Document:

Exhibit 10.3

Exhibit 10.3

Execution Version

GUARANTY AGREEMENT

GUARANTY AGREEMENT (as amended, restated, supplemented or otherwise modified, this
“Guaranty”), dated as of June 29, 2010, is made by certain Domestic Subsidiaries of JACK IN
THE BOX INC., a Delaware corporation (such subsidiaries, collectively, the “Guarantors”,
each a “Guarantor”), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative
Agent (in such capacity, the “Administrative Agent”), and the Secured Parties.

STATEMENT OF PURPOSE

Pursuant to the terms of the Credit Agreement dated as of June 29, 2010 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”) among Jack in
the Box Inc., a Delaware corporation, as borrower (the “Borrower”), the financial
institutions (the “Lenders”) from time to time party thereto, and the Administrative Agent,
the Lenders have agreed to make Extensions of Credit to the Borrower upon the terms and subject to
the conditions set forth therein.

The Borrower and the Guarantors, though separate legal entities, comprise one integrated
financial enterprise, and all Extensions of Credit to the Borrower will inure, directly or
indirectly, to the benefit of each of the Guarantors.

It is a condition precedent to the obligation of the Lenders to make their respective
Extensions of Credit to the Borrower under the Credit Agreement that the Guarantors shall have
executed and delivered this Guaranty to the Administrative Agent and the Secured Parties.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, and to induce the Administrative Agent and the Lenders
to enter into the Credit Agreement and to induce the Lenders to make their respective Extensions of
Credit to the Borrower thereunder, the Guarantors hereby agree with the Administrative Agent and
the Secured Parties, as follows:

SECTION 1. Definitions.

(a) The following terms when used in this Guaranty shall have the meanings assigned to them
below:

“Additional Guarantor” means each Domestic Subsidiary of the Borrower which hereafter
becomes a Guarantor pursuant to Section 26 hereof and Section 9.9 of the Credit
Agreement.

“Applicable Insolvency Laws” means all Applicable Law governing bankruptcy,
reorganization, arrangement, adjustment of debts, relief of debtors, dissolution, insolvency,
fraudulent transfers or conveyances or other similar laws (including, without limitation, 11 U.S.C.
Sections 547, 548 and 550 and other “avoidance” provisions of Title 11 of the United States Code).

 

 

 

“Guaranteed Obligations” has the meaning set forth in Section 2(a) hereof.

“Guaranty” means this Guaranty Agreement, as amended, restated, supplemented or
otherwise modified from time to time.

“Permitted Liens” mean those Liens permitted pursuant to Section 11.2 of the
Credit Agreement.

(b) Unless otherwise indicated herein, capitalized terms used and not otherwise defined in
this Guaranty including the preambles and recitals hereof shall have the meanings ascribed to them
in the Credit Agreement. In the event of a conflict between capitalized terms defined herein and
in the Credit Agreement, the Credit Agreement shall control.

(c) The words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when
used in this Guaranty shall refer to this Guaranty as a whole and not to any particular provision
of this Guaranty, and Section references are to this Guaranty unless otherwise specified. The
meanings given to terms defined herein shall be equally applicable to both the singular and plural
forms of such terms. Where the context requires, terms relating to the Collateral or any part
thereof, when used in relation to a Guarantor, shall refer to such Guarantor’s Collateral or the
relevant part thereof.

SECTION 2. Guaranty of Obligations of Guarantors.

(a) Nature of Guaranty. Each Guarantor hereby, jointly and severally with the other
Guarantors, unconditionally guarantees to the Administrative Agent and the Secured Parties, and
their respective permitted successors, endorsees, transferees and assigns, the prompt payment and
performance of all Obligations of the Borrower, whether primary or secondary (whether by way of
endorsement or otherwise), whether now existing or hereafter arising, whether or not from time to
time reduced or extinguished (except by payment thereof) or hereafter increased or incurred,
whether enforceable or unenforceable as against the Borrower, whether or not discharged, stayed or
otherwise affected by any Applicable Insolvency Law or proceeding thereunder, whether created
directly with the Administrative Agent or any Secured Party or acquired by the Administrative Agent
or any Secured Party through assignment or endorsement, whether matured or unmatured, whether joint
or several, as and when the same become due and payable (whether at maturity or earlier, by reason
of acceleration, mandatory repayment or otherwise), in accordance with the terms of any such
instruments evidencing any such obligations, including all renewals, extensions or modifications
thereof (all Obligations of the Borrower, including all of the foregoing, being hereinafter
collectively referred to as the “Guaranteed Obligations”).

(b) Bankruptcy Limitations on Guarantors. Notwithstanding anything to the contrary
contained in paragraph (a) above, it is the intention of each Guarantor and the Secured Parties
that, in any proceeding involving the bankruptcy, reorganization, arrangement, adjustment of debts,
relief of debtors, dissolution or insolvency or any similar proceeding with respect to any
Guarantor or its assets, the amount of such Guarantor’s obligations with respect to the Guaranteed
Obligations shall be in, but not in excess of, the maximum amount thereof not subject to avoidance
or recovery by operation of Applicable Insolvency Laws after giving effect

 

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to subsection (c) below. To that end, but only in the event and to the extent that after
giving effect to subsection (c) below, such Guarantor’s obligations with respect to the Guaranteed
Obligations or any payment made pursuant to the Guaranteed Obligations would, but for the operation
of the first sentence of this subsection (b), be subject to avoidance or recovery in any such
proceedings under Applicable Insolvency Laws after giving effect to subsection (c) below, the
amount of such Guarantor’s obligations with respect to the Guaranteed Obligations shall be limited
to the largest amount which, after giving effect thereto, would not, under Applicable Insolvency
Laws, render such Guarantor’s obligations with respect to such Guaranteed Obligations unenforceable
or avoidable or otherwise subject to recovery under Applicable Insolvency Laws. To the extent any
payment actually made pursuant to the Guaranteed Obligations exceeds the limitation of first
sentence of this subsection (b), and is otherwise subject to avoidance and recovery in any such
proceeding under Applicable Insolvency Laws, the amount subject to avoidance shall in all events be
limited to the amount by which such actual payment exceeds such limitation and the Guaranteed
Obligations as limited by the first sentence of this subsection (b) shall in all events remain in
full force and effect and be fully enforceable against such Guarantor. The first sentence of this
subsection (b) is intended solely to preserve the rights of the Administrative Agent and the
Secured Parties hereunder against such Guarantor in such proceeding to the maximum extent permitted
by Applicable Insolvency Laws and neither such Guarantor, the Borrower, any other Guarantor nor any
other Person shall have any right or claim under such sentence that would not otherwise be
available under Applicable Insolvency Laws in such proceeding.

(c) Agreements for Contribution.

(i) To the extent any Guarantor is required, by reason of its obligations hereunder, to pay to
any Secured Party an amount greater than the amount of value (as determined in accordance with
Applicable Insolvency Laws) actually made available to or for the benefit of such Guarantor on
account of the Credit Agreement, this Guaranty or any other Loan Document, such Guarantor shall
have an enforceable right of contribution against the Borrower and the remaining Guarantors, and
the Borrower and the remaining Guarantors shall be jointly and severally liable, for repayment of
the full amount of such excess payment. Subject only to the subordination provided in the following
clause (iv) below, such Guarantor further shall be subrogated to any and all rights of the Secured
Parties against the Borrower and the remaining Guarantors to the extent of such excess payment.

(ii) To the extent that any Guarantor would, but for the operation of this subsection (c) and
by reason of its obligations hereunder or its obligations to other Guarantors under this subsection
(c), be rendered insolvent for any purpose under Applicable Insolvency Laws, each of the Guarantors
hereby agrees to indemnify such Guarantor and commits to make a contribution to such Guarantor’s
capital in an amount at least equal to the amount necessary to prevent such Guarantor from having
been rendered insolvent by reason of the incurrence of any such obligations.

