<SEC-DOCUMENT>0000894627-16-000097.txt : 20160706
<SEC-HEADER>0000894627-16-000097.hdr.sgml : 20160706
<ACCEPTANCE-DATETIME>20160706165838
ACCESSION NUMBER:		0000894627-16-000097
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160706
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160706
DATE AS OF CHANGE:		20160706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VAALCO ENERGY INC /DE/
		CENTRAL INDEX KEY:			0000894627
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				760274813
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32167
		FILM NUMBER:		161754420

	BUSINESS ADDRESS:	
		STREET 1:		9800 RICHMOND AVE.
		STREET 2:		SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		713-499-1465

	MAIL ADDRESS:	
		STREET 1:		9800 RICHMOND AVE.
		STREET 2:		SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>egy-20160706x8k.htm
<DESCRIPTION>8-K
<TEXT>
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			Form 8-K
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			<font style="display: inline;font-weight:bold;font-size:18pt;">UNITED STATES </font>
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			<font style="display: inline;font-weight:bold;font-size:18pt;">SECURITIES AND EXCHANGE COMMISSION </font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Washington, D.C. 20549 </font>
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			<font style="display: inline;font-weight:bold;font-size:18pt;">FORM 8-K </font><font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt 0pt 2pt;border-bottom:1pt solid #000000 ;line-height:normal;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">CURRENT REPORT </font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Pursuant to Section&nbsp;13 or 15(d) </font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">of the Securities Exchange Act of 1934 </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Date of Report (Date of earliest event reported): </font><font style="display: inline;font-weight:bold;">June 29</font><font style="display: inline;font-weight:bold;">, 2016</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 24pt">
			<font style="display: inline;font-weight:bold;font-size:24pt;">VAALCO Energy, Inc. </font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">(Exact name of registrant as specified in its charter) </font>
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						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">Delaware</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">001-32167</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">76-0274813</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">(State or other jurisdiction</font></p>
					<p style="margin:0pt 0pt 1pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">of incorporation)</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">(Commission</font></p>
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						<font style="display: inline;font-weight:bold;font-size:8pt;">File Number)</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">(IRS Employer</font></p>
					<p style="margin:0pt 0pt 1pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">Identification No.)</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-size:8pt;">&#xFEFF;</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt 0pt 1pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">9800 Richmond Avenue, Suite 700</font></p>
					<p style="margin:0pt 0pt 1pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">Houston, Texas</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">77042</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">(Address of principal executive offices)</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-weight:bold;font-size:8pt;">(Zip Code)</font></p>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-size:8pt;">&#xFEFF;</font>
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		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-weight:bold;font-size:8pt;">Registrant&#x2019;s telephone number, including area code: (713)&nbsp;623-0801 </font>
		</p>
		<p style="margin:6pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-weight:bold;font-size:8pt;">Not Applicable </font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
			<font style="display: inline;font-weight:bold;font-size:8pt;">(Former Name or former address if changed since last report.) </font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:12pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </font>
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						<font style="display: inline;font-size:10pt;">&#x2610;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></p>
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						<font style="display: inline;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></p>
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						<font style="display: inline;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></p>
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			<font style="display: inline;">&nbsp;</font><font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-size:8.5pt;"></font><font style="display: inline;font-size:8.5pt;">1</font><font style="display: inline;font-size:8.5pt;"></font>

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">Item </font><font style="display: inline;font-weight:bold;font-size:10pt;">1</font><font style="display: inline;font-weight:bold;font-size:10pt;">.01</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Entry into a Material Definitive Agreement.</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font>
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			<font style="display: inline;font-size:10pt;">On June 29, 2016, VAALCO Energy, Inc. (the &#x201C;Company&#x201D;) and its subsidiary, VAALCO Gabon (Etame), Inc. (the &#x201C;Subsidiary&#x201D;) executed a Supplemental Agreement with the International Finance Corporation (&#x201C;IFC&#x201D;), the lender under the Company&#x2019;s revolving credit facility (the &#x201C;Existing Loan Agreement&#x201D;).&nbsp;&nbsp;The Supplemental Agreement, among other things, amended and restated the Existing Loan Agreement (the &#x201C;Amended Loan Agreement&#x201D;) to convert $20 million of the revolving portion of the credit facility, of which $15 million is currently outstanding, to a term loan (the &#x201C;Term Loan&#x201D;).&nbsp;&nbsp;The Term Loan provides for quarterly principal and interest payments through June 30, 2019 at a rate of LIBOR plus 5.75%. </font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The Subsidiary has the option to request to draw an additional $5 million (the &#x201C;Additional Term Loan&#x201D;) in a single disbursement from IFC between now and December 31, 2016, provided that IFC determines in its sole discretion that the Subsidiary&#x2019;s current and projected revenue from operations is sufficient to cover the aggregate amount of principal, interest, commissions, fees and any other amounts in respect of the Additional Term Loan.&nbsp;&nbsp;If drawn, the Additional Term Loan amount shall be amortized in equal quarterly installments through June 30, 2018.</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The new agreement provides for quarterly principal and interest payments through June 30, 2019 at a rate of LIBOR plus 5.75%. </font><font style="display: inline;font-size:10pt;">All covenants under the Amended Loan A</font><font style="display: inline;font-size:10pt;">greement remain substantially the same except that the net debt to EBITDAX limitation has been raised from three times EBITDAX to five times EBITDAX through the end of 2016, and then reverts back to three times effective for th</font><font style="display: inline;font-size:10pt;">e quarter ending March 31, 2017</font><font style="display: inline;font-size:10pt;"> &nbsp; &nbsp;</font>
