal audit managers and other employees of the Advisor who are actively engaged in providing Internal Audit Services to the Company, (y) the reasonable travel and other out-of-pocket costs of the Advisor relating to the activities of the Advisor’s internal audit employees and the reasonable third party expenses which the Advisor incurs, in each case, in connection with providing Internal Audit Services, and (z) the International Expenses.  These expenses contemplated by this Section 5.2(a) shall include, but are not limited to, salary, wages, payroll taxes and the cost of employee benefit plans.

 

10

 

(b)                                 The Company also shall pay or reimburse the Advisor for any and all expenses incurred by the Advisor, its board of directors or any committee thereof related to:

 

(i)                                     the preparation, negotiation and execution of any further amendment of this Amended Agreement initiated or contemplated by the Company or any other third party including with respect to a potential transaction that could result in a Company Change of Control, for any reason, including but not limited to any third party’s interest in proposing, pursuing, evaluating, negotiating or completing a potential transaction that could result in a Company Change of Control, whether or not any amendment to this Amended Agreement is ultimately completed or abandoned and without regard to the status of the preparation and negotiation of any amendment and including but not limited to any discussion and analysis of the terms and provisions of this Amended Agreement or the process whereby services are performed hereunder that occurs in connection with the foregoing; and

 

(ii)                                  the costs and expenses, including but not limited to indemnification for Expenses pursuant Section 8.3(a), related to discussion and analysis of, responding to or defending against any Proceeding related to this Amended Agreement or any amendment thereto, including actual or contemplated Proceedings brought by or against third parties by the Advisor, the Company or any other Indemnified Party but excluding any Proceeding brought by a stockholder of the Advisor against the Advisor.

 

(c)                                  Expenses and costs reimbursable under this Section 5.2 shall include the fees and disbursements of legal counsel (including counsel to the Advisor’s board of directors or any committee thereof) and other consultants, advisors or other professionals retained in connection with the matters described in Section 5.2(a) and any fees and expense reimbursements payable to members of the Advisor’s board of directors for service on any committee of thereof established in connection with the matters described in Section 5.2(a) but excluding, for these purposes, any costs incurred by the Advisor, its board of directors or any committee thereof prior to the date of this Amended Agreement to evaluate or negotiate this Amended Agreement.

 

5.3                               Employee Costs.

 

(a)                                 Except as otherwise set forth herein, or agreed by the Parties, the Company shall have no obligation to reimburse the Advisor for any wages, salaries, payroll taxes, cash bonus payments, employee benefit plan costs and other benefits (“Employee Costs”) incurred by the Advisor with respect to employees of the Advisor providing services related to the day-to-day operation of the Company.

 

5.4                               Reimbursement Procedures.

 

(a)                                 The Company shall pay the costs and expenses that are reimbursable to the Advisor pursuant this Amended Agreement on a monthly basis in advance on the first business day of each month in an amount equal to the “Budgeted Monthly Reimbursements” for the applicable month, subject to reconciliation as provided in Section 5.4(b) hereof if the “Actual Monthly Reimbursements” for the applicable month differ from the Budgeted Monthly Reimbursements.  The “Budgeted Monthly Reimbursements” for

 

11

 

each month shall be equal to the amount estimated to be payable on account of the costs and expenses that are reimbursable to the Advisor pursuant this Section 5 for each month included in each annual expense budget prepared by the Advisor and approved by the Board of Directors (the “Annual Expense Budget”); provided, that, if the Parties do not agree on an Annual Expense Budget for the applicable fiscal year, the Budgeted Monthly Reimbursements for each month of the existing fiscal year shall be equal to 110% of the Actual Monthly Reimbursements for the same month in the prior fiscal year.

 

(b)                                 No later than forty-five (45) days following the end of the applicable fiscal quarter, the Advisor shall calculate (and provide the Company with a copy of the calculation) the costs and expenses that were actually reimbursable to the Advisor pursuant this Section 5 for each month (each amount, the “Actual Monthly Reimbursements”) in the fiscal quarter just ended.  The Company shall have ten (10) business days to review and comment upon the calculation provided by the Advisor.  If the aggregate Actual Monthly Reimbursements payable as calculated by the Advisor for the fiscal quarter just ended exceeds the aggregate Budgeted Monthly Reimbursements paid by the Company pursuant to Section 5.4(a) for the fiscal quarter (the difference being referred to as a “Reimbursement Underpayment”), then the Company shall pay the Advisor the full amount of the Reimbursement Underpayment no later than 55 days following the end of the applicable fiscal quarter.  If the aggregate Budgeted Monthly Reimbursements paid by the Company pursuant to Section 5.4(a) for the fiscal quarter just ended is greater than the aggregate Actual Monthly Reimbursements payable as calculated by the Advisor for the fiscal quarter (the difference being referred to as a “Reimbursement Overpayment”), then the Advisor shall repay the Reimbursement Overpayment to the Company no later than 55 days following the end of the applicable fiscal quarter.

 

6.                                      COMPENSATION.  For services rendered by the Advisor, the Company shall pay the Advisor the compensation set forth in this Section 6.

 

6.1                               Base Fee.

 

(a)                                 The Company shall, on a monthly basis, pay a fee (the “Base Fee”) in an amount equal to 1/12th of 0.70% of the sum of (i) the Total Market Capitalization for the prior month, and (ii) the Key Money Gross Asset Value, if any, on the last day of the prior month during which this Amended Agreement was in effect; provided, however in no event shall the Base Fee for any month be less than the Minimum Base Fee.

 

(b)                                 The Company shall pay the Base Fee or the Minimum Base Fee on the fifth business day of each month based on the calculation in Section 6.1(a) above.

 

6.2                               Incentive Fee.

 

(a)                                 In each year that: (i) Company Common Stock is listed for trading on a national securities exchange for each day of the applicable year; and (ii) the Company’s Total Shareholder Return exceeds the simple average Total Shareholder Return for the Peer Group (the “Incentive Fee Threshold”) for the applicable year, the Company shall pay to the Advisor the Incentive Fee.

 

(b)                                 “Incentive Fee” means an amount calculated as:

 

12

 

(i)                                     the amount by which the Company’s annual Total Shareholder Return exceeds the Incentive Fee Threshold expressed as a percentage but capped at 25% (the “Excess Return”), multiplied by

 

(ii)                                  0.05, multiplied by

 

(iii)                               the product of (A) the number of shares of Company Common Stock on a fully-diluted basis (assuming, for these purposes, all Common Units and long term incentive partnership units in the Operating Partnership to the extent these units have achieved economic parity with Common Units have been converted into shares of Company Common Stock) multiplied by (B) the Market Price of Company Common Stock at December 31 of the applicable calendar year (or last day of the stub period, if applicable).

 

(c)                                  With respect to any year that the Company Common Stock is not listed for trading on a national securities exchange for each day of the applicable year, by January 31 of the next year, the Company shall pay to the Advisor an amount equal to:

 

(i)                                     the Incentive Factor, multiplied by

 

(ii)                                  the Gross Asset Value of all of the Company’s assets on the last day of the year.

 

(d)                                 If this Amended Agreement is terminated on a day other than the last trading day of a calendar year, then the Company’s Total Shareholder Return, the Incentive Fee Threshold and the Total Shareholder Return for each Peer Group Member will be calculated using the closing trading price of Company Common Stock and each Peer Group Member’s common stock on the last trading day immediately preceding the date of termination of this Amended Agreement, and the Incentive Fee, if any, shall be reduced proportionately based on number of days in which this Amended Agreement is in effect for the applicable calendar year.

 

(e)                                  Except as otherwise provided herein, the Incentive Fee, if any, is not due and payable unless the FCCR Condition set forth in Section 6.2(g) is satisfied.  Except as otherwise provided herein, any Incentive Fee that is earned by the Advisor shall be due and payable in three (3) equal annual installments with the first installment payable on January 15 following the applicable year for which the Incentive Fee is earned and on January 15 of the next two successive years.  Notwithstanding the foregoing, upon any termination of this Amended Agreement for any reason, any unpaid Incentive Fee (including any Incentive Fee installment for the stub period ending on the termination date) shall become fully earned and immediately due and payable without regard to the FCCR Condition defined below, and shall be included in Net Earnings for purposes of determining any Termination Fee, if applicable, relating to such termination.

 

(f)                                   Except when the Incentive Fee is due on the date of termination of this Amended Agreement, up to 50% of each installment of the Incentive Fee may be paid, at the option of the Company, in shares of Company Common Stock, with the balance payable in cash and the number of shares of Company Common Stock to be issued being equal to the portion of the Incentive Fee being paid in shares of Company Common Stock divided by the Market Price of the Company Common Stock on the last trading day of the prior fiscal year or the stub period

 

13

 

prior to the payment of the applicable installment of the Incentive Fee; provided, that the entire Incentive Fee must be paid by the Company entirely in cash if, at the time for payment of the Incentive Fee:

 

(i)                                     the Advisor (or its Affiliates) owns shares of Company Common Stock or Common Units in an amount (determined with reference to the Market Price of the Company Common Stock on the last trading day of the year or stub period) greater in value than or equal to three times the Base Fee actually paid for the preceding four quarters;

 

(ii)                                  payment in shares of Company Common Stock would cause, based upon advice from counsel to the Advisor, the Advisor to be subject to the provisions of the Investment Company Act of 1940, as amended (“Investment Company Act”);

 

(iii)                               the Company Common Stock is not listed on a national securities exchange (or it is reasonably foreseeable that the Company Common Stock will cease to be a listed on a national securities exchange during the next twelve (12) months); or

 

(iv)                              payment in shares of Company Common Stock could have or cause, based upon advice from counsel to the Advisor, an adverse effect on the Company’s ability to maintain its status as a REIT or Remington’s ability to maintain its status as an “eligible independent contractor” as defined in Section 856(d)(9) of the Code or would otherwise not be legally permissible for any reason.

 

(g)                                  Upon determining the Incentive Fee, except in the case of any termination of this Amended Agreement in which case the Incentive Fee for the stub period and all unpaid installments of an Incentive Fee shall be deemed earned and fully due and payable, each one-third installment of the Incentive Fee shall not be deemed earned by Advisor or otherwise payable by the Company unless the Company, as of December 31 of the year immediately preceding the year of the due date for the payment of the Incentive Fee installment, has a FCCR of 0.20x or greater (the “FCCR Condition”).  For purposes hereof, “FCCR” shall mean the average ratio of the Company EBITDA to the Company Fixed Charges for the previous four consecutive fiscal quarters.

 

6.3                               Equity Compensation.  To incentivize employees, officers, consultants, non-employee directors, Affiliates or representatives of the Advisor to achieve goals and business objectives of the Company, as established by the Board of Directors, in addition to the Base Fee and the Incentive Fee, the Board of Directors will have the authority to and shall make recommendations of annual equity awards to the Advisor or directly to employees, officers, consultants, non-employee directors, Affiliates or representatives of the Advisor, based on the achievement by the Company of certain financial or other objectives established by the Board of Directors or otherwise as the Board of Directors sees fit.  The Company, at its option, may choose to issue such compensation in the form of equity awards in the Company or the Operating Partnership, unless and to the extent that receipt of such equity awards would adversely affect the Company’s status as a REIT in which case, the equity awards shall be limited to equity awards in the Operating Partnership.  For a period of one year from the date of issuance, any such equity awards in the Operating Partnership shall not be transferable, except by operation of law, without the written consent of the Company in its capacity as the general partner which consent may be

 

14

 

withheld in the sole and absolute discretion of the general partner; provided, however, the Advisor may assign, without the consent of the general partner, such equity awards to employees, officers, consultants, non-employees, directors, Affiliates or representatives of Advisor provided the one-year restriction on transfer shall remain applicable to such assignee.  In addition, except as expressly provided above, any transfer of such equity awards at any time must comply with the transfer restrictions of the Operating Partnership’s partnership agreement or the Company’s charter and bylaws, as applicable.

 

6.4                               [RESERVED].

 

6.5                               Fee Waiver.  The Advisor, or its Subsidiaries or Affiliates, may, at its or their option and in its or their sole discretion, choose to waive any fee or reimbursement payable or owing by the Company to the Advisor under this Amended Agreement; provided, however that the Advisor shall be able to offset any fees that it has waived against any reimbursement obligation that may at any time be owed by the Advisor or alleged to be owed to the Company.  Notwithstanding anything to the contrary herein, any waiver of fees or reimbursements for one period shall have no impact on the calculation of the fees or reimbursements payable in any future period that may be based on the past period during which the waiver occurred.