(iii) To the extent that any Guarantor would, but for the operation of this subsection (c), be
rendered insolvent under any Applicable Insolvency Law by reason of its incurring of obligations to
any other Guarantors under the foregoing clauses (i) and (ii) above, such Guarantor shall, in turn,
have rights of contribution and indemnity, to the full extent

 

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provided in the foregoing clauses (i) and (ii) above, against the Borrower and the remaining
Guarantors, such that all obligations of all of the Guarantors hereunder and under this subsection
(c) shall be allocated in a manner such that no Guarantor shall be rendered insolvent for any
purpose under Applicable Insolvency Law by reason of its incurrence of such obligations.

(iv) Notwithstanding any payment or payments by any of the Guarantors hereunder, or any
set-off or application of funds of any of the Guarantors by the Administrative Agent or any Secured
Party, or the receipt of any amounts by the Administrative Agent or any Secured Party with respect
to any of the Guaranteed Obligations, none of the Guarantors shall be entitled to be subrogated to
any of the rights of the Administrative Agent or any Secured Party against the Borrower or the
other Guarantors or any other guarantors or against any collateral security held by the
Administrative Agent or any Secured Party for the payment of the Guaranteed Obligations, nor shall
any of the Guarantors seek any reimbursement from the Borrower or any of the other Guarantors in
respect of payments made by such Guarantor in connection with the Guaranteed Obligations, until all
amounts owing to the Administrative Agent and the Secured Parties on account of the Guaranteed
Obligations (other than any contingent indemnification obligations) are paid in full and the
Commitments, are terminated. If any amount shall be paid to any Guarantor on account of such
subrogation rights at any time when all of the Guaranteed Obligations shall not have been paid in
full, such amount shall be held by such Guarantor in trust for the Administrative Agent, segregated
from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned
over to the Administrative Agent in the exact form received by such Guarantor (duly endorsed by
such Guarantor to the Administrative Agent, if required) to be applied against the Guaranteed
Obligations, whether matured or unmatured, in such order as set forth in the Credit Agreement.

SECTION 3. Nature of Guaranty.

(a) Each Guarantor agrees that this Guaranty is a continuing, unconditional guaranty of
payment and performance and not of collection, and that its obligations under this Guaranty shall
be primary, absolute and unconditional, irrespective of, and unaffected by:

(i) the genuineness, validity, regularity, enforceability or any future amendment of, or
change in, the Credit Agreement or any other Loan Document or any other agreement, document or
instrument to which the Borrower or any Subsidiary thereof is or may become a party;

(ii) the absence of any action to enforce this Guaranty, the Credit Agreement or any other
Loan Document or the waiver or consent by the Administrative Agent or any Secured Party with
respect to any of the provisions of this Guaranty, the Credit Agreement or any other Loan Document;

(iii) the existence, value or condition of, or failure to perfect its Lien against, any
security for or other guaranty of the Guaranteed Obligations or any action, or the absence of any
action, by the Administrative Agent or any Secured Party in respect of such security or guaranty
(including, without limitation, the release of any such security or guaranty); or

 

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(iv) any other action or circumstances which might otherwise constitute a legal or equitable
discharge or defense of a surety or guarantor;

it being agreed by each Guarantor that, subject to the first sentence in Section 2(b)
hereof, its obligations under this Guaranty shall not be discharged until the final indefeasible
payment and performance, in full, of the Guaranteed Obligations and the termination of the
Commitments.

(b) Each Guarantor represents, warrants and agrees that its obligations under this Guaranty
are not and shall not be subject to any counterclaims, offsets or defenses of any kind against the
Administrative Agent, the Secured Parties or the Borrower whether now existing or hereafter
arising.

(c) Each Guarantor hereby agrees and acknowledges that the Guaranteed Obligations, and any of
them, shall conclusively be deemed to have been created, contracted or incurred, or renewed,
extended, amended or waived, in reliance upon this Guaranty, and all dealings between the Borrower
and any of the Guarantors, on the one hand, and the Administrative Agent and the Secured Parties,
on the other hand, likewise shall be conclusively presumed to have been had or consummated in
reliance upon this Guaranty.

SECTION 4. Waivers. To the extent permitted by law, each Guarantor expressly waives
all of the following rights and defenses (and agrees not to take advantage of or assert any such
right or defense):

(a) any rights it may now or in the future have under any statute, or at law or in equity, or
otherwise, to compel the Administrative Agent or any Secured Party to proceed in respect of the
Guaranteed Obligations against the Borrower or any other party or against any security for or other
guaranty of the payment and performance of the Guaranteed Obligations before proceeding against, or
as a condition to proceeding against, such Guarantor;

(b) any defense based upon the failure of the Administrative Agent or any Secured Party to
commence an action in respect of the Guaranteed Obligations against the Borrower, such Guarantor,
any other guarantor or any other party or any security for the payment and performance of the
Guaranteed Obligations;

(c) any right to insist upon, plead or in any manner whatever claim or take the benefit or
advantage of, any appraisal, valuation, stay, extension, marshalling of assets or redemption laws,
or exemption, whether now or at any time hereafter in force, which may delay, prevent or otherwise
affect the performance by such Guarantor of its obligations under, or the enforcement by the
Administrative Agent or the Secured Parties of, this Guaranty;

(d) any right of diligence, presentment, demand, protest and notice (except as specifically
required herein) of whatever kind or nature with respect to any of the Guaranteed Obligations and
waives, to the extent permitted by Applicable Laws, the benefit of all provisions of law which are
or might be in conflict with the terms of this Guaranty and

(e) any and all right to notice of the creation, renewal, extension, or accrual of any of the
Obligations and notice of or proof of reliance by the Administrative Agent or any Secured Party
upon, or acceptance of, this Guaranty.

 

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Each Guarantor agrees that any notice or directive given at any time to the Administrative Agent or
any Secured Party which is inconsistent with any of the foregoing waivers shall be null and void
and may be ignored by the Administrative Agent or such Secured Party, and, in addition, may not be
pleaded or introduced as evidence in any litigation relating to this Guaranty for the reason that
such pleading or introduction would be at variance with the written terms of this Guaranty, unless
the Administrative Agent and the Required Lenders have specifically agreed otherwise in writing.
The foregoing waivers are of the essence of the transaction contemplated by the Credit Agreement
and the other Loan Documents and, but for this Guaranty and such waivers, the Administrative Agent
and Lenders would decline to enter into the Credit Agreement and the other Loan Documents.

SECTION 5. Modification of Loan Documents, etc. Neither the Administrative Agent nor
any Secured Party shall incur any liability to any Guarantor as a result of any of the following,
and none of the following shall impair or release this Guaranty or any of the obligations of any
Guarantor under this Guaranty:

(a) any change or extension of the manner, place or terms of payment of, or renewal or
alteration of all or any portion of, the Guaranteed Obligations;

(b) any action under or in respect of the Credit Agreement or the other Loan Documents in the
exercise of any remedy, power or privilege contained therein or available to any of them at law, in
equity or otherwise, or waiver or forebearance from exercising any such remedies, powers or
privileges;

(c) any amendment or modification, in any manner whatsoever, of the Credit Agreement or the
other Loan Documents;

(d) any extension or waiver of the time for performance by any Guarantor, the Borrower or any
other Person of, or compliance with, any term, covenant or agreement on its part to be performed or
observed under the Credit Agreement or any other Loan Document, or waiver of such performance or
compliance or consent to a failure of, or departure from, such performance or compliance;

(e) any taking and holding security or collateral for the payment of the Guaranteed
Obligations or any sale, exchange, release, disposal of, or other dealing with, any property
pledged, mortgaged or conveyed, or in which the Administrative Agent or any Secured Party have been
granted a Lien, to secure any Indebtedness of any Guarantor, the Borrower or any other Person to
the Administrative Agent or the Secured Parties;

(f) any release of anyone who may be liable in any manner for the payment of any amounts owed
by any Guarantor, the Borrower or any other Person to the Administrative Agent or any Secured
Party;

(g) any modification or termination of the terms of any intercreditor or subordination
agreement pursuant to which claims of other creditors of any Guarantor, the Borrower or any other
Person are subordinated to the claims of the Administrative Agent or any Secured Party; or

 

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(h) any application of any sums by whomever paid or however realized to any amounts owing by
any Guarantor, the Borrower or any other Person to the Administrative Agent or any Secured Party on
account of the Guaranteed Obligations in such manner as the Administrative Agent or any Secured
Party shall determine in its reasonable discretion.

