Document:

d867882ex4-13.htm

    Exhibit
4.13

    

    

    

    Date               December
2007

    

    

    

    

    PRIMELEAD
LIMITED

    

    as
Borrower

    

    

    –
and –

    

    

    THE
BANKS AND FINANCIAL INSTITUTIONS

    listed
in Schedule 1

    as
Lenders

    

    

    –
and –

    

    

    NORDEA
BANK FINLAND PLC, LONDON BRANCH

    as
Agent

    and
as Security Trustee

    

    

    

    

    

    

                                                                    

     

    LOAN
AGREEMENT

     

                                                                    

    

    relating
to a credit

    facility
of up to US$260,000,000

    

    

    

    

    
      
        
          Watson,
Farley & Williams

          London

        

         

      

      
         

        
          

        

      

      
         

      

    

    INDEX

    

     

     

    

      
        	Clause 	 	Page 
	 	 	 
	
                1

              	
                INTERPRETATION

              	
                1

              
	
                2

              	
                FACILITY

              	
                14

              
	
                3

              	
                POSITION
      OF THE LENDERS AND THE MAJORITY LENDERS

              	
                14

              
	
                4

              	
                DRAWDOWN

              	
                16

              
	
                5

              	
                INTEREST

              	
                17

              
	
                6

              	
                INTEREST
      PERIODS

              	
                20

              
	
                7

              	
                DEFAULT
      INTEREST

              	
                20

              
	
                8

              	
                REPAYMENT
      AND PREPAYMENT

              	
                21

              
	
                9

              	
                CONDITIONS
      PRECEDENT

              	
                23

              
	
                10

              	
                REPRESENTATIONS
      AND WARRANTIES

              	
                24

              
	
                11

              	
                GENERAL
      UNDERTAKINGS

              	
                25

              
	
                12

              	
                CORPORATE
      UNDERTAKINGS

              	
                28

              
	
                13

              	
                SECURITY
      COVER

              	
                30

              
	
                14

              	
                PAYMENTS
      AND CALCULATIONS

              	
                31

              
	
                15

              	
                APPLICATION
      OF RECEIPTS

              	
                33

              
	
                16

              	
                EARNINGS

              	
                33

              
	
                17

              	
                EVENTS
      OF DEFAULT

              	
                34

              
	
                18

              	
                FEES
      AND EXPENSES

              	
                38

              
	
                19

              	
                INDEMNITIES

              	
                39

              
	
                20

              	
                NO
      SET-OFF OR TAX DEDUCTION

              	
                41

              
	
                21

              	
                ILLEGALITY,
      ETC

              	
                42

              
	
                22

              	
                INCREASED
      COSTS

              	
                44

              
	
                23

              	
                SET
      OFF

              	
                45

              
	
                24

              	
                TRANSFERS
      AND CHANGES IN LENDING OFFICES

              	
                46

              
	
                25

              	
                VARIATIONS
      AND WAIVERS

              	
                49

              
	
                26

              	
                NOTICES

              	
                50

              
	
                27

              	
                SUPPLEMENTAL

              	
                52

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                28

              	
                LAW
      AND JURISDICTION

              	
                52

              
	
                SCHEDULE
      1  LENDERS AND COMMITMENTS

              	
                54

              
	
                SCHEDULE
      2  DRAWDOWN NOTICE

              	
                55

              
	
                SCHEDULE
      3  CONDITION PRECEDENT DOCUMENTS

              	
                56

              
	
                SCHEDULE
      4  TRANSFER CERTIFICATE

              	
                58

              
	
                SCHEDULE
      5   FORM OF COMPLIANCE CERTIFICATE

              	
                62

              
	
                SCHEDULE
      6  MANDATORY COST FORMULA

              	
                63

              
	
                EXECUTION
      PAGE

              	
                66

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

THIS LOAN AGREEMENT is made
on             December
2007

    

    BETWEEN:

    

    
      	
              (1)

            	
              PRIMELEAD LIMITED, as
      Borrower;

            

    

     

    
      	
              (2)

            	
              THE BANKS AND FINANCIAL
      INSTITUTIONS  listed in Schedule 1, as Lenders;

            

    

     

    
      	
              (3)

            	
              NORDEA BANK FINLAND PLC, LONDON
      BRANCH, as Agent, Lead Arranger and Book Runner;
      and

            

    

     

    
      	
              (4)

            	
              NORDEA BANK FINLAND PLC, LONDON
      BRANCH, as Security Trustee.

            

    

     

     

    WHEREAS the Lenders have
agreed, subject to the term of this Agreement, to make available to the Borrower
a credit facility of up to US$260,000,000 to finance its acquisition of
51,778,647 shares in the common stock of Ocean Rig ASA, listed on the Oslo Børs,
and to pay fees and expenses incurred in connection with such credit
facility.

     

    IT IS AGREED as
follows:

     

    
      	
              1

            	
              INTERPRETATION

            

    

     

    
      	
              1.1

            	
              Definitions.  Subject
      to Clause 1.5, in this Agreement (including the
  Recitals):

            

    

     

    “Account Security Deed” means a
deed creating security in respect of the Earnings Account and the Deposit
Account executed or to be executed by the Borrower in favour of the Security
Trustee in such form as the Lenders may agree or require;

    

    “Adjusted Equity” means, as of
any Compliance Date, the value of the stockholders’ equity of the Group
determined on a consolidated basis in accordance with GAAP and as shown in the
consolidated balance sheets for the Group in the Applicable Accounts, adjusted
by adding or subtracting (depending on whether the same is positive or negative)
any difference between:

    

    
      	
               
      

            	
              (a)

            	
              the
      value of Total Assets determined on a consolidated basis in accordance
      with GAAP and as shown in such consolidated balance sheets;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Market Value Adjusted Total Assets;

            

    

     

    “Advance”  means the
principal amount of any borrowing by the Borrower under this
Agreement;

    

    “Affected
Lender”  has the meaning given in Clause 5.5;

    

    “Agency and Trust
Deed”  means the agency and trust deed dated the same date as
this Agreement and made between the Borrower, the Lenders, the Agent and the
Security Trustee;

    

    “Agent”  means Nordea
Bank Finland Plc, London Branch, in its capacity as agent for the Lenders under
this Agreement and the other Finance Documents, acting through its office at 8th
Floor, City Place House, 55 Basinghall Street, London  EC2V 5NB, or
any successor of it appointed under clause 5 of the Agency and Trust
Deed;

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    “Applicable Accounts” means, in relation
to a Compliance Date or an accounting period, the consolidated balance sheets
and related consolidated statements of stockholders’ equity, income and cash
flows of the Group set out in the annual financial statements or interim
financial statements of the Group prepared as of the Compliance Date or, as the
case may be, the last day of the accounting period in question (and which the
Borrower is obliged to deliver to the Agent pursuant to Clause
11.6);

    

    “Approved
Broker”  means each of Braemar Seascope Shipbrokers Ltd., H.
Clarkson & Company Limited, Barry Rogliano Salles S.A., R.S. Platou
Shipbrokers A.S., P.F. Bassoe AS, Arrow Sale & Purchase (UK) Ltd., Simpson
Spence & Young, Fearnley AS and Maersk Shipbrokers;

    

    “Availability
Period”  means, subject to the provisions of Clause 9.1, the
period commencing on the date of this Agreement and ending on:

    

    
      	
               
      

            	
              (a)

            	
              30
      June 2008 (or such later date as the Agent, with the authorisation of the
      Majority Lenders, may agree with the Borrower);
  or

            

    

     

    
      	
               
      

            	
              (b)

            	
              if
      earlier, the date on which the Total Commitments are fully borrowed,
      cancelled or terminated;

            

    

     

    “Borrower” means PRIMELEAD LIMITED, a company incorporated
in Cyprus whose registered office is at 10 Skopa Street, Nicosia, Cyprus (and
any successor);

     

    “Business Day”  means
a day on which banks are open in London, Oslo and Athens and, in respect of a
day on which a payment is required to be made under a Finance Document, also in
New York City;

    

    “Commitment”  means,
in relation to a Lender, the amount set opposite its name in Schedule 1, or, as
the case may require, the amount specified in the relevant Transfer Certificate,
as that amount may be reduced, cancelled or terminated in accordance with this
Agreement (and “Total
Commitments” means the aggregate of the Commitments of all the
Lenders);

    

    “Compliance Date” means 30 June
and 31 December in each calendar year (or such other dates as of which the Group
prepares the consolidated financial statements which it is required to deliver
pursuant to Clause 11.6);

    

    “Contractual
Currency”  has the meaning given in Clause 19.5;

    

    “Contribution”  means,
in relation to a Lender, the part of the Loan which is owing to that
Lender;

    

    “Creditor
Party”  means the Agent, the Security Trustee or any Lender
whether as at the date of this Agreement or at any later time;

    

    “Dollars” and “$”  means the lawful
currency for the time being of the United States of America;

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    “Drawdown
Date”  means, in relation to the Advance, the date requested by
the Borrower for such Advance to be made, or (as the context may require) the
date on which such Advance is actually made being not later than 30 June
2008;

    

    “Drawdown
Notice”  means a notice in the form set out in Schedule 2 (or
in any other form which the Agent approves or reasonably requires);

    

    “Deposit
Account”  means an NOK account in the name of the Borrower with
the Security Trustee in London, designated “PRIMELEAD LIMITED - Deposit Account”
or, any other account (with that or another office of the Security Trustee or
with a bank or financial institution other than the Security Trustee) which is
designated by the Security Trustee as the Deposit Account for the purposes of
this Agreement;

    

    “Earnings”  means
all dividends, interest and other moneys paid or payable after the date of this
Deed on all or any of the Ocean Rig Shares and all rights accruing at any time
to or in respect of all or any of the Ocean Rig Shares (including, without
limitation, put and call options, pre-emption rights and any proceeds of sale or
other realisation of all or any part of the Ocean Rig Shares) ,

    

    “Earnings
Account”  means a US Dollar account in the name of the Borrower
with the Security Trustee in London, designated “PRIMELEAD LIMITED - Earnings
Account” or, any other account (with that or another office of the Security
Trustee or with a bank or financial institution other than the Security Trustee)
which is designated by the Security Trustee as the Earnings Account for the
purposes of this Agreement;

    

    “EBITDA”  means, for
any accounting period, the consolidated net income of the Group for that
accounting period:

    

    
      	 	
              (a)  

            	
              plus,
      to the extent deducted in computing consolidated net income of the Group
      for that accounting period, the sum, without duplication,
    of:

            

    

     

    
      	 	
              (i)  

            	
              all
      federal, state, local and foreign taxes and tax
    distributions;

            

    

     

    
      	 	
              (ii)  

            	
              Net
      Interest Expenses; and

            

    

     

    
      	 	
              (iii)  

            	
              depreciation,
      depletion, amortisation of intangibles and other non-cash charges or
      non-cash losses (including non-cash transaction expenses and the
      amortisation of debt discounts) and any extraordinary losses not incurred
      in the ordinary course of business;

            

    

     

    
      	 	
              (b)  

            	
              minus,
      to the extent added in computing consolidated net income of the Group for
      that accounting period, any non-cash income or non-cash gains and any
      extraordinary gains not incurred in the ordinary course of
      business;

            

    

     

    all
determined on a consolidated basis in accordance with GAAP and as shown in the
consolidated statements of income for the Group in the Applicable
Accounts;

    

    “Event of
Default”  means any of the events or circumstances described in
Clause 17.1;

    

    “Fair Market
Value”  means, the fair value of the Ocean Rig Shares, as
determined in accordance with Clause 13.3;

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     “Finance
Documents”  means:

    

    
      	
               
      

            	
              (a)

            	
              this
      Agreement;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Agency and Trust Deed;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Guarantee;

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Shares Pledge;

            

    

     

    
      	
               
      

            	
              (e)

            	
              the
      Account Security Deed;

            

    

     

    
      	
               
      

            	
              (f)

            	
              any
      other document (whether creating a Security Interest or not) which is
      executed at any time by the Borrower or any other person as security for,
      or to establish any form of subordination or priorities arrangement in
      relation to, any amount payable to the Lenders under this Agreement or any
      of the other documents referred to in this
  definition;

            

    

     

    “Financial
Indebtedness”  means, in relation to a person (the “debtor”), a liability of the
debtor:

    

    
      	
               
      

            	
              (a)

            	
              for
      principal, interest or any other sum payable in respect of any moneys
      borrowed or raised by the debtor;

            

    

     

    
      	
               
      

            	
              (b)

            	
              under
      any loan stock, bond, note or other security issued by the
      debtor;

            

    

     

    
      	
               
      

            	
              (c)

            	
              under
      any acceptance credit, guarantee or letter of credit facility (or any
      dematerialised equivalent) made available to the
  debtor;

            

    

     

    
      	
               
      

            	
              (d)

            	
              under
      a financial lease, a deferred purchase consideration arrangement or any
      other agreement having the commercial effect of a borrowing or raising of
      money by the debtor;

            

    

     

    
      	
               
      

            	
              (e)

            	
              under
      any foreign exchange transaction, any interest or currency swap or any
      other kind of derivative transaction entered into by the debtor or, if the
      agreement under which any such transaction is entered into requires
      netting of mutual liabilities, the liability of the debtor for the net
      amount; or

            

    

     

    
      	
               
      

            	
              (f)

            	
              under
      a guarantee, indemnity for loss or otherwise or similar obligation entered
      into by the debtor in respect of a liability of another person which would
      fall within paragraphs (a) to (e) if the references to the debtor referred
      to the other person;

            

    

     

    “Financial
Year”  means in relation to the Group, each period of 1 year
commencing on 1 January in respect of which its consolidated accounts are or
ought to be prepared;

    

    “Fleet
Vessels”  means together all of the vessels from time to time
owned by members of the Group;

    

    “GAAP” means generally accepted
accounting principles as from time to time in effect in the United States of
America;

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    “Group”  means the
Guarantor and its subsidiaries (whether direct or indirect and including, but
not limited to, the Borrower) from time to time during the Security Period and
“member of the Group”
shall be construed accordingly;

    

    “Guarantee”  means
each guarantee of the liabilities of the Borrower under the Finance Documents to
which it is a party made or to be made between the Guarantor and the Security
Trustee in such form as the Lenders may agree or require and in the plural means
all of them;

    

    “Guarantor”  means
Dryships Inc., a company incorporated under the laws of the Marshall Islands
with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake
Island, Majuro, Marshall Islands MH 96960. and listed on the NASDAQ exchange in
the United States of America;

    

    “Interest Coverage
Ratio”  means, in relation to a Compliance Date or an
accounting period, the ratio of (a) EBITDA for the most recent financial period
of the Group ending on the Compliance Date to (b) the Net Interest Expenses for
that financial period (calculated on a trailing 12-months basis);

    

    “Interest
Period”  means, in relation to the Advance, a period determined
in accordance with Clause 6;

    

    “Lender”  means a
bank or financial institution listed in the Schedule 1 and acting through its
branch indicated in Schedule 1 (or through another branch notified to the
Borrower under Clause 24.15) or its transferee, successor or
assign;

    

    “LIBOR” means, in relation to
any amount and for any period, the offered rate (if any) for deposits of Dollars
for such amount and for such period which is:

    

    (a)           the
rate for such period appearing on Reuters page LIBOR01 (British Bankers’
Association Interest Settlement Rates) (or such other page as may replace such
page being designed by the British Bankers’ Association to calculate the BBA
Interest Settlement Rate (as defined in the British Bankers’ Association’s
Recommended Terms and Conditions (“BBAIRS” terms))) at or about 11:00am (London
time) on the Quotation Date such period; or

    

    (b)           if
on such date no such rate is displayed, the arithmetic mean of the rate quoted
to the Agent by the Reference Banks at the request of the Agent as the Reference
Banks’ offered rate for deposits of Dollars in an amount equal or approximately
equal to such period to prime banks in the London Interbank Market at or about
11:00 am (London time) on the Quotation Date for such period;

    

    “Liquid Funds” means, in
respect of any relevant period, the aggregate of the Group’s consolidated (i)
cash in hand; (ii) deposits in banks or financial institutions; (iii) debt
securities rated AA/Aa2 or better by either Standard & Poor’s Ratings Group
or Moody’s Investors Service, Inc; or (iv) any other instrument approved by the
Lender, all of which shall be free of any Security Interest;

    

    “Loan”  means the
principal amount for the time being outstanding under this
Agreement;

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    “Majority
Lenders”  means Lenders whose Commitments total 66.6 per cent.
of the Total Commitments;

    

    “Mandatory Cost” means the
percentage rate per annum calculated by the Agent in accordance with Schedule
6;

    

    “Margin”  means, one
and a half per cent (1.5%) per annum;

    

    “Market Adjusted Equity
Ratio”  means, in relation to a Compliance Date, the ratio of
(a) the Adjusted Equity for the most recent financial period of the Group ending
on the Compliance Date to (b) the aggregate of (i) Total Interest Bearing
Liabilities and (ii) Adjusted Equity for that financial period;

    

    “Market
Value”  means, in relation to each Fleet Vessel, the market
value thereof calculated at any date by taking the arithmetic mean of two
valuations each prepared: as at a date not more than 15 days previously; by an
Approved Broker appointed by the Agent with the valuations being addressed to
the Agent; with or without physical inspection of Fleet Vessel (as the Agent may
require); on the basis of a sale for prompt delivery for cash on normal arm's
length commercial terms as between a willing seller and a willing buyer; free of
any existing charter or other contract of employment; and after deducting the
estimated amount of the usual and reasonable expenses which would be incurred in
connection with the sale.