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			<font style="display: inline;font-size:10pt;">The Amended Loan Agreement is guaranteed by the Company and is secured by the assets of the Subsidiary.&nbsp; </font>
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			<font style="display: inline;font-size:10pt;">The foregoing description does not purport to be complete and is qualified in its entirety by reference to the Supplemental Agreement. A copy of the Supplement Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">Item </font><font style="display: inline;font-weight:bold;font-size:10pt;">2.03</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</font><font style="display: inline;font-weight:bold;font-size:10pt;">.</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The description of the </font><font style="display: inline;font-size:10pt;">Amended and Restated Loan Agreement</font><font style="display: inline;font-size:10pt;"> set forth under Item 1.01 above is incorporated by reference into this Item 2.03.</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">Item </font><font style="display: inline;font-weight:bold;font-size:10pt;">7</font><font style="display: inline;font-weight:bold;font-size:10pt;">.01</font><font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">Regulation FD.</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">On </font><font style="display: inline;font-size:10pt;">July 6, 2016</font><font style="display: inline;font-size:10pt;">, the Company issued a press release announcing the execution of a</font><font style="display: inline;font-size:10pt;">n Amended and Restated Loan Agreement</font><font style="display: inline;font-size:10pt;"> with the IFC. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The information set forth in the attached Exhibit 99.1 shall not be deemed &#x201C;filed&#x201D; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#x201C;Exchange Act&#x201D;), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</font>
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			<font style="display: inline;font-size:8.5pt;"></font><font style="display: inline;font-size:8.5pt;">2</font><font style="display: inline;font-size:8.5pt;"></font>

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			<font style="font-weight:bold;display: inline;font-size:10pt;">Item 9.01</font><font style="font-weight:bold;display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="font-weight:bold;display: inline;font-size:10pt;">Financial Statements and Exhibits.</font>
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			<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">(d)</font><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">Exhibits.</font>
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
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						&nbsp;</p>
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						<font style="font-weight:bold;display: inline;font-size:10pt;">Exhibit Number</font></p>
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						<font style="font-weight:bold;display: inline;font-size:10pt;">Description</font></p>
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					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">10.1</font></p>
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					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">Supplemental Agreement, by and between VAALCO Gabon (Etame), Inc., VAALCO Energy, Inc. and the International Finance Corporation, dated as of June 29, 2016.</font></p>
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						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">99.1</font></p>
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						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">Press Release, dated July </font><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">6</font><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">, 2016</font></p>
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			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;font-size:8.5pt;"></font><font style="display: inline;font-size:8.5pt;">3</font><font style="display: inline;font-size:8.5pt;"></font>

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">SIGNATURE</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned </font><font style="display: inline;font-size:10pt;">hereunto</font><font style="display: inline;font-size:10pt;"> duly authorized.</font>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">VAALCO Energy, Inc.</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;">(Registrant)</font>
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			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-size:10pt;">Date:&nbsp;&nbsp;July </font><font style="display: inline;font-size:10pt;">6</font><font style="display: inline;font-size:10pt;">, 2016</font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;"></font>
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			<font style="display: inline;font-size:10pt;">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-size:10pt;text-decoration:underline;">/s/ Eric J. Christ</font><font style="display: inline;font-size:10pt;text-decoration:underline;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 6pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;text-decoration:underline;"></font><font style="display: inline;font-size:10pt;text-decoration:underline;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 6pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;text-decoration:underline;"></font><font style="display: inline;font-size:10pt;text-decoration:underline;"></font>
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			<font style="display: inline;font-size:10pt;text-decoration:underline;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-size:10pt;">Name:&nbsp;&nbsp;Eric J. Christ</font>
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		<p style="margin:0pt 0pt 0pt 288pt;text-indent: -36pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President, General Counsel and Corporate Secretary</font>
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			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;font-size:8.5pt;"></font><font style="display: inline;font-size:8.5pt;">4</font><font style="display: inline;font-size:8.5pt;"></font>

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			<font style="display: inline;font-weight:bold;font-size:10pt;">Exhibit Index</font>
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						<font style="font-weight:bold;display: inline;font-size:10pt;">Exhibit Number</font></p>
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						<font style="font-weight:bold;display: inline;font-size:10pt;">Description</font></p>
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					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">10.1</font></p>
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					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">Supplemental Agreement, by and between VAALCO Gabon (Etame), Inc., VAALCO Energy, Inc. and the International Finance Corporation, dated as of June 29, 2016.</font></p>