SECTION 6. Demand by the Administrative Agent. In addition to the terms set forth in
Section 2, and in no manner imposing any limitation on such terms, if all or any portion of
the then outstanding Guaranteed Obligations under the Credit Agreement are declared to be
immediately due and payable, then the Guarantors shall, upon demand in writing therefor by the
Administrative Agent to the Guarantors, pay all or such portion of the outstanding Guaranteed
Obligations then declared due and payable.

SECTION 7. Remedies. Upon the occurrence and during the continuance of any Event of
Default, with the consent of the Required Lenders, the Administrative Agent may, or upon the
request of the Required Lenders, the Administrative Agent shall, enforce against the Guarantors
their respective obligations and liabilities hereunder and exercise such other rights and remedies
as may be available to the Administrative Agent and the Secured Parties hereunder, under the Loan
Documents or otherwise.

SECTION 8. Benefits of Guaranty. The provisions of this Guaranty are for the benefit
of the Administrative Agent and the Secured Parties and their respective permitted successors,
transferees, endorsees and assigns, and nothing herein contained shall impair, as between the
Borrower, the Administrative Agent and the Secured Parties, the obligations of the Borrower under
the Loan Documents. In the event all or any part of the Guaranteed Obligations are transferred,
endorsed or assigned by the Administrative Agent or any Secured Party to any Person or Persons as
permitted under the Credit Agreement, any reference to an “Administrative Agent” or “Secured Party”
herein shall be deemed to refer equally to such Person or Persons.

SECTION 9. Termination.

(a) Subject to clause (c) below, this Guaranty shall remain in full force and effect until all
the Guaranteed Obligations and all the obligations of the Guarantors hereunder (other than any
contingent indemnification obligations) shall have been paid in full and the Commitments
terminated.

(b) No payment made by the Borrower, any Guarantor or any other Person received or collected
by the Administrative Agent or any Secured Party from the Borrower, any Guarantor or any other
Person by virtue of any action or proceeding or any set-off or appropriation or application at any
time or from time to time in reduction of or in payment of the Guaranteed Obligations shall be
deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder
which shall, notwithstanding any such payment (other than any payment made by such Guarantor in
respect of the obligations of the Guarantors or any payment received or collected from such
Guarantor in respect of the obligations of the Guarantors), remain liable for the obligations of
the Guarantors up to the maximum liability of such Guarantor hereunder until the Guaranteed
Obligations and all the obligations of the Guarantors (other than any contingent indemnification
obligations) shall have been paid in full and the Commitments terminated.

 

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(c) Each Guarantor agrees that, if any payment made by the Borrower or any other Person
applied to the Obligations is at any time annulled, set aside, rescinded, invalidated, declared to
be fraudulent or preferential or otherwise required to be refunded or repaid or the proceeds of any
Collateral are required to be refunded by the Administrative Agent or any Secured Party to the
Borrower, its estate, trustee, receiver or any other party, including, without limitation, any
Guarantor, under any Applicable Law or equitable cause, then, to the extent of such payment or
repayment, each Guarantor’s liability hereunder (and any Lien securing such liability) shall be and
remain in full force and effect, as fully as if such payment had never been made, and, if prior
thereto, this Guaranty shall have been canceled or surrendered (and if any Lien or Collateral
securing such Guarantor’s liability hereunder shall have been released or terminated by virtue of
such cancellation or surrender), this Guaranty (and such Lien) shall be reinstated in full force
and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair
or otherwise affect the obligations of such Guarantor in respect of the amount of such payment (or
any Lien or Collateral securing such obligation).

SECTION 10. Payments. Payments by the Guarantors shall be made to the Administrative
Agent, to be credited and applied upon the Guaranteed Obligations, in immediately available Dollars
to an account designated by the Administrative Agent or at the Administrative Agent’s Office or at
any other address that may be specified in writing from time to time by the Administrative Agent.

SECTION 11. Representations and Warranties. To induce the Lenders to make any
Extensions of Credit, each Guarantor hereby represents and warrants that:

(a) each Guarantor is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its incorporation or formation, has the requisite power and authority to own
its properties and to carry on its business as now being and hereafter proposed to be conducted and
is duly qualified and authorized to do business in each jurisdiction in which the character of its
properties or the nature of its business requires such qualification and authorization other than
in such jurisdiction where failure to so qualify could not reasonably be expected to have a
Material Adverse Effect;

(b) each Guarantor has the right, power and authority and has taken all necessary corporate
and other action to authorize the execution, delivery and performance of, this Guaranty. This
Guaranty has been duly executed and delivered by the duly authorized officers of each Guarantor and
this Guaranty constitutes the legal, valid and binding obligation of the Guarantors enforceable in
accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar state or federal debtor relief laws from time to time in
effect which affect the enforcement of creditors’ rights in general and the availability of
equitable remedies. The execution, delivery and performance by the Guarantors of this Guaranty will
not, by the passage of time, the giving of notice or otherwise, violate any Applicable Law or
Material Contract and will not result in the creation or imposition of any Lien, other than the
Security Interests (as defined in the Collateral Agreement), upon or with respect to any property
or revenues of any Guarantor;

(c) no consent or authorization of, filing with, or other act by or in respect of, any
arbitrator or Governmental Authority and no consent of any other Person is required in

 

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connection with the execution, delivery, performance, validity or enforceability against any
Guarantor party to this Guaranty, except (a) as may be required by laws affecting the offering and
sale of securities generally, (b) filings under the UCC, and (c) for such consents, authorizations
and filings that have been obtained or made prior to the date hereof;

(d) no actions, suits or proceedings before any arbitrator or Governmental Authority are
pending or, to the knowledge of such Guarantor, threatened by or against such Guarantor or against
any of its properties with respect to this Guaranty or any of the transactions contemplated hereby;

(e) each Guarantor has such title to the real property owned or leased by it as is necessary
or desirable to the conduct of its business, and valid and legal title to all of its personal
property and assets, except those which have been disposed of by the Borrower or its Subsidiaries
subsequent to such date which dispositions have been in the ordinary course of business or as
otherwise expressly permitted under the Credit Agreement;

(f) except for the Security Interests (as defined in the Collateral Agreement), each Guarantor
has rights in each item of the Collateral free and clear of any and all Liens or claims other than
Permitted Liens. No Collateral is in the possession or Control of any Person asserting any claim
thereto or security interest therein, except that the Administrative Agent or its designee may
obtain possession or Control of Collateral as contemplated hereby; and

(g) as of the Closing Date (or such later date upon which such Guarantor became a party
hereto), such Guarantor (i) has capital sufficient to carry on its business and transactions and
all business and transactions in which it engages and is able to pay its debts as they mature, (ii)
owns property having a value, both at fair valuation on a going concern basis and at present fair
saleable value on a going concern basis, greater than the amount required to pay its probable
liabilities (including contingencies) and (iii) does not believe that it will incur debts or
liabilities beyond its ability to pay such debts or liabilities as they mature, subject in each
case to the first sentence of Section 2(b) hereof.

SECTION 12. Amendments. None of the terms or provisions of this Guaranty may be
waived, amended, supplemented or otherwise modified except in accordance with Section 14.11
of the Credit Agreement.

SECTION 13. Notices. All notices, requests and demands to or upon the Administrative
Agent or any Guarantor hereunder shall be effected in the manner provided for in Section
14.1 of the Credit Agreement.