    

    Provided that the Agent may
obtain additional valuations from any Approved Broker to be prepared in
accordance with this paragraph if, in the opinion of the Agent, circumstances
require an additional valuation and the Market Value of a Ship will be the
arithmetic mean of all such valuations;

     

    “Market Value Adjusted Net
Worth” means Paid-Up Capital plus General Reserves plus Retained Earnings
adjusted to reflect the difference between the book values of the Fleet Values
and the Market Values of all Fleet Vessels at any relevant time;

     

    “Market Value Adjusted Total
Assets”  means, at any time, Total Assets adjusted to reflect
the Market Value of all Fleet Vessels;

    

    “Negotiation
Period”  has the meaning given in Clause 5.8;

    

    “Net Interest
Expenses”  means, as of any Compliance Date, the aggregate of
all interest, commitment and other fees, commissions, discounts and other costs,
charges or expenses accruing due from all the members the Group during that
accounting period less interest income received, determined on a consolidated
basis in accordance with GAAP and as shown in the consolidated statements of
income for the Group in the Applicable Accounts;

    

    “NOK”  means the
lawful currency for the time being of the Kingdom of Norway:

    

    “Notifying
Lender”  has the meaning given in Clause 21.1 or Clause
22.1 as the context requires;

    

    “Ocean Rig Shares” means
51,778,647 shares in the common stock of Ocean Rig ASA, listed on the Oslo Børs
to be purchased by the Borrower from the Sellers pursuant to a Sale and Purchase
Agreement dated 6 December 2007.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    “Paid-Up Capital”, “General Reserves” and “Retained Earnings” have the meanings
ascribed to them in the Applicable Accounts;

     

    “Payment
Currency”  has the meaning given in Clause 19.5;

    

    “Permitted Security
Interests”  means:

    

    
      	
               
      

            	
              (a)

            	
              Security
      Interests created by the Finance
Documents;

            

    

     

    
      	
               
      

            	
              (b)

            	
              Security
      Interests arising by operation of law in respect of taxes which are not
      overdue for payment other than taxes being contested in good faith by
      appropriate steps and in respect of which appropriate reserves have been
      made;

            

    

     

    “Pertinent
Document”  means

    

    
      	
               
      

            	
              (a)

            	
              any
      Finance Document; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      other document contemplated by or referred to in any Finance Document;
      and

            

    

     

    any
document which has been or is at any time sent by or to the Agent or the
Security Trustee in contemplation of or in connection with any Finance Document
or any policy, contract or document falling within paragraphs (b);

     

    “Pertinent
Jurisdiction”,  in relation to a company, means:

    

    
      	
               
      

            	
              (a)

            	
              England
      and Wales;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      country under the laws of which the company is incorporated or
      formed;

            

    

     

    
      	
               
      

            	
              (c)

            	
              a
      country in which the company has the centre of its main interests or in
      which the company’s central management and control is or has recently been
      exercised;

            

    

     

    
      	
               
      

            	
              (d)

            	
              a
      country in which the overall net income of the company is subject to
      corporation tax, income tax or any similar
tax;

            

    

     

    
      	
               
      

            	
              (e)

            	
              a
      country in which assets of the company (other than securities issued by,
      or loans to, related companies) having a substantial value are situated,
      in which the company maintains a branch or a permanent place of business,
      or in which a Security Interest created by the company must or should be
      registered in order to ensure its validity or priority;
  and

            

    

     

    
      	
               
      

            	
              (f)

            	
              a
      country the courts of which have jurisdiction to make a winding up,
      administration or similar order in relation to the company, whether as
      main or territorial ancillary proceedings or which would have such
      jurisdiction if their assistance were requested by the courts of a country
      referred to in paragraphs (b) or
(c);

            

    

     

    “Pertinent Matter”
means:

    

    
      	
               
      

            	
              (a)

            	
              any
      transaction or matter contemplated by, arising out of, or in connection
      with a Pertinent Document; or

            

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              any
      statement relating to a Pertinent Document or to a transaction or matter
      falling within paragraph (a);

            

    

     

    and
covers any such transaction, matter or statement, whether entered into, arising
or made at any time before the signing of this Agreement or on or at any time
after that signing;

    

    “Potential Event of
Default”  means an event or circumstance which, with the giving
of any notice and/or the lapse of time and/or the satisfaction of any condition
and/or a determination of the Majority Lenders would constitute an Event of
Default;

    

    “Purchase
Price”  means the purchase price of the Ocean Rig Shares paid
by the Borrower to the Sellers in US Dollars or the US Dollar equivalent in any
other currency;

    

    “Quotation
Date”  means, in relation to any Interest Period (or any other
period for which an interest rate is to be determined under any provision of a
Finance Document), the day on which quotations would ordinarily be given by
leading banks in the London Interbank Market for deposits in the currency in
relation to which such rate is to be determined for delivery on the first day of
that Interest Period or other period;

    

    “Relevant
Person”  has the meaning given in clause 17.9;

    

    “Repayment
Date”  means a date on which a repayment is required to be made
under Clause 8;

    

    “Secured
Liabilities”  means all liabilities which the Borrower, the
Security Parties or any of them have, at the date of this Agreement or at any
later time or times, under or by virtue of the Finance Documents or any judgment
relating to the Finance Documents; and for this purpose, there shall be
disregarded any total or partial discharge of these liabilities, or variation of
their terms, which is effected by, or in connection with, any bankruptcy,
liquidation, arrangement or other procedure under the insolvency laws of any
country;

    

    “Security
Interest”  means:

    

    
      	
               
      

            	
              (a)

            	
              a
      mortgage, charge (whether fixed or floating) or pledge or any other lien;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      other arrangement of any kind having the effect of conferring
      security;

            

    

     

    “Security
Party”  means the Guarantor, and any other person (except a
Creditor Party) who, as a surety or mortgagor, as a party to any subordination
or priorities arrangement, or in any similar capacity, executes a document
falling within the last paragraph of the definition of “Finance
Documents”;

    

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

    

    
      	
               
      

            	
              (a)

            	
              all
      amounts which have become due for payment by the Borrower or any Security
      Party under the Finance Documents have been paid and the Total Commitments
      have been reduced to zero;

            

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              no
      amount is owing or has accrued (without yet having become due for payment)
      under any Finance Document;

            

    

     

    
      	
               
      

            	
              (c)

            	
              neither
      the Borrower nor any Security Party has any future or contingent liability
      under Clause 18, 19 or 20 below or any other provision of this
      Agreement or another Finance Document;
and

            

    

     

    
      	
               
      

            	
              (d)

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

            

    

     

    “Security
Trustee”  means Nordea Bank Finland Plc, London Branch in its
capacity as trustee for the Lenders under this Agreement and the other Finance
Documents, acting through its office at 8th Floor, City Place House, 55
Basinghall Street, London  EC2V 5NB or any successor of it appointed
under clause 5 of the Agency and Trust Deed;

    

    “Sellers”  means
Cheyne Special Situations Fund LP, Cheyne Global Catalyst Fund LP and Cheyne
Value Fund LP, all being funds managed by Cheyne Capital Management (UK) LLP, a
limited liability company having its registered address at Stornoway House, 13
Cleveland Row, London SW1A 1DH, UK;

    

    “Shareholders”  means,
Primelead Shareholders Inc., a company incorporated in the Marshall Islands
which its registered office at Trust Company Complex, Ajeltake Road, Ajeltake
Island, Majuro, Marshall Islands MH 96960;

    

    “Shares
Pledge”  means the pledge of all of the Ocean Rig Shares and
the VPS Account executed or to be executed by the Borrower in favour of the
Security Trustee in such form as the Lenders shall agree or
require;

    

    “Total Assets” means, as of any
Compliance Date, the aggregate value of all trade debtors and the value of all
stock (valued in accordance with GAAP) and all other investments and other
tangible and intangible assets of the Group properly included in the Applicable
Accounts as “fixed assets” in accordance with GAAP but excluding any assets held
on trust;

     

    “Total Interest Bearing
Liabilities” means, as of any Compliance Date, the consolidated total
amount of the interest bearing Financial Indebtedness of the Group;

    

    “Transfer
Certificate”  has the meaning given in Clause
24.2;

    

    “Trust Property”  has
the meaning given in clause 3.1 of the Agency and Trust Deed;

    

    “VPS Account”  means
the account opened by the Borrower with the Norwegian Central Securities
Depository in Norway (account number 06001.2096503) including, without
limitation, all securities from time to time registered on that
account).

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    
       

      
        	
                1.2

              	
                Construction of certain
      terms.  In this
  Agreement:  

              

      

    

     

    “administration
notice”  means a notice appointing an administrator, a notice
of intended appointment and any other notice which is required by law (generally
or in the case concerned) to be filed with the court or given to a person prior
to, or in connection with, the appointment of an administrator;

    

    “approved”  means,
for the purposes of Clause 17, approved in writing by the Agent;

    

    “asset”  includes
every kind of property, asset, interest or right, including any present, future
or contingent right to any revenues or other payment;

    

    “company”  includes
any partnership, joint venture and unincorporated association;

    

    “consent”  includes
an authorisation, consent, approval, resolution, licence, exemption, filing,
registration, notarisation and legalisation;

    

    “contingent
liability”  means a liability which is not certain to arise
and/or the amount of which remains unascertained;

    

    “document”  includes
a deed; also a letter or fax;

    

    “expense”  means any
kind of cost, charge or expense (including all legal costs, charges and
expenses) and any applicable value added or other tax;

    

    “law”  includes any
form of delegated legislation, any order or decree, any treaty or international
convention and any regulation or resolution of the Council of the European
Union,  the European Commission, the United Nations or its Security
Council;

    

    “legal or administrative
action”  means any legal proceeding or arbitration and any
administrative or regulatory action or investigation;

    

    “liability”  includes
every kind of debt or liability (present or future, certain or contingent),
whether incurred as principal or surety or otherwise;

    

    “months”  shall be
construed in accordance with Clause 1.3;

    

    “parent company”  has
the meaning given in Clause 1.4;

    

    “person”  includes
any company; any state, political sub-division of a state and local or municipal
authority; and any international organisation;

    

    “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 regulatory, self-regulatory or other authority or
organisation;

    

    “subsidiary”  has the
meaning given in Clause 1.4;

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    “successor”  includes
any person who is entitled (by assignment, novation, merger or otherwise) to any
other person’s rights under this Agreement or any other Finance Document (or any
interest in those rights) or who, as administrator, liquidator or otherwise, is
entitled to exercise those rights; and in particular references to a successor
include a person to whom those rights (or any interest in those rights) are
transferred or pass as a result of a merger, division, reconstruction or other
reorganisation of it or any other person;

    

    “tax”  includes any
present or future tax, duty, impost, levy or charge of any kind which is imposed
by any state, any political sub-division of a state or any local or municipal
authority (including any such imposed in connection with exchange controls), and
any connected penalty, interest or fine; and

    

    
      	
              1.3

            	
              Meaning of “month”.  A
      period of one or more “months” ends on the day in the relevant calendar
      month numerically corresponding to the day of the calendar month on which
      the period started (“the
      numerically corresponding day”),
but:

            

    

     

    
      	
              (a)

            	
              on
      the Business Day following the numerically corresponding day if the
      numerically corresponding day is not a Business Day or, if there is no
      later Business Day in the same calendar month, on the Business Day
      preceding the numerically corresponding day;
or

            

    

     

    
      	
              (b)

            	
              on
      the last Business Day in the relevant calendar month, if the period
      started on the last Business Day in a calendar month or if the last
      calendar month of the period has no numerically corresponding
      day;

            

    

     

    and
“month” and “monthly” shall be construed
accordingly.

     

    
      	
              1.4

            	
              Meaning of
      “subsidiary”.  A company (S) is a subsidiary of another
      company (P) if:

            

    

     

    
      	
              (a)

            	
              a
      majority of the issued shares in S (or a majority of the issued shares in
      S which carry unlimited rights to capital and income distributions) are
      directly owned by P or are indirectly attributable to P;
  or

            

    

     

    
      	
              (b)

            	
              P
      has direct or indirect control over a majority of the voting rights
      attaching to the issued shares of S;
or

            

    

     

    
      	
              (c)

            	
              P
      has the direct or indirect power to appoint or remove a majority of the
      directors of S; or

            

    

     

    
      	
              (d)

            	
              P
      otherwise has the direct or indirect power to ensure that the affairs of S
      are conducted in accordance with the wishes of
  P;

            

    

     

    and
any company of which S is a subsidiary is a parent company of S.

     

    
      	
              1.5

            	
              General
      Interpretation.

            

    

     

    In
this Agreement:

     

    
      	
              (a)

            	
              references
      in Clause 1.1 to a Finance Document or any other document being in agreed
      form are to a document in the form attached to a certificate dated the
      same date as or after this Agreement, which states that that form is the
      agreed form of the relevant document for the purposes of this Agreement,
      and which is signed by the Borrower and the Agent on behalf of the
      Security Parties and include references to that form with such
      modifications as the Agent (with the authorisation of the Majority Lenders
      in the case of substantial modifications) approves or reasonably
      requires;

            

    

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    
      	
              (b)

            	
              references
      to, or to a provision of, a Finance Document or any other document are
      references to it as amended or supplemented, whether before the date of
      this Agreement or otherwise;

            

    

     

    
      	
              (c)

            	
              references
      to, or to a provision of, any law include any amendment, extension,
      re-enactment or replacement, whether made before the date of this
      Agreement or otherwise;

            

    

     

    
      	
              (d)

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

            

    

     

    
      	
              (e)

            	
              Clauses 1.1 to 1.4 apply
      unless the contrary intention
appears.

            

    

     

    
      	
              1.6

            	
              Headings.  In
      interpreting a Finance Document or any provision of a Finance Document,
      all clause, sub-clause and other headings in that and any other Finance
      Document shall be entirely
disregarded.

            

    

     

    
      	
              2

            	
              FACILITY

            

    

     

    
      	
              2.1

            	
              Amount of
      facility.  Subject to the other provisions of this
      Agreement, the Lenders agree to make available to the Borrower, during the
      Availability Period, a credit facility in an amount not exceeding the
      lesser of, at the date of the Advance: (i) $260,000,000; or (ii) sixty per
      cent (60%) of the Purchase Price; or (iii) seventy-five per cent (75%) of
      the Fair Market Value of the Ocean Rig
Shares.

            

    

     

    
      	
              2.2

            	
              Lenders’ participations in
      Advances.  Subject to the other provisions of this
      Agreement, each Lender shall participate in the Advance in the proportion
      which, as at the Drawdown Date, its Commitment bears to the Total
      Commitments.

            

    

     

    
      	
              2.3

            	
              Purpose of
      Advance.  The Borrower undertakes with each Creditor
      Party to use the Advance only for the purpose stated in the preamble to
      this Agreement.

            

    

     

    
      	
              3

            	
              POSITION
      OF THE LENDERS AND THE MAJORITY
LENDERS

            

    

     

    
      	
              3.1

            	
              Interests of Lenders
      several.  The rights of the Lenders under this Agreement
      are several.

            

    

     

    
      	
              3.2

            	
              Individual Lender’s right of
      action.  Each Lender shall be entitled to sue for any
      amount which has become due and payable by the Borrower to it under this
      Agreement without joining the Agent, the Security Trustee or any other
      Lender as additional parties in the
proceedings.

            

    

     

    
      	
              3.3

            	
              Proceedings requiring Majority
      Lenders’ consent.  Except as provided in clause 3.2, no
      Lender may commence proceedings against the Borrower or any Security Party
      in connection with a Finance Document without the prior consent of the
      Majority Lenders.

            

    

     

    
      	
              3.4

            	
              Obligations
      Several.  The obligations of the Lenders under this
      Agreement are several; and a failure of a Lender to perform its
      obligations under this Agreement shall not result
  in:

            

    

     

    
      	
              (a)

            	
              the
      obligations of the other Lenders being increased;
  or

            

    

     

    
      	
              (b)

            	
              the
      Borrower, any Security Party or any other Lender being discharged (in
      whole or in part) from its obligations under any Finance Document; and in
      no circumstances shall a Lender have any responsibility for a failure of
      another Lender to perform its obligations under this
      Agreement.

            

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    
      	
              3.5

            	
              Security Trustee as joint and
      several creditor.

            

    

     

    
      	
              (a)

            	
              The
      Borrower and each of the Creditor Parties agrees that the Security Trustee
      shall be the joint creditor together with each other Creditor Party of
      each liability and obligation of the Borrower towards any Creditor Party
      under any Finance Document, and that accordingly the Security Trustee will
      have its own independent right to demand performance by the Borrower of
      those liabilities and obligations.  However, any discharge of
      any liability or obligation of the Borrower to one of the Security Trustee
      or another Creditor Party shall, to the same extent, discharge the
      corresponding liability or obligation owing to the
  other.

            

    

    

    
      	
              (b)

            	
              Without
      limiting or affecting the Security Trustee’s rights against the Borrower
      (whether under this paragraph or under any other provision of the Finance
      Documents), the Security Trustee agrees with each other Creditor Party (on
      a several and separate basis) that, subject as set out in the next
      sentence, it will not exercise its rights as a joint creditor with a
      Creditor Party except with the consent of the relevant Creditor
      Party.  However, for the avoidance of doubt, nothing in the
      previous sentence shall in any way limit the Security Trustee’s right to
      act in the protection or preservation of rights under or to enforce any
      Finance Document (or to do any act reasonably incidental to any of the
      foregoing).

            

    

    

    
      	
              (c)

            	
              Subject
      to the provisions of this Clause 3.5, the Security Trustee holds any
      security created by a Finance Document in its name and the Security
      Trustee shall have full and unrestricted title to and authority in respect
      of that security, subject always to the terms of the Finance
      Documents

            

    

    

    
      	
              4

            	
              DRAWDOWN

            

    

     

    
      	
              4.1

            	
              Request for Advance.
      Subject to the following conditions and the provisions of Clause
      9.1, the Borrower may request the Advance to be made by ensuring that the
      Agent receives a completed Drawdown Notice not later than 11.00 a.m.
      (London time) two Business Days’ prior to the intended Drawdown
      Date.

            

    

     

    
      	
              4.2

            	
              Availability.  The
      conditions referred to in Clause 4.1 are
that:

            

    

     

    
      	
              (a)

            	
              a
      Drawdown Date has to be a Business Day during the Availability
      Period;

            

    

     

    
      	
              (b)

            	
              the
      amount of the Advance shall not exceed the Total Commitments at any
      relevant time;

            

    

     

    
      	
              (c)

            	
              only
      one Advance shall be made.

            

    

     

    
      	
              4.3

            	
              Notification to Lenders of
      receipt of a Drawdown Notice.  The Agent shall promptly
      notify the Lenders that it has received a Drawdown Notice and shall inform
      each Lender of:

            

    

     

    
      	
              (a)

            	
              the
      amount of the Advance and the Drawdown
Date;

            

    

     

    
      	
              (b)

            	
              the
      amount of that Lender’s participation in the Advance;
  and

            

    

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    
      	
              (c)

            	
              the
      duration of the first Interest Period;
and

            

    

     

    
      	
              (d)

            	
              the
      purpose of such Advance.

            

    

     

    
      	
              4.4

            	
              Drawdown Notice
      irrevocable.  The Drawdown Notice must be signed by an
      authorised signatory of the Borrower and, once served, the Drawdown Notice
      cannot be revoked without the prior consent of the Agent, acting with the
      authorisation of the Majority
Lenders.

            

    

     

    
      	
              4.5

            	
              Lenders to make available
      Contributions.  Subject to the provisions of this
      Agreement, each Lender shall make available to the Agent, on and with
      value on each Drawdown Date, the amount due from that Lender on that
      Drawdown Date under Clause 2.2.

            

    

     

    
      	
              4.6

            	
              Disbursement of
      Advances.  Subject to the provisions of this Agreement,
      the Agent shall on the Drawdown Date pay to the Borrower the amounts which
      the Agent receives from the Lenders under Clause 4.5; and that payment to
      the Borrower shall be made:

            

    

     

    
      	
              (a)

            	
              to
      the account which the Borrower specifies in the Drawdown Notice;
      and

            

    

     

    
      	
              (b)

            	
              in
      the like funds as the Agent received the payments from the
      Lenders.

            

    

     

    A
payment by the Agent under this Clause shall constitute the making of an
Advance, and the Borrower shall thereupon become indebted, as principal and
direct obligor, to each Lender in amount equal to that Lender’s
Contribution.

    

    
      	
              5

            	
              INTEREST

            

    

     

    
      	
              5.1

            	
              Payment of normal
      interest.  Subject to the provisions of this Agreement,
      interest on each Advance in respect of each Interest Period shall be paid
      by the Borrower on the last day of that Interest
  Period.

            

    

     

    
      	
              5.2

            	
              Normal rate of
      interest.  Subject to the provisions of this Agreement,
      the rate of interest on an Advance in respect of an Interest Period shall
      be the aggregate of the Margin, the Mandatory Cost (if any) and LIBOR for
      that Interest Period and the Agent shall calculate and confirm to the
      Borrower the Margin on the first day of each Interest Period, and such
      Margin shall apply until the next Interest Period, and in the absence of
      any such certification, the Borrower may request the Agent to provide the
      same and the Agent’s failure to notify the Borrower hereunder shall not
      affect the Borrower’s obligation to pay the appropriate interest at any
      time.

            

    

     

    
      	
              5.3

            	
              Payment of accrued
      interest.  In the case of an Interest Period longer than
      3 months, accrued interest shall be paid every 3 months during that
      Interest Period and on the last day of that Interest
    Period.

            

    

     

    
      	
              5.4

            	
              Notification of Interest
      Periods and rates of normal interest.  The Agent shall
      notify the Borrower and each Lender
of:

            

    

     

    
      	
              (a)

            	
              each
      rate of interest; and

            

    

     

    
      	
              (b)

            	
              the
      duration of each Interest Period;

            

    

     

    as
soon as reasonably practicable after each is determined.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    
      	
              5.5

            	
              Market
      disruption.  The following provisions of this Clause 5
      apply if:

            

    

     

    
      	
              (a)

            	
              no
      rate is quoted on Reuters Page Libor 01 and the Agent is unable, before
      1.00 p.m. (London time) on the Quotation Date for an Interest Period, to
      fix LIBOR; or

            

    

     

    
      	
              (b)

            	
              at
      least 1 Business Day before the start of an Interest Period, Lenders
      having Contributions together amounting to more than 50 per cent. of the
      Loan (or, if the Loan has not been advanced, Commitments amounting to more
      than 50 per cent. of the Total Commitments) notify the Agent that LIBOR
      fixed by the Agent would not accurately reflect the cost to those Lenders
      of funding their respective Contributions (or any part of them) during
      that Interest Period in the London Interbank Market at or about 11.00 a.m.
      (London time) on the Quotation Date for that Interest Period;
      or

            

    

     

    
      	
              (c)

            	
              at
      least 1 Business Day before the start of an Interest Period, the Agent is
      notified by a Lender (the “Affected Lender”) that
      for any reason it is unable to obtain Dollars in the London Interbank
      Market in order to fund its Contribution (or any part of it) during that
      Interest Period.

            

    

     

    
      	
              5.6

            	
              Notification of market
      disruption.  The Agent shall promptly notify the Borrower
      and each of the Lenders stating the circumstances falling within Clause
      5.5 which have caused its notice to be
given.

            

    

     

    
      	
              5.7

            	
              Suspension of
      drawdown.  If the Agent’s notice under Clause 5.6 is
      served before an Advance is made:

            

    

     

    
      	
              (a)

            	
              in
      a case falling within paragraphs (a) or (b) of Clause 5.5, the Lenders’
      obligations to make available the Advance;
and

            

    

     

    
      	
              (b)

            	
              in
      a case falling within paragraph (c) of Clause 5.5, the Affected Lender’s
      obligation to participate in the
Advance;

            

    

     

    shall
be suspended while the circumstances referred to in the Agent’s notice
continue.