 

6.6                               Fee Renegotiation.  If the Advisor has given notice of its election to extend this Amended Agreement in accordance with Section 12.2, either Party may then give written notice to the other Party at least one hundred eighty (180) days prior to the expiration of the then current term to renegotiate the amount of Base Fee or Incentive Fee payable by the Company.  Following receipt of a renegotiation notice, each Party shall, for a period of up to sixty (60) days, use its commercially reasonable efforts to negotiate in good faith a revised compensation amount or amounts.  If the Parties are unable to agree on a revised Base Fee or Incentive Fee, then the revised compensation amount shall be determined by an “Arbitration Panel” comprised of three members all of whom have sufficient knowledge and experience of external asset management entities, the national hospitality lodging industry generally and industry standards and market trends for similar advisory agreements in the United States.  The Advisor shall have the right to select one member of the panel (the “Advisor Panel Member”).  The Company shall have the right to select one member of the panel (the “Company Panel Member”).  The third member of the panel shall be selected by the mutual agreement of the Company Panel Member and the Advisor Panel Member; provided that in no event may the Arbitration Panel reduce the multiplier for the Base Fee below 0.65% or increase the multiplier for the Base Fee above 0.75% during the term of this Amended Agreement, including all extensions.  Further, in no event shall the Arbitration Panel reduce the Incentive Fee multiplier below 0.04 or increase the Incentive Fee multiplier above 0.06 during the term of this Amended Agreement.  Each Party shall submit, in writing, a statement summarizing its fee proposal and the underlying rationale therefor with ten (10) business days after selection of the Arbitration Panel is complete.  If the Arbitration Panel requests an in person meeting or teleconference in addition to written statements, the Parties shall use commercially reasonable efforts to attend, and the Parties shall promptly comply with all other reasonable requests by the Arbitrator, including requests for information, books, records and similar items.  The Arbitration Panel shall make a final determination, and notify the parties in writing as soon as practicable but in no event later than thirty (30) days after the panel’s decision no later than thirty (30) days after the

 

15

 

Arbitration Panel is selected.  The decision of the Arbitration Panel shall be final, binding and non-appealable on the Parties thereto.

 

6.7                               Expense Reporting.  The Advisor shall disclose, in each Quarterly Report on Form 10-Q and each Annual Report on Form 10-K that it files under the Exchange Act, the total incremental expenses incurred by the Advisor (including all reimbursable expenses) as reasonably determined by the Advisor for the period covered by the report in connection with providing services to the Company under this Amended Agreement, which determination shall be conclusive and binding on the Parties.  No later than 30 days after the end of each fiscal quarter or 45 days in the case of the fourth quarter, the Advisor shall provide the Audit Committee with a report, substantially in the form agreed upon by the Parties in connection with this Amended Agreement, of an Accounting Firm that the Advisor’s determination of the total incremental expenses for the applicable period is reasonable.  So long as the Accounting Firm’s report is delivered to the Audit Committee in accordance with the form agreed upon by the Parties, the total incremental expenses determined by the Advisor for the applicable period covered by the Accounting Firm’s report shall be binding on both Parties and not subject to revision or challenge.  The Advisor acknowledges and agrees that, to the extent it is no longer required to file reports under the Exchange Act, the Advisor will separately report the amount of total incremental expenses as reasonably determined by the Advisor for the applicable period to the Audit Committee.

 

7.                                      LIMITATION ON ACTIVITIES.  Except for actions taken at the direction of the Board or in good faith, subject to the Company complying with Section 9.1(c) and notwithstanding anything in this Amended Agreement to the contrary, the Advisor shall not take any action which would (a) adversely affect the then effective tax status of the Company as a REIT, (b) subject the Company to regulation under the Investment Company Act, (c) knowingly and intentionally cause the Company to violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company, (d) cause the Company to violate any of the rules or regulations of any exchange on which the Company’s securities are listed, the result of which is likely to cause the Company to be delisted or (e) cause the Company to violate the Company’s charter, the Company’s bylaws or any resolutions of the Board of Directors, all as in effect from time to time.  The Advisor acknowledges that the Company maintains codes and policies intended to help maintain compliance with applicable laws and regulations and agrees to require its employees who provide services to the Company to comply with all applicable codes and policies.

 

8.                                      LIMITATION OF LIABILITY AND INDEMNIFICATION.

 

8.1                               Limitation on Liability.  The Advisor shall have no responsibility other than to render the services and take the actions described herein in good faith and with the exercise of due care and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation of the Advisor.  The Advisor (including its officers, directors, managers, employees and members) will not be liable for any act or omission by the Advisor (or its officers, directors, managers, employees and members) performed in accordance with and pursuant to this Amended Agreement, except by reason of acts or omissions constituting gross negligence, bad faith, willful misconduct or reckless disregard of duties under this Amended Agreement.

 

16

 

8.2                               Insurance Coverage of the Advisor.  The Advisor shall maintain errors and omissions insurance coverage and other insurance coverage in amounts which are customarily carried by asset managers performing functions similar to those of the Advisor under this Amended Agreement.  No fidelity bond shall be required.

 

8.3                               Indemnification.

 

(a)                                 The Company shall reimburse, indemnify and hold harmless the Advisor and its Affiliates, and their respective partners, directors, officers, managers, members, agents, employees and each other Person, if any, controlling the Advisor (each, an “Advisor Indemnified Party”), to the fullest and broadest extent permitted under the Company’s charter and bylaws and the corporate law of the jurisdiction in which the Company is incorporated including all mandatory provisions that may not be waived from and against any and all losses, claims, damages, liabilities, costs and expenses of any nature whatsoever, including, without limitation, attorney’s fees, court costs, and similar fees and expenses (“Expenses”) with respect to or arising out of this Amended Agreement or the performance by the Advisor of its responsibilities and obligations hereunder (including any pending or threatened litigation except for any Proceeding filed by a stockholder of the Advisor against the Advisor), from any acts or omission of the Advisor (including ordinary negligence and any action taken by the Advisor following a directive by the Board of Directors in its capacity as such and Expenses incurred by the Advisor under Section 5), except with respect to Expenses with respect to or arising out of the Advisor Indemnified Party’s gross negligence, bad faith or willful misconduct, or reckless disregard of its duties under this Amended Agreement.

 

(b)                                 The Advisor shall reimburse, indemnify and hold harmless the Company, and its partners, directors, officers, managers, members, agents, employees and each other Person, if any, controlling the Company (each, a “Company Indemnified Party;” an Advisor Indemnified Party and a Company Indemnified Party are each sometimes hereinafter referred to as an “Indemnified Party”) from and against any and all Expenses in respect of or arising from (i) any acts or omissions of the Advisor constituting bad faith, willful misconduct, gross negligence or reckless disregard of duties of the Advisor under this Amended Agreement or (ii) any claims by employees of the Advisor relating to the terms and conditions of their employment by the Advisor.

 

(c)                                  The Company shall reimburse, indemnify and hold each Advisor Indemnified Party harmless from and against any Expenses, joint or several, to which such Advisor Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Expenses (or Proceedings, whether commenced or threatened, in respect thereof) are arising out of or based upon any untrue statement or alleged untrue statement of any material fact contained in any filing with the SEC, any document related to a private offering of securities or any statement of any kind made by the Company and arising out of or 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 the case of a registration statement or prospectus related to an offering of securities registered under the Securities Act, in light of the circumstances under which they were made) not misleading, and will reimburse each such Advisor Indemnified Party for any legal or other expenses reasonably incurred or other Expenses by them in connection with investigating, defending or initiating any such Proceeding.  The

 

17

 

indemnity hereunder shall remain in full force and effect regardless of any investigation made by or on behalf of any Advisor Indemnified Party or any director, officer or controlling person of any Advisor Indemnified Party, and shall survive the termination of this Amended Agreement pursuant to Section 12.  If the indemnification provided for in this Section 8.3(c) is held by a court or government agency of competent jurisdiction to be unavailable to an Indemnified Party or is insufficient to hold the Indemnified Party harmless in respect of any Expenses, then each Indemnified Party shall contribute to the amount paid or payable by the Indemnified Party as between the Advisor, on the one hand, and the Company, on the other hand, in such proportion as is appropriate to reflect the relative fault of Advisor, on the one hand, and of the Company, on the other, as well as any other relevant equitable considerations.  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 is not guilty of fraudulent misrepresentation.

 

(d)                                 Promptly after receipt by an Indemnified Party of notice of the commencement (or threat of commencement) of any Proceeding, the Indemnified Party shall, if a claim in respect thereof is to be made pursuant hereto, notify the indemnifying party in writing of the commencement thereof; but the omission to so notify the indemnifying party shall not relieve it from any liability that it may have to any Indemnified Party pursuant to this Section 8.3.  In case any such Proceeding shall be brought against an Indemnified Party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, to assume the defense thereof, with counsel satisfactory to such Indemnified Party and, after notice from the indemnifying party to such Indemnified Party of the indemnifying party’s election to assume the defense thereof, the indemnifying party shall not be liable to such Indemnified Party under Section 8.3 hereof, as applicable, for any legal expenses of other counsel retained by the Indemnified Party or any of the expenses related thereto, in each case subsequently incurred by such Indemnified Party, unless (i) the indemnifying party and the Indemnified Party shall have mutually agreed to the retention of such counsel, or (ii) the named parties to any such Proceeding (including any impleaded parties) include both the indemnifying party and Indemnified Party and representation of both parties by the same counsel would be inappropriate in the reasonable opinion of the Indemnified Party, due to actual or potential differing interests between them.  The obligations of the indemnifying party under this Section 8.3 shall be in addition to any liability which the indemnifying party otherwise may have under applicable law or otherwise.

 

(e)                                  The Company shall advance funds to an Advisor Indemnified Party upon request for any expenses and other costs incurred as a result of any pending or threatened Proceeding or the initiation of a Proceeding by any Advisor Indemnified Party if (i) such Proceeding relates to or arises out of, or is alleged to relate to or arise out of or has been caused or alleged to have been caused in whole or in part by, any action or inaction on the part of the Advisor Indemnified Party in the performance of its duties or provision of its services hereunder; and (ii) the Advisor Indemnified Party undertakes to repay any funds advanced pursuant to this Section 8.3(e) in cases in which such Advisor Indemnified Party would not be entitled to indemnification under this Section 8.3.  If advances are required under this Section 8.3(e), the Advisor Indemnified Party shall furnish the Company with an undertaking as set forth in clause (ii) of the preceding sentence and shall thereafter have the right to bill the Company for, or otherwise require the Company to pay, at any time and from time to time after such Advisor Indemnified Party shall become obligated to make payment therefor, any and all

 

18

 

reasonable amounts for which such Advisor Indemnified Party is entitled to indemnification under Section 8.3, and the Company shall pay the same within thirty (30) days after request for payment.  In the event that a determination is made by a court of competent jurisdiction or an arbitrator that the Company is not so obligated in respect of any amount paid by it to a particular Advisor Indemnified Party, such Advisor Indemnified Party will refund such amount within sixty (60) days of such determination, and in the event that a determination by a court of competent jurisdiction or an arbitrator is made that the Company is so obligated in respect to any amount not paid by the Company to a particular Advisor Indemnified Party, the Company will pay such amount to such Advisor Indemnified Party within thirty (30) days of such final determination, in either case together with interest at the current prime rate plus 2% from the date paid until repaid or the date it was obligated to be paid until the date actually paid.

 

9.                                      RELATIONSHIP OF ADVISOR AND COMPANY; CAPITALIZATION.

 

9.1                               Contractual Relationship.

 

(a)                                 The relationship between the Company and the Advisor under this Amended Agreement shall be contractual in nature.  The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Amended Agreement shall be construed to make the Company and the Advisor partners or joint venturers.  Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and to the management of Ashford Hospitality Trust, Inc. (“Ashford Trust”), or other programs advised, sponsored or organized by the Advisor, Ashford Trust or their Affiliates.  The Company shall not revise its Investment Guidelines to be directly competitive with all or any portion of Ashford Trust’s Investment Guidelines in effect as of November 19, 2013 or with all or any portion of the initial Investment Guidelines of any Spin-Off Company.  The Company acknowledges that the Ashford Trust’s Investment Guidelines as of November 19, 2013 and as of the date hereof include all segments of the hospitality industry (including, without limitation, direct, joint venture and debt investments in hotels, condo-hotels, time-shares and other hospitality related assets), with revenue per available room (“RevPAR”) criteria less than two times the then-current U.S. average RevPAR.  The Company further acknowledges that any subsequent change to Ashford Trust’s Investment Guidelines, including in connection with any future spin-off, carve-out, split-off or other consummation of a transfer of a division or subset of assets for the purpose of forming a joint venture, a newly created private platform or a new publicly-traded company will not have any impact on or change Ashford Trust’s Investment Guidelines as of November 19, 2013 and as of the date hereof for purposes of enforcing this Section 9.  Except as described in this Section 9.1, this Amended Agreement shall not limit or restrict the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person.  The Advisor may, with respect to any investment or activity in which the Company or its Affiliates is a participant, also render advice and service to each and every other participant therein associated with such investments or activities.

 

(b)                                 Subject to Section 9.3, to the extent the Advisor deems an investment opportunity suitable for recommendation, the Advisor must present the Company with any investment opportunity that satisfies the Company’s Initial Investment Guidelines to the

 

19

 

Company.  The Board of Directors will then have ten (10) business days to accept such opportunity, and, thereafter, the Advisor may present the opportunity to Ashford Trust or any other Person advised by the Advisor.  Except as set forth in the preceding sentence, the Company recognizes that it is not entitled to preferential treatment and is only entitled to equitable treatment in receiving information, recommendations and other services.  The Company shall have the benefit of the Advisor’s commercially reasonable best efforts and judgment and the Advisor shall not undertake any activities that, in its good faith judgment, will materially and adversely affect the performance of its obligations under this Amended Agreement.

 

(c)                                  The Advisor’s obligations hereunder shall, at all times, be subject to the Company funding sufficient working capital, in amounts deemed necessary by the Advisor to operate the Company and oversee its assets on a day-to-day basis and otherwise perform its duties hereunder.