SECTION 14. Enforcement Expenses, Indemnification.

(a) Each Guarantor agrees to pay or reimburse each Secured Party and the Administrative Agent
for all its costs and expenses incurred in connection with enforcing or preserving any rights under
this Guaranty and the other Loan Documents to which such Guarantor is a party (including, without
limitation, in connection with any workout, restructuring, bankruptcy or other similar proceeding),
including, without limitation, the fees and disbursements of counsel to each Secured Party and of
counsel to the Administrative Agent.

 

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(b) Each Guarantor agrees to pay, and to save the Administrative Agent and the Secured Parties
harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any
and all stamp, excise, sales or other taxes (in each case, to the same extent that the Borrower
would be required to do so under Section 5.11 of the Credit Agreement) which may be payable
or determined to be payable with respect to any of the Collateral or in connection with any of the
transactions contemplated by this Guaranty.

(c) Each Guarantor agrees to pay, and to save the Administrative Agent and the Secured Parties
harmless from any and all liabilities, obligations, losses, damages, penalties, costs and expenses
in connection with actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever with respect to the execution, delivery, enforcement, performance and
administration of this Guaranty to the extent any Guarantor would be required to do so pursuant to
Section 14.2 of the Credit Agreement.

(d) The agreements in this Section shall survive termination of the Commitments and repayment
of the Obligations and all other amounts payable under the Credit Agreement and the other Loan
Documents. All amounts due under this Section shall be payable promptly after demand therefor.

SECTION 15. Governing Law. THIS GUARANTY, UNLESS EXPRESSLY SET FORTH HEREIN, SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (INCLUDING SECTION
5-1401 AND SECTION 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT
REFERENCE TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.

SECTION 16. Consent to Jurisdiction and Venue.

(a) Each Guarantor irrevocably and unconditionally submits for itself and its property, to the
nonexclusive jurisdiction of the state and federal courts located in New York, New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this
Guaranty or any other Loan Document, or for recognition or enforcement of any judgment, and each of
the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York state court or, to the fullest
extent permitted by Applicable Law, in such federal court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Guaranty or in any other Loan Document shall affect any right that the Administrative Agent or any
Secured Party may otherwise have to bring any action or proceeding relating to this Guaranty or any
other Loan Document against the Company or any other Guarantor or its properties in the courts of
any jurisdiction.

(b) Each Guarantor irrevocably and unconditionally waives, to the fullest extent permitted by
Applicable Law, any objection that it may now or hereafter have to the laying of venue of any
action or proceeding arising out of or relating to this Guaranty or any other Loan Document in any
court referred to in paragraph (a) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to
the maintenance of such action or proceeding in any such court.

 

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(c) Each Guarantor irrevocably consents to service of process in the manner provided for
notices in Section 14.1 of the Credit Agreement. Nothing in this Guaranty will affect the
right of any party hereto to serve process in any other manner permitted by Applicable Law.

SECTION 17. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER LOAN DOCUMENTS BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

SECTION 18. No Waiver by Course of Conduct, Cumulative Remedies. Neither the
Administrative Agent nor any Secured Party shall by any act (except by a written instrument
pursuant to Section 12), delay, indulgence, omission or otherwise be deemed to have waived
any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure
to exercise, nor any delay in exercising on the part of the Administrative Agent or any Secured
Party, of any right, power or privilege hereunder shall operate as a waiver thereof. No single or
partial exercise of any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A waiver by the
Administrative Agent or any Secured Party of any right or remedy hereunder on any one occasion
shall not be construed as a bar to any right or remedy which the Administrative Agent or such
Secured Party would otherwise have on any future occasion. The rights and remedies herein provided
are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights
or remedies provided by law.

SECTION 19. Successors and Assigns. This Guaranty shall be binding upon the successors
and assigns of each Guarantor and shall inure to the benefit of each Guarantor (and shall bind all
Persons who become bound as a Guarantor to this Guaranty), the Administrative Agent and the Secured
Parties and their successors and assigns; provided that no Guarantor may assign, transfer
or delegate any of its rights or obligations under this Guaranty without the prior written consent
of the Administrative Agent (given in accordance with Section 12).

SECTION 20. Severability. Any provision of this Guaranty or any other Loan Document
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective only to the extent of such prohibition or unenforceability without invalidating the
remainder of such provision or the remaining provisions hereof or thereof or affecting the validity
or enforceability of such provision in any other jurisdiction.

 

11

 

SECTION 21. Headings. The Section headings used in this Guaranty are for convenience
of reference only and are not to affect the construction hereof or be taken into consideration in
the interpretation hereof.

SECTION 22. Counterparts. This Guaranty may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this Guaranty by facsimile transmission or electronic mail shall
be effective as delivery of a manually executed counterpart of this Guaranty.

SECTION 23. Set-Off. Each Guarantor hereby irrevocably authorizes the Administrative
Agent and each Secured Party at any time and from time to time pursuant to Section 14.3 of
the Credit Agreement, without notice to such Guarantor or any other Guarantor, any such notice
being expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits
(general or special, time or demand, provisional or final), in any currency, and any other credits,
indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or
contingent, matured or unmatured, at any time held or owing by the Administrative Agent or such
Secured Party to or for the credit or the account of such Guarantor, or any part thereof in such
amounts as the Administrative Agent or such Secured Party may elect, against and on account of the
obligations and liabilities of such Guarantor to the Administrative Agent or such Secured Party
hereunder and claims of every nature and description of the Administrative Agent or such Secured
Party against such Guarantor, in any currency, whether arising hereunder, under the Credit
Agreement, any other Loan Document or otherwise, as the Administrative Agent or such Secured Party
may elect, whether or not the Administrative Agent or any Secured Party has made any demand for
payment and although such obligations, liabilities and claims may be contingent or unmatured. The
Administrative Agent and each Secured Party shall notify such Guarantor promptly of any such
set-off and the application made by the Administrative Agent or such Secured Party of the proceeds
thereof; provided that the failure to give such notice shall not affect the validity of
such set-off and application. The rights of the Administrative Agent and each Secured Party under
this Section are in addition to other rights and remedies (including, without limitation, other
rights of set-off) which the Administrative Agent or such Secured Party may have.

SECTION 24. Integration. This Guaranty, any Hedging Agreement between the Borrower and
a Secured Party and the other Loan Documents, and any separate letter agreements with respect to
fees payable to the Administrative Agent and the Arrangers, constitute the entire contract among
the parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matters hereof. In the event of any
conflict between the provisions of this Guaranty and the Credit Agreement, the provisions of the
Credit Agreement shall control; provided that the inclusion of supplemental rights or
remedies in favor of the Administrative Agent or the Secured Parties in this Guaranty shall not be
deemed a conflict with the Credit Agreement.

SECTION 25. Acknowledgements. Each Guarantor hereby acknowledges that: (i) it has
discussed this Guaranty with its counsel, (ii) neither the Administrative Agent nor any Secured
Party has any fiduciary relationship with or duty to any Guarantor arising out of or in connection
with this Guaranty or any of the other Loan Documents, and the relationship between

 

12

 

the Guarantors, on the one hand, and the Administrative Agent and Secured Parties, on the
other hand, in connection herewith or therewith is solely that of debtor and creditor, and (iii) no
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the
transactions contemplated hereby or thereby among the Secured Parties or among the Guarantors and
the Secured Parties.

SECTION 26. Additional Guarantors. Each Subsidiary of the Borrower that is required to
become a party to this Guaranty pursuant to Section 9.9 of the Credit Agreement shall
become a Guarantor for all purposes of this Guaranty upon execution and delivery by such Subsidiary
of a supplement in form and substance satisfactory to the Administrative Agent.

SECTION 27. Releases.

(a) At such time as the Guaranteed Obligations shall have been paid in full (other than any
contingent indemnification obligations) and the Commitments have been terminated, this Guaranty and
all obligations (other than those expressly stated to survive such termination) of the
Administrative Agent and each Guarantor hereunder shall terminate, all without delivery of any
instrument or performance of any act by any party.