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						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">99</font><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">.1</font></p>
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						<font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">Press Release, dated July </font><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">6</font><font style="font-weight:bold;display: inline;font-weight:normal;font-size:10pt;">, 2016</font></p>
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			<font style="display: inline;font-size:8.5pt;"></font><font style="display: inline;font-size:8.5pt;">5</font><font style="display: inline;font-size:8.5pt;"></font>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>egy-20160706xex10_1.htm
<DESCRIPTION>EX-10.1
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			Supplemental Agreement
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						<font style="display: inline;">SUPPLEMENTAL AGREEMENT</font></p>
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						<font style="display: inline;">&#xFEFF;</font><a name="bmkFPDateLabel"></a><font style="display: inline;">Dated</font><font style="display: inline;"> JUNE</font><font style="display: inline;"> 29</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;text-transform:none;">2016</font></p>
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						<font style="display: inline;font-weight:bold;">BETWEEN</font></p>
					<p style="margin:12pt 0pt 0pt;text-align:center;line-height:normal;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
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						<font style="display: inline;font-weight:bold;">VAALCO GABON (ETAME), INC.,</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-weight:bold;">VAALCO ENERGY, INC.</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-weight:bold;">AND</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-weight:bold;">INTERNATIONAL FINANCE CORPORATION</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-weight:bold;">relating to a Loan Agreement dated January 30, 2014</font></p>
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		<p style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 11pt"><font style="display: inline;font-weight:bold;">THIS AGREEMENT</font><font style="display: inline;"> is dated June </font><font style="display: inline;">29</font><font style="display: inline;">, 2016 and made</font>
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			<font style="display: inline;font-weight:bold;">BETWEEN</font><font style="display: inline;">:</font>
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			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (1)</font>
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			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">VAALCO GABON (ETAME), INC., a corporation organized and existing under the laws of the State of Delaware, the United States of America and operating in Gabon through its branch (the "Borrower")</font><font style="display: inline;color:#000000;">; &nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
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				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (2)</font>
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			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">VAALCO ENERGY, INC., a corporation organized and existing under the laws of the State of Delaware, the United States of America (the "Sponsor", and together with the Borrower, the "Obligors"); and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (3)</font>
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		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">INTERNATIONAL FINANCE CORPORATION, an international organization established by Articles of Agreement among its member countries including the Republic of Gabon ("IFC").</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">BACKGROUND</font>
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			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> (A)</font>
			</p>
		</td><td style="width:9pt;"><p style="width:9pt;width:9pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Pursuant to the terms and conditions set forth in the</font><font style="display: inline;color:#000000;"> Loan Agreement dated as of January 30, 2014 between the Borrower and IFC</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">(the "Loan Agreement")</font><font style="display: inline;color:#000000;">, t</font><font style="display: inline;color:#000000;">he Borrower requested IFC to provide</font><font style="display: inline;color:#000000;">, and IFC agreed to provide,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">L</font><font style="display: inline;color:#000000;">oans</font><font style="display: inline;color:#000000;"> and Rollover Loans (in</font><font style="display: inline;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">the</font><font style="display: inline;color:#000000;"> aggregate</font><font style="display: inline;color:#000000;"> principal amount of</font><font style="display: inline;color:#000000;"> up to</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">sixty-five million Dollars ($65</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">000,000)) to implement the Project.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 27.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (B)</font>
			</p>
		</td><td style="width:9pt;"><p style="width:9pt;width:9pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">As of the date of this Agreement, the Borrower has taken disbursements under the Loan Agreement of Loans and Rollover Loans in the aggregate principal amount of $15,000,000.&nbsp; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 27.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (C)</font>
			</p>
		</td><td style="width:9pt;"><p style="width:9pt;width:9pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Pursuant to t</font><font style="display: inline;color:#000000;">his Agreement</font><font style="display: inline;color:#000000;">, which</font><font style="display: inline;color:#000000;"> is supplemental to and amends the Loan Agreement</font><font style="display: inline;color:#000000;">, the Borrower and IFC have agreed to certain modifications to the Loan Agreement, including the conversion of the existing reserve based lending facility to a term loan facility and a reduction of the aggregate Commitment to twenty</font><font style="display: inline;color:#000000;"> million Dollars ($</font><font style="display: inline;color:#000000;">20</font><font style="display: inline;color:#000000;">,000,000)</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;">&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 27.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (D)</font>
			</p>
		</td><td style="width:9pt;"><p style="width:9pt;width:9pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Also pursuant to this Agreement, IFC has agreed to a request by the Borrower to waive compliance with certain covenants under the Loan Agreement, subject to and in accordance with the terms and conditions set forth herein.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 27.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (E)</font>