 

9.2                               Joint Efforts and Mutual Support.  The Company acknowledges that the Advisor advises Ashford Trust and may enter into an advisory relationship with additional entities in the future.  The Parties hereto agree and acknowledge that each of the Company, the Advisor and Ashford Trust, as well as other Persons that the Advisor may advise in the future, may benefit from the strategic relationships between such Persons and accordingly intend to cooperate to achieve results, pursue transactions jointly or establish other strategic relationships that are in the best interests of each such entities’ respective shareholders.  From time to time, as may be determined by the Independent Directors or the Independent Directors of the Advisor, Ashford Trust and any other Persons that the Advisor may advise in the future, each such entity may provide financial accommodations, guaranties, back-stop guaranties, and other forms of financial assistance to the other entities on terms that the Independent Directors of the respect boards of directors determine to be fair and reasonable.  Further to the forgoing, as to potential joint efforts and mutual support, the Parties hereto have established a process whereby the Advisor may assist the Company with its asset acquisitions through the provision of Key Money Investments as provided in Section 16.  Similarly, the Advisor’s growth plans include accessing capital through channels beyond those regularly accessed as of the date hereof, including institutional and other private capital and retail capital (generally through independent commissioned or fee based financial advisory firms).  In such regard, the Company shall give due consideration to proposals by the Advisor to co-invest in assets with capital sourced by the Advisor from such channels or to support the creation of platforms that facilitate access to such capital sources.

 

9.3                               Conflicts of Interest.

 

(a)                                 To minimize conflicts between Ashford Trust and the Company, both of which are advised by the Advisor, Ashford Trust and the Company have identified a principal investment focus and have set parameters for real estate investments, including parameters primarily relating to RevPAR, segments, markets and other factors or financial metrics.  The asset type, together with the relevant parameters for investments are referred to as such Person’s “Investment Guidelines,” and the “Initial Investment Guidelines” of the Company are the Investment Guidelines of the Company as set forth below.  The Company may modify or supplement, after consultation with Advisor, the Company’s Investment Guidelines upon written notice to the Advisor from time to time (subject, however, to the prohibition in Section 9.1(a)

 

20

 

restricting the Company from changing the Initial Investment Guidelines to be directly competitive with all or any portion of Ashford Trust’s Investment Guidelines as of November 19, 2013 or the initial Investment Guidelines of any Spin-Off Company).  The Company’s Investment Guidelines as of the date hereof are hotel real estate assets primarily consisting of equity or ownership interests, as well as debt investments when such debt is acquired, or secured with appropriate means, with the intent of obtaining an equity or ownership interest, in:

 

(i)                                     full service and urban select service hotels with trailing 12-month average RevPAR or anticipated 12-month average RevPAR of at least 2.0 times the then-current U.S. national average RevPAR for all hotels as determined with reference to the most current Smith Travel Research reports, generally in the 20 most populous metropolitan statistical areas, as estimated by the United States Census Bureau and delineated by the U.S. Office of Management and Budget;

 

(ii)                                  luxury hotels meeting the RevPAR criteria set forth in clause (i) above and situated in markets that may be generally recognized as resort markets; and

 

(iii)                               international hospitality assets predominantly focused in areas that are general destinations or in close proximity to major transportation hubs or business centers, such that the area serves as a significant entry or departure point to a foreign country or region of a foreign country for business or leisure travelers and meet, or are projected to meet, the RevPAR criteria set forth in clause (i) for that asset as compared to the average RevPAR for the foreign country in which the asset is located.

 

In determining whether an asset satisfies the Company’s Investment Guidelines, the Advisor shall make a good faith determination of projected RevPAR, taking into account historical RevPAR as well as such additional considerations as conversions or reposition of assets, capital plans, brand changes and other factors that may reasonably be forecasted to raise RevPAR after stabilization of such initiative.

 

(b)                                 If the Company materially modifies its Initial Investment Guidelines set forth in Section 9.3(a) above without the written consent of the Advisor, the Advisor will not have an obligation to present investment opportunities to the Company as set forth in Section 9.1(b) above at any time thereafter, regardless of any subsequent modifications by the Company to its Investment Guidelines.  The Advisor shall allocate investment opportunities to Persons (including, without limitation, Ashford Trust, the Company, any Spin-Off Companies or other Persons) which Advisor advises consistent with the terms of this Amended Agreement, taking into account such factors as the Advisor deems relevant, in its discretion, subject to any then existing or future obligations that the Advisor may have to other Persons.  The Company acknowledges that if it materially modifies its Initial Investment Guidelines, the Company will be entitled only to the Advisor’s reasonable best judgment in allocating investment opportunities but will not be entitled to the rights set forth in Section 9.1(b).

 

(c)                                  If the Advisor sources or otherwise has access to a portfolio of assets comprised of assets that satisfy the Company’s Investment Guidelines and Ashford Trust’s

 

21

 

Investment Guidelines as in effect as of the date hereof or, as applicable, one or more other Persons advised by the Advisor, the Advisor will endeavor in its sole judgment made in good faith to present the opportunity to the Company and, if applicable, such other Person(s) (including Ashford Trust) to the extent the Advisor determines that such portfolio can be reasonably divided by asset type and acquired on the basis of such asset types in satisfaction of each Person’s Investment Guidelines.  If the Company and, if applicable, such other Person(s) (including Ashford Trust) approve its portion of such acquisition, the Company and, if applicable, such other Person(s) (including Ashford Trust) will cooperate in good faith in completing the acquisition of the portfolio.  If the portfolio cannot be reasonably separated by asset type, the Advisor shall allocate portfolio investment opportunities, in its sole and absolute discretion, between the Company and, if applicable, other Persons (including Ashford Trust) advised by the Advisor, in an equitable manner consistent with the Company’s Investment Guidelines and, if applicable, Investment Guidelines of other Persons (including Ashford Trust) advised by the Advisor.  In making this determination, the Advisor will consider, in its sole discretion, the Investment Guidelines and investment strategy of each entity with respect to the acquisition of properties, portfolio concentrations, tax consequences, regulatory restrictions, liquidity requirements, leverage and other factors deemed relevant by the Advisor.  Notwithstanding the foregoing, if the Company materially modifies its Initial Investment Guidelines without the written consent of the Advisor, the Advisor will not have an obligation to present portfolio acquisition opportunities to the Company as set forth in this Section 9.3(c) at any time thereafter, regardless of any subsequent modifications by the Company to its Investment Guidelines.  Instead, the Advisor shall use its judgment in determining whether to allocate any portion of a portfolio investment to the Company, taking into account such factors as the Advisor deems relevant, in its sole and absolute discretion, subject to any obligations that the Advisor may have to other Persons; provided, that the Advisor will have no obligation to make any such portfolio investment opportunity available to the Company.

 

9.4                               Exclusive Provider of Products or Services.

 

(a)                                 If at any time the Company desires to engage a third party to perform services or deliver products (other than the services contemplated by this Amended Agreement, these services, the “Additional Services”) and provided that the Company has the right to control the decision on the award of the applicable contract, the Advisor directly or through Affiliates including Majority or Minority Subsidiaries, shall have the exclusive right to provide the Additional Services at Market Rates.  Any proposal of the Advisor to provide Additional Services must be approved by a vote of a majority of the Independent Directors.  The Independent Directors shall vote upon the proposal made by the Advisor within ten (10) business days of receipt from the Advisor.  The Advisor shall have no authority or obligation to provide the Additional Services unless and until approved by the requisite vote of the Independent Directors.

 

(b)                                 If a majority of the Independent Directors of the Company affirmatively votes that the proposed pricing of the Advisor is not at a Market Rate, then the Company and the Advisor shall engage a recognized consultant acceptable to each of the Company and the Advisor to determine the Market Rates for the Additional Services; provided, however, if the Company and the Advisor cannot agree on a mutually acceptable consultant, each of the Company and the Advisor shall name a recognized consultant and those two shall select

 

22

 

the consultant to be used for the purposes of this Section 9.4.  If the consultant’s opinion of Market Rates reflects Market Rates lower than the pricing proposed by the Advisor, the Advisor will pay the expenses of the consultant and shall have the option to provide the Additional Services at Market Rates as determined by the consultant.  If the consultant determines that the proposed pricing by the Advisor is at or below Market Rates, then the Company shall pay the expenses of the consultant and shall engage Advisor at the Market Rate as determined by the consultant.  If the Company rejects Additional Services proposed by the Advisor and later determines to utilize the same Additional Services, the Advisor, directly or through Affiliates including Majority or Minority Subsidiaries, shall have the exclusive right to provide those Additional Services, subject to the process to confirm Market Rates in this Section 9.4(b).

 

(c)                                  The Company acknowledges that the Advisor (and its Affiliates) may receive allowances, rebates or other payments in exchange for the purchase or lease of goods, services, systems or programs involving any services or products provided or sold to the Company, its Affiliates and any hotels owned by the Company.  In each case, the Advisor shall provide the Company’s Independent Directors with information regarding the nature and amount of the allowance, rebate or other payment and the Advisor shall be permitted to receive the allowance, rebate or other payment subject to the approval of the Company’s Independent Directors, which approval shall not be unreasonably withheld.

 

9.5                               The Ashford Name.  The Advisor and its Affiliates have a proprietary interest in the trademarked “Ashford” name and logo.  The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the “Ashford” name and logo during the term of this Amended Agreement.  Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, within sixty (60) days after receipt of written request from the Advisor, cease to conduct business under or use the name “Ashford” or any derivative thereof and the Company shall change its name and the names of any of its Subsidiaries to a name that does not contain the name “Ashford” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates.  At such time, the Company will also make any changes to any trademarks, service marks, logos, or other marks necessary to remove any references to the word “Ashford.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “Ashford” as a part of their name and using the “Ashford” logo, all without the need for any consent (and without the right to object thereto) by the Company.

 

10.                               BOOKS AND RECORDS.  All books and records compiled by the Advisor with respect to the Company’s business and assets in the course of discharging its responsibilities under this Amended Agreement shall be the property of the Company and shall be delivered by the Advisor to the Company immediately upon any termination of this Amended Agreement regardless of the grounds for such termination (including, but not limited to, a breach by the Company of this Amended Agreement); provided, however, that the Advisor shall have reasonable access to such books and records to the extent reasonably necessary in connection with the conduct of its services hereunder and may, in any event, retain a copy of the books and

 

23

 

records.  During the term of this Amended Agreement, the books and records of the Company maintained by the Advisor shall be accessible for inspection by any designated representative of the Company upon reasonable advance notice and during normal business hours.

 

11.                               CONFIDENTIALITY.

 

11.1                        Confidential Information; Duty to Keep Confidential.  Each of the Advisor and the Company shall keep confidential any and all non-public information about the other Party (“Confidential Information”), written or oral, obtained by such Party in connection with this Amended Agreement except that such Confidential Information may be shared (a) with Affiliates, officers, directors, employees, agents and other parties who need such Confidential Information for either Party to be able to perform its duties or obligations hereunder, (b) with appraisers, lenders, bankers and other parties as necessary in the ordinary course of either Party’s business, (c) in connection with any governmental or regulatory filings of either Party, filings with the New York Stock Exchange or other applicable securities exchanges or markets, or disclosure or presentations to Company investors (subject to compliance with Regulation FD), (d) with governmental officials having jurisdiction over the Company and (e) as required by law, rule or regulation.

 

11.2                        Permitted Disclosure.  Nothing will prevent either Party from disclosing Confidential Information (a) upon the order of any court or administrative agency, (b) upon the request or demand of, or pursuant to any law or regulation to, any regulatory agency or authority, (c) to the extent reasonably required in connection with the exercise of any right or remedy under this Amended Agreement, or (d) to either Party’s legal counsel or independent auditors; provided, however that with respect to (a) and (b), so long as legally permissible, whichever Party discloses any Confidential Information shall give notice to the other Party so that such Party may seek, at its sole expense, an appropriate protective order or waiver.

 

11.3                        Exclusions.  For purposes of this Amended Agreement, Confidential Information shall not include (a) information that is available to the public from a source other than the applicable Party, (b) information that is released in writing by the applicable Party to the public or to persons who are not under similar obligations of confidentiality to the applicable Party, or (c) information that is obtained by the applicable Party from a third party which, to the best of the applicable Party’s knowledge, does not constitute a breach by such third party of an obligation of confidence.

 

12.                               TERM AND TERMINATION.

 

12.1                        Term.  This Amended Agreement shall be effective on the date of Company Stockholder Approval.  The initial term of this Amended Agreement shall expire on January 24, 2027, subject to Section 12.2 hereunder.

 

12.2                        Term Extension Rights of Advisor.  This Amended Agreement may be extended by the Advisor for up to seven successive additional ten-year terms upon written notice to the Company, given at least two hundred and ten (210) days prior to the expiration of the then current term, of the Advisor’s election to extend this Amended Agreement on the same terms and conditions of this Amended Agreement, subject to the rights of the Parties under Section 6.6.