(b) If any Guarantor shall cease to be a Restricted Subsidiary as a result of a transaction
permitted under the Credit Agreement, then, at the request of the Borrower and at the expense of
the Guarantors, such Guarantor shall be released from its obligations hereunder and shall no longer
be a party to this Agreement. The Administrative Agent, at the request and sole expense of such
Guarantor, shall execute and deliver to such Guarantor all releases or other documents reasonably
necessary or desirable evidencing such release and termination.

(c) The termination and/or release described in subsections (a) and (b) above shall occur
without notice to, or vote of consent of, any counterparty to a Hedging Agreement that was a Lender
or an Affiliate of a Lender at the time such agreement was executed.

[Signature Pages to Follow]

 

13

 

IN WITNESS WHEREOF, each of the Guarantors has executed and delivered this Guaranty under seal
by their duly authorized officers, all as of the day and year first above written.

	 	 	 	 	 
	 	JBX GENERAL PARTNER LLC, as Guarantor

 	 
	 	By:  	Jack in the Box Inc.,
 	 
	 	 	as sole member 	 
	 	 	 
	 	By:  	                                                   /s/ Paul D. Melancon
 	 
	 	 	Name:  	Paul D. Melancon 	 
	 	 	Title:  	Vice President, Finance, Controller &
Treasurer 	 
	 
	 	JBX LIMITED PARTNER LLC, as Guarantor

 	 
	 	By:  	Jack in the Box Inc.,
 	 
	 	 	as sole member 	 
	 	 	 
	 	By:  	                                                   /s/ Paul D. Melancon
 	 
	 	 	Name:  	Paul D. Melancon 	 
	 	 	Title:  	Vice President, Finance, Controller &
Treasurer 	 
	 
	 	JACK IN THE BOX EASTERN DIVISION L.P., as Guarantor

 	 
	 	By:  	JBX General Partner LLC,
 	 
	 	 	as general partner 	 
	 	 	 
	 	By:  	                         Jack in the Box Inc.,
 	 
	 	 	as sole member 	 
	 	 	 
	 	By:  	                                                          /s/ Paul D. Melancon
 	 
	 	 	Name:  	Paul D. Melancon 	 
	 	 	Title:  	Vice President, Finance,
Controller & Treasurer 	 
	 

[Signature Pages Continue]

 

14

 

	 	 	 	 	 
	 	QDOBA RESTAURANT CORPORATION, as Guarantor

 	 
	 	By:  	/s/ Jerry P. Rebel
 	 
	 	 	Name:  	Jerry P. Rebel 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

[Signature Pages Continue]

 

15

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION as Administrative Agent

 	 
	 	By:  	/s/ Stephen Leon
 	 
	 	 	Name:  	Stephen Leon 	 
	 	 	Title:  	Managing Director 	 
	 

 

16exv4w1

Exhibit 4.1

Execution Version

 

 

TRICO SHIPPING AS

and

the Guarantors named herein

 

117/8% SENIOR SECURED NOTES DUE 2014

 

FIRST SUPPLEMENTAL INDENTURE

DATED AS OF JUNE 25, 2010

TO INDENTURE DATED AS OF OCTOBER 30, 2009

 

DEUTSCHE BANK NATIONAL TRUST COMPANY

(as successor trustee to Wells Fargo Bank, N.A.),

As Trustee

 

 

 

 

 

     This FIRST SUPPLEMENTAL INDENTURE, dated as of June 25, 2010 is among Trico Shipping AS, a
Norwegian limited company (the “Company”), each of the parties identified under the caption
“Guarantors” on the signature page hereto (the “Guarantors”) and Deutsche Bank National Trust
Company (as successor trustee to Wells Fargo Bank, N.A.), as Trustee.

RECITALS

     WHEREAS, the Company, the Guarantors and the Trustee entered into an Indenture, dated as of
October 30, 2009 (as amended or supplemented, the “Indenture”), pursuant to which the Company has
issued $400,000,000 in principal amount of 117/8% Senior Secured Notes due 2014 (the “Notes”);

     WHEREAS, Section 9.02 of the Indenture provides that the Company, the Guarantors and the
Trustee may amend or supplement the Indenture with the consent of the Holders of at least a
majority in aggregate principal amount of the then outstanding Notes; and

     WHEREAS, pursuant to a consent solicitation effected by means of a Consent Solicitation
Statement dated June 17, 2010, (the “Consent Solicitation”), the Holders of a majority in aggregate
principal amount of the outstanding Notes have validly consented to the adoption of the amendments
set forth herein; and

     WHEREAS, all acts and things prescribed by the Indenture, by law and by the Certificate of
Incorporation and the Bylaws (or comparable constituent documents) of the Company, of the
Guarantors and of the Trustee necessary to make this Supplemental Indenture a valid instrument
legally binding on the Company, the Guarantors and the Trustee, in accordance with its terms, have
been duly done and performed;

     NOW, THEREFORE, to comply with the provisions of the Indenture and in consideration of the
above premises, the Company, the Guarantors and the Trustee covenant and agree for the equal and
proportionate benefit of the respective Holders of the Notes as follows :

ARTICLE 1

     Section 1.01 This First Supplemental Indenture is supplemental to the Indenture and does and
shall be deemed to form a part of, and shall be construed in connection with and as part of, the
Indenture for any and all purposes.

     Section 1.02 This First Supplemental Indenture shall become effective immediately upon its
execution and delivery by each of the Company, the Guarantors and the Trustee, provided that the
amendments to the Indenture set forth herein shall not be operative until (i) the Company notifies
the Trustee that it has deposited funds with Deutsche Bank National Trust Company in its capacity
as the tabulation agent for the Consent Solicitation (the “Tabulation Agent”), sufficient in amount
to pay half of the consent fee of $5.00 per $1,000 principal amount of Notes, the Holders of which
delivered a duly executed consent (and have not revoked such consent) to the amendments
contemplated hereby in accordance with the terms of the Consent Solicitation (the “Eligible
Holders”), and (ii) the Company shall have obtained waivers or consents or amendments from the
lenders under the Working Capital Facility Agreement such that the execution of this supplemental
indenture and the commencement by the Parent, Trico Marine Cayman and/or Trico Holdco of the

 

 

Parent Bankruptcy case shall not constitute a default thereunder, with terms and conditions
of any such waivers, consents and amendments substantially similar to those hereunder (the
“Preconditions,” and the date the Preconditions are satisfied being the “Effective Time”). The
Company’s obligation to pay the consent fee is contingent upon the satisfaction of the
Preconditions. Subject to the foregoing, half of the consent fee, which is to be deposited by the
Company with the Tabulation Agent in furtherance of clause (i) above, will be paid promptly to
Eligible Holders following the Effective Time and the other half of the consent fee (the “Second
Payment”) will be paid to Eligible Holders no later than the 45th calendar day following
the Effective Time. Such payments will be made by the Tabulation Agent, subject to the receipt by
the Tabulation Agent (A) from the Company of sufficient funds to make such payments and (B) from
the Eligible Holders of requisite instructions to make the payment to such holders by check or wire
transfer. All references herein to amendments or provisions applicable during the Forbearance
Period shall cease to have any effect after the expiration thereof, and any such provisions shall
be reinstated as set forth in the original Indenture upon such expiration without further action;
provided that actions taken during the Forbearance Period in compliance with any such amended
provision of the Indenture shall not be deemed to violate the Indenture after such reinstatement.

     Section 1.03 Except as expressly provided in this First Supplemental Indenture, nothing herein
is intended to, or does, in any manner waive, limit, impair or restrict the ability of each Holder
to protect and preserve its rights, remedies and interests in the bankruptcy cases of the Company
and the Guarantors. If the amendments to the Indenture set forth herein shall not become operative,
or this First Supplemental Indenture is terminated for any reason, the parties hereto fully reserve
any and all of their rights and defenses.