			</p>
		</td><td style="width:9pt;"><p style="width:9pt;width:9pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">The Sponsor has consented to the amendments to the Loan Agreement contemplated by this Agreement.</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">IT IS AGREED</font><font style="display: inline;color:#000000;"> as follows:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 19.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 1.</font>
			</p>
		</td><td style="width:17pt;"><p style="width:17pt;width:17pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<a name="_Toc346789731"></a><a name="_Toc454979886"></a><font style="display: inline;color:#000000;">Interpretation</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 1.1</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Definitions</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (a)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">In this Agreement:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;display: inline;padding:0pt 1pt 0pt 0pt;"></font>
			<font style="display: inline;color:#000000;">"Amended and Restated Loan Agreement" means the Loan Agreement as amended and restated by this Agreement.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (b)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Capitalized terms defined in the Loan Agreement have, unless expressly defined in this Agreement, the same meaning in this Agreement.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 1.2</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Construction</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">The provisions of Sections&nbsp;1.04 (</font><font style="display: inline;font-style:italic;color:#000000;">Interpretation</font><font style="display: inline;color:#000000;">), 8.05 (</font><font style="display: inline;font-style:italic;color:#000000;">Applicable Law and Jurisdiction</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;">, 8.07 (</font><font style="display: inline;font-style:italic;color:#000000;">Successors and Assignees</font><font style="display: inline;color:#000000;">), 8.08 (</font><font style="display: inline;font-style:italic;color:#000000;">Amendments, Waivers and Consents</font><font style="display: inline;color:#000000;">), 8.09 (</font><font style="display: inline;font-style:italic;color:#000000;">Counterparts</font><font style="display: inline;color:#000000;">),&nbsp;&nbsp;8.10 (</font><font style="display: inline;font-style:italic;color:#000000;">Severability</font><font style="display: inline;color:#000000;">) and </font><font style="display: inline;color:#000000;">8.11 (</font><font style="display: inline;font-style:italic;color:#000000;">Rights of Third Parties</font><font style="display: inline;color:#000000;">) of the Loan Agreement apply to this Agreement as though they were set out in full in this Agreement except that references to the Loan Agreement are to be construed as references to this Agreement.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 19.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 2.</font>
			</p>
		</td><td style="width:17pt;"><p style="width:17pt;width:17pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<a name="_Toc346789732"></a><a name="_Toc454979887"></a><font style="display: inline;color:#000000;">Amendments</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (a)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Subject as set out below, the Loan Agreement will be amended from the Effective Date so that it reads as if it were restated in the form set out in Schedule 2 (</font><font style="display: inline;font-style:italic;color:#000000;">Amended and Restated Loan Agreement</font><font style="display: inline;color:#000000;">).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (b)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<a name="_Ref76877378"></a><font style="display: inline;color:#000000;">The </font><font style="display: inline;color:#000000;">"Effective Date"</font><font style="display: inline;color:#000000;"> is the date on which the IFC notifies the Borrower that it has received all of the documents set out in Schedule 1 (</font><font style="display: inline;font-style:italic;color:#000000;">Conditions Precedent</font><font style="display: inline;color:#000000;">) in form and substance satisfactory to the IFC.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (c)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">If IFC fails to give the notification under paragraph </font><font style="display: inline;color:#000000;">(b) above</font><font style="display: inline;color:#000000;"> on or before the day falling 10 Business Days after the date of this Agreement, the Loan Agreement will not be amended in the manner contemplated by this Agreement.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 19.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 3.</font>
			</p>
		</td><td style="width:17pt;"><p style="width:17pt;width:17pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<a name="_Toc454979888"></a><a name="_Toc346789733"></a><font style="display: inline;color:#000000;">Waivers</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 3.1</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Request for Conditional Waiver of Section 6.01(o)</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (a)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Pursuant to Section 6.01(o) of the Loan Agreement, the Borrower covenants to ensure that on each Quarter End Date, the ratio of Net Debt as at that Quarter End Date to EBITDAX for the Relevant Period ending on that Quarter End Date shall be less than 3.0:1.&nbsp;&nbsp;For each of the Quarte</font><font style="display: inline;color:#000000;">r End Dates that will occur on </font><font style="display: inline;color:#000000;">June 30, 2016, September 30, 2016 and December 31, 2016, the Borrower has determined that the ratio of Net Debt to EBITDAX will exceed 3.0:1</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;">&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (b)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">I</font><font style="display: inline;color:#000000;">n accordance with Sections 5.04 and 8.08 of the Loan Agreement</font><font style="display: inline;color:#000000;"> and i</font><font style="display: inline;color:#000000;">n order to permit the Borrower to enter into this Agreement and to request disbursement of the Term Loans, </font><font style="display: inline;color:#000000;">IFC hereby agrees to the request of the Borrower to waive </font><font style="display: inline;color:#000000;">compliance with the covenant in Section 6.01(o) for each of the Quarter End Dates occurring on </font><font style="display: inline;color:#000000;">June 30, 2016, </font><font style="display: inline;color:#000000;">September 30, 2016 and December 31, 2016, subject to the condition that the Borrower shall ensure that on each of </font><font style="display: inline;color:#000000;">June 30, 2016, </font><font style="display: inline;color:#000000;">September 30, 2016 and December 31, 2016, the ratio of Net Debt as at that Quarter End Date to EBITDAX for the Relevant Period ending on that Quarter End Date shall be less than </font><font style="display: inline;color:#000000;">5.0:1.