 

24

 

12.3                        Termination by the Company.  This Amended Agreement may be terminated by the Company upon written notice to the Advisor and no Termination Fee shall be due and payable by the Company to the Advisor under the following circumstances:

 

(a)                                 upon the Advisor’s conviction (including a plea or nolo contendere) by a court of competent jurisdiction of a felony;

 

(b)                                 if the Advisor commits an act of fraud against the Company, converts the funds of the Company or acts in a manner constituting gross negligence in the performance of the Advisor’s material duties under this Amended Agreement (including a failure to act); provided, however, that the Company will not have the right to terminate this Amended Agreement if any fraud, conversion or actions or omissions described in this Section 12.3(b) are caused by an employee or an officer of the Advisor or an Affiliate of the Advisor and the Advisor takes all reasonable necessary and appropriate action against that person and cures the damage incurred by the Company within 45 days of the Advisor’s actual knowledge of the commission or omission;

 

(c)                                  a Bankruptcy Event occurs with respect to the Advisor; or

 

(d)                                 (i) upon the entry by a court of competent jurisdiction of a final non-appealable order awarding monetary damages to the Company based on a finding that the Advisor committed a material breach or default of a material term, condition, obligation or covenant of this Amended Agreement, which breach or default had a Material Adverse Effect, but only where the Advisor fails to pay the monetary damages in full within sixty (60) days of the date when the monetary judgment becomes final and non-appealable.  For the avoidance of doubt, if the Advisor pays the monetary judgment in full within sixty (60) days of the judgment becoming final and non-appealable, the Company shall not have the right to terminate this Amended Agreement.  Notwithstanding the above, if the Advisor notifies the Company that the Advisor is unable to pay any judgment for monetary damages in full within 60 days of when the judgment becomes final and non-appealable, the Company may not terminate this Amended Agreement if, within the 60-day period, the Advisor delivers a promissory note to the Company having a principal amount equal to the unpaid balance of the judgment and bearing interest at 8.00% per annum, which note shall mature on the 12 month anniversary of the date that the court’s judgment becomes final and non-appealable.  The Company may terminate this Amended Agreement if the Advisor fails to pay all principal and interest due under the note by the maturity date of the note.

 

(ii)                                  Prior to initiating any Proceeding claiming a material breach or default by the Advisor, the Company shall give written notice of the default or breach to the Advisor specifying the nature of the default or breach and providing the Advisor with an opportunity to cure the default or breach within no less than sixty (60) days of notice, or if the default or breach is not reasonably susceptible to cure within sixty (60) days, an additional cure period as is reasonably necessary to cure the default or breach so long as the Advisor is diligently and in good faith pursuing the cure.

 

25

 

12.4                        Company Change of Control.

 

(a)                                 This Amended Agreement may be terminated, subject to the requirements of Section 12.5(a)—(b) below, by either Party effective upon the occurrence of closing of a transaction contemplated by a Change of Control Agreement, completion of a Change of Control Tender, or occurrence of a Voting Control Event; provided that the Party desiring to terminate shall give written notice of intent to terminate to the other Party on a date (i) no earlier than the date on which: (1) the Company enters into a Change of Control Agreement; (2) the Company’s Board of Directors recommends that the Company’s stockholders accept the offer made in a Change of Control Tender; or (3) a Voting Control Event occurs; and (ii) no later than two (2) days after closing of a transaction contemplated by a Change of Control Agreement, completion of a Change of Control Tender, or occurrence of a Voting Control Event.  This Amended Agreement shall terminate at the time set forth in Section 12.5 hereof.

 

(b)                                 (i) The Termination Fee shall be due and payable by the Company to the Advisor upon the later of closing of a transaction contemplated by a Change of Control Agreement, completion of a Change of Control Tender, or occurrence of a Voting Control Event or the notice of termination provided under Section 12.4(a) above; (ii) at the time (A) the Company enters into a Change of Control Agreement; (B) a Change of Control Tender is initiated and the Company’s Board of Directors recommends acceptance by the Company’s stockholders; or (C) a Voting Control Event occurs; the Advisor may, and hereby is authorized to, in the name of and on behalf of the Company, transfer cash of the Company maintained in bank, brokerage or similar accounts established by the Advisor for the Company pursuant to Section 4 to the Termination Fee Escrow Account in an amount equal to the Termination Fee plus the Uninvested Amount less any outstanding amount owed by the Advisor to the Company as a result of a judgment contemplated by Section 12.3(d), referred to herein as the “Outstanding Judgment,” plus any and all other amounts that would be due and payable by the Company to the Advisor pursuant to this Section 12.4(b) or Section 12.5(b)(ii)—(vi) if the Termination Payment Time had occurred concurrently with the events described in (A) — (C) above.  The amount required to be deposited into the Termination Fee Escrow Account shall be referred to herein as the “Required Amount.”  Notwithstanding the above, if the amount to be deposited into the Termination Fee Escrow Account would cause the Company’s remaining cash and cash equivalents to be less than the Working Capital Reserve, then the Company may reduce the Required Amount by an amount of cash equal to the difference between the Working Capital Reserve and cash and cash equivalents that would be remaining on the Company’s balance sheet prepared in accordance with GAAP outside of the Termination Fee Escrow Account.  All amounts so deposited shall be retained in escrow pursuant to the terms of the Termination Fee Escrow Agreement.  The Company and the Advisor shall equally share all costs of the Termination Fee Escrow Account including the reasonable fees and expenses of each Escrow Agent.

 

(c)                                  Notwithstanding Section 12.4(b)(ii) above, if, in the case of an event described in Section 12.4(a)(i)(2)-(3), the Company does not deposit cash equal to the Required Amount into the Termination Fee Escrow Account, then the Company shall deliver to the Escrow Agent for the Termination Fee Escrow Account, the Letter of Credit; provided that the Company has deposited an amount of cash equal to at least 50% of the Required Amount.  The Advisor shall have the right and power, without any further approval of the Company to

 

26

 

cause the Escrow Agent to draw on the Letter of Credit, provided that any draws on the Letter of Credit shall remain in the Termination Fee Escrow Account.

 

(d)                                 If the face amount of the Letter of Credit is not equal to at least the aggregate of the Required Amount less the cash deposited into the Termination Fee Escrow Account, then to secure prompt and complete payment of any deficit, the Company shall pledge and grant to Advisor a continuing first priority security interest in and lien upon the Company’s right, title and interest in, to and in real property, personal property and other assets acceptable to the Advisor owned by the Company, and having a book value of no less than 120% of the deficit (collectively, the “Collateral”).  In addition, the Company shall execute and deliver all further instruments and documents, and take all further action that may be reasonably necessary or reasonably desirable, or that Advisor may reasonably request (including without limitation the filing of any fee and leasehold mortgages), in order to perfect and protect the security interest in the Collateral described above to enable Advisor to exercise and enforce its rights and remedies hereunder with respect to any of the Collateral.  The Company hereby irrevocably authorizes Advisor to file in any filing office in any Uniform Commercial Code jurisdiction any initial financing statements and amendments thereto that provide any information required by part 5 of Article 9 of the Uniform Commercial Code or such other jurisdiction for the sufficiency or filing office acceptance of any, financing statement or amendment relating to the Collateral.  The Company agrees to furnish any such information to Advisor promptly upon Advisor’s request.

 

12.5                        Termination Obligations; Termination Fee Escrow Account.

 

(a)                                 Any amounts due and payable in connection with any termination of this Amended Agreement pursuant to this Section 12 shall become due and payable at the time set forth in this Section 12.5(a) (each such time, a “Termination Payment Time”).  No termination of this Amended Agreement shall become effective unless and until any and all amounts due and payable in connection with a termination pursuant to this Section 12 have been fully paid.  Subject to all amounts being paid, the Termination Payment Time shall occur: (i) with respect to any termination of this Amended Agreement pursuant to Section 12.3, at the effective time of the termination under that section; or (ii) with respect to any termination of this Amended Agreement by the Company or the Advisor pursuant to Section 12.4(a), at the time all amounts due and payable under Section 12.5(b) have been paid.

 

(b)                                 At the Termination Payment Time, the Company shall pay to the Advisor the following amounts which shall become immediately due and payable at the occurrence of closing of a Company Change of Control, giving effect to the transfer of amounts deposited in the Termination Fee Escrow Account: (i) the Termination Fee (and, for the avoidance of doubt, any working capital previously set aside to the extent needed to pay any balance on the Termination Fee) and the Adjusted Termination Fee less any Outstanding Judgment; plus (ii) all Base Fees and Incentive Fees (including any accrued Base Fees and Incentive Fees through the Termination Payment Time); plus (iii) the Uninvested Amount; plus (iv) all costs and expenses reimbursable pursuant to Section 5 through the Termination Payment Time; plus (v) the Key Money Clawback Amount, pursuant to Section 16.3; plus (vi) any other amounts then due and payable hereunder including but not limited to any interest that has accrued but not been paid pursuant to Section 19(b).

 

27

 

(c)                                  At the Termination Payment Time, the Advisor shall have the right and authority to notify the Escrow Agent for the Termination Fee Escrow Account that the Termination Payment Time has occurred and to cause the Escrow Agent to disburse to the Advisor, by cashier’s check or wire transfer, the cash funds, including any cash generated by drawing on the Letter of Credit either prior to or at the Termination Payment Time, in the Termination Fee Escrow Account at the applicable Termination Payment Time without any action required on the part of the Company.  The Advisor shall also have the right and power, without any further approval of the Company to exercise, by foreclosure or otherwise, any rights in the Collateral, pursuant to the security interest granted to the Advisor therein.  Any cash in the Termination Fee Escrow Account that exceeds the amounts due and payable under Section 12.5(b) shall be disbursed by the Escrow Agent to the Company, by cashier’s check or wire transfer.  The Advisor shall retain all rights to pursue collection and payment of any amounts that are not otherwise paid through the exercise of rights under the Termination Fee Escrow, the Letter of Credit and against the Collateral.  If the applicable Change of Control Agreement is terminated, the Change of Control Tender is withdrawn or fails to be consummated or the Voting Control Event does not occur, then, upon notice from the Company to the Advisor, the Advisor shall, as soon as reasonably practicable, notify in writing  the Escrow Agent for the Termination Fee Escrow Account and the Escrow Agent for the Termination Fee Escrow Account shall disburse to the Company, for deposit into one of the bank, brokerage or similar accounts established by the Advisor for the Company pursuant to Section 4, the cash (net of any applicable fees and expenses associated with the Termination Fee Escrow Account) in the Termination Fee Escrow Account.  Further, the Advisor shall release all liens on the Collateral, cause the Letter of Credit to terminate by its terms and the Company’s obligations hereunder shall remain in full force and effect.

 

(d)                                 At the Termination Payment Time and subject to the Advisor’s rights under Section 4 and the full payment of all other amounts due and payable pursuant to this Section 12.5, the Advisor shall: (i) pay over all money collected and held for the account of the Company, provided that the Advisor shall be permitted to deduct any amount required to pay amounts due and payable pursuant to this Section 12.5; (ii) deliver a full accounting of all accounts held by the Advisor in the name of or on behalf of the Company; and (iii) deliver all documents, files, contracts and assets of the Company in the possession of the Advisor to the Company subject to the rights of the Advisor in Section 10 hereunder to retain a copy; and (iv) cooperate with and assist the Company in executing an orderly transition of the management of the Company’s assets to a new advisor.

 

(e)                                  In connection with any termination pursuant to Section 12.4(a), if requested by the Company, the Advisor may agree, in its sole discretion, to provide, transition services agreed to by the parties for a period of up to thirty (30) days in consideration for the payment of Base Fees and Incentive Fees equal to the monthly average Base Fee and Incentive Fee due and payable or paid for the three months prior to the month in which the Termination Payment Time occurs.  During any period of continued service pursuant to this Section 12.5(e), the Advisor shall also be entitled to reimbursements of costs and expenses required by Section 5.

 

12.6                        No Solicitation.  During the term of this Amended Agreement (including any extension term) until two years following the termination of this Amended Agreement other than a termination of the Advisor under Section 12.3 hereunder, the Company shall not, without

 

28

 

the Advisor’s prior written consent, directly or indirectly, (a) solicit or encourage any Person to leave the employment or other service of the Advisor or any of its Affiliates but excluding for these purposes, persons employed by Remington or its subsidiaries who manage the hotels owned by the Company at the hotel level (the “Hotel Employees”), or (b) hire, on behalf of the Company or any other Person, any Person who has left the employment of the Advisor or any of its Affiliates (except the Hotel Employees) within the two-year period following the termination of that Person’s employment with the Advisor or any of its Affiliates.  During the term of this Amended Agreement (including any extension term) until two years following the termination of this Amended Agreement other than a termination of the Advisor for cause, the Company will not, whether for its own account or for the account of any other Person, firm, corporation or other business organization, intentionally interfere with the relationship of the Advisor or any of its Affiliates with, any Person who during the term of this Amended Agreement is, or during the preceding two-year period was, a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor or any of its Affiliates; provided however, that notwithstanding the foregoing, the establishment or continuation by the Company or a new external advisor to the Company of commercial relationships for the Company with any such other Person, firm, corporation or other business organization after the termination of this Amended Agreement shall not be deemed to constitute intentional interference with the relationships of the Advisor and its Affiliates with such Person, firm, corporation or other business entity.

 

12.7                        Repurchase of Stock of Advisor.  Immediately upon termination of this Amended Agreement for any reason, the Advisor shall have the right to repurchase any shares of outstanding common stock of the Advisor (“Advisor Common Stock”) and any units of the Advisor’s operating company (“Advisor Units”) held by the Company at a price equal to the Average VWAP of the Advisor Common Stock for the ten (10) consecutive trading days immediately preceding the date such repurchase option is exercised.  Such repurchase rights shall terminate on the two-year anniversary of the termination of this Amended Agreement.  All shares of Advisor Common Stock or Advisor Units held by the Company upon the termination of this Amended Agreement shall be encumbered with Advisor’s repurchase right, even if the Company transfers such Advisor Common Stock or Advisor Units prior to the termination of the Advisor’s repurchase right.  Notwithstanding anything to the contrary in this Amended Agreement, the Advisor may assign its repurchase rights pursuant to this Section 12.7 to any Person without consent of the Company.

 

12.8                        Survival of Specific Provisions.  The following Sections, including the rights and obligations contained therein, shall survive the termination of this Amended Agreement: Section 5, Section 6, Section 8, Section 9.5, Section 10, Section 11, Section 12, Section 16.3, Section 17 and Section 21.