ARTICLE 2

     Section 2.01 Section 1.01 of the Indenture is hereby amended to include the following
definitions in the correct alphabetical order:

““Additional Notes” has the meaning provided in the Appendix attached hereto.”

““First Supplemental Indenture” means the First Supplemental Indenture, dated as of June 25,
2010, by and among the Company, the Guarantors and the Trustee.”

““Forbearance Period” means the period beginning at 12:01 AM EST on June 17, 2010 and ending
on the earlier to occur of (i) one year following such date and (ii) the effective date of a
plan of reorganization for the Parent, Trico Marine Cayman and/or Trico Holdco in the Parent
Bankruptcy Case.”

““Letter of Credit Sublimit” means $15 million.”

““Parent Bankruptcy Case” means the commencement of a bankruptcy case by Parent, Trico
Marine Cayman and/or Trico Holdco under chapter 11 of title 11 of the United States Code or
any other state or foreign bankruptcy statute.”

     Section 2.02 The definition of “Collateral” in Section 1.01 of the Indenture is hereby
amended by replacing the period at the end of the last paragraph thereof with the following:

2

 

“; provided that, for the avoidance of doubt, to the extent that a letter of credit (other
than a letter of credit outstanding under the Working Capital Facility Agreement) is permitted
to be cash collateralized pursuant to clause (22) of the definition of “Permitted Liens”,
neither the Trustee nor any of the Noteholders shall have a Lien on the amounts deposited in a
deposit account or securities account to cash collateralize such letter of credit so long as
such letter of credit or any related obligations remain outstanding.”

     Section 2.03 The definition of “Permitted Collateral Liens” in Section 1.01 of the
Indenture is hereby amended by deleting the words “(19) and (21)” in clause (i) thereof and
replacing them with the words “(19), (21) and (22)”.

     Section 2.04 The definition of “Permitted Liens” in Section 1.01 of the Indenture is
hereby amended by deleting the word “and” at the end of clause (20), replacing the period at the
end of clause (21) with a semi-colon followed by the word “and” and adding the following clause
after clause (21) thereof:

	 	“(22)	 	to the extent that any letter of credit permitted under clause (14) of
Section 4.07 has been cash collateralized, the Lien of the issuer of
such letter of credit on such cash so long as such letter of credit or any
related obligations remain outstanding.”

     Section 2.05 Section 2.01(b) of the Indenture is hereby amended to replace the word
“Appendix.” at the end of the last sentence with the following:

“Appendix or the issuance of Additional Notes.”

     Section 2.06 The last sentence of the fourth paragraph of Section 2.02 of the
Indenture is hereby amended to replace the word “delivered” with the following:

“delivered. This procedure shall also be followed on any subsequent issue date for any
Additional Notes to be issued under the Indenture.”

     Section 2.07 Clause (1) of the second paragraph of Section 4.07 of the Indenture is
hereby amended to replace the words “$50.0 million” at the end thereof with the following:

“$65.0 million reduced by the principal amount of Notes repurchased by the Company; provided,
however, that the reduction pursuant to this clause (1) shall not reduce the Indebtedness that
may be incurred pursuant to this clause (1) below $50 million”

     In addition, references in the definitions of Working Capital Facility Agreement and Working
Capital Facility Obligations in the Indenture to “$50.0 million” shall instead be deemed to refer
to the amount of Indebtedness that may be incurred pursuant to clause (1) of the second paragraph
of Section 4.07 of the Indenture, as amended above.

     Section 2.08 Clause (3) of the second paragraph of Section 4.07 of the Indenture is
hereby amended and restated to state as follows:

3

 

“(3) the incurrence by Holdings and the Company and the Subsidiary Guarantors of
Indebtedness represented by the Notes and the related Note Guarantees;”

     Section 2.09 Section 4.07 of the Indenture is hereby amended by deleting the word
“and” at the end of clause (12), replacing the period at the end of clause (13) with a semi-colon
followed by the word “and” and inserting the following clause after clause (13) thereof:

“(14) the incurrence by Holdings or the Company of Indebtedness in respect
of letters of credit provided, that the aggregate outstanding and undrawn
amounts under all such letters of credit shall not at any time exceed the
Letter of Credit Sublimit.”

     Section 2.10 Section 4.08 of the Indenture is hereby amended:

     (a) to delete clause (8) of the second paragraph thereof;

     (b) to renumber clauses (9), (10) and (11) of the second paragraph thereof as clauses (8), (9)
and (10), respectively, and

     (c) to add after clause (10) of the second paragraph thereof (as revised by the changes set
forth in this Section 2.09), the following paragraph:

     “Notwithstanding the foregoing, during the Forbearance Period, not more than $5 million in the
aggregate may be paid as a Restricted Payment to Trico Marine Cayman, Trico Holdco or the Parent
pursuant to the immediately preceding paragraph; provided, however, if an Event of Default has
occurred and is continuing at the time of such payment, then no Restricted Payment to Trico Marine
Cayman, Trico Holdco or the Parent may be made.”

     Section 2.11 During the Forbearance Period, Article IV of the Indenture is amended to
add after Section 4.32 thereof the following covenants:

     (a) Section 4.33.

(1) Minimum Cash

     The Company, the Subsidiary Guarantors and Holdings, on a consolidated basis, shall
maintain as of the end of each fiscal month beginning June 30, 2010 cash and Cash Equivalents (in
each case, free of Liens other than those in favor of the Collateral Agent) (“Liquidity”) of not
less than $20 million; provided, however, that in lieu of the foregoing, (i) solely for the month
of June 2010, unless prior to the end of such month the Company shall have issued Additional Notes
or completed other financing arrangements permitted under clause (1) of the second paragraph of
Section 4.07, Liquidity may not be less than $10 million; and (ii) solely for the months of
February and March 2011, unless prior to the end of either such month the Company shall have
received $12,870,000 or more of the anticipated refunds relating to the termination of the Existing
Option Construction Contracts, Liquidity may be not less than $15 million. The Company shall
deliver to the Trustee an Officer’s Certificate, in the form attached hereto as Exhibit C,
and a detailed computation of its Liquidity no later than the 10th calendar day following the end
of each fiscal month beginning with the month ended June 30, 2010. If the

4

 

Liquidity threshold to be met at the end of June 2010 is $10 million pursuant to clause (i) above,
then the Company, the Subsidiary Guarantors and Holdings, on a consolidated basis, shall also
maintain at July 15, 2010, Liquidity of not less than $20 million and the Company shall deliver to
the Trustee an Officer’s Certificate, substantially in the form attached hereto as Exhibit
C, and a detailed computation of its Liquidity no later than the 10th calendar day
after July 15, 2010.

(2) Minimum Monthly EBITDA

     Holdings shall have Consolidated Cash Flow for the preceding twelve-month period (“LTM
Consolidated Cash Flow”) measured as of the end of each fiscal month of Holdings of at least the
required amount set forth in the following table for each applicable month set forth above such
amount:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6/30/	 	7/31/	 	8/31/	 	9/30/	 	10/31/	 	11/30/	 	12/31/	 	1/31/	 	2/28/	 	3/31/	 	4/30/	 	5/31/	 	6/30/
	2010	 	2010	 	2010	 	2010	 	2010	 	2010	 	2010	 	2011	 	2011	 	2011	 	2011	 	2011	 	2011
	$57.1
	 	$54.8
	 	$51.0
	 	$45.9
	 	$53.4
	 	$58.5
	 	$61.0
	 	$65.3
	 	$72.8
	 	$69.9
	 	$75.6
	 	$76.9
	 	$80.1

     Holdings shall deliver to the Trustee an Officer’s Certificate, in the form attached here
to as Exhibit D, and a detailed computation of its LTM Consolidated Cash Flow no later than
the 30th calendar day following the end of each fiscal month beginning with the month ended June
30, 2010. The Parent will treat the delivery to the Trustee of an Officer’s Certificate pursuant to
Section 4.33 of the Indenture as a Form 8-K triggering event under Item 8.01 thereof and may, in
lieu of filing the Officer’s Certificate on a Form 8-K, post such certificate on its website.