     

    
      	
              5.8

            	
              Negotiation of alternative rate
      of interest.  If the Agent’s notice under Clause 5.6 is
      served after an Advance is made, the Borrower, the Agent and the Lenders
      or (as the case may be) the Affected Lender shall use reasonable
      endeavours to agree, within the 15 days after the date on which the Agent
      serves its notice under Clause 5.6 (the “Negotiation Period”), an
      alternative interest rate or (as the case may be) an alternative basis for
      the Lenders or (as the case may be) the Affected Lender to fund or
      continue to fund their or its Contribution to such Advance during the
      Interest Period concerned.

            

    

     

    
      	
              5.9

            	
              Application of agreed
      alternative rate of interest.  Any alternative interest
      rate or an alternative basis which is agreed during the Negotiation Period
      shall take effect in accordance with the terms
  agreed.

            

    

     

    
      	
              5.10

            	
              Alternative rate of interest in
      absence of agreement.  If an alternative interest rate or
      alternative basis is not agreed within the Negotiation Period, and the
      relevant  circumstances are continuing at the end of the
      Negotiation Period, then the Agent shall, with the agreement of each
      Lender or (as the case may be) the Affected Lender, set an interest period
      and interest rate representing the cost of funding of the Lenders or (as
      the case may be) the Affected Lender in Dollars or in any available
      currency of their or its Contribution plus the Mandatory Cost (if any) and
      the Margin; and the procedure provided for by this Clause 5.10 shall be
      repeated if the relevant circumstances are continuing at the end of the
      interest period so set by the
Agent.

            

    

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    
      	
              5.11

            	
              Notice of
      prepayment.  If the Borrower does not agree with an
      interest rate set by the Agent under Clause 5.10, the Borrower may give
      the Agent not less than 15 Business Days’ notice of its intention to
      prepay the Loan and/or the relevant Advance or the Contribution of the
      Affected Lender at the end of the interest period set by the
      Agent.

            

    

     

    
      	
              5.12

            	
              Prepayment; termination of
      Commitments.  A notice under Clause 5.11 shall be
      irrevocable; the Agent shall promptly notify the Lenders or (as the case
      may require) the Affected Lender of the Borrower’s notice of intended
      prepayment; and:

            

    

     

    
      	
              (a)

            	
              on
      the date on which the Agent serves that notice, the Total Commitments or
      (as the case may require) the Commitment of the Affected Lender shall be
      cancelled; and

            

    

     

    
      	
              (b)

            	
              on
      the last Business Day of the interest period set by the Agent, the
      Borrower shall prepay (without premium or penalty) the Loan and/or the
      relevant Advance, or, as the case may be, the Affected Lender’s
      Contribution, together with accrued interest thereon at the applicable
      rate plus the Margin and the Mandatory Cost (if
  any).

            

    

     

    
      	
              5.13

            	
              Application of
      prepayment.  The provisions of Clause 8 shall apply in
      relation to the prepayment.

            

    

     

    
      	
              6

            	
              INTEREST
      PERIODS

            

    

     

    
      	
              6.1

            	
              Commencement of Interest
      Periods.  The first Interest Period for each Advance
      shall commence on the Drawdown Date in respect thereof and each subsequent
      Interest Period shall commence on the expiry of the preceding Interest
      Period.

            

    

     

    
      	
              6.2

            	
              Duration of normal Interest
      Periods.  Subject to Clause 6.3 each Interest Period
      shall be:

            

    

     

    
      	
              (a)

            	
              1
      (but subject to a maximum of 2 such 1 month Interest Periods in each
      year), 3 or 6 months as notified by the Borrower to the Agent not later
      than 11.00 a.m. (London time) 3 Business Days before the commencement of
      that Interest Period; or

            

    

     

    
      	
              (b)

            	
              3
      months if the Borrower fails to notify the Agent by the time specified in
      paragraph (a); or

            

    

     

    
      	
              (c)

            	
              such
      longer period as the Agent may, with the authorisation of the Lenders,
      agree with the Borrower.

            

    

     

    
      	
              6.3

            	
              Duration of Interest Periods
      for repayment instalments.  In respect of an amount due
      to be repaid under Clause 8 on a particular Repayment Date, an Interest
      Period shall end on that Repayment
Date.

            

    

     

    
      	
              7

            	
              DEFAULT
      INTEREST

            

    

     

    
      	
              7.1

            	
              Payment of default interest on
      overdue amounts.  The Borrower shall pay interest in
      accordance with the following provisions of this Clause 7 on any amount
      payable by the Borrower under any Finance Document which the Agent, the
      Security Trustee or the other designated payee does not receive on or
      before the relevant date, that is:

            

    

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    
      	
              (a)

            	
              the
      date on which the Finance Documents provide that such amount is due for
      payment; or

            

    

     

    
      	
              (b)

            	
              if
      a Finance Document provides that such amount is payable on demand, the
      date on which the demand is served;
or

            

    

     

    
      	
              (c)

            	
              if
      such amount has become immediately due and payable under Clause 17.4, the
      date on which it became immediately due and
  payable.

            

    

     

    
      	
              7.2

            	
              Rate of default
      interest.  Interest shall accrue on an overdue amount
      from (and including) the relevant date until the date of actual payment
      (as well after as before judgment) at the rate per annum determined by the
      Agent to be 2 per cent. above:

            

    

     

    
      	
              (a)

            	
              in
      the case of an overdue amount of principal, the higher of the rates set
      out at Clauses 7.3(a) and (b); or

            

    

     

    
      	
              (b)

            	
              in
      the case of any other overdue amount, the rate set out at Clause
      7.3(b).

            

    

     

    
      	
              7.3

            	
              Calculation of default rate of
      interest.  The rates referred to in Clause 7.2
      are:

            

    

     

    
      	
              (a)

            	
              the
      rate applicable to the overdue principal amount immediately prior to the
      relevant date (but only for any unexpired part of any then current
      Interest Period);

            

    

     

    
      	
              (b)

            	
              the
      aggregate of the Margin and the Mandatory Cost (if any) plus, in respect
      of successive periods of any duration (including at call) up to 3 months
      which the Agent may select from time to
time;

            

    

     

    
      	
               
      

            	
              (i)

            	
              LIBOR;
      or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      the Agent determines that Dollar deposits for any such period are not
      being made available to any Lender by leading banks in the London
      Interbank Market in the ordinary course of business, a rate from time to
      time determined by the Agent by reference to the cost of funds to the
      Lenders from such other sources as the Agent (after consultation with the
      Lenders) may from time to time
determine.

            

    

     

    
      	
              7.4

            	
              Notification of interest
      periods and rates of default interest.  The Agent shall
      promptly notify the Lenders and the Borrower of each interest rate
      determined by the Agent under Clause 7.3 and of each period selected by
      the Agent for the purposes of paragraph (b) of that Clause but this shall
      not be taken to imply that the Borrower is liable to pay such interest
      only with effect from the date of the Agent’s
  notification.

            

    

     

    
      	
              7.5

            	
              Payment of accrued default
      interest.  Subject to the other provisions of this
      Agreement, any interest due under this Clause shall be paid on the last
      day of the period by reference to which it was determined and the payment
      shall be made to the Agent for the account of the Creditor Party to which
      the overdue amount is due.

            

    

     

    
      	
              7.6

            	
              Compounding of default
      interest.  Any such interest which is not paid at the end
      of the period by reference to which it was determined shall thereupon be
      compounded.

            

    

     

    
      	
              8

            	
              REPAYMENT
      AND PREPAYMENT

            

    

     

    
      	
              8.1

            	
              Repayment of
      Facility.  The Loan shall be repaid in accordance with
      the following provisions of this Clause 8.1 so
  that:

            

    

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    
      	 	
              (a) 

            	
              the
      Loan shall be repaid by 8 equal instalments of one sixteenth (1/16th) of
      the Advance commencing on the date falling three months after the Drawdown
      Date and every three (3) months thereafter up to and including the second
      anniversary of the Drawdown Date, when a “bullet” payment representing
      balance of the Loan and all other amounts howsoever arising under this
      Agreement and the Finance Documents will be repaid by the Borrower in full
      together with the final
instalment;
 

    

     

    
      	
               
      

            	
              (b)

            	
              in
      addition the amount for the time being of the Loan shall be reduced by the
      amount of any prepayment(s) and/or repayments required to be made under or
      pursuant to:

            

    

     

    
      	
               
      

            	
              (A)

            	
              Clause
      5.12 (Prepayment; termination of Commitments);
  or

            

    

     

    
      	
               
      

            	
              (B)

            	
              Clause
      8.7 (Mandatory Prepayment of the Loan);
or

            

    

     

    
      	
               
      

            	
              (C)

            	
              Clause
      17.3 (Events of Default); or

            

    

     

    
      	
               
      

            	
              (D)

            	
              Clause
      21.3 (Illegality etc); or

            

    

     

    
      	
               
      

            	
              (E)

            	
              Clause
      22.6 (Increased Costs).

            

    

     

    
      	
              8.2

            	
              Repayment.  The
      Borrower shall on the final Repayment Date, repay the outstanding amount
      of the Loan (if any) and shall additionally pay to the Agent for the
      account of the Creditor Parties all further amounts outstanding or payable
      under this Agreement and the other Finance
  Documents.

            

    

     

    
      	
              8.3

            	
              Voluntary
      prepayment.  Subject to the following conditions, the
      Borrower may prepay the whole or any part of the Advance at any
      time.

            

    

     

    
      	
              8.4

            	
              Conditions for voluntary
      prepayment.  The conditions referred to in Clause 8.3 are
      that:

            

    

     

    
      	
              (a)

            	
              a
      partial prepayment shall be at least $5,000,000 or a higher integral
      multiple of $5,000,000;

            

    

     

    
      	
              (b)

            	
              any
      prepayment shall be applied pro rata against each outstanding instalment
      (including the final “bullet”
instalment).

            

    

     

    
      	
              (c)

            	
              the
      Agent has received from the Borrower at least 5 Business Days’ prior
      written notice specifying the amount to be prepaid and the date on which
      the prepayment is to be made; and

            

    

     

    
      	
              (d)

            	
              the
      Borrower has provided evidence satisfactory to the Agent that any consent
      required by the Borrower or any Security Party in connection with the
      prepayment has been obtained and remains in force, and that any regulation
      relevant to this Agreement which affects the Borrower or any Security
      Party has been complied with.

            

    

     

    
      	
              8.5

            	
              Effect of notice of
      prepayment.  A prepayment notice may not be withdrawn or
      amended without the consent of the Agent, given with the authorisation of
      the Majority Lenders, and the amount specified in the prepayment notice
      shall become due and payable by the Borrower on the date for prepayment
      specified in the prepayment notice.

            

    

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    
      	
              8.6

            	
              Notification of notice of
      prepayment.  The Agent shall notify the Lenders promptly
      upon receiving a prepayment notice, and shall provide any Lender which so
      requests with a copy thereof;

            

    

     

    
      	
              8.7

            	
              Amounts payable on
      prepayment.  A prepayment shall be made together
      with:

            

    

     

    
      	
              (a)

            	
              accrued
      interest (and any other amount payable under Clause 0 below or otherwise) in respect of the amount
      prepaid; and

            

    

     

    
      	
              (b)

            	
              if
      the prepayment is not made on the last day of an Interest Period, together
      with any sums payable under Clause
19.1(b);

            

    

     

    but
without premium or penalty.

    

    
      	
              9

            	
              CONDITIONS
      PRECEDENT

            

    

     

    
      	
              9.1

            	
              Documents, fees and no
      default.  Each Lender’s obligation to contribute to the
      Advance is subject to the following conditions
  precedent:

            

    

     

    
      	
              (a)

            	
              that,
      on or before the service of the Drawdown Notice, the Agent receives the
      documents described in Schedule 3 Part A in form and substance
      satisfactory to the Agent and its
lawyers;

            

    

     

    
      	
              (b)

            	
              that,
      on the Drawdown Date but prior to the making available of the Advance, the
      Agent receives the documents described in Schedule 3 Part B in form and
      substance satisfactory to the Agent and its
  lawyers;

            

    

     

    
      	
              (c)

            	
              that,
      on or before any Drawdown Date, the Agent receives payment of all fees
      then due as referred to in Clause
18.1;

            

    

     

    
      	
              (d)

            	
              that  both
      at the date of the service of a Drawdown Notice and a  Drawdown
      Date:

            

    

     

    
      	
               
      

            	
              (i)

            	
              no
      Event of Default or Potential Event of Default has occurred and is
      continuing or would result from the borrowing of the relevant
      Advance;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      representations and warranties in Clause 10 and those of the Borrower or
      any Security Party which are set out in the other Finance Documents would
      be true and not misleading if repeated on each of those dates with
      reference to the circumstances then existing;
  and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              none
      of the circumstances contemplated by Clause 5.5 has occurred and is
      continuing; and

            

    

     

    
      	
              (e)

            	
              that,
      if the minimum security test set out in Clause 13.1 were applied
      immediately following the making of the Advance, the Borrower would not be
      obliged to provide additional security or prepay part of the Loan under
      that Clause;

            

    

     

    
      	
              (f)

            	
              that
      the Agent has received, and found to be acceptable to it, any further
      opinions, consents, agreements and documents in connection with the
      Finance Documents which the Agent, with the authorisation of the Majority
      Lenders, may request by notice to the Borrower prior to the Drawdown
      Date.

            

    

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    
      	
              9.2

            	
              Waiver of conditions
      precedent.  If the Majority Lenders, at their discretion,
      permit the Loan to be borrowed before certain of the conditions referred
      to in Clause 0 are satisfied, the Borrower
      shall ensure that those conditions are satisfied within 5 Business Days
      after the Drawdown Date (or such longer period as the Agent, with the
      authorisation of the Majority Lenders,
  specifies).

            

    

     

    
      	
              10

            	
              REPRESENTATIONS
      AND WARRANTIES

            

    

     

    
      	
              10.1

            	
              General.  The
      Borrower represents and warrants to each Creditor Party as
      follows.

            

    

     

    
      	
              10.2

            	
              Status.  The
      Borrower is duly incorporated and validly existing and is in goodstanding
      under the laws of Cyprus.

            

    

     

    
      	
              10.3

            	
              Share capital and
      ownership.  The legal title and beneficial ownership of
      all of the issued share capital of the Borrower (10,000 registered shares
      of €1) is held by the Shareholder free of any Security
      Interest.

            

    

     

    
      	
              10.4

            	
              The
      legal title and beneficial ownership of all of the issued share capital of
      the Shareholder (500 registered shares of US20 par value) is held by the
      Guarantor free of any Security
Interest.

            

    

     

    
      	
              10.5

            	
              Corporate
      power.  The Borrower has the corporate capacity, and has
      taken all corporate action and obtained all consents necessary for
      it:

            

    

     

    
      	
              (a)

            	
              to
      purchase, and own the Ocean Rig
Shares;

            

    

     

    
      	
              (b)

            	
              to
      execute the Finance Documents to which it is a party;
  and

            

    

     

    
      	
              (c)

            	
              to
      borrow under this Agreement, and to make all the payments contemplated by,
      and to comply with, the Finance Documents to which the Borrower is a
      party.

            

    

     

    
      	
              10.6

            	
              Consents in
      force.  All the consents referred to in Clause 10.5
      remain in force and nothing has occurred which makes any of them liable to
      revocation.

            

    

     

    
      	
              10.7

            	
              Legal validity; effective
      Security Interests.  The Finance Documents to which the
      Borrower is a party, do now or, as the case may be, will, upon execution
      and delivery (and, where applicable, registration as provided for in those
      Finance Documents):

            

    

     

    
      	
              (a)

            	
              constitute
      the Borrower’s legal, valid and binding obligations, enforceable against
      it in accordance with their respective terms;
  and

            

    

     

    
      	
              (b)

            	
              create
      legal, valid and binding Security Interests enforceable in accordance with
      their respective terms over all the assets to which they, by their terms,
      relate;

            

    

     

    subject
to any relevant insolvency laws affecting creditors’ rights
generally.

     

    
      	
              10.8

            	
              No third party Security
      Interests.  Without limiting the generality of Clause
      10.7, at the time of the execution and delivery of each Finance Document
      to which the Borrower is a party:

            

    

     

    
      	
              (a)

            	
              the
      Borrower will have the right to create all the Security Interests which
      that Finance Document purports to create;
and

            

    

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    
      	
              (b)

            	
              no
      third party will have any Security Interest or any other interest, right
      or claim over, in or in relation to any asset to which any such Security
      Interest, by its terms, relates.

            

    

     

    
      	
              10.9

            	
              No
      conflicts.  The execution by the Borrower of each Finance
      Document to which it is a party, and the borrowing by the Borrower of the
      Loan, and its compliance with each Finance Document to which it is a party
      will not involve or lead to a contravention
of:

            

    

     

    
      	
              (a)

            	
              any
      law or regulation; or

            

    

     

    
      	
              (b)

            	
              the
      constitutional documents of the Borrower;
or

            

    

     

    
      	
              (c)

            	
              any
      contractual or other obligation or restriction which is binding on the
      Borrower or any of its assets.

            

    

     

    
      	
              10.10

            	
              No withholding
      taxes.  All payments which the Borrower is liable to make
      under this Agreement or any of the other Finance Documents may be made
      without deduction or withholding for or on account of any tax payable
      under any law of any Pertinent
Jurisdiction.

            

    

     

    
      	
              10.11

            	
              No
      default.  No Event of Default or Potential Event of
      Default has occurred and is
continuing.

            

    

     

    
      	
              10.12

            	
              Information.  All
      information which has been provided in writing to any Creditor Party in
      connection with any Finance Document satisfied the requirements of Clause
      11.5 (Information provided to be
accurate).

            

    

     

    
      	
              10.13

            	
              No
      litigation.  No legal or administrative action involving
      the Borrower has been commenced or taken or, to the Borrower’s knowledge,
      is likely to be commenced or taken which, in either case, would be likely
      to have a material adverse effect on the Borrower’s financial position or
      profitability.

            

    

     

    
      	
              10.14

            	
              Compliance with certain
      undertakings.  At the date of this Agreement, the
      Borrower is in compliance with Clause 11.2 (Negative
    pledge).

            

    

     

    
      	
              10.15

            	
              Taxes
      paid.  The Borrower has paid all taxes applicable to, or
      imposed on or in relation to, it and its
  business.

            

    

     

    
      	
              10.16

            	
              No money laundering.
      Without prejudice to the generality of Clause 2.3, in relation to the
      borrowing by the Borrower of the Loan, the performance and discharge of
      its obligations and liabilities under the Finance Documents, and the
      transactions and other arrangements effected or contemplated by the
      Finance Documents to which the Borrower is a party the Borrower confirms
      that it is acting for its own account and that the foregoing will not
      involve or lead to contravention of any law, official requirement or other
      regulatory measure or procedure implemented to combat “money laundering”
      (as defined in Article 1 of the Directive (91/308/EEC) of the Council of
      the European Communities).

            

    

     

    
      	
              11

            	
              GENERAL
      UNDERTAKINGS

            

    

     

    
      	
              11.1

            	
              General.  The
      Borrower undertakes with each Creditor Party to comply with the following
      provisions of this Clause 11 at all times during the Security Period
      except as the Agent, with the authorisation of the Majority Lenders, may
      otherwise permit (which authorisation shall not be unreasonably withheld
      in the case of Clause 11.4).

            

    

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    
      	
              11.2

            	
              Negative
      Pledge.  The Borrower will hold the legal title to, and
      the entire beneficial interest in, the Ocean Rig Shares and the Earnings
      free from all Security Interests other than Permitted Security Interests
      and other interests and rights of every kind, except for those created by
      the Finance Documents.

            

    

     

    
      	
              11.3

            	
              Disposal of Assets. The
      Borrower will not dispose of:

            

    

     

    
      	
              (a)

            	
              Any
      interest in the Ocean Rig Shares or the Earnings;
  or

            

    

     

    
      	
              (b)

            	
              all
      or any part of its assets, except for full
  value.

            

    

     

    
      	
              11.4

            	
              Further capital
      investments.  The Borrower will not make any material
      capital investments.

            

    

     

    
      	
              11.5

            	
              Information provided to be
      accurate.  All financial and other information which is
      provided in writing by or on behalf of the Borrower under or in connection
      with any Finance Document will be true and not misleading and will not
      omit any material fact or
consideration.