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 3.2</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Request for Conditional Waiver of Section </font><font style="display: inline;color:#000000;">6.02(a)(ii)(D)</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (a)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Pursuant to Section 6.02(a)(ii)(D) of the Loan Agreement, the Borrower covenants that it shall not make any Restricted Payments if</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">either prior to or after making such Restricted Payment, the ratio of Net Debt as at the most recent Quarter End Date to EBITDAX for the Relevant Period ending on that Quarter End Date would be equal to or greater than 3.0:1.&nbsp;&nbsp;For each of the Quarte</font><font style="display: inline;color:#000000;">r End Dates that will occur on </font><font style="display: inline;color:#000000;">June 30, 2016, September 30, </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:12pt 0pt 0pt 72pt;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 11pt;"><font style="display: inline;color:#000000;">2016 and December 31, 2016, the Borrower has determined that the ratio of Net Debt to EBITDAX will exceed 3.0:1.</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">(b)</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">In accordance with Sections 5.04 and 8.08 of the Loan Agreement, IFC hereby agrees to the request of the Borrower to waive compliance with the condition in 6.02(a)(ii)(D) for any Restricted Payment requested during the Restricted Payment Periods immediately following June 30, 2016, September 30, 2016 and December 31, 2016, subject to the conditions that (i) the Borrower shall not make any Restricted Payments during such Restricted Payment Periods if, either prior to or after making such Restricted Payment, the ratio of Net Debt as at the relevant Quarter End Date to EBITDAX for the Relevant Period ending on that Quarter End Date would be equal to or greater than 5.0:1 and (ii) any such Restricted Payments shall be applied by the Sponsor to conduct its business and the business of the Borrower in the ordinary course so as to maintain each business as a going concern.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 3.3</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Effectiveness of Waivers</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 72pt;text-indent: -36pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">The waiver</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> contained in this Section </font><font style="display: inline;color:#000000;">3</font><font style="display: inline;color:#000000;"> shall become effective as of the Effective Date. </font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 19.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 4.</font>
			</p>
		</td><td style="width:17pt;"><p style="width:17pt;width:17pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<a name="_Toc454979889"></a><font style="display: inline;color:#000000;">Agreement and Acknowledgement</font><font style="display: inline;color:#000000;">&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 4.1</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Filing with MOF and MOH</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Within 10 Business Days after the Effective Date, t</font><font style="display: inline;color:#000000;">he Borrower</font><font style="display: inline;color:#000000;"> agrees to file a copy of this Agreement with each of </font><font style="display: inline;color:#000000;">the Minister in charge of Finance of Gabon</font><font style="display: inline;color:#000000;"> and the </font><font style="display: inline;color:#000000;">Minister in charge of Petroleum of Gabon</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 4.2</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Conversion Obligations</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">Each of the Obligors acknowledges and confirms the obligation of the Borrower to complete the Conversion to the satisfaction of IFC in accordance with the terms of Section 5.01(a) of the Loan Agreement and that certain Waiver Letter dated as of August 25, 2014, by and among the Borrower, the Sponsor, and VAALCO International (as modified on or about May 6, 2015).</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 19.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 5.</font>
			</p>
		</td><td style="width:17pt;"><p style="width:17pt;width:17pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<a name="_Toc454979890"></a><font style="display: inline;color:#000000;">Representations</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 5.1</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Representations</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">The representations and warranties set out in this Section </font><font style="display: inline;color:#000000;">5</font><font style="display: inline;color:#000000;"> are made on the date of this Agreement to IFC by each Obligor.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 5.2</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Legal validity</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (a)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">This Agreement is its legally binding, valid and enforceable obligation.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (b)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">This Agreement is in the proper form for its enforcement in the jurisdiction of its incorporation.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 5.3</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Non-conflict with other obligations</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">The entry into and performance by it of, and the transactions contemplated by, this Agreement does not conflict with:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (a)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<a name="_Ref341739623"></a><font style="display: inline;color:#000000;">any law or regulation applicable to it;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (b)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">its Charter; or</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (c)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">any document which is binding upon it in a manner which has or is reasonably likely to have a Material Adverse Effect.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 5.4</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Power and authority</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">It has the power to enter into and perform, and has taken all necessary action to authorize the entry into and performance of, this Agreement and the transactions contemplated by this Agreement.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 5.5</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Authorizations</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">All Authorizations required by it in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, this Agreement have been obtained or effected (as appropriate) and are in full force and effect.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 5.6</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Loan</font><font style="display: inline;color:#000000;"> Agreement</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (a)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">The </font><font style="display: inline;color:#000000;">Borrower</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">confirms to IFC </font><font style="display: inline;color:#000000;">that on the date of this Agreement and on the Effective Date, the representations and warranties in Section 4.01 (</font><font style="display: inline;font-style:italic;color:#000000;">Representations and Warranties</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;"> of the Loan Agreement</font><font style="display: inline;color:#000000;">:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (i)</font>