     (b) Section 4.34. During the Forbearance Period, in addition to the interest rate
borne by the Notes, the Notes shall bear additional interest on unpaid principal amounts at the
rate of 2.0% per annum; provided, however, that no Additional Notes will be paid additional
interest pursuant to this Section 4.34 (unless expressly provided in the terms thereof). All
references in this Indenture to “interest” shall be deemed to include such additional interest to
the extent then applicable.

     Section 2.12 Section 6.01 of the Indenture is hereby amended as follows:

     (a) during the Forbearance Period, to amend clause (1) thereof to change the existing
reference to “30 days” to “5 days”;

     (b) to amend clause (4) thereof to change the existing reference to “60 days” to “30 days”;

     (c) during the Forbearance Period, to amend and restate clause (5) thereof to read in its
entirety as follows:

     “(5) default under any mortgage, indenture or instrument (other than the Indenture)
under which there may be issued or by which there may be secured or evidenced any
Indebtedness by the Company or any Guarantor (other than Parent, Trico Marine Cayman and/or
Trico Holdco) (or the payment of which is guaranteed by the

5

 

Company or any Guarantor (other than Parent, Trico Marine Cayman and/or Trico Holdco)),
whether such Indebtedness or Guarantee now exists, or is created after the date of this
Indenture, if that default:

     (a) is caused by a failure to make any payment when due (or effect any cash
collateralization of letters of credit when required) at the final maturity of such
Indebtedness; or

     (b) entitles the holders thereof to cause the acceleration of such Indebtedness prior
to its express maturity,

and, in each case, the principal (or face) amount of any such Indebtedness, together with
the principal (or face) amount of any other Indebtedness with respect to which an event
described in clause (a) or (b) has occurred, aggregates $5.0 million or more;” and

     (d) during the Forbearance Period, to delete the word “or” at the end of clause (12), replace
the period at the end of clause (13) with a semi-colon and adding the following clauses after
clause (13) thereof:

	 	“(14)	 	Failure by the Company or the Parent, as applicable, to pay
(i) within the period of time set forth in the respective agreement below
following receipt by the Company or the Parent of invoices, the reasonable fees
or expenses owed to (A) Dechert LLP under that certain Reimbursement Agreement,
dated June 14, 2010, or (B) GLC Advisors & Co., LLC under that certain Letter
Agreement, dated June 7, 2010, in each case for services rendered pursuant to
such agreements or (ii) the Second Payment (as defined in the First
Supplemental Indenture) no later than the 45th calendar day
following the Effective Time (as defined in the First Supplemental Indenture);
or
	 
	 	(15)	 	The appointment of a chapter 11 trustee or examiner with
expanded powers in any of the Parent Bankruptcy Cases or the conversion of any
Parent Bankruptcy Case to a case under chapter 7 of the Bankruptcy Law.”

     (e) during the Forbearance Period, to include the following paragraph after clause (15):

“Notwithstanding the foregoing, until the expiration of the Forbearance Period, all
references in clauses (4), (5), (7), (9) and (10) of this Section 6.01 to a
“Guarantor” shall be deemed not to include the Parent, Trico Marine Cayman and/or
Trico Holdco. For the avoidance of doubt, until the expiration of the Forbearance
Period, the commencement and continuation of a Parent Bankruptcy Case shall be
deemed not to result in any Default, Event of Default or a breach of any other
covenant or term of the Indenture; provided, however, that rights of the Trustee and
the Holders of the Notes to enforce the obligations of Parent, Trico Marine Cayman
and/or Trico Holdco under their Note Guarantees are expressly reserved.”

6

 

     Section 2.13 Section 1.1 of the Appendix to the Indenture is hereby amended to include
the following definition in the correct alphabetical order:

““Additional Notes” means notes that may be issued from time to time in addition to the Notes
issued on the Issue Date (or in exchange therefore) in an aggregate principal amount up to $65.0
million reduced by the aggregate principal amount of additional Indebtedness and letters of credit
incurred and outstanding under clause (1) of the second paragraph of Section 4.07 of the Indenture,
which notes shall be identical to the Notes issued on the Issue Date except, notwithstanding
anything in the Indenture to the contrary, that the interest rate and the amount payable on such
notes on the first interest payment date may differ, and if there are such differences, such
additional notes shall be treated as a separate series of notes for purposes of registration of
ownership and transfer upon exchange or otherwise. The Additional Notes shall be in the form
contemplated by this Indenture, subject to any changes necessary to reflect any such differences.”

     Section 2.14 Section 1.1 of the Appendix to the Indenture is hereby amended by
amending and restating the definition of “Initial Notes” to read as follows:

““Initial Notes” means (1) $400,000,000 aggregate principal amount of 11 7/8% Senior Secured
Notes due 2014 issued pursuant to the Indenture on the Issue Date, (2) Additional Notes and
(3) any Notes issued pursuant to section 2.3(b)(ii) in exchange for any Initial Notes.”

     Section 2.15 Section 1.1 of the Appendix to the Indenture is hereby amended by
amending and restating the definition of “Registration Rights Agreement” to read as follows:

““Registration Rights Agreement” means the Registration Rights Agreement dated October 30,
2009 among the Company, the Guarantors and the Initial Purchasers, or any similar
registration rights agreement entered into in connection with the issuance of Additional
Notes.”

     Section 2.16 The first sentence of Section 2.2 of the Appendix to the Indenture is
hereby amended by deleting the word “and” at the end of clause (1) and replacing the words “Initial
Notes” with the following:

“Initial Notes and (3) at any time or, from time to time, the Additional Notes”.

     Section 2.17 During the Forbearance Period, the Indenture is hereby amended by adding Annex A
hereto as Exhibit C thereto and by adding Annex B hereto as Exhibit D thereto.

     Section 2.18 The Trustee and Collateral Agent are authorized to enter into such other
amendments to the Security Documents as are necessary to reflect the issuance of the Additional
Notes and such other changes contemplated by this First Supplemental Indenture.

     Section 2.19 If, prior to the Effective Time, a Default or Event of Default has occurred under
clauses (4), (5), (7), (9) and (10) of Section 6.01 of the Indenture with respect to the Parent,
Trico Marine Cayman and/or Trico Holdco, including because of the commencement and

7

 

continuation of a Parent Bankruptcy Case, or an acceleration of any indebtedness of a Parent
Entity, then this supplemental indenture shall be deemed to (i) constitute a waiver of any such
Defaults and Events of Default under the Indenture and (ii) rescind any acceleration of the Notes
caused by or based on such Defaults or Events of Default, and any acceleration or right to
accelerate the Notes based on such Defaults and Events of Default shall be revoked and any such
acceleration of the Notes shall be deemed rescinded. Such waiver and rescission will be affected
pursuant to sections 6.02 and 6.04 of the Indenture, as applicable.

     Section 2.20 Except as specifically modified herein, the Indenture and the Notes are in all
respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in
accordance with their terms with all capitalized terms used herein without definition having the
same respective meanings ascribed to them as in the Indenture.

     Section 2.21 Except as otherwise expressly provided herein, no duties, responsibilities or
liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this
First Supplemental Indenture. This First Supplemental Indenture is executed and accepted by the
Trustee subject to all the terms and conditions set forth in the Indenture with the same force and
effect as if those terms and conditions were repeated at length herein and made applicable to the
Trustee with respect hereto. The Trustee shall not be responsible for or in respect of the validity
or sufficiency of this First Supplemental Indenture or for or in respect of the correctness of the
recitals of fact contained herein, all of which recitals are made solely by the Company and the
undersigned Guarantors.

     Section 2.22 THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     Section 2.23 The parties may sign any number of copies of this First Supplemental Indenture.
Each signed copy shall be an original, but all of such executed copies together shall represent the
same agreement.