            

    

     

    
      	
              11.6

            	
              Provision of financial
      statements and compliance certificates.  The Borrower
      will send to the Agent:

            

    

     

    
      	
              (a)

            	
              as
      soon as possible, but in no event later than 180 days after the end of
      each financial year of the Group audited accounts of the Group prepared by
      a firm of accountants acceptable to the
Agent;

            

    

     

    
      	
              (b)

            	
              as
      soon as possible, but in no event later than 90 days after the end of (i)
      each financial year of the Group and (ii) each financial quarter of each
      financial year of the Group, un-audited accounts of the Group certified as
      to their correctness by the chief financial officer of the Group as
      appropriate;

            

    

     

    
      	
              (c)

            	
              together
      with each set of financial statements referred to in paragraph (b), a
      compliance certificate signed by the chief financial officer or a director
      of the Group in the form set out in Schedule 5, duly completed and
      supported by calculations setting out in reasonable detail the materials
      underlying the statements made in such compliance
    certificate.

            

    

     

    
      	
              11.7

            	
              Form of financial
      statements.  All accounts delivered under Clause 0 will:

            

    

     

    
      	
              (a)

            	
              be
      prepared in accordance with all applicable laws and
  GAAP;

            

    

     

    
      	
              (b)

            	
              give
      a true and fair view of the state of affairs of the Group at the date of
      those accounts and of its profit for the period to which those accounts
      relate; and

            

    

     

    
      	
              (c)

            	
              fully
      disclose or provide for all significant liabilities of the
      Group.

            

    

     

    
      	
              11.8

            	
              Shareholder
      notices.  The Borrower will send to the Agent, at the
      same time as they are dispatched, copies of all communications which are
      dispatched to its shareholders.

            

    

     

    
      	
              11.9

            	
              Consents.  The
      Borrower will maintain in force and promptly obtain or renew, and will
      promptly send certified copies to the Agent of, all consents
      required:

            

    

     

    
      	
              (a)

            	
              for
      the Borrower to own to Ocean Rig
Shares;

            

    

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    
      	
              (b)

            	
              for
      the Borrower to perform its obligations under any Finance Document to
      which the Borrower is a party; and

            

    

     

    
      	
              (c)

            	
              for
      the validity or enforceability of any Finance Document to which it is a
      party;

            

    

     

    and
the Borrower will comply with the terms of all such consents.

     

    
      	
              11.10

            	
              Maintenance of Security
      Interests.  The Borrower
will:

            

    

     

    
      	
              (a)

            	
              at
      its own cost, do all that it reasonably can to ensure that any Finance
      Document to which it is a party validly creates the obligations and the
      Security Interests which it purports to create;
  and

            

    

     

    
      	
              (b)

            	
              without
      limiting the generality of paragraph (a), at its own cost, promptly
      register, file, record or enrol any Finance Document to which it is a
      party with any court or authority in all Pertinent Jurisdictions, pay any
      stamp, registration or similar tax in all Pertinent Jurisdictions in
      respect of any Finance Document, give any notice or take any other step
      which, in the opinion of the Majority Lenders, is or has become necessary
      or desirable for any Finance Document to which it is a party to be valid,
      enforceable or admissible in evidence or to ensure or protect the priority
      of any Security Interest which it
creates.

            

    

     

    
      	
              11.11

            	
              Notification of
      litigation.  The Borrower shall procure that the Agent is
      provided with details of any legal or administrative action involving the
      Borrower, any Security Party, or the Earnings as soon as such action is
      instituted or it becomes apparent to the Borrower that it is likely to be
      instituted, unless it is clear that the legal or administrative action
      cannot be considered material in the context of any Finance
      Document.

            

    

     

    
      	
              11.12

            	
              Principal place of
      business.  The Borrower will notify the Agent if it has a
      place of business in any jurisdiction which would require a Finance
      Document to which it is a party to be registered, filed or recorded with
      any court authority in that jurisdiction or if the centre of its main
      interests changes.

            

    

     

    
      	
              11.13

            	
              Confirmation of no
      default.  The Borrower will, within 2 Business Days after
      service by the Agent of a written request, serve on the Agent a notice
      which is signed by the director of the Borrower and
  which:

            

    

     

    
      	
              (a)

            	
              states
      that no Event of Default or Potential Event of Default has occurred;
      or

            

    

     

    
      	
              (b)

            	
              states
      that no Event of Default or Potential Event of Default has occurred,
      except for a specified event or matter, of which all material details are
      given.

            

    

     

    This
Clause 11.13 does not affect the Borrower’s obligations under Clause
11.14.

    

    
      	
              11.14

            	
              Notification of
      default.  The Borrower will notify the Agent as soon as
      the Borrower becomes aware of:

            

    

     

    
      	
              (a)

            	
              the
      occurrence of an Event of Default or a Potential Event of Default;
      or

            

    

     

    
      	
              (b)

            	
              any
      matter which indicates that an Event of Default or a Potential Event of
      Default may have occurred;

            

    

     

    and
will thereafter keep the Agent fully up-to-date with all
developments.

     

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    
      	
              11.15

            	
              Provision of further
      information.  The Borrower will, as soon as practicable
      after receiving the request, provide the Agent with any additional
      financial or other information relating
to:

            

    

     

    
      	
              (a)

            	
              the
      Borrower, the Ocean Rig Shares or the Earnings;
  and

            

    

     

    
      	
              (b)

            	
              any
      other matter relevant to, or to any provision of, a Finance
      Document;

            

    

     

    which
may be requested by the Agent, the Security Trustee or any Lender at any
time.

     

    
      	
              11.16

            	
              Tax
      filings.  The Borrower will file or cause to be filed all
      tax returns required to be filed by the Borrower in all Pertinent
      Jurisdictions and shall procure all taxes shown to be due and payable on
      such returns or any assessments made against it are paid (other than those
      contested in good faith where such payments may be lawfully withheld) and
      where adequate reserves have been made for such payment should such tax be
      found to be payable.

            

    

     

    
      	
              11.17

            	
              “Know your customer”
      checks.  If:

            

    

     

    
      	
              (a)

            	
              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;

            

    

     

    
      	
              (b)

            	
              any
      change in the status of the Borrower or any Security Party after the date
      of this Agreement; or

            

    

     

    
      	
              (c)

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

            

    

     

    obliges
the Agent or any Lender (or, in the case of paragraph (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,
the Borrower shall promptly upon the request of the Agent or the Lender
concerned 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 the Lender concerned (for itself or, in the case of the event
described in paragraph (iii), on behalf of any prospective new Lender) in order
for the Agent, the Lender concerned or, in the case of the event described in
paragraph (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.

     

    
      	
              12

            	
              CORPORATE
      UNDERTAKINGS

            

    

     

    
      	
              12.1

            	
              General.  The
      Borrower also undertakes with each Creditor Party to comply with the
      following provisions of this Clause 12 at all times during the Security
      Period except as the Agent, with the authorisation of the Majority
      Lenders, may otherwise permit.

            

    

     

    
      	
              12.2

            	
              Maintenance of
      status.  The Borrower will maintain its separate
      corporate existence under the laws of
Cyprus.

            

    

     

    
      	
              12.3

            	
              Negative
      undertakings.  The Borrower will
  not:

            

    

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    
      	
              (a)

            	
              carry
      on any business other than the ownership of the Ocean Rig Shares or incur
      any liabilities or obligations other than as incurred in the cause of
      owning the Ocean Rig Shares; or

            

    

     

    
      	
              (b)

            	
              without
      the prior written consent of the Agent (which the Agent shall have the
      right to withhold at its entire discretion), pay any dividend or make any
      other form of distribution or effect any form of redemption, purchase or
      return of share capital; or

            

    

     

    
      	
              (c)

            	
              grant
      any Security Interest over the Ocean Rig Shares or the Earnings other than
      the Shares Pledge;

            

    

     

    
      	
              (d)

            	
              provide
      any form of credit or financial assistance
to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      person who is directly or indirectly interested in the Borrower’s share or
      loan capital; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      company in or with which such a person is directly or indirectly
      interested or connected

            

    

     

    or
enter into any transaction with or involving such a person or company on terms
which are, in any respect, less favourable to the Borrower than those which it
could obtain in a bargain made at arms’ length;

     

    
      	
              (e)

            	
              incur
      any Financial Indebtedness other than the Loan;
  or

            

    

     

    
      	
              (f)

            	
              open
      or maintain any account with any bank or financial institution except
      accounts with the Lender;

            

    

     

    
      	
              (g)

            	
              issue,
      allot or grant any person a right to any shares in its capital or
      repurchase or reduce its issued share
capital;

            

    

     

    
      	
              (h)

            	
              acquire
      any shares or other securities other than US or UK Treasury bills and
      certificates of deposit issued by major North American or European banks,
      or enter into any transaction in a derivative;
  or

            

    

     

    
      	
              (i)

            	
              enter
      into any form of amalgamation, merger or de-merger or any form of
      reconstruction or reorganisation.

            

    

     

    
      	
              12.4

            	
              Ocean Rig
      listing.   Ocean Rig ASA shall maintain its listing
      status on the Oslo Børs.

            

    

     

    
      	
              12.5

            	
              Financial
      Covenants.  The Borrower shall ensure
    that:

            

    

     

    
      	
              (a)

            	
              the
      Market Adjusted Equity Ratio shall not be less
  than:

            

    

     

    
      	
               
      

            	
              (i)

            	
              in
      the Financial Year ending 31 December 2007,
  0.2:1;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              in
      the Financial Year ending 31 December 2008, 0.25:1;
  and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              in
      each subsequent Financial Year,
0.3:1;

            

    

     

    
      	
              (b)

            	
              the
      Interest Coverage Ratio shall not be less than
  3:1;

            

    

     

    
      	
              (c)

            	
              the
      Market Value Adjusted Net Worth of the Group shall not be less
      than:

            

    

     

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (i)

            	
              in
      the Financial Year ending respectively 31 December 2007,
      $125,000,000;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              in
      the Financial Year ending 31 December 2008, $180,000,000;
    and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              in
      each subsequent Financial Year, $225,000,000;
  and

            

    

     

    
      	
              (d)

            	
              the
      Liquid Funds of the Group are not less than
  $20,000,000.

            

    

     

    
      	
              13

            	
              SECURITY
      COVER

            

    

     

    
      	
              13.1

            	
              Minimum required security
      cover.  Clause 13.2 applies if the Agent notifies the
      Borrower that:

            

    

     

    
      	
              (a)

            	
              the
      aggregate Fair Market Value of the Ocean Rig Shares;
  plus

            

    

     

    
      	
              (b)

            	
              the
      net realisable value of any additional security previously provided under
      this Clause 13;

            

    

     

    is
below 150 per cent. of the Loan.

    

    
      	
              13.2

            	
              Provision of additional
      security; prepayment.  If the Agent serves a notice on
      the Borrower under Clause 13.1, the Borrower shall, within two weeks after
      the date on which the Agent's notice is served,
  either:

            

    

     

    
      	
              (a)

            	
              provide,
      or ensure that a third party provides, additional security which, in the
      opinion of the Majority Lenders, has a net realisable value at least equal
      to the shortfall and is documented in such terms as the Agent may, with
      the authorisation of the Majority Lenders, approve or require;
      or

            

    

     

    
      	
              (b)

            	
              prepay
      such part (at least) of the Loan as will eliminate the
      shortfall.

            

    

     

    
      	
              13.3

            	
              Valuation of Ocean Rig
      Shares.  The market value of the Ocean Rig Shares at any
      date is that shown by the quoted price (after deducting the estimated
      amount of the usual and reasonable expenses which would be incurred in
      connection with a sale of such Ocean Rig Shares) at close of business on
      the previous Business Day on the Oslo Børs or in the event of such
      quotation being unavailable then such valuation as the Agent shall
      reasonably determine by reference to market
  conditions.

            

    

     

    
      	
              13.4

            	
              Valuations
      binding.  Any valuation under Clause 13.2 or 13.3 shall
      be binding and conclusive as regards the Borrower, as shall be any
      valuation which the Majority Lenders make of any additional
      security.

            

    

     

    
      	
              13.5

            	
              Mandatory
      prepayments.  In the event
  that:

            

    

     

    
      	
              (a)

            	
              the
      Borrower shall seek to sell or otherwise dispose of the Ocean Rig Shares
      in whole or in part (subject to the prior written consent of the Agent
      which shall not to be unreasonably withheld or delayed) then such sale or
      other disposal shall be on terms reasonably satisfactory to the Agent and,
      upon completion of such sale or other disposal, the Borrower shall repay
      to the Agent all sums outstanding under this Agreement and the Finance
      Documents, together with all costs and expenses;
  or

            

    

     

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    
      	
              (b)

            	
              Ocean
      Rig ASA is de-listed from the Oslo Børs or privatised by any action of
      the  Borrower or otherwise or if any member of the Group (and/or
      persons acting in concert with it) acquires (or is required by law to make
      an offer to acquire) further shares in Ocean Rig ASA whether such
      acquisition is by way of a voluntary offer for shares or because such
      member of the Group (and/or persons acting in concert with it) is required
      to make a mandatory offer for the remaining shares in Ocean Rig ASA
      pursuant to Chapter 6 of the Norwegian Securities Trading Act of 2007
      (Verdipapirhandelloven
      2007), and if such mandatory offer is accepted, the Borrower shall
      repay to the Agent all sums outstanding under this Agreement and Finance
      Documents, together with all costs and
expenses.

            

    

     

    
      	
              13.6

            	
              Application of
      prepayment.  Clause 8 shall apply in relation to any
      prepayment pursuant to Clause 13.2(b) or 13.5(a) and
  (b).

            

    

     

    
      	
              14

            	
              PAYMENTS
      AND CALCULATIONS

            

    

     

    
      	
              14.1

            	
              Currency and method of
      payments.  All payments to be made by the Lenders or by
      the Borrower under a Finance Document shall be made to the Agent or to the
      Security Trustee, in the case of an amount payable to
  it:

            

    

     

    
      	
              (a)

            	
              by
      not later than 11.00 a.m. (New York City time) on the due
      date;

            

    

     

    
      	
              (b)

            	
              in
      same day Dollar funds settled through the New York Clearing House
      Interbank Payments System (or in such other Dollar funds and/or settled in
      such other manner as the Agent shall specify as being customary at the
      time for the settlement of international transactions of the type
      contemplated by this Agreement);

            

    

     

    
      	
              (c)

            	
              in
      the case of an amount payable by a Lender to the Agent or by the Borrower
      to the Agent or any Lender, to such account with such bank as the Agent
      may from time to time notify to the Borrower and the other Creditor
      Parties; and

            

    

     

    
      	
              (d)

            	
              in
      the case of an amount payable to the Security Trustee, to such account as
      it may from time to time notify to the Borrower and the other Creditor
      Parties.

            

    

     

    
      	
              14.2

            	
              Payment on non-Business
      Day.  If any payment by the Borrower under a Finance
      Document would otherwise fall due on a day which is not a Business
      Day:

            

    

     

    
      	
              (a)

            	
              the
      due date shall be extended to the next succeeding Business Day;
      or

            

    

     

    
      	
              (b)

            	
              if
      the next succeeding Business Day falls in the next calendar month, the due
      date shall be brought forward to the immediately preceding Business
      Day;

            

    

     

    and
interest shall be payable during any extension under paragraph (a) at the rate
payable on the original due date.

     

    
      	
              14.3

            	
              Basis for calculation of
      periodic payments.  All interest and commitment fees and
      any other payments under any Finance Document which are of an annual or
      periodic nature shall accrue from day to day and shall be calculated on
      the basis of the actual number of days elapsed and a 360 day
      year.

            

    

     

    
      	
              14.4

            	
              Distribution of payments to
      Creditor Parties.  Subject to Clauses 14.5, 14.6 and
      14.7:

            

    

     

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    
      	
              (a)

            	
              any
      amount received by the Agent under a Finance Document for distribution or
      remittance to a Lender or the Security Trustee shall be made available by
      the Agent to that Lender or, as the case may be, the Security Trustee by
      payment, with funds having the same value as the funds received, to such
      account as the Lender or the Security Trustee may have notified to the
      Agent not less than 5 Business Days previously;
  and

            

    

     

    
      	
              (b)

            	
              amounts
      to be applied in satisfying amounts of a particular category which are due
      to the Lenders generally shall be distributed by the Agent to each Lender
      pro rata to the amount in that category which is due to
  it.

            

    

     

    
      	
              14.5

            	
              Permitted deductions by
      Agent.  Notwithstanding any other provision of this
      Agreement or any other Finance Document, the Agent may, before making an
      amount available to a Lender, deduct and withhold from that amount any sum
      which is then due and payable to the Agent from that Lender under any
      Finance Document or any sum which the Agent is then entitled under any
      Finance Document to require that Lender to pay on
  demand.

            

    

     

    
      	
              14.6

            	
              Agent only obliged to pay when
      monies received.  Notwithstanding any other provision of
      this Agreement or any other Finance Document, the Agent shall not be
      obliged to make available to the Borrower or any Lender any sum which the
      Agent is expecting to receive for remittance or distribution to the
      Borrower or that Lender until the Agent has satisfied itself that it has
      received that sum.

            

    

     

    
      	
              14.7

            	
              Refund to Agent of monies not
      received.  If and to the extent that the Agent makes
      available a sum to the Borrower, a Lender, without first having received
      that sum, the Borrower or (as the case may be) the Lender concerned shall,
      on demand:

            

    

     

    
      	
              (a)

            	
              refund
      the sum in full to the Agent; and

            

    

     

    
      	
              (b)

            	
              pay
      to the Agent the amount (as certified by the Agent) which will indemnify
      the Agent against any funding or other loss, liability or expense incurred
      by the Agent as a result of making the sum available before receiving
      it.

            

    

     

    
      	
              14.8

            	
              Agent may assume
      receipt.  Clause 14.7 shall not affect any claim which
      the Agent has under the law of restitution, and applies irrespective of
      whether the Agent had any form of notice that it had not received the sum
      which it made available.

            

    

     

    
      	
              14.9

            	
              Creditor Party
      accounts.  Each Creditor Party shall maintain an account
      or accounts showing the amounts owing to it by the Borrower and each
      Security Party under the Finance Documents and all payments in respect of
      those amounts made by the Borrower and any Security
  Party.

            

    

     

    
      	
              14.10

            	
              Agent’s memorandum
      account.  The Agent shall maintain a memorandum account
      or accounts showing the amounts advanced by the Lenders and all other sums
      owing to the Agent, the Security Trustee and each Lender from the Borrower
      and each Security Party under the Finance Documents and all payments in
      respect of those amounts made by the Borrower and any Security
      Party.

            

    

     

    
      	
              14.11

            	
              Accounts prima facie
      evidence.  If any of the accounts maintained under
      Clauses 14.9 and 14.10 show an amount to be owing by the Borrower or a
      Security Party to a Creditor Party, those accounts shall be prima facie
      evidence that that amount is owing to that Creditor Party under this
      Agreement and the other Finance
Documents.

            

    

     

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    
      	
              15

            	
              APPLICATION
      OF RECEIPTS

            

    

     

    
      	
              15.1

            	
              Normal order of
      application.  Except as any Finance Document may
      otherwise provide, any sums which are received or recovered by any
      Creditor Party under or by virtue of any Finance Document shall be
      applied:

            

    

     

    
      	
              (a)

            	
              FIRST:
      in or towards satisfaction of any amounts then due and payable under the
      Finance Documents (or any of them) in such order of application and/or
      such proportions as the Agent, acting with the authorisation of the
      Majority Lenders, may specify by notice to the Borrower, the Security
      Parties and the other Creditor
Parties;

            

    

     

    
      	
              (b)

            	
              SECONDLY:
      in retention of an amount equal to any amount not then due and payable
      under any Finance Document but which the Agent, by notice to the Borrower,
      the Security Parties and the other Creditor Parties, states in its opinion
      will or may become due and payable in the future and, upon those amounts
      becoming due and payable, in or towards satisfaction of them in accordance
      with the provisions of Clause 15.1(a);
and

            

    

     

    
      	
              (c)

            	
              THIRDLY:
      any surplus shall be paid to the Borrower or to any other person appearing
      to be entitled to it.

            

    

     

    
      	
              15.2

            	
              Variation of order of
      application.  The Agent may, with the authorisation of
      the Majority Lenders, by notice to the Borrower, the Security Parties and
      the other Creditor Parties provide for a different manner of application
      from that set out in Clause 15.1 either as regards a specified sum or sums
      or as regards sums in a specified category or
  categories.