			</p>
		</td><td style="width:15pt;"><p style="width:15pt;width:15pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">are true; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (ii)</font>
			</p>
		</td><td style="width:15pt;"><p style="width:15pt;width:15pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">would also be true if references to the </font><font style="display: inline;color:#000000;">Loan</font><font style="display: inline;color:#000000;"> Agreement are construed as references to the Amended </font><font style="display: inline;color:#000000;">and Restated Loan</font><font style="display: inline;color:#000000;"> Agreement.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (b)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">In each case, </font><font style="display: inline;color:#000000;">the representations and warranties made in Article IV</font><font style="display: inline;color:#000000;"> of the Loan Agreement</font><font style="display: inline;color:#000000;"> are true and correct in all material respects on and as of the date of </font><font style="display: inline;color:#000000;">this Agreement and </font><font style="display: inline;color:#000000;">the Effective Date with the same effect as if those representations and warranties had been made on and as of the date of </font><font style="display: inline;color:#000000;">this Agreement</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">the Effective Date.</font><font style="display: inline;color:#000000;">&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 5.7</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Guarantee, Subordination and Share Retention Agreement</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (a)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">The </font><font style="display: inline;color:#000000;">Sponsor</font><font style="display: inline;color:#000000;"> confirms to IFC that on the date of this Agreement and on the Effective Date, the representations and warranties in Section </font><font style="display: inline;color:#000000;">18</font><font style="display: inline;color:#000000;">.01 (</font><font style="display: inline;font-style:italic;color:#000000;">Sponsor&#x2019;s R</font><font style="display: inline;font-style:italic;color:#000000;">epresentations and Warranties</font><font style="display: inline;color:#000000;">) of the Guarantee, Subordination and Share Retention Agreement:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (i)</font>
			</p>
		</td><td style="width:15pt;"><p style="width:15pt;width:15pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">are true; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (ii)</font>
			</p>
		</td><td style="width:15pt;"><p style="width:15pt;width:15pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">would also be true if references to the Loan Agreement are construed as references to the Amended and Restated Loan Agreement.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (b)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">In each case, </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">representations and warranties </font><font style="display: inline;color:#000000;">made </font><font style="display: inline;color:#000000;">in Section </font><font style="display: inline;color:#000000;">18</font><font style="display: inline;color:#000000;">.01 (</font><font style="display: inline;font-style:italic;color:#000000;">Sponsor&#x2019;s R</font><font style="display: inline;font-style:italic;color:#000000;">epresentations and Warranties</font><font style="display: inline;color:#000000;">) of the Guarantee, Subordination and Share Retention Agreement </font><font style="display: inline;color:#000000;">are true and correct in all material respects on and as of the date of this Agreement</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">the Effective Date </font><font style="display: inline;color:#000000;">with the same effect as if those representations and warranties had been made on and as of the date of this Agreement</font><font style="display: inline;color:#000000;"> and the </font><font style="display: inline;color:#000000;">Effective Date</font><font style="display: inline;color:#000000;">. &nbsp;</font><font style="display: inline;color:#000000;">&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 19.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 6.</font>
			</p>
		</td><td style="width:17pt;"><p style="width:17pt;width:17pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<a name="_Toc454979891"></a><a name="_Toc535659616"></a><a name="_Toc68432403"></a><a name="_Toc103765200"></a><a name="_Toc263771809"></a><a name="_Toc346789737"></a><font style="display: inline;color:#000000;">Guarantee</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">On the Effective Date, each Obligor:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (a)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">confirms its acceptance of the Amended and Restated Loan Agreement;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (b)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">agrees that it is bound as an Obligor by the terms of the Amended and Restated Loan Agreement; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (c)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">in the case of Sponsor, confirms that its guarantee and other obligations under the Guarantee, Subordination and Share Retention Agreement:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (i)</font>
			</p>
		</td><td style="width:15pt;"><p style="width:15pt;width:15pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">continue in full force and effect on the terms of the Amended and Restated Loan Agreement; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 21.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (ii)</font>
			</p>
		</td><td style="width:15pt;"><p style="width:15pt;width:15pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">extend to the obligations of the Obligors under the Transaction Documents (including the Amended and Restated Loan Agreement).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 19.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 7.</font>
			</p>