 

13.                               NOTICES.  All notices, consents, approvals, waivers or other communications (each, a “Notice”) required or permitted hereunder, except as herein otherwise may be specifically provided, shall be in writing and shall be satisfied when:  (a) delivered personally or by commercial messenger; (b) sent via a recognized overnight courier service; (c) sent by registered or certified mail, postage pre-paid and return receipt requested; or (d) sent by facsimile, .pdf or other similar electronic transmission, provided confirmation of receipt is received by sender and the original Notice is sent or delivered contemporaneously by an

 

29

 

additional method provided in this Section 13, in each case so long as such Notice is addressed to the intended recipient thereof as set forth below:

 

If to the Company, to:

 

Braemar Hotels & Resorts Inc.

14185 Dallas Parkway, Suite 1100

Dallas, TX 75254

Attention: Chief Executive Officer

Fax: 972-980-2705

Email: rstockton@ashfordinc.com

 

With a copy to:

 

Braemar Hotels & Resorts Inc.

14185 Dallas Parkway, Suite 1100

Dallas, TX  75254

Attention: General Counsel

Fax: 972-980-2705

 

If to the Advisor, to:

 

Ashford Hospitality Advisors LLC

14185 Dallas Parkway, Suite 1100

Dallas, TX 75254

Attention: Chief Executive Officer

Fax: 972-980-2705

Email: mbennett@ashfordinc.com

 

With a copy to:

 

Ashford Hospitality Advisors LLC

14185 Dallas Parkway, Suite 1100

Dallas, TX  75254

Attention:  General Counsel

Fax: 972-980-2705

 

Either Party hereto may designate a different address by written notice to the other party delivered in accordance with this Section 13.

 

14.                               DELEGATION OF RESPONSIBILITY AND ASSIGNMENT.

 

14.1                        Delegation and Assignment by Advisor.

 

(a)                                 Notwithstanding anything in this Amended Agreement, the Advisor shall have the power to delegate all or any part of its rights and powers to manage and

 

30

 

control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor as it may deem appropriate.  Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Amended Agreement or the charter of the Company.

 

(b)                                 The Advisor may assign this Amended Agreement to any Affiliate that remains under the control of the Advisor without the consent of the Company.

 

14.2                        Assignment by Company.  The Company may not assign this Amended Agreement without the prior written consent of the Advisor, except in the case of assignment by the Company to another REIT or other organization that is a successor, by merger, consolidation, purchase of assets, or other similar transaction, to the Company; provided, that, any such consent of the Advisor shall not impact the Company’s obligation to pay the Termination Fee and any other amounts that become due and payable to the Advisor under this Amended Agreement.

 

14.3                        Successors and Permitted Assigns.  This Amended Agreement shall inure to the benefit of and be binding upon the Parties to this Amended Agreement and their respective successors and permitted assigns, and no other Person shall acquire or have any right under, or by virtue of, this Amended Agreement.  The Company shall be entitled to assign this Amended Agreement to any successor subject to all of the rights and obligations set forth herein.  The Advisor shall have the right to assign this Amended Agreement to any Affiliate except to the extent explicitly set forth in this Amended Agreement.

 

15.                               FUTURE SPIN-OFF BY THE COMPANY.  If the Company elects to spin-off, carve-out, split-off or otherwise consummate a transfer of a division or subset of assets for the purpose of forming a joint venture, a newly created private platform or a new publicly-traded company to hold such division or subset of assets constituting a distinct asset type or Investment Guidelines (collectively, a “Spin-Off Company”), the Company and Advisor agree that such Spin-Off Company shall be externally advised by the Advisor pursuant to an advisory agreement containing substantially the same terms set forth in this Amended Agreement.

 

16.                               KEY MONEY INVESTMENTS.

 

16.1                        Key Money Investment.  The Advisor hereby agrees, from time to time, to contribute to the Company or to one or more to-be-specified taxable REIT subsidiaries of the Company or other Affiliates of the Company, a mutually agreed upon investment (“Key Money Investments”) to facilitate the acquisition of one or more properties (“Key Money Assets”) by the Company if a majority of the independent board members of each of the Company and the Advisor have determined that without such an investment, the acquisition of such property would be uneconomic to the Company.  Key Money Investments may be in the form of, but will not be limited to, cash, notes, equity of the Advisor, the acquisition of furniture, fixture and equipment (“FF&E”) by Advisor for use by the Company at the acquired property, any other consideration mutually agreed to by the Company and Advisor, or any combination thereof.  All terms of any Key Money Investment will be in the form agreed to by the Advisor and the Company at the time the Advisor makes or approves of the investment, and the Company agrees and acknowledges that it will utilize the Advisor as the asset manager with respect to any Key Money Asset acquired with a Key Money Investment and the Company will pay the Advisor the Key

 

31

 

Money Asset Management Fee that is included in the definition of Base Fees for such asset management services.  The Advisor and the Company may agree to additional incentive fees based on the performance of any Key Money Asset (“Key Money Incentive Fees”).  All terms and conditions of any Key Money Investment (including additional incentive fees) will be documented in an addendum to this Amended Agreement or a separate asset management agreement, as determined appropriate by the Parties.

 

16.2                        Value of Advisor Equity.  If the Key Money Investment is made in the form of equity of the Advisor, the value of such Key Money Investment will be based on the average of the daily Market Price of the Advisor Common Stock for the ten (10) consecutive trading days immediately preceding the date the Key Money Investment is made.

 

16.3                        Clawback of Key Money Investment.  The Advisor shall receive at least a per annum return of not less than 5% on each Key Money Investment (such per annum return together with the initial Key Money Investment amount, the “Key Money Return”), through the payment of the Key Money Asset Management Fees and Key Money Incentive Fees, if applicable.  If the Company either (a) disposes of any Key Money Asset or (b) terminates this Amended Agreement (or the applicable asset management agreement) for any reason, in each case prior to the date the Advisor has received the Key Money Return (calculated on an investment by investment basis), the Company shall pay to the Advisor an amount equal to the difference between the Key Money Return and the amount actually received by the Advisor in Key Money Asset Management Fees and Key Money Incentive Fees related to each Key Money Asset and (the “Key Money Clawback Amount”).  The applicable Key Money Clawback Amount, if any, shall be due and payable on the same date the Company disposes of the property, whether by sale or otherwise, or upon the occurrence of a Company Change of Control or any termination of this Amended Agreement, whichever is applicable.

 

16.4                        Use and Pledge of FF&E.  If the Key Money Investment is made by Advisor purchasing FF&E for a Key Money Asset, the Advisor shall grant the Company the right to use the applicable FF&E pursuant to mutually agreed upon terms including the filing by the Advisor of a precautionary UCC financing statement if deemed applicable in the sole discretion of the Advisor, and, upon request, the Advisor will, if permitted by the terms and conditions of any applicable debt agreement applicable to the Advisor, grant a security interest in such FF&E to any lender who so requests in connection with the financing of such Key Money Asset by the Company.  Upon termination of this Amended Agreement, the Company’s right to use any applicable FF&E shall terminate, the Company shall cause any lender holding a security interest in the applicable FF&E to release the security interest granted to the lender.

 

17.                               EQUITY OWNERSHIP.

 

17.1                        Registration Rights for Equity.

 

(a)                                 The Advisor hereby agrees to promptly, but in no event later than one hundred and twenty (120) days following any issuance under this Amended Agreement of equity securities of the Advisor to the Company pursuant to an exemption from registration under the Securities Act, file a resale registration statement with respect to such equity securities,

 

32

 

including without limitation any Advisor Common Stock issuable upon conversion or exchange of such equity securities.

 

(b)                                 The Company hereby agrees to promptly, but in no event later than one hundred and twenty (120) days following any issuance under this Amended Agreement of equity securities of the Company to the Advisor pursuant to an exemption from registration under the Securities Act, file a resale registration statement with respect to such equity securities, including without limitation any Company Common Stock issuable upon conversion or exchange of such equity securities.

 

17.2                        Registration Procedures.

 

(a)                                 In connection with the filing of any registration statement (a “Registration Statement”) required to be filed by either the Advisor or the Company (in such capacity, the “Issuer”) pursuant to Section 17.1, the Issuer will: (i) use its reasonable best efforts to have such Registration Statement declared effective; (ii) furnish to whichever of the Company or the Advisor is the holder of the equity securities to be registered (in such capacity, the “Selling Stockholder”) such number of copies of prospectuses, and supplements or amendments thereto, and such other documents as such Selling Stockholder reasonably requests; (iii) register or qualify the equity securities to be registered pursuant to a Registration Statement (any such equity securities, “Registrable Securities”) under the securities or blue sky laws of such jurisdictions within the United States as any holder of Registrable Securities shall reasonably request, and do such other reasonable acts and things as may be required of it to enable such holders to consummate the sale or other disposition in such jurisdictions of the Registrable Securities; provided, however, that the Issuer shall not be required to (A) qualify as a foreign entity or consent to a general or unlimited service or process in any jurisdictions in which it would not otherwise be required to be qualified or so consent or (B) qualify as a dealer in securities; (iv) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC; and (v) supplement or make amendments to any Registration Statement, if required by the rules, regulations or instructions applicable to the registration form utilized by Issuer or by the Securities Act or rules and regulations thereunder for such Registration Statement.

 

(b)                                 In connection with the filing of a Registration Statement, the Selling Stockholder agrees to furnish to the Issuer, upon request, such information with respect to the Selling Stockholder as may be required to complete and file the Registration Statement.

 

(c)                                  In connection with and as a condition to the Issuer’s obligations with respect to the filing of a Registration Statement pursuant to this Section 17, the Selling Stockholder agrees with the Issuer that: (i) it will not offer or sell its Registrable Securities until (A) such Registrable Securities have been included in a Registration Statement and (B) it has received copies of a prospectus, and any supplement or amendment thereto, as contemplated by Section 17.2(a) hereof, and receives notice that the Registration Statement covering such Registrable Securities, or any post-effective amendment thereto, has been declared effective by the SEC; (ii) if the Issuer determines in its good faith judgment, after consultation with counsel, that the use of the Registration Statement, including any post-effective amendment thereto, or the use of any prospectus contained in such Registration Statement would require the disclosure of

 

33

 

information that the Issuer has a bona fide business purpose for preserving as confidential or the disclosure of which would impede the Issuer’s ability to consummate a significant transaction, upon written notice of such determination by the Issuer, the rights of the Selling Stockholder to offer, sell or distribute its Registrable Securities pursuant to such Registration Statement or prospectus or to require the Issuer to take action with respect to the registration or sale of any Registrable Securities pursuant to a Registration Statement (including any action contemplated by this Section 17.2) will be suspended until the date upon which the Issuer notifies such Selling Stockholder in writing (which notice shall be deemed sufficient if given through the issuance of a press release) that suspension of such rights for the grounds set forth in this paragraph is no longer necessary; provided, however, that the Issuer may not suspend such rights for an aggregate period of more than ninety (90) days in any 12-month period; and (iii) in the case of the registration of any underwritten equity offering proposed by the Issuer (other than any registration by the Issuer on Form S-8, or a successor or substantially similar form, of (A) an employee share option, share purchase or compensation plan or of securities issued or issuable pursuant to any such plan or (B) a dividend reinvestment plan), the Selling Stockholder will agree, if requested in writing by the managing underwriter or underwriters administering such offering, not to effect any offer, sale or distribution of any common stock of the Issuer or Registrable Securities (or any option or right to acquire any common stock of the Issuer or Registrable Securities) during the period commencing on the tenth day prior to the expected effective date (which date shall be stated in such notice) of the Registration Statement covering such underwritten primary equity offering or, if such offering shall be a “take-down” from an effective shelf Registration Statement, the tenth day prior to the expected commencement date (which date shall be stated in such notice) of such offering, and ending on the date specified by such managing underwriter in such written request to the Selling Stockholder; provided, however, that the Selling Stockholder shall not be required to agree not to effect any offer, sale or distribution of its Registrable Securities for a  period of time that is longer than the greater of ninety (90) days or the period of time for which any senior executive of the Issuer is required so to agree in connection with such offering.

 

17.3                        Resale of Equity.

 

(a)                                 The Company acknowledges and agrees that it will not attempt to sell any equity securities of the Advisor until such time as the applicable Registration Statement has been declared effective by the SEC, and thereafter the Company agrees not to sell, on any given trading day, any Advisor Common Stock in excess of an amount equal to 15% of the trading volume of such Advisor Common Stock on such trading day.

 

(b)                                 The Advisor acknowledges and agrees that it will not attempt to sell any equity securities of the Company until such time as the applicable Registration Statement has been declared effective by the SEC, and thereafter the Advisor agrees not to sell, on any given trading day, any Company Common Stock in excess of an amount equal to 15% of the trading volume of such Company Common Stock on such trading day.

 

18.                               COMPANY COVENANTS.

 

(a)                                 Without the Advisor’s consent, delivered in writing to the Board of Directors, the Company shall not declare or pay any dividend or distribution (whether in cash,

 

34

 

securities or other property) with respect to any capital stock of the Company or otherwise, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any capital stock or other equity interest or otherwise, or on account of any return of capital to the Company’s stockholders, partners or members (or the equivalent Person thereof), unless after giving effect to the dividend or distribution, the Company shall have a Consolidated Tangible Net Worth of no less than 25% of the Company’s Gross Asset Value; provided that nothing herein shall prohibit the Company from declaring or paying any dividend or distribution which, based on the advice of counsel, is necessary for the Company to maintain its REIT status.