            

    

     

    
      	
              15.3

            	
              Notice of variation of order of
      application.  The Agent may give notices under
      Clause 15.2 from time to time; and such a notice may be stated to
      apply not only to sums which may be received or recovered in the future,
      but also to any sum which has been received or recovered on or after the
      third Business Day before the date on which the notice is
      served.

            

    

     

    
      	
              15.4

            	
              Appropriation rights
      overridden.  This Clause 15 and any notice which the
      Agent gives under Clause 15.2 shall override any right of appropriation
      possessed, and any appropriation made, by the Borrower or any Security
      Party.

            

    

     

    
      	
              16

            	
              EARNINGS
      

            

    

     

    
      	
              16.1

            	
              Payment of
      Earnings.  The Borrower undertakes with the Lenders to
      ensure that, throughout the Security Period the Earnings are paid to the
      Deposit Account if denominate in NOK or the Earnings Account if
      denominated in US Dollars.

            

    

     

    
      	
              16.2

            	
              Location of
      account.  The Borrower shall
  promptly:

            

    

     

    
      	
              (a)

            	
              comply
      with any requirement of the Lender as to the location or re-location of
      the Deposit Account or the Earnings
Account;

            

    

     

    
      	
              (b)

            	
              execute
      any documents which the Lender specifies to create or maintain in favour
      of the Lender a Security Interest over (and/or rights of set-off,
      consolidation or other rights in relation to) the Deposit Account or the
      Earnings Account.

            

    

     

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    
      	
              16.3

            	
              Debits for expenses
      etc.  The Lender shall be entitled (but not obliged) from
      time to time to debit the Deposit Account or the Earnings Account without
      prior notice in order to discharge any amount due and payable to it under
      Clause 18 or 19 or payment of which it has become entitled to demand under
      Clause 18 or 19.

            

    

     

    
      	
              17

            	
              EVENTS
      OF DEFAULT

            

    

     

    
      	
              17.1

            	
              Events of
      Default.  An Event of Default occurs
  if:

            

    

     

    
      	
              (a)

            	
              the
      Borrower or any Security Party fails to pay when due or, if payable on
      demand, within 14 days of such demand, any sum payable under a Finance
      Document or under any document relating to a Finance Document;
      or

            

    

     

    
      	
              (b)

            	
              any
      breach occurs of Clause 9.2 (Waiver of conditions precedent), 11.2
      (Negative pledge), 11.3 (No disposal of assets), 12.2 (Maintenance of
      Status), 12.3 (Negative undertakings), 12.4 (Financial undertakings), 12.5
      (Financial covenants) or 13.2 (Provision of additional security;
      prepayment) of this Agreement or any of Clauses 11.10 (Maintenance of
      status), 11.11 (No disposal of assets, change of business, name or fiscal
      year end date), 11.12 (No merger etc.) and 11.13 (Maintenance of
      ownership) of the Guarantee; or,

            

    

     

    
      	
              (c)

            	
              any
      breach by the Borrower or any Security Party occurs of any provision of a
      Finance Document (other than a breach covered by paragraphs (a) or (b))
      if, in the opinion of the Majority Lenders, such default is capable of
      remedy, and such default continues unremedied 30 days after written notice
      from the Agent requesting action to remedy the same;
  or

            

    

     

    
      	
              (d)

            	
              (subject
      to any applicable grace period specified in the Finance Document) any
      breach by the Borrower or any Security Party occurs of any provision of a
      Finance Document (other than a breach covered by paragraphs (a), (b) or
      (c)); or

            

    

     

    
      	
              (e)

            	
              any
      representation, warranty or statement made by, or by an officer of, the
      Borrower or a Security Party in a Finance Document or in a Drawdown Notice
      or any other notice or document relating to a Finance Document is untrue
      or misleading in any material respect when it is made;
  or

            

    

     

    
      	
              (f)

            	
              any
      of the following occurs in relation to any Financial Indebtedness of a
      Relevant Person in respect of $1,000,000 or more or, as regards Financial
      Indebtedness arising under different documents or transactions, an
      aggregate amount of $1.000,000 or more  (or the equivalent in
      another currency):

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      such Financial Indebtedness of a Relevant Person is not paid when due or,
      if so payable, on demand; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      such Financial Indebtedness of a Relevant Person becomes due and payable
      or capable of being declared due and payable prior to its stated maturity
      date as a consequence of any event of default;
  or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              a
      lease, hire purchase agreement or charter creating any such Financial
      Indebtedness of a Relevant Person is terminated by the lessor or owner or
      becomes capable of being terminated as a consequence of any termination
      event; or

            

    

     

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (iv)

            	
              any
      overdraft, loan, note issuance, acceptance credit, letter of credit,
      guarantee, foreign exchange or other facility, or any swap or other
      derivative contract or transaction, relating to any such Financial
      Indebtedness ceases to be available or becomes capable of being terminated
      as a result of any event of default, or cash cover is required, or becomes
      capable of being required, in respect of such a facility as a result of
      any event of default; or

            

    

     

    
      	
               
      

            	
              (v)

            	
              any
      Security Interest securing any such Financial Indebtedness of a Relevant
      Person becomes enforceable; or

            

    

     

    
      	
              (g)

            	
              any
      of the following occurs in relation to a Relevant
  Person:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      Relevant Person becomes, in the opinion of the Majority Lenders, unable to
      pay its debts as they fall due; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      assets of a Relevant Person are subject to any form of execution,
      attachment, arrest, sequestration or distress, or any form of freezing
      order in respect of a sum of, or sums aggregating, $1,000,000 or more or
      the equivalent in another currency;
or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              any
      administrative or other receiver is appointed over any asset of a Relevant
      Person; or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              an
      administrator is appointed (whether by the court or otherwise) in respect
      of a Relevant Person; or

            

    

     

    
      	
               
      

            	
              (v)

            	
              a
      Relevant Person makes any formal declaration of bankruptcy or any formal
      statement to the effect that it is insolvent or likely to become
      insolvent, or an administration notice is given or filed in relation to a
      Relevant Person, or a winding up or administration order is made in
      relation to a Relevant Person, or the members or directors of a Relevant
      Person pass a resolution to the effect that it should be wound up, placed
      in administration or cease to carry on business, save that this paragraph
      does not apply to a fully solvent winding up of a Relevant Person other
      than the Borrower or any Guarantor which is, or is to be, effected for the
      purposes of an amalgamation or reconstruction previously approved by the
      Majority Lenders and effected not later than 3 months after the
      commencement of the winding up; or

            

    

     

    
      	
               
      

            	
              (vi)

            	
              a
      petition is presented in any Pertinent Jurisdiction for the winding up or
      administration, or the appointment of a provisional liquidator, of a
      Relevant Person unless the petition is being contested in good faith and
      on substantial grounds and is dismissed or withdrawn within 30 days of the
      presentation of the petition; or

            

    

     

    
      	
               
      

            	
              (vii)

            	
              a
      Relevant Person petitions a court, or presents any proposal for, any form
      of judicial or non-judicial suspension or deferral of payments,
      reorganisation of its debt (or certain of its debt) or arrangement with
      all or a substantial proportion (by number or value) of its creditors or
      of any class of them or any such suspension or deferral of payments,
      reorganisation or arrangement is effected by court order, contract or
      otherwise; or

            

    

     

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

    
      	 	
              (viii)

            	
              any
      meeting of the members or directors of a Relevant Person is summoned for
      the purpose of considering a resolution or proposal to authorise or take
      any action of a type described in paragraphs (iii), (iv), (v), (vi) or
      (vii); or

            

    

     

    
      	
               
      

            	
              (ix)

            	
              in
      a Pertinent Jurisdiction other than England, any event occurs or any
      procedure is commenced which, in the opinion of the Majority Lenders, is
      similar to any of the foregoing; or

            

    

     

    
      	
              (h)

            	
              the
      Borrower or the Guarantor ceases or suspends carrying on its business or a
      part of its business which, in the opinion of the Majority Lenders, is
      material in the context of this Agreement;
or

            

    

     

    
      	
              (i)

            	
              it
      becomes unlawful in any Pertinent Jurisdiction or
    impossible:

            

    

     

    
      	
               
      

            	
              (i)

            	
              for
      the Borrower or any Security Party to discharge any liability under a
      Finance Document to which it is a party or to comply with any other
      obligation which the Majority Lenders consider material under a Finance
      Document to which it is a party;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              for
      the Agent, the Security Trustee or the Lenders to exercise or enforce any
      right under, or to enforce any Security Interest created by, a Finance
      Document; or

            

    

     

    
      	
              (j)

            	
              the
      Borrower ceases to be wholly and beneficially owned directly or indirectly
      by the Guarantor or there is any change to the ultimate control of the
      voting rights attaching to the shares in the
  Borrower;

            

    

     

    
      	
              (k)

            	
              it
      appears to the Lender that, without its prior written consent, a change
      has occurred after the date of this Agreement in the ultimate beneficial
      ownership of the shares of the Guarantor or in the ultimate control of the
      voting rights attaching to any of those shares as a consequence of which
      the beneficial ownership or voting rights of Entreprenurial Spirit
      Foundation, of Vaduz, Liechtenstein, controlled by Mr. George Economou
      beneficially, have fallen or will fall to less than twenty per cent (20%)
      of either the beneficial ownership or voting rights;
  or

            

    

     

    
      	
              (l)

            	
              any
      consent necessary to enable the Borrower to own the Ocean Rig Shares or to
      enable the Borrower or any Security Party to comply with any provision
      which the Majority Lenders consider material of a Finance Document is not
      granted, expires without being renewed, is revoked or becomes liable to
      revocation or any condition of such a consent is not fulfilled;
      or

            

    

     

    
      	
              (m)

            	
              any
      provision which the Majority Lenders consider material of a Finance
      Document proves to have been or becomes invalid or unenforceable, or a
      Security Interest created by a Finance Document proves to have been or
      becomes invalid or unenforceable or such a Security Interest proves to
      have ranked after, or loses its priority to, another Security Interest or
      any other third party claim or interest;
or

            

    

     

    
      	
              (n)

            	
              the
      security constituted by a Finance Document is in any way imperilled or in
      jeopardy; or

            

    

     

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

    
      	
              (o)

            	
              any
      other event occurs or any other circumstances arise or develop including,
      without limitation a change in the financial position, state of affairs or
      prospects of the Borrower or the Guarantor in the light of which the
      Majority Lenders consider that there is a significant risk that the
      Borrower or the Guarantor is, or will later become, unable to discharge
      its liabilities under the Finance Documents as they fall due;
      or

            

    

     

    
      	
              17.2

            	
              Actions following an Event of
      Default.  On, or at any time after, the occurrence of an
      Event of Default:

            

    

     

    
      	
              (a)

            	
              the
      Agent may, and if so instructed by the Majority Lenders, the Agent
      shall:

            

    

     

    
      	
               
      

            	
              (i)

            	
              serve
      on the Borrower a notice stating that the Commitments and all other
      obligations of each Lender to the Borrower under this Agreement are
      terminated; and/or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              serve
      on the Borrower a notice stating that the Loan, all accrued interest and
      all other amounts accrued or owing under this Agreement are immediately
      due and payable or are due and payable on demand;
  and/or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              take
      any other action which, as a result of the Event of Default or any notice
      served under paragraphs (i), (ii) or (iii), the Agent and/or the Lenders
      are entitled to take under any Finance Document or any applicable law;
      and/or

            

    

     

    
      	
              (b)

            	
              the
      Security Trustee may, and if so instructed by the Agent, acting with the
      authorisation of the Majority Lenders, the Security Trustee shall take any
      action which, as a result of the Event of Default or any notice served
      under paragraph (a) (i) or (ii), the Security Trustee, the Agent and/or
      the Lenders are entitled to take under any Finance Document or any
      applicable law.

            

    

     

    
      	
              17.3

            	
              Termination of
      Commitments.  On the service of a notice under Clause
      17.2, the Commitments and all other obligations of each Lender to the
      Borrower under this Agreement shall
terminate.

            

    

     

    
      	
              17.4

            	
              Acceleration of
      Loan.  On the service of a notice under Clause 17.2, the
      Loan, all accrued interest and all other amounts accrued or owing from the
      Borrower or any Security Party under this Agreement and every other
      Finance Document shall become immediately due and payable or, as the case
      may be, payable on demand.

            

    

     

    
      	
              17.5

            	
              Multiple notices; action
      without notice.  The Agent may serve notices under
      paragraphs (a) (i) and (ii) of Clause 17.2 simultaneously or on different
      dates and it and/or the Security Trustee may take any action referred to
      in that Clause if no such notice is served or simultaneously with or at
      any time after the service of both or either of such
    notices.

            

    

     

    
      	
              17.6

            	
              Notification of Creditor
      Parties and Security Parties.  The Agent shall send to
      each Lender, the Security Trustee and each Security Party a copy or the
      text of any notice which the Agent serves on the Borrower under Clause
      17.2; but the notice shall become effective when it is served on the
      Borrower, and no failure or delay by the Agent to send a copy or the text
      of the notice to any other person shall invalidate the notice or provide
      the Borrower or any Security Party with any form of claim or
      defence.

            

    

     

    
      	
              17.7

            	
              Lenders’ rights
      unimpaired.  Nothing in this Clause 17 shall be taken to
      impair or restrict the exercise of any right given to individual Lenders
      under a Finance Document or the general law; and, in particular, this
      Clause is without prejudice to Clause
3.1.

            

    

     

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    
      	
              17.8

            	
              Exclusion of Creditor Party
      Liability.  No Creditor Party, and no receiver or manager
      appointed by the Security Trustee, shall have any liability to the
      Borrower or a Security Party:

            

    

     

    
      	
              (a)

            	
              for
      any loss caused by an exercise of rights under, or enforcement of a
      Security Interest created by, a Finance Document or by any failure or
      delay to exercise such a right or to enforce such a Security Interest;
      or

            

    

     

    
      	
              (b)

            	
              as
      mortgagee in possession or otherwise, for any income or principal amount
      which might have been produced by or realised from any asset comprised in
      such a Security Interest or for any reduction (however caused) in the
      value of such an asset;

            

    

     

    except
that this does not exempt a Creditor Party or a receiver or manager from
liability for losses shown to have been directly and mainly caused by the
dishonesty or the wilful misconduct of such Creditor Party’s own officers and
employees or ( as the case may be) such receiver’s or manager’s own partners or
employees.

    

    
      	
              17.9

            	
              Relevant
      Persons.  In this Clause 17 a “Relevant Person” means
      the Borrower and/or any  Security
  Party.

            

    

     

    
      	
              17.10

            	
              Interpretation.  In
      Clause 17.1(f) references to an event of default or a termination event
      include any event, howsoever described, which is similar to an event of
      default in a facility agreement or a termination event in a finance lease;
      and in Clause 17.1(g) “petition” includes an
      application.

            

    

     

    
      	
              18

            	
              FEES
      AND EXPENSES

            

    

     

    
      	
              18.1

            	
              Arrangement, agency
      fees.  The Borrower shall pay to the
    Agent:

            

    

     

    
      	
              (a)

            	
              on
      each of the date of this Agreement and the Drawdown Date, the arrangement
      fees separately agreed between the Agent and the Borrower to be payable to
      the Agent as to one quarter on the date of this Agreement and as to three
      quarters on the Drawdown Date, for distribution to the Lenders at the
      discretion of the Agent;

            

    

     

    
      	
              (b)

            	
              on
      the last day of each of March, June, September and December of each year,
      in respect of the period from (and including) the date of this Agreement
      until the earlier of (i) the date on which the Total Commitments shall
      have been drawn down and (ii) the expiry of the Security Period, for the
      account of the Lenders, a commitment fee at a rate equal to one quarter of
      the Margin per annum on the undrawn amount of the Total Commitments from
      time to time, for distribution among the Lenders as agreed by them;
      and

            

    

     

    
      	
              (c)

            	
              on
      the date of this Agreement and on each anniversary thereof during the
      Security Period (and pro rata upon repayment or prepayment of all sums due
      hereunder) an annual non-refundable agency fee of $50,000, such agency fee
      to be payable to the Agent in advance for its own
  account.

            

    

     

    
      	
              18.2

            	
              Costs of negotiation,
      preparation etc.  The Borrower shall pay to the Agent
      within ten days of its demand the amount of all reasonable expenses
      incurred by the Agent or the Security Trustee in connection with the
      negotiation, preparation, execution or registration of any Finance
      Document or any related document or with any transaction contemplated by a
      Finance Document or a related
document.

            

    

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    
      	
              18.3

            	
              Costs of variations,
      amendments, enforcement etc.  The Borrower shall pay to
      the Agent, on the Agent’s demand, for the account of the Creditor Party
      concerned, the amount of all expenses incurred by a Creditor Party in
      connection with:

            

    

     

    
      	
              (a)

            	
              any
      amendment or supplement to a Finance Document, or any proposal for such an
      amendment to be made;

            

    

     

    
      	
              (b)

            	
              any
      consent or waiver by the Lenders, the Majority Lenders or the Creditor
      Party concerned under or in connection with a Finance Document, or any
      request for such a consent or
waiver;

            

    

     

    
      	
              (c)

            	
              the
      valuation of any security provided or offered under Clause 15 or any other
      matter relating to such security;
or

            

    

     

    
      	
              (d)

            	
              any
      step taken by the Lender concerned with a view to the protection, exercise
      or enforcement of any right or Security Interest created by a Finance
      Document or for any similar
purpose.

            

    

     

    There
shall be recoverable under paragraph (e) the full amount of all legal expenses,
whether or not such as would be allowed under rules of court or any taxation or
other procedure carried out under such rules.

    

    
      	
              18.4

            	
              Documentary
      taxes.  The Borrower shall promptly pay any tax payable
      on or by reference to any Finance Document, and shall, on the Agent’s
      demand, fully indemnify each Creditor Party against any claims, expenses
      and liabilities and losses resulting from any failure or delay by the
      Borrower to pay such a tax.

            

    

     

    
      	
              18.5

            	
              Financial Services Authority
      fees.  The Borrower shall pay to the Agent, on the
      Agent’s demand, for the account of the Lender concerned the amounts which
      the Agent from time to time notifies the Borrower that a Lender has
      notified the Agent to be necessary to compensate it for the cost
      attributable to its Contribution resulting from the imposition from time
      to time under or pursuant to the Bank of England Act 1998 and/or by the
      Bank of England and/or by the Financial Services Authority (or other
      United Kingdom governmental authorities or agencies) of a requirement to
      pay fees to the Financial Services Authority calculated by reference to
      liabilities used to fund its
Contribution.

            

    

     

    
      	
              18.6

            	
              Certification of
      amounts.  A notice which is signed by a duly authorised
      person on behalf of a Creditor Party, which states that a specified
      amount, or aggregate amount, is due to that Creditor Party under this
      Clause 18 and which indicates (without necessarily specifying a detailed
      breakdown) the matters in respect of which the amount, or aggregate
      amount, is due shall be prima facie evidence that the amount, or aggregate
      amount, is due.

            

    

     

    
      	
              19

            	
              INDEMNITIES

            

    

     

    
      	
              19.1

            	
              Indemnities regarding borrowing
      and repayment of Loan.  The Borrower shall fully
      indemnify the Agent and each Lender on the Agent’s demand and the Security
      Trustee on its demand in respect of all claims, expenses, liabilities and
      losses which are made or brought against or incurred by that Creditor
      Party, or which that Creditor Party reasonably and with due diligence
      estimates that it will incur, as a result of or in connection
      with:

            

    

     

    
      	
              (a)

            	
              the
      Advance not being borrowed on the date specified in the Drawdown Notice
      for any reason other than a default by the Lender claiming the
      indemnity;

            

    

     

    
      	
              (b)

            	
              the
      receipt or recovery of all or any part of the Loan or an overdue sum
      otherwise than on the last day of an Interest Period applicable to it or
      other relevant period;

            

    

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    
      	
              (c)

            	
              any
      failure (for whatever reason) by the Borrower to make payment of any
      amount due under a Finance Document on the due date or, if so payable, on
      demand (after giving credit for any default interest paid by the Borrower
      on the amount concerned under Clause
7);

            

    

     

    
      	
              (d)

            	
              the
      occurrence and/or continuance of an Event of Default or a Potential Event
      of Default and/or the acceleration of repayment of the Loan under Clause
      17;

            

    

     

    and
in respect of any tax (other than tax on its overall net income) for which a
Creditor Party is liable in connection with any amount paid or payable to that
Creditor Party (whether for its own account or otherwise) under any Finance
Document.