		</td><td style="width:17pt;"><p style="width:17pt;width:17pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<a name="_Toc392153596"></a><a name="_Toc454979892"></a><font style="display: inline;color:#000000;">Security</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 7.1</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Confirmation</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">On the Effective Date, the Borrower confirms that:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (a)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">any security interest created by it under the Debenture and the Reinsurance Assignment Deed extends to the obligations of the Borrower under the Transaction Documents (including the Amended and Restated Loan Agreement) subject to any limitations set out in the Debenture and the Reinsurance Assignment Deed;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (b)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">the obligations of the Borrower arising under the Amended and Restated Loan Agreement are included in the Secured Obligations (as defined in each of the Debenture and the Reinsurance Assignment Deed) subject to any limitations set out in the Debenture and the Reinsurance Assignment Deed; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (c)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">the security interests created under the Security Documents continue in full force and effect on the terms of the respective Security Documents.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 24.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 7.2</font>
			</p>
		</td><td style="width:12pt;"><p style="width:12pt;width:12pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">No New Security Interest</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">No part of this Agreement is intended to or will create a registrable Security (as defined in the Debenture).</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 19.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 8.</font>
			</p>
		</td><td style="width:17pt;"><p style="width:17pt;width:17pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<a name="_Toc346789738"></a><a name="_Toc454979893"></a><font style="display: inline;color:#000000;">Miscellaneous</font><font style="display: inline;color:#000000;">&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (a)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Each of this Agreement and the Amended and Restated Loan Agreement is a Transaction Document. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (b)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Subject to the terms of this Agreement, the Amended and Restated Loan Agreement will remain in full force and effect and, from the Effective Date, the Amended and Restated Loan Agreement and this Agreement will be read and construed as one document.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 23.00pt; display: inline;">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:11pt;;"> (c)</font>
			</p>
		</td><td style="width:13pt;"><p style="width:13pt;width:13pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">T</font><font style="display: inline;color:#000000;">he waivers set forth in Section 3</font><font style="display: inline;color:#000000;"> shall not constitute a waiver of any action or transaction other than as specifically provided </font><font style="display: inline;color:#000000;">in Section 3</font><font style="display: inline;color:#000000;">, and shall not constitute a modification of any provision, term or condition of the</font><font style="display: inline;color:#000000;"> Amended and Restated</font><font style="display: inline;color:#000000;"> Loan Agreement or any other Transaction Document except solely to the extent and solely for the purposes described in Section </font><font style="display: inline;color:#000000;">3</font><font style="display: inline;color:#000000;">. &nbsp;</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Other than as expressly set out </font><font style="display: inline;color:#000000;">in Section 3,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">such </font><font style="display: inline;color:#000000;">waiver</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> do not waive or impair in any way IFC&#x2019;s rights under the </font><font style="display: inline;color:#000000;">Amended and Restated </font><font style="display: inline;color:#000000;">Loan Agreement or other Transaction Documents, in particular any remedy for breach of any of the covenants by any of the Borrower, the Sponsor or VAALCO International. </font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;color:#000000;">THIS AGREEMENT</font><font style="display: inline;color:#000000;"> has been entered into on the date stated at the beginning of this Agreement.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt; display: inline;">
			<p style="line-height:normal;text-align:center;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;width:100%">
				<font style="margin:12pt 0pt 0pt;font-family:Times New Roman;font-weight:bold;text-transform:uppercase;line-height:normal;text-align:center;font-size:11pt;display: inline;padding:0pt 1pt 0pt 0pt;">Schedule 1</font>
			<font style="display: inline;color:#000000;">&#xFEFF;</font><a name="_Ref76878669"></a></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 11pt">
			<a name="_Toc346789740"></a><a name="_Toc454979903"></a><font style="display: inline;color:#000000;">Conditions Precedent</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 19.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 1.</font>
			</p>
		</td><td style="width:17pt;"><p style="width:17pt;width:17pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Corporate documentation</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;border-bottom:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">1.1</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">A certified copy of</font><font style="display: inline;color:#000000;"> the Charter of the Sponsor</font>
		</p>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">1.2</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">A Certificate of Incumbency and Authority of the Borrower in the form of Schedule 1 to the Amended and Restated Loan Agreement</font>
		</p>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">1.3</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">A Certificate of Incumbency and Authority of the </font><font style="display: inline;color:#000000;">Sponsor</font><font style="display: inline;color:#000000;"> in the form of Schedule 1 to the</font><font style="display: inline;color:#000000;"> Amended and Restated</font><font style="display: inline;color:#000000;"> Loan Agreement</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 19.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 2.</font>
			</p>
		</td><td style="width:17pt;"><p style="width:17pt;width:17pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Legal opinions</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;border-bottom:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">2.1</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">A legal opinion of Andrews Kurth LLP as to Delaware law, addressed to IFC.</font>
		</p>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">2.2</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">A legal opinion of in house counsel, addressed to IFC.</font>
		</p>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">2.3</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">A legal opinion of </font><font style="display: inline;color:#000000;">Allen &amp; Overy LLP</font><font style="display: inline;color:#000000;"> as to </font><font style="display: inline;color:#000000;">English</font><font style="display: inline;color:#000000;"> law, addressed to IFC.</font>