 

(b)                                 During the term of this Amended Agreement, the Company shall not permit its Consolidated Tangible Net Worth, as of the end of any fiscal quarter, to be less than the sum of (i) $390 million, and (ii) an amount equal to 75% of the net equity proceeds received by the Consolidated Parties after December 31, 2016 by reason of the issuance and sale of Equity Interests in the Company.

 

(c)                                  In order to further the Company’s growth, the Company undertakes to make investments that are consistent with the Company’s Investment Guidelines.  All investments shall be at purchase prices that are commercially reasonable in light of the quality of the asset, prevailing market conditions and the Company’s investment and strategic objectives, in each case, identified and recommended by the Advisor (individually a “Growth Asset” and collectively the “Growth Assets.”)  In connection with each acquisition by the Company of a Growth Asset, 3.75% of the purchase price of the applicable asset shall constitute a “Qualifying Growth Investment.”  Each Qualifying Growth Investment shall reduce the Uninvested Amount.  Capital investments in any assets owned by the Company as of the date of this Amended Agreement or any other asset not specifically recommended pursuant to this Section 18(c) shall not constitute a Qualifying Growth Investment.

 

(d)                                 Company Stockholder Approval.

 

(i)                                     As promptly as practicable following the date of this Amended Agreement, the Company shall, in accordance with applicable Law, establish a record date, duly call, give notice of, convene and hold a meeting of its stockholders for the purpose of obtaining the Company Stockholder Approval.

 

(ii)                                  The Company shall prepare and cause to be filed with the SEC a Proxy Statement in preliminary and definitive form (the “Proxy Statement”) relating to the meeting of the stockholders of the Company at which the Company Stockholder Approval is sought.  The Advisor shall furnish all information concerning itself, its Affiliates and its management and provide such other assistance as may be reasonably requested in connection with the preparation, filing and distribution of the Proxy Statement.  The Proxy Statement shall include all information reasonably requested by the Parties to be included therein.  The Company shall promptly notify the Advisor upon the receipt of any comments from the SEC or any request from the SEC for amendments or supplements to the Proxy Statement, and shall, as promptly as practicable after receipt thereof, provide the Advisor with copies of all correspondence between the Company, on one hand, and the SEC, on the other hand, and all written comments with

 

35

 

respect to the Proxy Statement received from the SEC and promptly advise the Advisor of any oral comments with respect to the Proxy Statement received from the SEC.  The Company, with the assistance of the Advisor, shall use its commercially reasonable efforts to respond as promptly as practicable to any comments from the SEC with respect to the Proxy Statement and have such comments cleared by the SEC as promptly as practicable.  Notwithstanding the foregoing, prior to filing the Proxy Statement (including with respect to the preliminary Proxy Statement), mailing the Proxy Statement (or any amendment or supplement thereto) or responding to any comments of the SEC with respect thereto, the Company shall cooperate and provide the Advisor a reasonable opportunity to review and comment on the applicable document or response (including the proposed final version of the applicable document or response) and shall give due consideration to all changes provided by the Advisor.  If, at any time prior to the Proxy Statement being cleared by the SEC, any information relating to the Company, the Advisor or any of their respective Affiliates should be discovered by the Company or the Advisor which, in the reasonable judgment of the Company or the Advisor, should be set forth in an amendment of, or a supplement to, the Proxy Statement, so that such document would not include any misstatement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, the party which discovers such information shall promptly notify the other parties hereto, and the Company and the Advisor shall cooperate in the prompt filing with the SEC of any necessary amendment of, or supplement to, the Proxy Statement and, to the extent required by Law, in disseminating the information contained in such amendment or supplement to stockholders of the Company.

 

19.                               LIQUIDATED AND OTHER DAMAGES.

 

(a)                                 Upon the entry of a final non-appealable order from a court of competent jurisdiction that a Liquidated Damages Event has occurred, the Company shall pay to the Advisor the Uninvested Amount plus an amount in cash equal to the Liquidated Damages Amount.  The Parties intend that the payment of the Liquidated Damages Amount constitute compensation, and not a penalty.  The Parties acknowledge and agree that the occurrence of a Liquidated Damages Event would deprive the Advisor of the benefits that the Advisor could reasonably anticipate from full performance by the Company of its obligations hereunder and that the damages incurred by the Advisor if a Liquidated Damages Event occurs are uncertain and incapable or very difficult to accurately estimate, and that the Liquidated Damages Amount is a reasonable estimate of the anticipated or actual harm caused by a Liquidated Damages Event and not a penalty.  The Parties agree and acknowledge that without the agreements embodied by this Section 19, the Parties would not enter into this Amended Agreement.  Upon payment by the Company of the (i) Liquidated Damages Amount less any Outstanding Judgment and, to the extent not otherwise included in the Liquidated Damages Amount, (ii) (A) the Uninvested Amount; plus (B) all costs and expenses reimbursable pursuant to Section 5 through termination due to the Liquidated Damages Event; plus (C) the Key Money Clawback Amount, pursuant to Section 16.3; plus (D) any other amounts then due and payable hereunder including but not limited to any interest that has accrued but not been paid pursuant to Section 19(b) to the Advisor, the Parties shall have no further obligations hereunder, and this Amended Agreement shall be terminated; provided that during the pendency of any action (including any appeals related thereto) brought by the Advisor claiming that a Liquidated Damages Event has occurred,

 

36

 

the Company shall continue to pay or reimburse the Advisor all amounts due or reimbursable hereunder including any obligations imposed on the Company under Section 12 hereof.

 

(b)                                 If the Company fails to timely pay any amount due pursuant to Section 5, Section 6, Section 12 or Section 19(a) hereof, the Company shall pay interest at a rate equal to 8% per annum, increasing 200 basis points at the end of each 90 day period that amounts remain outstanding (or such lesser rate as is the maximum permitted by applicable law) and compounded annually on the amounts due and payable for the period from the date the amount became due and payable through the date the Advisor receives payment for all outstanding amounts including interest thereon.

 

(c)                                  The Party that prevails in any Proceeding to enforce rights and obligations under this Amended Agreement shall be entitled to be reimbursed by the other Party for the reasonable fees and expenses of counsel in connection with the Proceeding.

 

(d)                                 All rights and remedies provided in this Amended Agreement are cumulative and not exclusive, and the exercise by the Advisor or the Company, as applicable, of any right or remedy does not preclude the exercise of any other right or remedy, at law or in equity, that may now or subsequently be available to the Advisor or the Company.

 

20.                               REPRESENTATIONS AND WARRANTIES.

 

20.1                        Company Representations.  The Company represents and warrants to the Advisor as follows:

 

(a)                                 The execution, delivery and performance of this Amended Agreement and the Escrow Agreement by the Company has been duly authorized by all necessary corporate or other organizational action, and does not and will not (i) contravene the terms of the Company’s charter, the Company’s bylaws or any other organizational document of the Company; (ii) conflict with or result in any breach or contravention of, or the creation of any Encumbrance under, or require any payment to be made under any Contract or any order, injunction, writ or decree of any governmental authority or any arbitral award to which the Company or its property is subject; or (iii) violate any Law, rule or regulation.

 

(b)                                 This Amended Agreement and the Escrow Agreement constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.

 

20.2                        Advisor Representations.  The Advisor represents and warrants to the Company as follows:

 

(a)                                 The execution, delivery and performance of this Amended Agreement and each Escrow Agreement by the Advisor has been duly authorized by all necessary corporate or other organizational action, and does not and will not (i) contravene the terms of the Advisor’s charter, the Advisor’s bylaws or any other organizational document of the Advisor; (ii) conflict with or result in any breach or contravention of, or the creation of any Encumbrance under, or require any payment to be made under any Contract or any order,

 

37

 

injunction, writ or decree of any governmental authority or any arbitral award to which the Advisor or its property is subject; or (iii) violate any Law, rule or regulation.

 

(b)                                 This Amended Agreement and each Escrow Agreement constitutes legal, valid and binding obligations of the Advisor, enforceable against the Advisor in accordance with their terms.

 

21.                               TREATMENT UNDER TEXAS MARGIN TAX.  For purposes of the Texas margin tax, the Advisor’s performance of the services specified in this Amended Agreement will cause the Advisor to conduct part of the active trade or business of the Company, and the compensation specified in this Amended Agreement includes both the payment of management fees and the reimbursement of specified costs incurred in the Advisor’s conduct of the active trade or business of the Company.  Therefore, the Advisor and the Company intend Advisor to be, and shall treat Advisor as, a “management company” within the meaning of Section 171.0001 (11) of the Texas Tax Code.  The Company and the Advisor will apply Sections 171.1011(m-1) and 171.1013(f)-(g) of the Texas Tax Code to the Company’s reimbursements paid to the Advisor pursuant to this Amended Agreement of specified costs and wages and compensation.  The Advisor and the Company further recognize and intend that as a result of Advisor’s contractual duties under this Amended Agreement, certain reimbursements under this Amended Agreement are “flow-through funds” mandated by contract to be distributed within the meaning of Section 171.1011(g) of the Texas Tax Code.  The terms of this Amended Agreement shall be interpreted in a manner consistent with the characterization of the Advisor as a “management company” as deemed in Section 171.0001(11), and with the characterization of the reimbursements as “flow-through funds” within the meaning of Section 171.1011(f)-(g) of the Texas Tax Code.

 

22.                               INTERPRETATION.  The Parties hereto have participated jointly in the negotiation and drafting of this Amended Agreement.  Consequently, in the event an ambiguity or question of intent or interpretation arises, this Amended Agreement shall be construed as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Amended Agreement.

 

23.                               GOVERNING LAW.  This Amended Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without regard to the conflict of laws principals thereof.

 

24.                               CERTAIN DEFINITIONS.

 

24.1                        For the purposes of this Amended Agreement:

 

“Accounting Firm” means one of the member firms or Affiliates of either Deloitte Touche Tohmatsu Limited, KPMG LLP, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, BDO USA, LLP, Grant Thornton LLP, BKD, LLP or another independent certified public accounting firm of national reputation mutually agreed to by the Parties.

 

“Adjusted Termination Fee” means, at the applicable time, an amount equal to the sum of 20% of the Termination Fee.

 

38

 

“Affiliate” means a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the Person in question and any officer, director, trustee, key decision-making employee, stockholder or partner of any Person referred to in the preceding clause, except that, for purposes of this Amended Agreement, the Company shall not be considered an Affiliate of the Advisor.

 

“Ashford Inc. Adjusted EBITDA” means the GAAP net income of Ashford Inc. as reported in the  Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K of Ashford Inc. filed with the SEC following the end of each fiscal quarter or fiscal year, as applicable, or if the Company does not make filings with the SEC, as otherwise reasonably determined by the Advisor and reported to the Audit Committee, including all Incentive Fees and all other income and earnings of Advisor and any of its Affiliates and Subsidiaries, plus income taxes, depreciation, amortization and all one-time expenses and other adjustments that are made by the Advisor to adjust for the impact of non-recurring items in calculating “Adjusted EBITDA” as reported in the earnings releases of Ashford Inc. filed with the SEC following the end of each fiscal quarter or fiscal year, as applicable.

 

“Average VWAP” means the average of the VWAP of the security in question for each trading day of the applicable period.

 

“Bankruptcy Event” means, with respect to any Person, (A) the filing by the Person of a voluntary petition seeking liquidation, reorganization, arrangement, or readjustment, in any form, of its debts under Title 11 of the United States Code or any other U.S. federal or state or foreign insolvency law, or the Person’s filing an answer consenting to or acquiescing in any petition, (B) the making by the Person of any assignment for the benefit of its creditors, (C) the expiration of 60 days after the filing of an involuntary petition under Title 11 of the United State Code, an application for the appointment of a receiver for a material portion of the assets of the Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of its debts under any other U.S. federal or state or foreign insolvency law, provided that the petition shall not have been vacated, set aside or stayed within such 60-eay period, or (D) the entry against the Person of a final and non-appealable order for relief under any bankruptcy, insolvency or similar law now or hereinafter in effect.

 

“Baseline Asset Value” means $1.496 billion.

 

“Board of Directors” means the board of directors of the Company including, unless the context requires otherwise and to the extent authorized, any committee thereof.

 

“Change of Control Agreement” means a letter of intent or a definitive agreement contemplating transactions which, if consummated, would constitute a Company Change of Control.

 

“Change of Control Tender” means a tender offer by any “person” or “group” (within the meaning of Section 13(d) of the Exchange Act) pursuant to which such person or group would, if such tender offer were completed, become the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act) directly or indirectly, of securities of the Company representing 35% or more of the shares of voting stock of the Company then outstanding.