    

    
      	
              19.2

            	
              Breakage
      costs.  Without limiting its generality, Clause 19.1
      covers any claim, liability, expense or loss, including loss of a
      prospective profit, incurred by a
Lender:

            

    

     

    
      	
              (a)

            	
              in
      liquidating or employing deposits from third parties acquired or arranged
      to fund or maintain all or any part of its Contribution and/or any overdue
      amount (or an aggregate amount which includes its Contribution or any
      overdue amount); and

            

    

     

    
      	
              (b)

            	
              in
      terminating, or otherwise in connection with, any interest and/or currency
      swap or any other transaction entered into (whether with another legal
      entity or with another office or department of the Lender concerned) to
      hedge any exposure arising under this Agreement or that part which the
      Lender concerned determines is fairly attributable to this Agreement of
      the amount of the liabilities, expenses or losses (including losses of
      prospective profits) incurred by it in terminating, or otherwise in
      connection with, a number of transactions of which this Agreement is
      one.

            

    

     

    
      	
              19.3

            	
              Miscellaneous
      indemnities.  The Borrower shall fully indemnify each
      Creditor Party severally on their respective demands in respect of all
      claims, demands, proceedings, liabilities, taxes, losses and expenses of
      every kind (“liability
      items”) which may be made or brought against, or incurred by, a
      Creditor Party, in any country, as a result of or in relation
      to:

            

    

     

    
      	
              (a)

            	
              any
      action taken, or omitted or neglected to be taken, under or in connection
      with any Finance Document by the Agent, the Security Trustee or any other
      Creditor Party or by any receiver appointed under a Finance
      Document;

            

    

     

    
      	
              (b)

            	
              any
      other Pertinent Matter;

            

    

     

    other
than liability items which are shown to have been caused by the dishonesty or
wilful misconduct of the officers or employees of the Creditor Party
concerned.

    

    
      	
              19.4

            	
              Extension of indemnities;
      Without prejudice to its generality, Clause 19.3 covers any matter
      which would be covered by Clause 19.3 if any of the references in that
      Clause to a Creditor Party were a reference to the Agent or (as the case
      may be) to the Security Trustee.

            

    

     

    
      	
              19.5

            	
              Currency
      indemnity.  If any sum due from the Borrower or any
      Security Party to a Creditor Party under a Finance Document or under any
      order or judgment relating to a Finance Document has to be converted from
      the currency in which the Finance Document provided for the sum to be paid
      (the “Contractual
      Currency”) into another currency (the “Payment Currency”) for
      the purpose of:

            

    

     

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    
      	
              (a)

            	
              making
      or lodging any claim or proof against the Borrower or any Security Party,
      whether in its liquidation, any arrangement involving it or otherwise;
      or

            

    

     

    
      	
              (b)

            	
              obtaining
      an order or judgment from any court or other tribunal;
  or

            

    

     

    
      	
              (c)

            	
              enforcing
      any such order or judgment;

            

    

     

    the
Borrower shall indemnify the Creditor Party concerned against the loss arising
when the amount of the payment actually received by that Creditor Party is
converted at the available rate of exchange into the Contractual
Currency.

    

    In
this Clause 19.5, the “available rate of exchange”
means the rate at which the Creditor Party concerned is able at the opening of
business (London time) on the Business Day after it receives the sum concerned
to purchase the Contractual Currency with the Payment Currency.

    

    This
Clause 19.5 creates a separate liability of the Borrower which is distinct from
its other liabilities under the Finance Documents and which shall not be merged
in any judgment or order relating to those other liabilities.

    

    
      	
              19.6

            	
              Certification of
      amounts.  A notice which is duly signed by an authorised
      signatory on behalf of a Creditor Party, which states that a specified
      amount, or aggregate amount, is due to that Creditor Party under this
      Clause 19 and which indicates (without necessarily specifying a detailed
      breakdown) the matters in respect of which the amount, or aggregate
      amount, is due shall be prima facie evidence that the amount, or aggregate
      amount, is due.

            

    

     

    
      	
              19.7

            	
              Sums deemed due to a
      Lender.  For the purposes of this Clause 19, a sum
      payable by the Borrower to the Agent or the Security Trustee for
      distribution to a Lender shall be treated as a sum due to that
      Lender.

            

    

     

    
      	
              20

            	
              NO
      SET-OFF OR TAX DEDUCTION

            

    

     

    
      	
              20.1

            	
              No
      deductions.  All amounts due from the Borrower under a
      Finance Document shall be paid:

            

    

     

    
      	
              (a)

            	
              without
      any form of set-off, cross-claim or condition;
  and

            

    

     

    
      	
              (b)

            	
              free
      and clear of any tax deduction except a tax deduction which the Borrower
      is required by law to make.

            

    

     

    
      	
              20.2

            	
              Grossing-up for
      taxes.  If the Borrower is required by law to make a tax
      deduction from any payment:

            

    

     

    
      	
              (a)

            	
              the
      Borrower shall notify the Agent as soon as it becomes aware of the
      requirement;

            

    

     

    
      	
              (b)

            	
              the
      Borrower shall pay the tax deducted to the appropriate taxation authority
      promptly, and in any event before any fine or penalty arises;
      and

            

    

     

    
      	
              (c)

            	
              the
      amount due in respect of the payment shall be increased by the amount
      necessary to ensure that each Creditor Party receives and retains (free
      from any liability relating to the tax deduction) a net amount which,
      after the tax deduction, is equal to the full amount which it would
      otherwise have received.

            

    

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

    
      	
              20.3

            	
              Evidence of payment of
      taxes.  Within 1 month after making any tax deduction,
      the Borrower shall deliver to the Agent documentary evidence satisfactory
      to the Agent that the tax had been paid to the appropriate taxation
      authority.

            

    

     

    
      	
              20.4

            	
              Tax
      credits.  A Creditor Party which receives for its own
      account a repayment or credit in respect of tax on account of which the
      Borrower has made an increased payment under Clause 20.2 shall pay to the
      Borrower a sum equal to the proportion of the repayment or credit which
      that Creditor Party allocates to the amount due from the Borrower in
      respect of which the Borrower made the increased payment,
    but:

            

    

     

    
      	
              (a)

            	
              the
      Creditor Party shall not be obliged to allocate to this transaction any
      part of a tax repayment or credit which is referable to a class or number
      of transactions;

            

    

     

    
      	
              (b)

            	
              nothing
      in this Clause 20.4 shall oblige a Creditor Party to arrange its tax
      affairs in any particular manner, to claim any type of relief, credit,
      allowance or deduction instead of, or in priority to, another or to make
      any such claim within any particular
time;

            

    

     

    
      	
              (c)

            	
              nothing
      in this Clause 20.4 shall oblige a Creditor Party to make a payment which
      would leave it in a worse position than it would have been in if the
      Borrower had not been required to make a tax deduction from a payment;
      and

            

    

     

    
      	
              (d)

            	
              any
      allocation or determination made by a Creditor Party under or in
      connection with this Clause 20.4 shall be conclusive and binding on the
      Borrower and the other Creditor Parties in the absence of manifest
      error.

            

    

     

    
      	
              20.5

            	
              Exclusion of tax on overall net
      income.  In this Clause 20 “tax deduction” means any
      deduction or withholding for or on account of any present or future tax
      except tax on a Creditor Party’s overall net
  income.

            

    

     

    
      	
              21

            	
              ILLEGALITY,
      ETC

            

    

     

    
      	
              21.1

            	
              Illegality.  This
      Clause 21 applies if a Lender (the “Notifying Lender”)
      notifies the Agent that it has become, or will with effect from a
      specified date, become:

            

    

     

    
      	
              (a)

            	
              unlawful
      or prohibited as a result of the introduction of a new law, an amendment
      to an existing law or a change in the manner in which an existing law is
      or will be interpreted or applied;
or

            

    

     

    
      	
              (b)

            	
              contrary
      to, or inconsistent with, any
regulation,

            

    

     

    for
the Notifying Lender to maintain or give effect to any of its obligations under
this Agreement in the manner contemplated by this Agreement.

    

    
      	
              21.2

            	
              Notification of
      illegality.  The Agent shall promptly notify the
      Borrower, the Security Parties, the Security Trustee and the other Lenders
      of the notice under Clause 21.1 which the Agent receives from the
      Notifying Lender.

            

    

     

    
      	
              21.3

            	
              Prepayment; termination of
      Commitment.  On the Agent notifying the Borrower under
      Clause 21.2, the Notifying Lender’s Commitment shall terminate; and
      thereupon or, if later, on the date specified in the Notifying Lender’s
      notice under Clause 21.1 as the date on which the notified event would
      become effective the Borrower shall prepay the Notifying Lender’s
      Contribution in accordance with Clause
8.

            

    

     

    
      
         

      

      
        38

        
          

        

      

      
         

      

    

    
      	
              22

            	
              INCREASED
      COSTS

            

    

     

    
      	
              22.1

            	
              Increased
      costs.  This Clause 22 applies if a Lender (the “Notifying Lender”)
      notifies the Agent that the Notifying Lender considers that as a result
      of:

            

    

     

    
      	
              (a)

            	
              the
      introduction or alteration after the date of this Agreement of a law or an
      alteration after the date of this Agreement in the manner in which a law
      is interpreted or applied (disregarding any effect which relates to the
      application to payments under this Agreement of a tax on the Lender's
      overall net income); or

            

    

     

    
      	
              (b)

            	
              complying
      with any regulation (including any which relates to capital adequacy or
      liquidity controls or which affects the manner in which the Notifying
      Lender allocates capital resources to its obligations under this
      Agreement) which is introduced, or altered, or the interpretation or
      application of which is altered, after the date of this
      Agreement,

            

    

     

    the
Notifying Lender (or a parent company of it) has incurred or will incur an
“increased
cost”.

    

    
      	
              22.2

            	
              Meaning of “increased
      costs”.  In this Clause 22, “increased costs” means,
      in relation to a Notifying Lender:

            

    

     

    
      	
              (a)

            	
              an
      additional or increased cost incurred as a result of, or in connection
      with, the Notifying Lender having entered into, or being a party to, this
      Agreement or having taken an assignment of rights under this Agreement, of
      funding or maintaining its Commitment or Contribution or performing its
      obligations under this Agreement, or of having outstanding all or any part
      of its Contribution or other unpaid
sums;

            

    

     

    
      	
              (b)

            	
              a
      reduction in the amount of any payment to the Notifying Lender under this
      Agreement or in the effective return which such a payment represents to
      the Notifying Lender or on its
capital;

            

    

     

    
      	
              (c)

            	
              an
      additional or increased cost of funding all or maintaining all or any of
      the advances comprised in a class of advances formed by or including the
      Notifying Lender's Contribution or (as the case may require) the
      proportion of that cost attributable to the Contribution;
    or

            

    

     

    
      	
              (d)

            	
              a
      liability to make a payment, or a return foregone, which is calculated by
      reference to any amounts received or receivable by the Notifying Lender
      under this Agreement;

            

    

     

    but
not an item attributable to a change in the rate of tax on the overall net
income of the Notifying Lender (or a parent company of it) or an item covered by
the indemnity for tax in Clause 21.1 or by Clause 22.

    

    For
the purposes of this Clause 22.2 the Notifying Lender may in good faith allocate
or spread costs and/or losses among its assets and liabilities (or any class of
its assets and liabilities) on such basis as it considers
appropriate.

    

    
      	
              22.3

            	
              Notification to Borrower of
      claim for increased costs.  The Agent shall promptly
      notify the Borrower and the Security Parties of the notice which the Agent
      received from the Notifying Lender under Clause
  22.1.

            

    

     

    
      
         

      

      
        39

        
          

        

      

      
         

      

    

    
      	
              22.4

            	
              Payment of increased
      costs.  The Borrower shall pay to the Agent, on the
      Agent’s demand, for the account of the Notifying Lender the amounts which
      the Agent from time to time notifies the Borrower that the Notifying
      Lender has specified to be necessary to compensate the Notifying Lender
      for the increased cost.

            

    

     

    
      	
              22.5

            	
              Notice of
      prepayment.  If the Borrower is not willing to continue
      to compensate the Notifying Lender for the increased cost under Clause
      22.4, the Borrower may give the Agent not less than 14 days’ notice of its
      intention to prepay the Notifying Lender’s Contribution at the end of an
      Interest Period.

            

    

     

    
      	
              22.6

            	
              Prepayment; termination of
      Commitment.  A notice under Clause 22.5 shall be
      irrevocable; the Agent shall promptly notify the Notifying Lender of the
      Borrower’s notice of intended prepayment;
and:

            

    

     

    
      	
              (a)

            	
              on
      the date on which the Agent serves that notice, the Commitment of the
      Notifying Lender shall be cancelled;
and

            

    

     

    
      	
              (b)

            	
              on
      the date specified in its notice of intended prepayment, the Borrower
      shall prepay (without premium or penalty) the Notifying Lender’s
      Contribution, together with accrued interest thereon at the applicable
      rate (including the Mandatory Cost, if any) plus the
    Margin.

            

    

     

    
      	
              22.7

            	
              Application of
      prepayment.  Clause 8 shall apply in relation to the
      prepayment.

            

    

     

    
      	
              23

            	
              SET-OFF

            

    

     

    
      	
              23.1

            	
              Application of credit
      balances.  Each Creditor Party may without prior
      notice:

            

    

     

    
      	
              (a)

            	
              apply
      any balance (whether or not then due) which at any time stands to the
      credit of any account in the name of the Borrower at any office in any
      country of that Creditor Party in or towards satisfaction of any sum then
      due from the Borrower to that Creditor Party under any of the Finance
      Documents; and

            

    

     

    
      	
              (b)

            	
              for
      that purpose:

            

    

     

    
      	
               
      

            	
              (i)

            	
              break,
      or alter the maturity of, all or any part of a deposit of the
      Borrower;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              convert
      or translate all or any part of a deposit or other credit balance into
      Dollars;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              enter
      into any other transaction or make any entry with regard to the credit
      balance which the Creditor Party concerned considers
      appropriate.

            

    

     

    
      	
              23.2

            	
              Existing rights
      unaffected.  No Creditor Party shall be obliged to
      exercise any of its rights under Clause 23.1; and those rights shall be
      without prejudice and in addition to any right of set-off, combination of
      accounts, charge, lien or other right or remedy to which a Creditor Party
      is entitled (whether under the general law or any
    document).

            

    

     

    
      	
              23.3

            	
              Sums deemed due to a
      Lender.  For the purposes of this Clause 23, a sum
      payable by the Borrower to the Agent or the Security Trustee for
      distribution to, or for the account of, a Lender shall be treated as a sum
      due to that Lender; and each Lender’s proportion of a sum so payable for
      distribution to, or for the account of, the Lenders shall be treated as a
      sum due to such Lender.

            

    

     

    
      
         

      

      
        40

        
          

        

      

      
         

      

    

    
      	
              23.4

            	
              No Security
      Interest.  This Clause 23 gives the Creditor Parties a
      contractual right of set off only, and does not create any equitable
      charge or other Security Interest over any credit balance of the
      Borrower.

            

    

     

    
      	
              24

            	
              TRANSFERS
      AND CHANGES IN LENDING OFFICES

            

    

     

    
      	
              24.1

            	
              Transfer by
      Borrower.  The Borrower may not without the consent of
      the Agent, given on the instructions of all the Lenders transfer any of
      its rights or obligations under any Finance
  Document.

            

    

     

    
      	
              24.2

            	
              Transfer by a
      Lender.  Subject to Clause 24.4, a Lender (the “Transferor Lender”) may
      at any time after the Drawdown Date, at its own cost and with the prior
      consent of the Borrower (not to be unreasonably withheld or delayed),
      cause:

            

    

     

    
      	
              (a)

            	
              its
      rights in respect of all or part of its Contribution;
  or

            

    

     

    
      	
              (b)

            	
              its
      obligations in respect of all or part of its Commitment;
  or

            

    

     

    
      	
              (c)

            	
              a
      combination of (a) and (b);

            

    

     

    to
be (in the case of its rights) transferred to, or (in the case of its
obligations) assumed by, another bank or financial institution (a “Transferee Lender”) by
delivering to the Agent a completed certificate in the form set out in Schedule
4 with any modifications approved or required by the Agent (a “Transfer Certificate”)
executed by the Transferor Lender and the Transferee
Lender.  Notwithstanding the foregoing, no consent of the Borrower
will be required for any such transfer to another Lender or to an affiliate of a
Lender.

    

    Any
rights and obligations of the Transferor Lender in its capacity as Agent or
Security Trustee will be dealt with separately in accordance with the Agency and
Trust Deed.

    

    
      	
              24.3

            	
              Transfer Certificate, delivery
      and notification.  As soon as reasonably practicable
      after a Transfer Certificate is delivered to the Agent, it shall (unless
      it has reason to believe that the Transfer Certificate may be
      defective):

            

    

     

    
      	
              (a)

            	
              sign
      the Transfer Certificate on behalf of itself, the Borrower, the Security
      Parties, the Security Trustee and each of the other
    Lenders;

            

    

     

    
      	
              (b)

            	
              on
      behalf of the Transferee Lender, send to the Borrower and each Security
      Party letters or faxes notifying them of the Transfer Certificate and
      attaching a copy of it;

            

    

     

    
      	
              (c)

            	
              send
      to the Transferee Lender copies of the letters or faxes sent under
      paragraph (b).

            

    

     

    
      	
              24.4

            	
              Effective Date of Transfer
      Certificate.  A Transfer Certificate becomes effective on
      the date, if any, specified in the Transfer Certificate as its effective
      date Provided that
      it is signed by the Agent under Clause 24.3 on or before that
      date.

            

    

     

    
      	
              24.5

            	
              No transfer without Transfer
      Certificate.  No assignment or transfer of any right or
      obligation of a Lender under any Finance Document is binding on, or
      effective in relation to, the Borrower, any Security Party, any other
      Lender, the Agent or the Security Trustee unless it is effected, evidenced
      or perfected by a Transfer
Certificate.

            

    

     

    
      
         

      

      
        41

        
          

        

      

      
         

      

    

    
      	
              24.6

            	
              Lender re-organisation; waiver
      of Transfer Certificate.  If a Lender enters into any
      merger, de-merger or other reorganisation as a result of which all its
      rights or obligations vest in a successor, the Agent may, if it sees fit,
      by notice to the successor and the Borrower and the Security Trustee waive
      the need for the execution and delivery of a Transfer Certificate; and,
      upon service of the Agent’s notice, the successor shall become a Lender
      with the same Commitment and Contribution as were held by the predecessor
      Lender.

            

    

     

    
      	
              24.7

            	
              Effect of Transfer
      Certificate.  A Transfer Certificate takes effect in
      accordance with English law as
follows:

            

    

     

    
      	
              (a)

            	
              to
      the extent specified in the Transfer Certificate, all rights and interests
      (present, future or contingent) which the Transferor Lender has under or
      by virtue of the Finance Documents are assigned to the Transferee Lender
      absolutely, free of any defects in the Transferor Lender’s title and of
      any rights or equities which the Borrower or any Security Party had
      against the Transferor Lender;

            

    

     

    
      	
              (b)

            	
              the
      Transferor Lender’s Commitment is discharged to the extent specified in
      the Transfer Certificate;

            

    

     

    
      	
              (c)

            	
              the
      Transferee Lender becomes a Lender with the Contribution previously held
      by the Transferor Lender and a Commitment of an amount specified in the
      Transfer Certificate;

            

    

     

    
      	
              (d)

            	
              the
      Transferee Lender becomes bound by all the provisions of the Finance
      Documents which are applicable to the Lenders generally, including those
      about pro-rata sharing and the exclusion of liability on the part of, and
      the indemnification of, the Agent and the Security Trustee and, to the
      extent that the Transferee Lender becomes bound by those provisions (other
      than those relating to exclusion of liability), the Transferor Lender
      ceases to be bound by them;

            

    

     

    
      	
              (e)

            	
              any
      part of the Loan which the Transferee Lender advances after the Transfer
      Certificate’s effective date ranks in point of priority and security in
      the same way as it would have ranked had it been advanced by the
      transferor, assuming that any defects in the transferor’s title and any
      rights or equities of the Borrower or any Security Party against the
      Transferor Lender had not existed;

            

    

     

    
      	
              (f)

            	
              the
      Transferee Lender becomes entitled to all the rights under the Finance
      Documents which are applicable to the Lenders generally, including but not
      limited to those relating to the Majority Lenders and those under Clause
      5.5 and Clause 19, and to the extent that the Transferee Lender becomes
      entitled to such rights, the Transferor Lender ceases to be entitled to
      them; and

            

    

     

    
      	
              (g)

            	
              in
      respect of any breach of a warranty, undertaking, condition or other
      provision of a Finance Document or any misrepresentation made in or in
      connection with a Finance Document, the Transferee Lender shall be
      entitled to recover damages by reference to the loss incurred by it as a
      result of the breach or misrepresentation, irrespective of whether the
      original Lender would have incurred a loss of that kind or
      amount.