[NEXT PAGE IS SIGNATURE PAGE]

8

 

     IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to
be duly executed, all as of the date first written above.

	 	 	 	 	 
	 	Trico Shipping AS

 	 
	 	By  	/s/ Gerald A. Gray
 	 
	 	 	Name:  	Gerald A. Gray 	 
	 	 	Title:  	Managing Director 	 
	 
	 	GUARANTORS

Trico Supply AS

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 
	 	Trico Marine Services, Inc.

 	 
	 	By  	/s/ Richard A. Bachmann
 	 
	 	 	Name:  	Richard A. Bachmann 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	Trico Marine Cayman, L.P.

 	 
	 	By  	Trico Holdco LLC, General Partner

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	President 	 
	 
	 	Trico Holdco LLC

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	President 	 
	 

[Signature Page to Supplemental Indenture]

 

 

	 	 	 	 	 
	 	DeepOcean Shipping AS

 	 
	 	By  	/s/ Mads Bardsen
 	 
	 	 	Name:  	Mads Bardsen 	 
	 	 	Title:  	Chairman 	 
	 
	 	DeepOcean Shipping II AS

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 
	 	DeepOcean Shipping III AS

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 
	 	Trico Subsea AS

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 
	 	Trico Subsea Holding AS

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 

[Signature Page to Supplemental Indenture]

 

 

	 	 	 	 	 
	 	DeepOcean AS

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 
	 	DeepOcean Brasil Servicos LTDA.

 	 
	 	By  	/s/ Tomás Salazar
 	 
	 	 	Name:  	Tomás Salazar 	 
	 	 	Title:  	Director 	 
	 
	 	DeepOcean Maritime AS

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 
	 	DeepOcean Subsea Services Limited

 	 
	 	By  	/s/ Gerald A. Gray
 	 
	 	 	Name:  	Gerald A. Gray 	 
	 	 	Title:  	Managing Director 	 
	 
	 	DeepOcean UK LTD.

 	 
	 	By  	/s/ Gerald A. Gray
 	 
	 	 	Name:  	Gerald A. Gray 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature Page to Supplemental Indenture]

 

 

	 	 	 	 	 
	 	DeepOcean BV

 	 
	 	By  	/s/ Mads Bardsen
 	 
	 	 	Name:  	Mads Bardsen 	 
	 	 	Title:  	Director 	 
	 
	 	DeepOcean Management AS

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 
	 	DeepOcean de Mexico S. de R.L. de C.V.

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Manager 	 
	 
	 	Trico Supply (UK) Limited

 	 
	 	By  	/s/ Gerald A. Gray
 	 
	 	 	Name:  	Gerald A. Gray 	 
	 	 	Title:  	Managing Director 	 
	 
	 	Albyn Marine Limited

 	 
	 	By  	/s/ Gerald A. Gray
 	 
	 	 	Name:  	Gerald A. Gray 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature Page to Supplemental Indenture]

 

 

	 	 	 	 	 
	 	Servicios Profesionales de Apoyo 

Especializado, S. de R.L. de C.V. 

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Manager 	 
	 
	 	Servicios de Soporte Profesional 

Administrativo, S. de R.L. de C.V. 

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Manager 	 
	 
	 	CTC Marine Projects Limited

 	 
	 	By  	/s/ Gerald A. Gray
 	 
	 	 	Name:  	Gerald A. Gray 	 
	 	 	Title:  	Director 	 
	 
	 	CTC Marine Norway AS

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 
	 	CTC Marine Projects (Guernsey) Limited

 	 
	 	By  	/s/ Rishi A. Varma
 	 
	 	 	Name:  	Rishi A. Varma 	 
	 	 	Title:  	Chairman 	 
	 

[Signature Page to Supplemental Indenture]

 

 

	 	 	 	 	 
	 	Deutsche Bank National Trust Company,

as Trustee

 	 
	 	By  	/s/ George Kubin
 	 
	 	 	Name:  	George Kubin 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Supplemental Indenture]

 

 

Annex A

TRICO SHIPPING AS

Officer’s Certificate

     This Officer’s Certificate is given by the undersigned pursuant to Section 4.33(1) of the
Indenture dated as of October 30, 2009 (as amended or supplemented, the “Indenture”), among Trico
Shipping AS, as issuer (the “Company”), the guarantors identified therein and Deutsche Bank
National Trust Company (as successor trustee to Wells Fargo Bank, N.A.), as Trustee, relating to
the 117/8% Senior Secured Notes due 2014 of the Company (the “Notes”).

     Capitalized terms used herein but not otherwise defined herein shall have the meanings
ascribed to them in the Indenture.

     The undersigned hereby certifies as follows:

     1. I hold the office in respect of the Company indicated under my signature below.

     2. I have read Section 4.33(1) of the Indenture pertaining to this Officer’s Certificate,
together with all definitions set forth in the Indenture relevant to such section.

     3. A review of the activities of the Company and the Subsidiary Guarantors during the
preceding fiscal month (the “Reporting Period”) of the Company has been made under my supervision
with a view to determining whether or not the Company has kept, observed, performed and fulfilled
the covenant contained in Section 4.33(1) of the Indenture. In addition, I have made such other
examination or investigation as is necessary to enable me to express an informed opinion on the
matters referred to in Section 4.33(1) of the Indenture.

     4. To the best of my knowledge, the Company has kept, observed, performed and fulfilled the
covenant contained in Section 4.33(1) of the Indenture.

     5. Attached as Exhibit A to this Officer’s Certificate is a computation of the Liquidity of
the Company, the Subsidiary Guarantors and Holdings, on a consolidated basis, for the Reporting
Period.

Annex A-1

 

     IN
WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of this ___ day
of
                    , 201__ [within 10 calendar days of month-end, beginning with June 2010].

	 	 	 	 	 
	 	 	 
	 	By  	 	 
	 	 	Name:  	[Any authorized officer] 	 
	 	 	Title:  	 	 

Annex A-2

 

	 	 	 	 	 

Annex B

TRICO SHIPPING AS

Officer’s Certificate

     This Officer’s Certificate is given by the undersigned pursuant to Section 4.33(2) of the
Indenture dated as of October 30, 2009 (as amended or supplemented, the “Indenture”), among Trico
Shipping AS, as issuer (the “Company”), the guarantors identified therein and Deutsche Bank
National Trust Company (as successor trustee to Wells Fargo Bank, N.A.), as Trustee, relating to
the 117/8% Senior Secured Notes due 2014 of the Company (the “Notes”).

     Capitalized terms used herein but not otherwise defined herein shall have the meanings
ascribed to them in the Indenture.

     The undersigned hereby certifies as follows:

     1. I hold the office in respect of the Company indicated under my signature below.

     2. I have read Section 4.33(2) of the Indenture pertaining to this Officer’s Certificate,
together with all definitions set forth in the Indenture relevant to such section.

     3. A review of the activities of the Company and the Subsidiary Guarantors during the
preceding fiscal month (the “Reporting Period”) of the Company has been made under my supervision
with a view to determining whether or not the Company has kept, observed, performed and fulfilled
the covenant contained in Section 4.33(2) of the Indenture. In addition, I have made such other
examination or investigation as is necessary to enable me to express an informed opinion on the
matters referred to in Section 4.33(2) of the Indenture.

     4. To the best of my knowledge, the Company has kept, observed, performed and fulfilled the
covenant contained in Section 4.33(2) of the Indenture.

     5. Attached as Exhibit A to this Officer’s Certificate is a computation of the LTM
Consolidated Cash Flow of Holdings for the Reporting Period.

Annex B-1

 

     IN
WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of this ___ day
of
                    , 201__ [within 30 calendar days of month-end, beginning with June 2010].

	 	 	 	 	 
	 	 	 
	 	By  	 	 
	 	 	Name:  	[Any authorized officer] 	 
	 	 	Title:  	 	 
	 

Annex B-2

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