 

39

 

“Company Change of Control” shall mean any of the following events:

 

(a)                                 the occurrence of a (i) Voting Control Event or (ii) Change of Control Tender;

 

(b)                                 the consummation of any merger, reorganization, business combination or consolidation of the Company, or one of its respective Subsidiaries, as applicable, with or into any other company, other than a merger, reorganization, business combination or consolidation which would result in the holders of the voting securities of the Company outstanding immediately prior thereto holding securities which represent immediately after such merger, reorganization, business combination or consolidation more than 50% of the combined voting power of the voting securities of the Company or the surviving company or the parent of such surviving company; or

 

(c)                                  the consummation of a sale or other disposition (including distributions to stockholders of the Company) by the Company of more than two (2) hotels and the aggregate Gross Asset Value of all hotels sold or disposed of exceeds 20% of the Gross Asset Value of all of the Company’s assets in any rolling 12-month period, or the consummation of a sale or disposition (including distributions to stockholders of the Company) by the Company of more than four (4) hotels and the aggregate Gross Asset Value of all hotels sold or disposed of exceeds 30% of the Gross Asset Value of all of the Company’s assets over any rolling 36-month period, exclusive of assets sold or contributed by the Company to a platform or entity advised by the Advisor; provided, however for the purposes of calculating the percentage of any sale or disposition (including distributions to stockholders of the Company) of the Gross Asset Value of all of the Company’s assets under this subparagraph (c), the denominator of the calculation shall be the Gross Asset Value of all of the Company’s assets on the day before the consummation of the first sale or disposition of (including distributions to stockholders of the Company) that is a part of the numerator of the calculation as adjusted for any hotels and related assets acquired by the Company from and after that day through the day before consummation of the last sale or disposition of (including distributions to stockholders of the Company) that is a part of the numerator of the calculation.

 

“Company Common Stock” means common stock of the Company, $0.01 par value per share.

 

“Company EBITDA” means the Company’s “Adjusted EBITDA” as reported in the Company’s Quarterly Reports on Form 10-Q or Annual Reports on Form 10-K filed with the SEC following the end of each fiscal quarter or fiscal year, as applicable or if the Company does not make filings with the SEC, as otherwise reasonably determined by the Advisor and reported to the Audit Committee.

 

“Company Fixed Charges” means, as reported in the Company’s Quarterly Reports on Form 10-Q or Annual Reports on Form 10-K filed with the SEC following the end of each fiscal quarter or fiscal year, as applicable, all (A) interest expense incurred by the Company and its Subsidiaries, (B) scheduled principal payments of the Company and its Subsidiaries, whether or not paid but excluding any balloon or similar principal payments which repay indebtedness in

 

40

 

full and payments under cash flow mortgages applied to principal, and (C) preferred dividends paid by the Company.

 

“Company Stockholder Approval” means the affirmative vote of a majority of votes cast by stockholders of the Company, a quorum being present, at a meeting called by the Company for the purpose of seeking approval by the Company’s stockholders of this Amended Agreement.

 

“Consolidated Parties” means a collective reference to the Company and its consolidated Subsidiaries.

 

“Consolidated Tangible Net Worth” means, as of any date of determination, the consolidated shareholders’ equity of the Consolidated Parties on that date, as determined in accordance with GAAP, minus the amount of their consolidated intangible assets under GAAP, plus the amount of their consolidated accumulated depreciation; provided, however, that there shall be excluded from the calculation of “Consolidated Tangible Net Worth” any effects resulting from the application of FASB ASC No. 715: Compensation — Retirement Benefits.  Consolidated Tangible Net Worth shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP and amortization of intangibles pursuant to State of Financial Accounting Standards number 141.

 

“Contract” means any written or oral loan or credit agreement, bond, debenture, note, mortgage, indenture, lease, license or other contract, agreement, obligation, commitment or instrument, including all amendments thereto.

 

“EBITDA” means, with respect to any entity, earnings before interest, taxes, depreciation and amortization.

 

“Encumbrance” means any security interest, lien, claim, pledge, option, right of first refusal, limitation on voting rights, charge or other encumbrance of any nature (other than any restrictions on transfer arising under applicable securities law).

 

“Equity Interests” means, with respect to any Person, all of the shares of capital stock (or other ownership or profit interests) in such Person, all of the warrants, options or other rights for the purchase or acquisition from which Person of shares of capital stock (or other ownership or profit interests) in such Person, all of the securities convertible into or exchangeable for shares of capital stock (or other ownership or profit interests) in such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

 

“Escrow Agent” means the agent under the Termination Fee Escrow Account.

 

“Escrow Agreement” means an agreement among the Company, the Advisor and the Escrow Agent with respect to the Termination Fee Escrow Account.

 

“G&A Ratio” means an amount calculated as the simple average of the ratios of total general and administrative expenses, less any non-cash expenses but including any dead deal

 

41

 

costs, paid in the applicable fiscal quarter by each member of a select peer group set forth in Exhibit A hereto (each, a “Peer Group Member” and collectively, the “Peer Group”), divided by the total market capitalization of such Peer Group Member (calculated in a materially consistent manner with the calculation of the Total Market Capitalization of the Company (assuming the Key Money Asset Factor is one) or the Advisor provided for hereunder).  The G&A Ratio for each Peer Group Member will be calculated based on the financial information presented in such Peer Group Member’s Quarterly Reports on Form 10-Q or Annual Reports on Form 10-K filed with the SEC following the end of the applicable fiscal quarter.  The Peer Group may be modified from time to time as set forth in Section 27.

 

“GAAP” means Generally Accepted Accounting Principles in the United States.

 

“Gross Asset Value” means, with respect to the Company’s assets as of any date, the undepreciated carrying value of all of the Company’s assets including all cash and cash equivalents and capitalized leases and any FF&E leased to the Company pursuant to any Key Money Investment as reflected on the most recent balance sheet and accompanying footnotes of the Company filed with the SEC or prepared by the Advisor in accordance with GAAP consistent with its performance of its duties hereunder without giving effect to any impairments plus the contract purchase price of any assets acquired after the date of the most recent balance sheet and all capital expenditures made (to the extent not already reflected in the carrying value of the asset) with respect to an asset since the date of its acquisition for any improvements or for additions thereto, that have a useful life of more than one year and that are required to be capitalized under GAAP.

 

“Growth Asset” means an asset acquired by the Company identified and approved by the Advisor pursuant to the provisions of Section 18(c) hereof.

 

“Incentive Factor” means the highest Incentive Ratio from among the Incentive Ratios for the last three years in which Company Common Stock was listed for trading on a national securities exchange for each day of the applicable year.

 

“Incentive Ratio” means the amount, with respect to any year, expressed as a percentage equal to the quotient of the full Incentive Fee earned with respect to such year (even though paid over three years) divided by the Gross Asset Value of all the Company’s assets as of the last day of such year.

 

“Independent Director” means any person serving as a director of the Company who satisfies the rules and regulations of the New York Stock Exchange then in effect to be “independent” under those rules and regulations.

 

“Key Money Asset Factor” means (A) 100% minus the (B) quotient, expressed as a percentage, resulting from dividing (1) the Gross Asset Value of all Key Money Assets by (2) the Gross Asset Value of all the Company’s assets (including all Key Money Assets and all Liquid Assets of the Company) as of the first day of the applicable period.

 

“Key Money Asset Management Fee” means, for each month, an amount that is 1/12th of 0.70% of the aggregate Gross Asset Value of all Key Money Assets as of the first day of the applicable month.

 

42

 

“Key Money Gross Asset Value” means, with respect to the Key Money Assets as of any date, the undepreciated carrying value of the Key Money Assets and capitalized leases and any FF&E leased to the Company pursuant to any Key Money Investment as reflected on the most recent balance sheet of the Company filed with the SEC or prepared by the Advisor consistent with its performance of its duties hereunder without giving effect to any impairments plus the contract purchase price of any Key Money Assets acquired after the date of such most recent balance sheet and all capital expenditures made (to the extent not already reflected in the carrying value of the Key Money Assets) with respect to any Key Money Asset since the date of its acquisition for any improvements or for additions thereto, that have a useful life of more than one year and that are required to be capitalized under GAAP.

 

“Law” means any and all domestic (federal, state or local) or foreign laws, statutes, rules, regulations, ordinances, codes, orders, judgments, injunctions, decrees or other legally enforceable requirements issued, enacted, promulgated, entered into, agreed or imposed by any governmental authority.

 

“Letter of Credit” means an irrevocable standby letter of credit issued by a recognized commercial bank having net assets of not less than $500 million to the Escrow Agent, that the Escrow Agent at the request of the Advisor may draw upon, conditioned only upon the presentation of the original letter of credit and a signed statement that the Advisor is entitled to cause the Escrow Agent to draw, in the maximum aggregate amount equal to the difference between (1) the Required Amount; and (2) the amount of cash deposited into the Termination Fee Escrow Account by the Company.

 

“Liquid Assets” shall mean assets in the form of cash, cash equivalents, obligations of (or fully guaranteed as to principal and interest by) the United States or any agency or instrumentality thereof (provided the full faith and credit of the United States supports such obligation or guarantee), certificates of deposit issued by a commercial bank having net assets of not less than $500.0 million, securities listed and traded on a recognized stock exchange or traded over the counter and listed in the National Association of Securities Dealers Automatic Quotations, or liquid debt instruments that have a readily ascertainable value and are regularly traded in recognized financial market.

 

“Liquidated Damages Amount” means the amount that is the greater of:

 

(a)                                 (i)                                     12 multiplied by (ii) the sum of (A) Net Earnings for the LTM Period; plus (B) to the extent not included in Net Earnings, any Incentive Fees that have accrued or are accelerated but have not yet been paid at the time a Liquidated Damages Event occurs;

 

(b)                                 (i)                                     the quotient of (A) the Total Market Capitalization of the Advisor on the trading day immediately preceding the date on which a Liquidated Damages Event occurs, divided by (B) the Ashford Inc. Adjusted EBITDA for the LTM Period, multiplied by (ii) Net Earnings for the LTM Period plus, to the extent not included in Net Earnings, any Incentive Fees that have accrued or are accelerated but have not yet been paid at the time a Liquidated Damages Event occurs; or

 

43

 

(c)                                  the simple average, for the three fiscal years preceding the fiscal year in which the Liquidated Damages Event occurs, of (i) the quotient of (A) the Total Market Capitalization of the Advisor on the last trading day of such fiscal year, divided by (B) the Ashford Inc. Adjusted EBITDA for such fiscal year, multiplied by (ii) Net Earnings for the LTM Period plus, to the extent not included in Net Earnings, any Incentive Fees that have accrued or are accelerated but have not yet been paid at the time a Liquidated Damages Event occurs.

 

“Liquidated Damages Event” means any action or omission by the Company that individually or when considered with other actions or omissions previously taken or omitted by the Company constitute a repudiation by the Company of this Amended Agreement depriving the Advisor of the benefit that the Advisor could reasonably anticipate from full performance by the Company of its obligations hereunder.

 

“LTM Period” means the 12-month period ending on the last day of the fiscal quarter prior to which, as applicable, the Termination Payment Time or the Liquidated Damages Event occurs.

 

“Majority or Minority Subsidiary” means, with respect to a Person, any Subsidiary of the Person or any corporation, partnership, limited liability company or other entity in respect of which less than 100% but more than 1% of the Equity Interests therein are at the time directly or indirectly owned by the Person.

 

“Market Price,” with respect to securities of a company, means the closing market price, regular way of such securities on any securities exchange on which such securities are listed or admitted to trading, or if no such sales take place on that day, the average of the bid and asked prices on such day.

 

“Market Rates” means a rate that is within the range of rates available from third parties not Affiliated with the Advisor who are not otherwise discounting fees or discounting fees giving effect to any rebates or other business for fees being received from the party or another third party and taking into consideration the terms, conditions and the scope of the Additional Services.

 

“Material Adverse Effect” means a material adverse effect on the Company’s business, results of operations or financial condition.

 

“Minimum Base Fee” means an amount equal to the greater of (A) 90% of the Base Fee paid for the same month in the prior fiscal year and (B) 1/12th of the G&A Ratio for the most recently completed fiscal quarter multiplied by the Total Market Capitalization on the last balance sheet date included in the most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K filed by the Company with the SEC.

 

“Net Earnings” means (A) the total Base Fees and Incentive Fees, plus any other revenues reported on the Advisor’s income statement as pertaining to this Amended Agreement, in each case, in accordance with GAAP, including all EBITDA of the Advisor and any of its Affiliates and Majority or Minority Subsidiaries from providing any Additional Services to the Company, the Operating Partnership or any of their Affiliates or Subsidiaries, less (B) the total incremental expenses determined in accordance with, and subject to, Section 6.7, in each case for

 

44

 

the LTM Period (adjusted assuming this Amended Agreement was in place for the full LTM Period if it otherwise was not).  For the avoidance of doubt, the Parties agree that fees and expenses payable or reimbursable by the Company to Remington and its subsidiaries under the Ashford Prime Hotel Master Management Agreement dated as of November 19, 2013, by and between Braemar TRS Corporation and Remington Lodging & Hospitality, LLC and any successor or related hotel management agreement with Remington and its subsidiaries along with any associated expenses of Remington relating to the Ashford Prime Hotel Master Management Agreement shall not be included in Net Earnings or otherwise in the calculation of the Termination Fee, Adjusted Termination Fee or Liquidated Damages Amount.

 

“Ownership Limit” has the meaning ascribed to such term in the Company’s charter in effect as of the date of this Amended Agreement.

 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other entity.

 

“Proceedings” means all disputes or controversies of any kind including without limitation all charges, complaints,  grievances, actions, causes of action, suits, rights, demands, claims, lawsuits, other legal actions or litigation, arbitration, investigations (internal or external), inquiries or other proceedings.

 

“Qualifying Growth Investment” means 3.75% of the purchase price paid by the Company for each Growth Asset; provided, that no acquisition may constitute a Qualifying Growth Investment if, when the Growth Asset was acquired, the Company’s Gross Asset Value was less than the Baseline Asset Value.

 

“Remington Acquisition” means the closing of the transaction pursuant to the agreement between Ashford Inc. and the owners of Remington entered into on September 17, 2015 and amended on May 24, 2016, as the same may be further amended.