            

    

     

    The
rights and equities of the Borrower or any Security Party referred to above
include, but are not limited to, any right of set off and any other kind of
cross-claim.

    

    
      
         

      

      
        42

        
          

        

      

      
         

      

    

    
      	
              24.8

            	
              Maintenance of register of
      Lenders.  During the Security Period the Agent shall
      maintain a register in which it shall record the name, Commitment,
      Contribution and administrative details (including the lending office)
      from time to time of each Lender holding a Transfer Certificate and the
      effective date (in accordance with Clause 24.4) of the Transfer
      Certificate; and the Agent shall make the register available for
      inspection by any Lender, the Security Trustee and the Borrower during
      normal banking hours, subject to receiving at least 3 Business Days’ prior
      notice.

            

    

     

    
      	
              24.9

            	
              Reliance on register of
      Lenders.  The entries on that register shall, in the
      absence of manifest error, be conclusive in determining the identities of
      the Lenders and the amounts of their Commitments and Contributions and the
      effective dates of Transfer Certificates and may be relied upon by the
      Agent and the other parties to the Finance Documents for all purposes
      relating to the Finance Documents.

            

    

     

    
      	
              24.10

            	
              Authorisation of Agent to sign
      Transfer Certificates.  The Borrower, the Security
      Trustee and, each Lender irrevocably authorises the Agent to sign Transfer
      Certificates on its behalf.

            

    

     

    
      	
              24.11

            	
              Registration
      fee.  In respect of any Transfer Certificate, the Agent
      shall be entitled to recover a registration fee of $1,500 from the
      Transferor Lender or (at the Agent’s option) the Transferee Lender plus
      any legal expenses incurred by the Agent in connection with a transfer
      pursuant to this Clause 24.

            

    

     

    
      	
              24.12

            	
              Sub-participation; subrogation
      assignment.  A Lender may sub-participate all or any part
      of its rights and/or obligations under or in connection with the Finance
      Documents without the consent, or notice to, the Borrower, any Security
      Party, any other Lender, the Agent or the Security Trustee and the Lenders
      may assign, in any manner and terms agreed by the Majority Lenders, the
      Agent and the Security Trustee, all or any part of those rights to an
      insurer or surety who has become subrogated to
  them.

            

    

     

    
      	
              24.13

            	
              Disclosure of
      information.  A Lender may disclose to a potential
      Transferee Lender or sub-participant any information which the Lender has
      received in relation to the Borrower, any Security Party or their affairs
      under or in connection with any Finance Document, unless the information
      is clearly of a confidential
nature.

            

    

     

    
      	
              24.14

            	
              Change of lending
      office.  A Lender may change its lending office by giving
      notice to the Agent and the change shall become effective on the later
      of:

            

    

     

    
      	
              (a)

            	
              the
      date on which the Agent receives the notice;
and

            

    

     

    
      	
              (b)

            	
              the
      date, if any, specified in the notice as the date on which the change will
      come into effect.

            

    

     

    
      	
              24.15

            	
              Notification.  On
      receiving such a notice, the Agent shall notify the Borrower and the
      Security Trustee; and, until the Agent receives such a notice, it shall be
      entitled to assume that a Lender is acting through the lending office of
      which the Agent last had notice.

            

    

     

    
      	
              24.16

            	
              Tax indemnity, tax gross-up and
      increased costs on assignment, transfer and change of lending
      office.  If:

            

    

     

    
      	
              (a)

            	
              a
      Lender assigns or transfers any rights or obligations under the Finance
      Documents or changes its lending office;
and

            

    

     

    
      	
              (b)

            	
              as
      a result of circumstances existing at the date the assignment, transfer or
      change occurs the Borrower would be obliged to make a payment to the
      Transferee Lender or Lender acting through its new lending office under
      Clause 19.1 in respect of any tax, Clause 20 or Clause 22,
  

            

    

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

    
      	 	then
      the Transferee Lender or the Lender acting through its new lending office
      is only entitled to receive payment under those Clauses to the same extent
      as the Transferor Lender or the Lender acting through its previous lending
      office would have been if the assignment, transfer or change had not
      occurred. 

    

     

    
      	
              25

            	
              VARIATIONS
      AND WAIVERS

            

    

     

    
      	
              25.1

            	
              Variations, waivers etc. by
      Majority Lenders.  Subject to Clause 25.2, a document
      shall be effective to vary, waive, suspend or limit any provision of a
      Finance Document, or any Creditor Party’s rights or remedies under such a
      provision or the general law, only if the document is signed, or
      specifically agreed to by fax, by the Borrower, by the Agent acting with
      the consent and on behalf of the Majority Lenders, by the Agent and the
      Security Trustee in their own rights, and, if the document relates to a
      Finance Document to which a Security Party is party, by that Security
      Party.

            

    

     

    
      	
              25.2

            	
              Variations, waivers etc.
      requiring agreement of all Lenders.  However, as regards
      the following, Clause 25.1 applies as if the words “by the Agent acting
      with the consent and on behalf of the Majority Lenders” were replaced by
      the words “by the Agent acting with the consent and on behalf of, every
      Lender”:

            

    

     

    
      	
              (a)

            	
              a
      change in the Margin or in the definition of
  LIBOR;

            

    

     

    
      	
              (b)

            	
              a
      change to the date for, the amount of, any payment of principal, interest,
      fees, or other sum payable under this
Agreement;

            

    

     

    
      	
              (c)

            	
              a
      change to any Lender’s Commitment (but, for the avoidance of doubt, this
      change does not apply to a transfer by a Lender of part or all of its
      Commitment, to which only Clause 24
applies);

            

    

     

    
      	
              (d)

            	
              an
      extension of Availability Period;

            

    

     

    
      	
              (e)

            	
              a
      change to the definition of “Majority Lenders” or “Finance
      Documents”;

            

    

     

    
      	
              (f)

            	
              a
      change to the preamble or to Clause 2, 3, 4, 5.1, 15, 17 or
      28;

            

    

     

    
      	
              (g)

            	
              a
      change to this Clause 25;

            

    

     

    
      	
              (h)

            	
              any
      release of, or material variation to, a Security Interest, guarantee,
      indemnity or subordination arrangement set out in a Finance Document;
      and

            

    

     

    
      	
              (i)

            	
              any
      other change or matter as regards which this Agreement or another Finance
      Document expressly provides that each Lender’s consent is
      required.

            

    

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

     

    
      	
              25.3

            	
              Exclusion of other or implied
      variations.  Except for a document which satisfies the
      requirements of Clauses 25.1 and 25.2, no document, and no act, course of
      conduct, failure or neglect to act, delay or acquiescence on the part of
      the Creditor Parties or any of them (or any person acting on behalf of any
      of them) shall result in the Creditor Parties or any of them (or any
      person acting on behalf of any of them) being taken to have varied,
      waived, suspended or limited, or being precluded (permanently or
      temporarily) from enforcing, relying on or
  exercising:

            

    

     

    
      	
              (a)

            	
              a
      provision of this Agreement or another Finance Document;
  or

            

    

     

    
      	
              (b)

            	
              an
      Event of Default; or

            

    

     

    
      	
              (c)

            	
              a
      breach by the Borrower or a Security Party of an obligation under a
      Finance Document or the general law;
or

            

    

     

    
      	
              (d)

            	
              any
      right or remedy conferred by any Finance Document or by the general
      law;

            

    

     

    and
there shall not be implied into any Finance Document any term or condition
requiring any such provision to be enforced, or such right or remedy to be
exercised, within a certain or reasonable time.

    

    
      	
              26

            	
              NOTICES

            

    

     

    
      	
              26.1

            	
              General.  Unless
      otherwise specifically provided, any notice under or in connection with
      any Finance Document shall be given by letter or fax; and references in
      the Finance Documents to written notices, notices in writing and notices
      signed by particular persons shall be construed
    accordingly.

            

    

     

    
      	
              26.2

            	
              Addresses for
      communications.  A notice shall be
  sent:

            

    

     

    
      	
              (a)

            	
              to
      the Borrower:

            	
              10
      Skopa Street

            

    

    Nicosia

    Cyprus

    

    Fax
No. +357 227 61542

    

    Att:  Ms
Yiannoula Georghiades

    

    Copied
to:

    Dryships
Inc., Omega Building

    80
Kifisias Avenue

    GR
- 151 25

    Marousi

    Athens

    Greece

    

    Fax
No. +30 210 8090575

    

    Att:  Mr
Aristeidis Ioannidis

    

    
      	
              (b)

            	
              
                to
      a Lender:
  

            	
               

            	
               

            	
              At
      the address opposite its name in Schedule 1 or (as the case may require)
      in the relevant Transfer
Certificate.

            

    

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    
      	
              (c)

            	
              to
      the Agent and/or

              the
      Security Trustee

            	
              8th
      Floor, City Place House,

              55 Basinghall Street

            

    

    London EC2V 5NB

     

    Fax No.: + 44 20 7726
9102

     

    Attn:  Nordea Loan
Administration

     

    with a copy to:

     

    Fax No.  +44 20 7726
9188

     

    Att:  Nordea Shipping
London

     

    or
to such other address as the relevant party may notify the Agent or, if the
relevant party is the Agent or the Security Trustee, the Borrower, the Lenders
and the Security Parties.

     

    
      	
              26.3

            	
              Effective date of
      notices.  Subject to Clauses 26.4 and
    26.5:

            

    

     

    
      	
              (a)

            	
              a
      notice which is delivered personally or posted shall be deemed to be
      served, and shall take effect, at the time when it is
      delivered;

            

    

     

    
      	
              (b)

            	
              a
      notice which is sent by fax shall be deemed to be served, and shall take
      effect, 2 hours after its transmission is
  completed.

            

    

     

    
      	
              26.4

            	
              Service outside business
      hours.  However, if under Clause 26.3 a notice would be
      deemed to be served:

            

    

     

    
      	
              (a)

            	
              on
      a day which is not a business day in the place of receipt;
    or

            

    

     

    
      	
              (b)

            	
              on
      such a business day, but after 5 p.m. local
  time;

            

    

     

    the
notice shall (subject to Clause 26.5) be deemed to be served, and shall take
effect, at 9 a.m. on the next day which is such a business day.

     

    
      	
              26.5

            	
              Illegible
      notices.  Clauses 26.3 and 26.4 do not apply if the
      recipient of a notice notifies the sender within 1 hour after the time at
      which the notice would otherwise be deemed to be served that the notice
      has been received in a form which is illegible in a material
      respect.

            

    

     

    
      	
              26.6

            	
              Valid
      notices.  A notice under or in connection with a Finance
      Document shall not be invalid by reason that its contents or the manner of
      serving it do not comply with the requirements of this Agreement or, where
      appropriate, any other Finance Document under which it is served
      if:

            

    

     

    
      	
              (a)

            	
              the
      failure to serve it in accordance with the requirements of this Agreement
      or other Finance Document, as the case may be, has not caused any party to
      suffer any significant loss or prejudice;
or

            

    

     

    
      	
              (b)

            	
              in
      the case of incorrect and/or incomplete contents, it should have been
      reasonably clear to the party on which the notice was served what the
      correct or missing particulars should have
been.

            

    

     

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

    
      	
              26.7

            	
              English
      language.  Any notice under or in connection with a
      Finance Document shall be in
English.

            

    

     

    
      	
              26.8

            	
              Meaning of
      “notice”.  In this Clause “notice” includes any
      demand, consent, authorisation, approval, instruction, waiver or other
      communication.

            

    

     

    
      	
              27

            	
              SUPPLEMENTAL

            

    

     

    
      	
              27.1

            	
              Rights cumulative,
      non-exclusive.  The rights and remedies which the Finance
      Documents give to each Creditor
Party:

            

    

     

    
      	
              (a)

            	
              are
      cumulative;

            

    

     

    
      	
              (b)

            	
              may
      be exercised as often as appears expedient;
and

            

    

     

    
      	
              (c)

            	
              shall
      not, unless a Finance Document explicitly and specifically states so, be
      taken to exclude or limit any right or remedy conferred by any
      law.

            

    

     

    
      	
              27.2

            	
              Severability of
      provisions.  If any provision of a Finance Document is or
      subsequently becomes void, unenforceable or illegal, that shall not affect
      the validity, enforceability or legality of the other provisions of that
      Finance Document or of the provisions of any other Finance
      Document.

            

    

     

    
      	
              27.3

            	
              Counterparts.  A
      Finance Document may be executed in any number of
      counterparts.

            

    

     

    
      	
              27.4

            	
              Third party
      rights.  No person who is not a party to this Agreement
      has any right under the Contracts (Rights of Third Parties) Act 1999 to
      enforce or to enjoy the benefit of any term of this
    Agreement.

            

    

     

    
      	
              28

            	
              LAW
      AND JURISDICTION

            

    

     

    
      	
              28.1

            	
              English
      law.  This Agreement shall be governed by, and construed
      in accordance with, English law.

            

    

     

    
      	
              28.2

            	
              Exclusive English
      jurisdiction.  Subject to Clause 28.3, the courts of
      England shall have exclusive jurisdiction to settle any disputes which may
      arise out of or in connection with this
  Agreement.

            

    

     

    
      	
              28.3

            	
              Choice of forum for the
      exclusive benefit of Creditor Parties.  Clause 28.2 is
      for the exclusive benefit of the Creditor Parties, each of which reserves
      the rights:

            

    

     

    
      	
              (a)

            	
              to
      commence proceedings in relation to any matter which arises out of or in
      connection with this Agreement in the courts of any country other than
      England and which have or claim jurisdiction to that matter;
      and

            

    

     

    
      	
              (b)

            	
              to
      commence such proceedings in the courts of any such country or countries
      concurrently with or in addition to proceedings in England or without
      commencing proceedings in England.

            

    

     

    The
Borrower shall not commence any proceedings in any country other than England in
relation to a matter which arises out of or in connection with this
Agreement.

     

    
      
         

      

      
        47

        
          

        

      

      
         

      

    

    
      	
              28.4

            	
              Process
      agent.  The Borrower irrevocably appoints Ince & Co
      (att: Mr. Michael Volikas, Partner) at their office for the time being,
      presently at 1 St. Katherine’s Way, London E1W 1AY, to act as its agent to
      receive and accept on its behalf any process or other document relating to
      any proceedings in the English courts which are connected with this
      Agreement.

            

    

     

    
      	
              28.5

            	
              Creditor Party rights
      unaffected.  Nothing in this Clause 28 shall exclude or
      limit any right which any Creditor Party may have (whether under the law
      of any country, an international convention or otherwise) with regard to
      the bringing of proceedings, the service of process, the recognition or
      enforcement of a judgment or any similar or related matter in any
      jurisdiction.

            

    

     

    
      	
              28.6

            	
              Meaning of
      “proceedings”.  In this Clause 28, “proceedings” means
      proceedings of any kind, including an application for a provisional or
      protective measure.

            

    

     

    
    

     

    
      	
              AS WITNESS the hands of
      the duly authorised officers or attorneys of the parties the day and year
      first before written. 

            

    

     

    
      
         

      

      
        48

        
          

        

      

      
         

      

    

    SCHEDULE
1

     

    

     

    LENDERS
AND COMMITMENTS

     

    

    

    

    

    PART
A

    

    
      	
              Lender

            	
              Lending
      Office

            	
              Commitment
      ($)

            
	
              Nordea
      Bank Finland Plc, London Branch

            	
              8th
      Floor, City Place House, Basinghall Street, London 

              EC2V
      5NB

              Fax
      No: + 44 20 7726 9102

            	
              $260,000,000

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

    

    

    

    
      
         

      

      
        49

        
          

        

      

      
         

      

    

    SCHEDULE
2

     

    

     

    DRAWDOWN
NOTICE 

     

    

    

    

    To:        Nordea
Bank Finland Plc, London Branch

    

    

    Attention: [l]

     Fax No. +[l]

    [l] 2007

    

    

    DRAWDOWN
NOTICE

    

    
      	
              1

            	
              We
      refer to the loan agreement (the “Loan Agreement”) dated
      [l] 2007 and
      made between ourselves, as Borrower, the Lenders referred to therein, and
      yourselves as Agent and as Security Trustee in connection with a loan
      facility of up to US$260,000,000.  Terms defined in the Loan
      Agreement have their defined meanings when used in this Drawdown
      Notice.

            

    

     

    
      	
              2

            	
              We
      request to borrow the Advance under the Loan Agreement to be applied, as
      follows:

            

    

     

    
      	
              (a)

            	
              Amount:
      US$[l];

            

    

     

    
      	
              (b)

            	
              Drawdown
      Date:  [l];

            

    

     

    
      	
              (c)

            	
              Duration
      of the first Interest Period shall be [l]
      months;

            

    

     

    
      	
              (d)

            	
              Payment
      instructions : [l].

            

    

     

    
      	
              3

            	
              We
      represent and warrant that:

            

    

     

    
      	
              (a)

            	
              the
      representations and warranties in Clause 10 of the Loan Agreement would
      remain true and not misleading if repeated on the date of this notice with
      reference to the circumstances now
existing;

            

    

     

    
      	
              (b)

            	
              no
      Event of Default or Potential Event of Default has occurred or will result
      from the borrowing of such Advance.

            

    

     

    
      	
              4

            	
              This
      notice cannot be revoked without the prior consent of the Majority
      Lenders.

            

    

     

    Name
of Signatory

    

    

    

     

    .........................................................

     

    for
and on behalf of

    PRIMELEAD
LIMITED

    
      
         

      

      
        50

        
          

        

      

      
         

      

    

    

    SCHEDULE
3

     

    

     

    CONDITION
PRECEDENT DOCUMENTS

     

    

    PART
A

    

    The
following are the documents referred to in Clause 9.1(a).

    

    
      	
              1

            	
              A
      duly executed original of the Agency and Trust Deed, the Guarantee, the
      Account Security Deed (and of each document required to be delivered by
      the terms of each of them).

            

    

     

    
      	
              2

            	
              Copies
      of the certificate of incorporation and constitutional documents of Ocean
      Rig, the Borrower, the Shareholders and the
  Guarantor.

            

    

     

    
      	
              3

            	
              Copies
      of resolutions of the directors of the Borrower and the Guarantor and
      shareholders of the Borrower authorising the execution of each of the
      Finance Documents to which the Borrower and the Guarantor is a
      party.

            

    

     

    
      	
              4

            	
              A
      copy of the appointment of the Shareholders’ representative(s) to attend
      the  shareholders’ meeting of the Borrower approving the
      purchase of the Ocean Rig Shares, the terms of the Loan, and the form of
      the Finance Documents.

            

    

     

    
      	
              5

            	
              The
      original of any power of attorney under which any Finance Document is
      executed on behalf of the Borrower and the
  Guarantor.

            

    

     

    
      	
              6

            	
              Certified
      copies of all consents which the Borrower and the Guarantor requires to
      enter into, or make any payment or perform any of its obligations under,
      any Finance Document.

            

    

     

    
      	
              7

            	
              The
      originals of any mandates or other documents required in connection with
      the opening or operation of the Earnings
  Account.

            

    

     

    
      	
              8

            	
              A
      copy of the agreement between the Sellers and the Borrower relating to the
      purchase of the Ocean Rig Shares.

            

    

     

    
      	
              9

            	
              Documentary
      evidence that the agent for service of process named in Clause 28 has
      accepted its appointment.

            

    

     

    
      	
              10

            	
              Any
      documents required by the Agent in relation to money laundering due
      diligence or “Know Your Client”
requirements.

            

    

     

    
      	
              11

            	
              If
      the Agent so requires, in respect of any of the documents referred to
      above, a certified English translation prepared by a translator approved
      by the Agent.

            

    

     

    
      
         

      

      
        51

        
          

        

      

      
         

      

    

    PART
B

    

    The
following are the documents referred to in Clause 9.1(b).

    

    
      	
              1

            	
              A
      duly executed original of the Shares
Pledge.

            

    

     

    
      	
              2

            	
              Documentary
      evidence that:

            

    

     

    
      	
              (a)

            	
              the
      Ocean Rig Shares are owned by and registered in the name of the Borrower
      on the VPS Account;

            

    

     

    
      	
              3

            	
              Favourable
      legal opinions from lawyers appointed by the Agent in each of Cyprus,
      Marshall Islands and Norway in respect of the status, capacity and
      authorisation of the Borrower and the Guarantor to enter into each of the
      Finance Documents to which they are each a party and their legality,
      validity, enforceability and compliance with any applicable rules
      regulations or legislation.

