Renewal Letters of Credit. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit, other than an automatic renewal of an Auto-Renewal Letter of Credit permitted pursuant to clause (ii) of this Section 2.06(b)), the Parent Borrower shall hand deliver, fax or e-mail (in .pdf or .tif format) to the relevant Issuing Lender and the Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (d) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the relevant Issuing Lender, the Parent Borrower also shall submit a letter of credit application on such Issuing Lender’s standard form in connection with any request for a Letter of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Parent Borrower to, or entered into by the Parent Borrower with, an Issuing Lender relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

Renewal Letters of Credit. Subject to Section 7.03, Offshore shall deliver to Company at least ten (10) days prior to the expiration of any Offshore Letter of Credit a new Offshore Letter of Credit in an amount equal to $7.5 million less any amount drawn down against the expiring Offshore Letter of Credit or any earlier Offshore Letter of Credit by reason of a failure to make a payment under Section 3.01, Section 4.01 (but only to the extent that an adjustment results in an increase in the amount of the Rig Tax) or Section 4.

Renewal Letters of Credit. If an LC Obligor so requests in any applicable LC Request, the applicable LC Issuer shall agree to issue a Letter of Credit that has automatic renewal provisions; provided, however, that any Letter of Credit that has automatic renewal provisions must permit such LC Issuer to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Once any such Letter of Credit that has automatic renewal provisions has been issued, the Lenders shall be deemed to have authorized (but may not require) such LC Issuer to permit the renewal of such Letter of Credit at any time to an expiry date not later than 30 Business Days prior to the Commitment Termination Date; provided, however, that such LC Issuer shall not permit any such renewal if (A) such LC Issuer has determined that it would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof, or (B) it has received notice (which may be by telephone or in writing) on or before the day that is two Business Days before the date that such LC Issuer is permitted to send a notice of non-renewal from the Administrative Agent, any Lender or the Company that one or more of the applicable conditions specified in Section 7.02 is not then satisfied.

Renewal Letters of Credit. Each Letter of Credit shall be issued or amended, as the case may be, upon the request of Borrower delivered to Agent in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of Borrower. Such Letter of Credit Application must be received by Agent not later than 11:00 a.m., Los Angeles time, at least two Business Days (or such later date and time as Agent may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be.

Renewal Letters of Credit. Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to an L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Application or other agreement submitted by the Borrower to, or entered into by the Borrower with the applicable L/C Issuer relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Such Letter of Credit Application must be received by the relevant L/C Issuer and the Administrative Agent not later than 1:00 p.m. at least two Business Days prior to the proposed issuance date or date of amendment, as the case may be, or such later date and time as the 78

Renewal Letters of Credit. Each Letter of Credit shall be issued or amended, as the case may be, upon the request of Borrower delivered to Agent in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of Borrower. Such Letter of Credit Application must be received by Agent not later than 11:00 a.m., Chicago time, at least two Business Days (or such later date and time as Agent may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be.

Renewal Letters of Credit. Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the Lender in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such L/C Application must be received by the Lender not later than 1:00 p.m., at least two Business Days (or such later date and time as the Lender may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the Lender: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the Lender may require. In the case of a 23 4854-3834-3709, v. 14

Renewal Letters of Credit. Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower; provided that the Borrower shall be permitted to deliver Letter of Credit Applications requesting the issuance or amendment of commercial Letters of Credit by means of any automated application system maintained by the L/C Issuer with respect to such commercial Letters of Credit (no guaranty of the availability of any such automated application system being implied herein). Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent, (x) with respect to any such application requesting an issuance of, or an amendment to, a commercial Letter of Credit, as the case may be, not later than (1) 9:00 a.m. on the proposed issuance date or date of amendment, as the case may be (which issuance or amendment date shall be a Business Day), if such application is delivered by the Borrower to the L/C Issuer electronically by means of any automated application system maintained by the L/C Issuer with respect to such commercial Letters of Credit, or (2) 11:00 a.m. at least two Business Days (or such later date and time as the L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be, if such application is delivered by the Borrower to the L/C Issuer by any other means; and (y) with respect to any such application requesting an issuance of, or an amendment to, a standby Letter of Credit, as the case may be, not later than 11:00 a.m. at least two Business Days (or such later date and time as the L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such ben...

Renewal Letters of Credit. (a) Subject to and upon the terms and conditions herein set forth, the Account Party may request the Issuing Agent at any time and from time to time on or after the Fourth Amendment Effective Date and on or prior to the Renewal L/C Issuance Expiration Date to issue, for the benefit of Lloyd's and in support of, on a standby basis, L/C Supportable Obligations, and subject to and upon the terms and conditions herein set forth the Issuing Agent agrees to issue at any time and from time to time on or after the Fourth Amendment Effective Date and on or prior to the Renewal L/C Issuance Expiration Date, one or more irrevocable standby letters of credit in the form of Exhibit B-2 (each such letter of credit, a "Renewal Letter of Credit", collectively, the "Renewal Letters of Credit" and, together with each Initial Letter of Credit, the "Letters of Credit"). Notwithstanding the foregoing, the Issuing Agent shall be under no obligation to issue any Renewal Letter of Credit if at the time of such issuance: (i) any order, judgment or decree of any governmental authority or arbitrator shall purport by its terms to enjoin or restrain the Issuing Agent or any Renewal L/C Bank from issuing such Renewal Letter of Credit or any requirement of law applicable to the Issuing Agent or any Renewal L/C Bank or any request or directive (whether or not having the force of law) from any governmental authority with jurisdiction over the Issuing Agent or any Renewal L/C Bank shall prohibit, or request that the Issuing Agent or any Renewal L/C Bank refrain from, the issuance of letters of credit generally or such Renewal Letter of Credit in particular or shall impose upon the Issuing Agent or any Renewal L/C Bank with respect to such Renewal Letter of Credit any restriction or reserve or capital requirement (for which the Issuing Agent or any Renewal L/C Bank is not otherwise compensated) not in effect on the date hereof, or any unreimbursed loss, cost or expense which was not applicable, in effect or known to the Issuing Agent or any Renewal L/C Bank as of the date hereof and which the Issuing Agent or any Renewal L/C Bank in good faith deems material to it; or (ii) the conditions precedent set forth in Section 5 are not satisfied at that time. (b) Each Renewal Letter of Credit will be issued by the Issuing Agent on behalf of the Renewal L/C Banks, and each Renewal L/C Bank will participate in each Renewal Letter of Credit pro rata in accordance with its L/C Percentage. The obligatio...

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