 

“Subsidiary” means, with respect to a Person, a corporation, partnership, limited liability company or other entity in respect of which 100% of the Equity Interests therein are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person.

 

“Termination Fee” means the amount that is the greater of:

 

(a)                                 (i)                                     twelve (12) multiplied by (ii) the sum of (A) Net Earnings for the LTM Period; plus (B) to the extent not included in Net Earnings, any Incentive Fees that have accrued or are accelerated but have not yet been paid at the Termination Payment Time;

 

(b)                                 (i)                                     the quotient of (A) the Total Market Capitalization of the Advisor on the trading day immediately preceding the date on which the Termination Payment Time occurs, divided by (B) the Ashford Inc. Adjusted EBITDA for the LTM Period, multiplied by (ii) Net Earnings for the LTM Period plus, to the extent not included in Net Earnings, any Incentive Fees that have accrued or are accelerated but have not yet been paid at the Termination Payment Time; and

 

45

 

(c)                                  the simple average, for the three fiscal years preceding the fiscal year in which the Termination Payment Time occurs, of (i) the quotient of (A) the Total Market Capitalization of the Advisor on the last trading day of such fiscal year, divided by (B) the Ashford Inc. Adjusted EBITDA for such fiscal year, multiplied by (ii) Net Earnings for the LTM Period plus, to the extent not included in Net Earnings, any Incentive Fees that have accrued or are accelerated but have not yet been paid at the Termination Payment Time.

 

“Termination Fee Escrow Account” means the account established by the Parties with an Escrow Agent as contemplated by Section 12.4(b)(ii).

 

“Total Market Capitalization” means, for any period:

 

(a)                                 With respect to the Company to the extent Company Common Stock is listed for trading on a national securities exchange for every day during any period for which the Total Market Capitalization is to be calculated, the amount calculated as:

 

(i)                                     the Average VWAP multiplied by the weighted average number of shares of Company Common Stock outstanding during such applicable period, on a fully-diluted basis (assuming, for these purposes, that all common units in the Operating Partnership (“Common Units”), and long term incentive partnership units in the Operating Partnership to the extent they have achieved economic parity with Common Units have been converted into shares of Company Common Stock and including any shares of Company Common Stock issuable upon conversion of any convertible preferred stock of the Company where the conversion price is less than the Average VWAP), plus

 

(ii)                                  the average, as reflected in the Company’s books and records, for the applicable period of the aggregate principal amount of the Company’s consolidated indebtedness (including, if applicable, the Company’s proportionate share of debt of any entity that is not consolidated and excluding, if applicable, any of the Company’s joint venture partners’ proportionate share of consolidated debt) day, plus

 

(iii)                               the average, as reflected in the Company’s books and records, for the applicable period of the liquidation value of the Company’s outstanding preferred equity (excluding any convertible preferred stock of the Company where the conversion price is less than the Average VWAP), multiplied by

 

(iv)                              the Key Money Asset Factor.

 

(b)                                 With respect to the Company, if the Company’s  Common Stock is not listed for trading on a national securities exchange (due to any reason, including but not limited to delisting by the New York Stock Exchange or the occurrence of a Company Change of Control) for any day during any period for which the Total Market Capitalization is to be calculated, the greater of: (i) the weighted average Gross Asset Value of all the Company’s assets on each day during such period; or (ii) the Total Market Capitalization as calculated pursuant to paragraph (a) of this definition on the last day on which Company Common Stock was listed for trading on a national securities exchange, regardless of whether this day occurred during the applicable period.

 

46

 

(c)                                  With respect to the Advisor, the amount calculated as:

 

(i)                                     the Average VWAP per multiplied by the weighted average number of shares of Advisor Common Stock outstanding during such applicable period, on a fully-diluted basis (assuming, for these purposes, that all Advisor Units and any other securities of the Advisor or any of its Subsidiaries convertible into Advisor Common Stock have been so converted), plus

 

(ii)                                  the average for the applicable period of the aggregate principal amount of the Advisor’s consolidated indebtedness (including, if applicable, the Advisor’s proportionate share of debt of any entity that is not consolidated and excluding, if applicable, any of the Advisor’s joint venture partners’ proportionate share of consolidated debt) day, plus

 

(iii)                               the average for the applicable period of the liquidation value of the Advisor’s outstanding preferred equity outstanding.

 

“Total Shareholder Return,” for any period with respect to any company with common stock listed on a national securities exchange, means the sum, expressed as a percentage, of (A) the change in the common stock price during the applicable period, plus (B) the dividend yield paid during the applicable period (determined by dividing dividends paid during the applicable period by the applicable company’s common stock price at the beginning of the applicable period and including the value of any dividends or distributions with respect to common stock not paid in cash valued in the reasonable discretion of the Advisor).

 

“Uninvested Amount” means, at the applicable time, (A) $45 million less (B) the aggregate dollar amount of Qualifying Growth Investments, plus (C) 3.75% of the sale price of each asset sold after the date of this Amended Agreement; provided that in no event may the Uninvested Amount be greater than $45 million or less than zero; provided further, that if the Company terminates this Amended Agreement pursuant to Section 12.3 hereof, the Uninvested Amount shall be zero.

 

“Voting Control Event” means (A) any “person” or “group” (within the meaning of Section 13(d) of the Exchange Act) other than (1) the Company or any of its Subsidiaries, (2) any employee benefit plan of the Company or any of its Subsidiaries, (3) a company owned, directly or indirectly, by stockholders of the Company in substantially the same proportions as the ownership of the Company, or (4) an underwriter temporarily holding securities pursuant to an offering of such securities, becoming the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing 35% or more of the shares of voting stock of the Company then outstanding and the Company fails to enforce the Ownership Limit within five business days of the person or group becoming the beneficial owner or a court of competent jurisdiction enjoins enforcement of the Ownership Limit; or (B) any person or group enters into an agreement which if consummated would result in the person or group becoming the beneficial owner of securities representing 35% or more of the shares of the Company’s voting stock and either: (1) the Board of Directors waive the Ownership Limit; or (2) a court of competent jurisdiction enjoins enforcement of the Ownership Limit.

 

47

 

“VWAP” means the dollar volume-weighted average price for the securities in question on the national securities exchange on which it trades during the period beginning at 9:30:01 a.m., New York City time (or such other time as the national securities exchange on which it trades  publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York City time (or such other time as the national securities exchange on which it trades publicly announces is the official close of trading), as reported by Bloomberg, L.P. through its “Volume at Price” function.

 

“Working Capital Reserve” means an amount equal to the lesser of 2% of the Company’s Gross Asset Value as reported on the Company’s balance sheet for the most recently completed quarter and 10% of the Termination Fee, but in no case less than $10 million.

 

24.2                        The following terms are defined elsewhere in this Amended Agreement, as indicated elsewhere herein as follows:

 

	
Actual   Monthly Reimbursement
    	
5.4(b)
    
	
Additional   Services
    	
9.4(a)
    
	
Advisor
    	
Preamble
    
	
Advisor   Attorney
    	
2.3(c)
    
	
Advisor   Common Stock
    	
12.7
    
	
Advisor   Indemnified Party
    	
8.3(a)
    
	
Advisor   Panel Member
    	
6.6
    
	
Advisor   Units
    	
12.7
    
	
Advisors   LLC
    	
Preamble
    
	
Amended   Agreement
    	
Preamble
    
	
Annual   Expense Budget
    	
5.4(a)
    
	
Arbitration   Panel
    	
6.6
    
	
Ashford   Inc.
    	
Preamble
    
	
Ashford   Trust
    	
9.1(a)
    
	
Audit   Committee
    	
2.1(i)
    
	
Base   Fee
    	
6.1(a)
    
	
Budgeted   Monthly Reimbursement
    	
5.4(a)
    
	
Code
    	
2.1(i)
    
	
Collateral
    	
12.4(d)
    
	
Company
    	
Preamble
    
	
Company   Indemnified Party
    	
8.3(b)
    
	
Company   Panel Member
    	
6.6
    
	
Confidential   Information
    	
11.1
    
	
Employee   Costs
    	
5.3(a)
    
	
Excess   Returns
    	
6.2(b)(i)
    
	
Exchange   Act
    	
2.1(i)
    
	
Existing   Advisory Agreement
    	
Recitals
    
	
Expenses
    	
8.3(a)
    
	
FCCR
    	
6.2(g)
    
	
FCCR   Condition
    	
6.2(g)
    
	
FF&E
    	
16.1
    
	
Hotel   Employees
    	
12.6
    

 

48

 

	
Incentive   Fee
    	
6.2(b)
    
	
Incentive   Fee Threshold
    	
6.2(a)
    
	
Indemnified   Party
    	
8.3(b)
    
	
Initial   Investment Guidelines
    	
9.3(a)
    
	
Internal   Audit Services
    	
2.1(w)
    
	
International   Expenses
    	
5.2(a)
    
	
Investment   Company Act
    	
6.2(f)(ii)
    
	
Investment   Guidelines
    	
9.3(a)
    
	
Issuer
    	
17.2(a)
    
	
Key   Money Assets
    	
16.1
    
	
Key   Money Clawback Amount
    	
16.3
    
	
Key   Money Incentive Fees
    	
16.1
    
	
Key   Money Investments
    	
16.1
    
	
Key   Money Return
    	
16.3
    
	
Loan   Documents
    	
2.1(g)
    
	
Notice
    	
13
    
	
Operating   Partnership
    	
Preamble
    
	
Outstanding   Judgment
    	
12.4(b)
    
	
Party
    	
Preamble
    
	
Proxy   Statement
    	
18(d)(ii)
    
	
Registrable   Securities
    	
17.2(a)
    
	
Registration   Statement
    	
17.2(a)
    
	
Reimbursement   Overpayment
    	
5.4(b)
    
	
Reimbursement   Underpayment
    	
5.4(b)
    
	
REIT
    	
2.1(p)
    
	
Remington
    	
2.5
    
	
Required   Amount
    	
12.4(b)(ii)
    
	
RevPAR
    	
9.1(a)
    
	
SEC
    	
2.1(i)
    
	
Securities   Act
    	
2.1(j)
    
	
Selling   Stockholder
    	
17.2(a)
    
	
Spin-Off   Company
    	
15
    
	
Termination   Payment Time
    	
12.5(a)
    

 

25.                               ENTIRE AGREEMENT.  This Amended Agreement reflects the entire understanding of the Parties hereto with respect to the subject matter hereof and supersedes and replaces all agreements between the Company and the Advisor with respect to the subject matter hereof including, without limitation, the Existing Advisory Agreement and the Remington Letter Agreement.

 

26.                               SEVERABILITY.  Whenever possible each provision and term of this Amended Agreement will be interpreted in a manner to be effective and valid, but if any provision or term of this Amended Agreement is held to be prohibited by law or invalid, then such provision or term will be ineffective only to the extent of such prohibition or invalidity, without invalidating or affecting in any manner whatsoever the remainder of such provision or term or the remaining provisions or terms of this Amended Agreement.

 

49

 

27.                               AMENDMENT, MODIFICATIONS AND WAIVER.  This Amended Agreement hereto shall not be altered or otherwise amended in any respect, except pursuant to an instrument in writing signed by the Parties hereto; provided, that any additions to or deletions from the Peer Group Members identified in Exhibit A shall may be made by the Advisor, if it reasonably believes such addition or deletion is appropriate given the competitive environment in the Company’s industry at such time, which addition or deletion shall become effective upon the twentieth (20th) day after delivery to the Independent Directors, unless a majority of the Independent Directors object, in writing, to such addition or deletion.  The waiver by a party of a breach of any provisions of this Amended Agreement shall not operate or be construed as a waiver of any subsequent breach.

 

28.                               COUNTERPARTS.  This Amended Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which shall constitute one and the same agreement.

 

(SIGNATURES BEGIN ON NEXT PAGE)

 

* * * * *

 

50

 

IN WITNESS WHEREOF, the undersigned have executed this Amended Agreement as of the date first above written.

 

	
 
    	
 
    	
BRAEMAR:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Braemar   Hotels & Resorts Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Richard Stockton
    
	
 
    	
 
    	
Name:   Richard Stockton
    
	
 
    	
 
    	
Title:   Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
OPERATING   PARTNERSHIP:
    
	
 
    	
 
    
	
 
    	
Braemar   Hospitality Limited Partnership
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   Braemar OP General Partner LLC, its general
    
	
 
    	
 
    	
partner
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Richard Stockton
    
	
 
    	
 
    	
Name:   Richard Stockton
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
TAXABLE   REIT SUBSIDIARY:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Braemar   TRS Corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Deric S. Eubanks
    
	
 
    	
 
    	
Name:   Deric S. Eubanks
    
	
 
    	
 
    	
Title:   President
    
					

 

[Signature page to the Braemar Advisory Agreement]

 

 

	
 
    	
ADVISOR:
    
	
 
    	
 
    
	
 
    	
Ashford   Hospitality Advisors LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Deric Eubanks
    
	
 
    	
Name:   Deric Eubanks
    
	
 
    	
Title:   Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Ashford   Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Deric Eubanks
    
	
 
    	
Name:   Deric Eubanks
    
	
 
    	
Title:   Chief Financial Officer
    

 

[Signature page to the Braemar Advisory Agreement]

 

 

Exhibit A

 

Peer Group Members

 

Chesapeake Lodging Trust

DiamondRock Hospitality Co.

Lasalle Hotel Properties

Pebblebrook Hotel Trust

Sunstone Hotel Investors, Inc.

 

A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00282-of-00352.parquet"}]]