            

    

     

    
      	
              4

            	
              If
      the Agent so requires, in respect of any of the documents referred to
      above, a certified English translation prepared by a translator approved
      by the Agent.

            

    

     

    
      	
              5

            	
              Such
      other documents, information or evidence as the Lender, acting reasonably,
      may require in relation to the application of the relevant
      Advance.

            

    

     

    Each
of the copy documents delivered under this Schedule shall be certified as a
true, complete and up to date copy by a director or the secretary (or equivalent
officer) of the Borrower.

    
      
         

      

      
        52

        
          

        

      

      
         

      

    

    

    SCHEDULE
4

     

    

     

    TRANSFER
CERTIFICATE

     

    

    

    The
Transferor and the Transferee accept exclusive responsibility for ensuring that
this Certificate and the transaction to which it relates comply with all legal
and regulatory requirements applicable to them respectively.

    

    

    
      	
              To:

            	
              NORDEA BANK FINLAND PLC, LONDON
      BRANCH for itself and for and on behalf of the Borrower, each
      Security Party, the Security Trustee and each Lender, as defined in the
      Loan Agreement referred to below.

            

    

    

    

    Date:
[l]

    

    

    
      	
              1

            	
              This
      Certificate relates to a Loan Agreement (the “Agreement”) dated [l] 2007 and made
      between (1) PRIMELEAD LIMITED (the “Borrower”), (2) the
      banks and financial institutions named therein and (3) Nordea Bank Finland
      Plc, London Branch as Agent and Security Trustee for a loan facility of up
      to US$260,000,000.

            

    

     

    
      	
              2

            	
              In
      this Certificate, terms defined in the Agreement shall, unless the
      contrary intention appears, have the same meanings when used in this
      Certificate and in addition:

            

    

     

    “Relevant Parties” means the
Agent, the Borrower, each Security Party, the Security Trustee and each
Lender;

    

    “Transferor” means [full name]
of [lending office]; and

    

    “Transferee” means [full name]
of [lending office].

    

    
      	
              3

            	
              The
      effective date of this Certificate is [l] Provided that this
      Certificate shall not come into effect unless it is signed by the Agent on
      or before that date.

            

    

     

    
      	
              4

            	
              The
      Transferor assigns to the Transferee absolutely all rights and interests
      (present, future or contingent) which the Transferor has as Lender under
      or by virtue of the Agreement and every other Finance Document in relation
      to [l] per
      cent. of its Contribution, which percentage represents $[l].

            

    

     

    
      	
              5

            	
              The
      Transferee undertakes with the Transferor and each of the Relevant Parties
      that the Transferee will observe and perform all the obligations under the
      Finance Documents which Clause 24 of the Agreement provides will become
      binding on it upon this Certificate taking
  effect.

            

    

     

    
      	
              6

            	
              The
      Agent, at the request of the Transferee (which request is hereby made)
      accepts, for the Agent itself and for and on behalf of every other
      Relevant Party, this Certificate as a Transfer Certificate taking effect
      in accordance with Clause 24 of the
Agreement.

            

    

     

    
      
         

      

      
        53

        
          

        

      

      
         

      

    

    
      	
              7

            	
              The
      Transferor:

            

    

     

    
      	
              (a)

            	
              warrants
      to the Transferee and each Relevant Party
that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Transferor has full capacity to enter into this transaction and has taken
      all corporate action and obtained all consents which are required in
      connection with this transaction;
and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              this
      Certificate is valid and binding as regards the
  Transferor;

            

    

     

    
      	
              (b)

            	
              warrants
      to the Transferee that the Transferor is absolutely entitled, free of
      encumbrances, to all the rights and interests covered by the assignment in
      paragraph 4 above;

            

    

     

    
      	
              (c)

            	
              undertakes
      with the Transferee that the Transferor will, at its own expense, execute
      any documents which the Transferee reasonably requests for perfecting in
      any relevant jurisdiction the Transferee’s title under this Certificate or
      for a similar purpose.

            

    

     

    
      	
              8

            	
              The
      Transferee:

            

    

     

    
      	
              (a)

            	
              confirms
      that it has received a copy of the Agreement and each of the other Finance
      Documents;

            

    

     

    
      	
              (b)

            	
              agrees
      that it will have no rights of recourse on any ground against the
      Transferor, the Agent, the Security Trustee or any Lender in the event
      that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      of the Finance Documents prove to be invalid or
    ineffective;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Borrower or any Security Party fails to observe or perform its
      obligations, or to discharge its liabilities, under any of the Finance
      Documents; or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              it
      proves impossible to realise any asset covered by a Security Interest
      created by a Finance Document, or the proceeds of such assets are
      insufficient to discharge the liabilities of the Borrower or any Security
      Party under any of the Finance
Documents;

            

    

     

    
      	
              (c)

            	
              agrees
      that it will have no rights of recourse on any ground against the Agent,
      the Security Trustee or any Lender in the event that this Certificate
      proves to be invalid or
ineffective;

            

    

     

    
      	
              (d)

            	
              warrants
      to the Transferor and each Relevant Party
that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              it
      has full capacity to enter into this transaction and has taken all
      corporate action and obtained all consents which it needs to take or
      obtain in connection with this transaction;
and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              this
      Certificate is valid and binding as regards the Transferee;
      and

            

    

     

    
      	
              (e)

            	
              confirms
      the accuracy of the administrative details set out below regarding the
      Transferee.

            

    

     

    
      
         

      

      
        54

        
          

        

      

      
         

      

    

    
      	
              9

            	
              The
      Transferor and the Transferee each undertake with the Agent and the
      Security Trustee severally, on demand, fully to indemnify the Agent and/or
      the Security Trustee in respect of any claim, proceeding, liability or
      expense (including all legal expenses) which they or either of them may
      incur in connection with this Certificate or any matter arising out of it,
      except such as are shown to have been mainly and directly caused by the
      gross and culpable negligence or dishonesty of the Agent’s or the Security
      Trustee’s own officers or
employees.

            

    

     

    

     

    

    
      	
              [Name
      of Transferor]

            	
              [Name
      of Transferee]

            

    

    

    By:                                                                                  
         By:

    

    Date:                                                                             
           Date:

    

    

    

    

    Agent

    

    Signed
for itself and for and on behalf of itself

    as
Agent and for every other Relevant Party

    

    Nordea
Bank Finland Plc, London Branch

    

    By:

    

    Date:

    

    

    
      
         

      

      
        55

        
          

        

      

      
         

      

    

    Administrative
Details of Transferee

    

    

    

    Name
of Transferee:

    

    Lending
Office:

    

    Contact
Person

    (Loan
Administration Department):

    

    Telephone:

    

    Telex:

    

    Fax:

    

    Contact
Person

    (Credit
Administration Department):

    

    Telephone:

    

    Telex:

    

    Fax:

    

    Account
for payments:

    

    

    

    

    
      	
              Note:

            	
              This
      Transfer Certificate alone may not be sufficient to transfer a
      proportionate share of the Transferor’s interest in the security
      constituted by the Finance Documents in the Transferor’s or Transferee’s
      jurisdiction.  It is the responsibility of each Lender to
      ascertain whether any other documents are required for this
      purpose.

            

    

    

    
      
         

      

      
        56

        
          

        

      

      
         

      

    

    SCHEDULE
5

     

    

     

    FORM
OF COMPLIANCE CERTIFICATE

     

    To:        Nordea
Bank Finland Plc, London Branch

    [l]

    Dear
Sirs,

    

    Loan Agreement dated [l] 2007 (the “Loan Agreement”) made
between (i) [l] as borrower (the “Borrower”), (ii)
the banks and financial institutions listed as lenders (the “Lenders”), (iii)
Nordea Bank Finland Plc, London Branch as agent for the Lenders and (iv) Nordea
Bank Finland Plc, London Branch as security trustee for the Lenders in
connection with a loan facility of US$260,000,000.

    

    We
refer to the Loan Agreement.

    

    Terms
defined in the Loan Agreement have their defined meanings when used in this
Compliance Certificate.

    

    We
enclose with this certificate a copy of the [audited]/[unaudited] consolidated
accounts for the Group for the [Financial Year] [6-month period] ended [l].  The
accounts (i) have been prepared in accordance with all applicable laws and GAAP
all consistently applied, (ii) give a true and fair view of the state of affairs
of the Group at the date of the accounts and of its profit for the period to
which the accounts relate and (iii) fully disclose or provide for all
significant liabilities of the Group.

    

    We
also enclose copies of the valuations of all the Fleet Vessels which were used
in calculating the Market Value Adjusted Total Assets of the Group as at [l].

    

    The
Borrower represents that no Event of Default or Potential Event of Default has
occurred as at the date of this certificate [except for the following matter or
event [set out all material
details of matter or event]].  In addition as of [l], the Borrower confirms
compliance with the financial covenants set out in Clause 12.5 of the Loan
Agreement for the 6 months ending as of the date to which the enclosed accounts
are prepared.

    

    We
now certify that, as at [l]:

    

    
      	
              (a)

            	
              the
      Market Adjusted Equity Ratio is [l]:[l];

            

    

     

    
      	
              (b)

            	
              the
      Interest Coverage Ratio of the Group is [l]:[l];

            

    

     

    
      	
              (a)

            	
              the
      Market Value Adjusted Net Worth of the Group is $[l];
    and

            

    

     

    
      	
              (b)

            	
              the
      Liquid Funds of the Group is
$20,000,000.

            

    

     

    Signed

    

                                                        

     

    Chief
Financial Officer of

    Primelead
Limited

    
      
         

      

      
        57

        
          

        

      

      
         

      

    

    SCHEDULE
6  MANDATORY COST FORMULA

     

    

    
      	
              1

            	
              The
      Mandatory Cost is an addition to the interest rate to compensate Lenders
      for the cost of compliance with (a) the requirements of the Financial
      Services Authority (or any other authority which replaces all or any of
      its functions) or (b) the requirements of the European Central
      Bank.

            

    

     

    
      	
              2

            	
              On
      the first day of each Interest Period (or as soon as possible thereafter)
      the Agent shall calculate, as a percentage rate, a rate (the "Additional Cost Rate")
      for each Lender, in accordance with the paragraphs set out
      below.  The Mandatory Cost will be calculated by the Agent as a
      weighted average of the Lenders' Additional Cost Rates (weighted in
      proportion to the percentage participation of each Lender in the Loan) and
      will be expressed as a percentage rate per
  annum.

            

    

     

    
      	
              3

            	
              The
      Additional Cost Rate for any Lender lending from a lending office in a
      Participating Member State will be the percentage notified by that Lender
      to the Agent.  This percentage will be certified by that Lender
      in its notice to the Agent to be its reasonable determination of the cost
      (expressed as a percentage of that Lender’s participation in the Loan) of
      complying with the minimum reserve requirements of the European Central
      Bank in respect of loans made from that lending
  office.

            

    

     

    
      	
              4

            	
              The
      Additional Cost Rate for any Lender lending from a lending office in the
      United Kingdom will be calculated by the Agent as
  follows:

            

    

     

                         

    Where:

     

    
      	
               
      

            	
              E

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

            

    

     

    

    
      	
              5

            	
              For
      the purposes of this Schedule:

            

    

     

    
      	
              (a)

            	
              “Special
      Deposits”  has the meaning given to it from time to time
      under or pursuant to the Bank of England Act 1998 or (as may be
      appropriate) by the Bank of
England;

            

    

     

    
      	
              (c)

            	
              “Fees
      Rules”  means the rules on periodic fees contained in the
      FSA Supervision Manual or such other law or regulation as may be in force
      from time to time in respect of the payment of fees for the acceptance of
      deposits;

            

    

     

    
      	
              (d)

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

            

    

     

    
      
         

      

      
        58

        
          

        

      

      
         

      

    

    
      	
              (e)

            	
              “Participating Member
      State”  means any member state of the European Union that
      adopts or has adopted the euro as its lawful currency in accordance with
      legislation of the European Union relating to European Monetary Union;
      and

            

    

     

    
      	
              (f)

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

            

    

     

    
      	
              6

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

            

    

     

    
      	
              7

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

            

    

     

    
      	
              (a)

            	
              the
      jurisdiction of its lending office;
and

            

    

     

    
      	
              (g)

            	
              any
      other information that the Agent may reasonably require for such
      purpose.

            

    

     

    Each
Lender shall promptly notify the Agent in writing of any change to the
information provided by it pursuant to this paragraph.

    

    
      	
              8

            	
              The
      rates of charge of each Lender lending from a lending office in the United
      Kingdom for the purpose of calculating E shall be determined by the Agent
      based upon the information supplied to it pursuant to paragraph 6 above
      and on the assumption that, unless a Lender notifies the Agent to the
      contrary, each Lender's obligations in relation to cash ratio deposits and
      Special Deposits are the same as those of a typical bank from its
      jurisdiction of incorporation with a lending office in the same
      jurisdiction as its lending office.

            

    

     

    
      	
              9

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

            

    

     

    
      	
              10

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

            

    

     

    
      	
              11

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

            

    

     

    
      	
              12

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

            

    

     

    
      
         

      

      
        59

        
          

        

      

      
         

      

    

    EXECUTION
PAGE

     

    

    
      	
              BORROWER

            	 
      
	 
      	 
      
	
              SIGNED
by

            	
              )

            
	
              for
      and on behalf of

            	
              )

            
	
              PRIMELEAD
      LIMITED

            	
              )

            
	
              in
      the presence of:

            	
              )

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
              LENDERS

            	 
      
	 
      	 
      
	
              SIGNED
by

            	
              )

            
	
              for
      and on behalf of

            	
              )

            
	
              NORDEA
      BANK FINLAND PLC,

            	
              )

            
	
              LONDON
      BRANCH

            	
              )

            
	
              in
      the presence of:

            	
              )

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
              AGENT

            	 
      
	 
      	 
      
	
              SIGNED
by

            	
              )

            
	
              for
      and on behalf of

            	
              )

            
	
              NORDEA
      BANK FINLAND PLC,

            	
              )

            
	
              LONDON
      BRANCH

            	
              )

            
	
              in
      the presence of:

            	
              )

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
              SECURITY
      TRUSTEE

            	 
      
	 
      	 
      
	
              SIGNED
by

            	
              )

            
	
              for
      and on behalf of

            	
              )

            
	
              NORDEA
      BANK FINLAND PLC,

            	
              )

            
	
              LONDON
      BRANCH

            	
              )

            
	
              in
      the presence of:

            	
              )

            

    

    

    

     

    
      
         

      

      
        
          60

           

          SK 23113 0002
868370d867792_ex4-14.htm

    Exhibit 4.14

    
 

    SALE-
AND PURCHASE AGREEMENT

     

    On
this  6th day of December 2007 Cheyne Special Situations Fund LP, Cheyne Global Catalyst Fund
LP and Cheyne Value Fund Inc (“the Sellers”), all being funds managed by Cheyne
Capital Management (UK) LLP,  a limited liability partnership having
its registered address at Stornoway House, 13 Cleveland Row, London SW1A 1DH,
United Kingdom and Cardiff Marine Inc, a Liberian limited liability company
having its registered address at 80, Kifissias Av. GR-151 25 Amaroussion, Greece
(the “Buyer”) have agreed as follows:

     

    
      	
               
      

            	
              1.

            	
              The
      Sellers hereby undertake to sell and the Buyer hereby agree to purchase
      51,778,647 shares issued in the capital of Ocean Rig ASA (the “Shares”)
      against a consideration of NOK 43 each, in total NOK 2,226,481,821.00 (the
      “Purchase Price”)

            

    

     

    
      	
               
      

            	
              2.

            	
              The
      Sellers shall deliver the shares to the Buyer against cash payment on or
      before 20 December 2007. The settlement of the transaction shall be made
      through Pareto Securities AS (“Pareto”). In the event the Buyer has not
      paid the Purchase Price and/or the Seller has not delivered the Shares to
      Pareto within 30 December 2007, Pareto shall immediately return to the
      Buyer or the Seller, respectively, any Purchase Price or Shares received
      by Pareto as of such date.

            

    

     

    
      	
               
      

            	
              3.

            	
              The
      Sellers and the Buyer shall cover their own costs related to this
      agreement, including but not limited to fees to Pareto, legal advisors
      etc.

            

    

     

    
      	
               
      

            	
              4.

            	
              The
      Buyer shall have the right to nominate another legal entity as purchaser
      of the Shares. In the event of any such nomination of a new purchaser, the
      Buyer shall be jointly and severally liable with the new purchaser for any
      and all obligations of the Buyer under this
  agreement.

            

    

     

    
      	
               
      

            	
              5.

            	
              The
      Sellers represent and warrant that the Shares will be delivered to the
      Buyer free of any mortgages or encumbrances
  whatsoever.

            

    

     

    
      	
               
      

            	
              6.

            	
              In
      the event that the Buyer or its nominee is making a bid for all the shares
      issued in the capital of Ocean Rig ASA within 16:30 Norwegian time on the
      day and date falling 3 calendar months after the day and date of
      settlement as per art. 2 above, then the Sellers shall be entitled to an
      additional purchase price equal to the difference (if any) between the
      purchase price stated in art. 1 above and the purchase price of any such
      bid. The additional purchase price shall be payable simultaneously with
      the settlement of any such bid (and only if such bid and settlement is
      completed). The same shall apply in the event that any third party makes
      and completes a bid for all the shares issued in the capital of Ocean Rig
      ASA within the same period of time and the Buyer accept such
      bid.

            

    

     

    
      	
               
      

            	
              7.

            	
              This
      agreement is conditional only upon the Buyer obtaining and documenting to
      the satisfaction of the Sellers financing of the transaction contemplated
      by this agreement and the Sellers providing a recent transcript of the
      register of shareholders confirming its holding of the Shares. This
      agreement will become null and void in the event that the Buyer has not
      confirmed in writing to the Sellers at and to Pareto on or before 10
      December 2007 at 08:30 Norwegian time that such financing is in place. The
      Seller shall have the right to withdraw from this agreement at any time
      prior to receipt of the written notice from the Buyer confirming that
      financing is in place. Such notice shall be in writing with a copy to
      Pareto Securities.

            

    

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              8.

            	
              Notices
      to be given under this agreement shall be in writing  and shall
      be addressed as follows:

            

    

     

    

      
        	 If
      to the Sellers:        	 If
      to the Buyer:
	 
      	 
      
	
                Cheyne
      Capital Management (UK) LLP

              	
                Cardiff
      Marine Inc

              
	
                Stornoway
      House,

              	
                80
      Kifissias Avenue

              
	
                13
      Cleveland Row,

              	
                Athens
      151-25

              
	
                London
      SW1A 1DH,

              	
                Greece

              
	
                United
      Kingdom

              	 
      
	 
      	 
      
	
                Att:
      Jean-Philippe Flament

              	
                Attn:
      Mr. Aris Ioannidis

              
	 
      	 
      
	
                E-mail:    jp.flament@cheyne.mc

              	
                E-mail :
      management@cardiff.gt

              
	 
      	 
      

      

All
notices shall be copied to Pareto, att Atle Moen, at e-mail
atle.moen@pareto.no

     

    
      	
               
      

            	
              9.

            	
              In
      the event of default, then the party not in default shall be entitled to
      request assistance from Pareto in relation to the enforcement of this
      agreement and Pareto hereby agree to render such
      assistance.  For the avoidance of doubt, Pareto shall have no
      liability whatsoever arising from a default by the Buyer or the Sellers to
      fulfill any of their obligations pursuant to this agreement.        

            

    

     

    
      	 	
              10.

            	
              The
      agreement shall be governed by Norwegian
law.

            

    

     

    
      	 	
              11.

            	
              Any
      and all disputes relating to this agreement shall be referred to
      arbitration in Oslo, Norway. The language in any such arbitration shall be
      English. The arbitration proceedings and the arbitration award shall be
      confidential. Otherwise the Norwegian Act on Arbitration shall
      apply.

            

    

     

    _______________________________                                                                        _____________________________

    Cheyne
Capital Management (UK)
LLP                                                                         for
Cardiff Marine Inc

    in its
capacity as discretionary investment manager

    for:

    Cheyne
Global Catalyst Fund LP

    Cheyne
Special Situations Fund LP

    Cheyne
Value Fund LP

     

    
      ____________________________________________________________________________________________________

    

    Pareto  Securities
A.S. hereby undertake to arrange the settlement between the Sellers and the
Buyer as contemplated by art. 2 of this agreement and to render all reasonable
assistance to either the Selelrs or the Buyer as contemplated by art. 9 of this
agreement.

     

    Pareto
Securities A.S

    Ote
Henrik Bjorge

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]