		</p>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">2.4</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">A legal opinion of </font><font style="display: inline;color:#000000;">Project Lawyers </font><font style="display: inline;color:#000000;">as to </font><font style="display: inline;color:#000000;">Gabonese</font><font style="display: inline;color:#000000;"> law, addressed to </font><font style="display: inline;color:#000000;">IFC</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 19.00pt; display: inline;">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
				<font style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size:11pt;;"> 3.</font>
			</p>
		</td><td style="width:17pt;"><p style="width:17pt;width:17pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:normal;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;">
			<font style="display: inline;color:#000000;">Other documents and evidence</font></p></td></tr></table></div>
		<p style="margin:12pt 0pt 0pt 36pt;border-bottom:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">(a)</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">W</font><font style="display: inline;color:#000000;">ritten confirmation of </font><font style="display: inline;color:#000000;">VAALCO International that its obligations under the Pledge of Shares shall continue in full force and effect </font><font style="display: inline;color:#000000;">on the terms of the </font><font style="display: inline;color:#000000;">Pledge of Shares</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">notwithstanding the amendment and restatement of the Loan Agreement.</font>
		</p>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">(b)</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">Certifications of the Borrower, made as of the Effective Date, in the form included in Schedule 2 to the Amended and Restated Loan Agreement, relating to the conditions specified in Section 5.02 of the Amended and Restated Loan Agreement.</font>
		</p>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">(c)</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">A</font><font style="display: inline;color:#000000;">n updated IFC Base Case</font><font style="display: inline;color:#000000;">.&nbsp; </font>
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		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">(d)</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">A &nbsp;</font><font style="display: inline;color:#000000;">certified </font><font style="display: inline;color:#000000;">copy of any other Authorization or other document, opinion or assurance which the </font><font style="display: inline;color:#000000;">IFC</font><font style="display: inline;color:#000000;"> considers to be necessary or desirable (if it has notified the </font><font style="display: inline;color:#000000;">Borrower and/or the Sponsor</font><font style="display: inline;color:#000000;"> accordingly) in connection with the entry into and performance of the transactions contemplated by, this Agreement or for the validity and enforceability of this Agreement.</font>
		</p>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">(e)</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">Evidence satisfactory to IFC that the amount standing to the credit of the VAALCO Operating Account is not less than the Minimum Interest/Fees Reserve Amount</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:12pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;font-weight:normal;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;color:#000000;">(f)</font><font style="display: inline;color:#000000;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">Evidence that all fees, costs and expenses then due and payable from the </font><font style="display: inline;color:#000000;">Borrower</font><font style="display: inline;color:#000000;"> under this Agreement </font><font style="display: inline;color:#000000;">(including all fees and expense of IFC&#x2019;s counsel incurred in connection with this Agreement)</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">have been paid.</font>
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			<p style="line-height:normal;text-align:center;font-family:Times New Roman;font-size: 11pt;margin:12pt 0pt 0pt;width:100%">
				<font style="margin:12pt 0pt 0pt;font-family:Times New Roman;font-weight:bold;text-transform:uppercase;line-height:normal;text-align:center;font-size:11pt;display: inline;padding:0pt 1pt 0pt 0pt;">Schedule 2</font>
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		<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 11pt">
			<a name="_Toc346789741"></a><a name="_Toc454979904"></a><font style="display: inline;color:#000000;">Amended </font><font style="display: inline;color:#000000;">and Restated Loan</font><font style="display: inline;color:#000000;"> Agreement</font>
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			<font style="display: inline;font-weight:bold;font-size:24pt;color:#000000;">Amended &amp; Restated</font><br /><font style="display: inline;font-weight:bold;font-size:24pt;color:#000000;">Loan Agreement</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">between</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">VAALCO GABON (ETAME), INC.</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">and</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">INTERNATIONAL FINANCE CORPORATION</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Dated January 30, 2014</font><font style="display: inline;font-weight:bold;color:#000000;">, &nbsp;</font><br /><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">as amended and restated on June </font><font style="display: inline;font-weight:bold;color:#000000;">29</font><font style="display: inline;font-weight:bold;color:#000000;">, 2016,</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;;font-size: 16pt"><font style="display: inline;font-weight:bold;font-size:16pt;">AMENDED &amp; RESTATED LOAN AGREEMENT</font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">THIS AGREEMENT is dated January 30, 2014, as amended and restated on June 29, 2016, between:</font>
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			<font style="display: inline;">(1)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">VAALCO GABON (ETAME), INC., a corporation organized and existing under the laws of the State of Delaware, the United States of America and </font><font style="display: inline;">operating in Gabon through its branch </font><font style="display: inline;">(the "Borrower"); and</font>
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		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(2)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">INTERNATIONAL FINANCE CORPORATION, an international organization established by Articles of Agreement among its member countries including the Republic of Gabon ("IFC").</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">ARTICLE I</font>
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			<font style="display: inline;font-weight:bold;">Definitions and Interpretation</font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 1.01.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">General Definitions</font><font style="display: inline;">.&nbsp;&nbsp;Wherever used in this Agreement, the following terms have the meanings opposite them:</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">"Accounting Principles"</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">United States Generally Accepted Accounting Principles (US-GAAP) promulgated by the Financial and Accounting Standards Board, together with its pronouncements thereon from time to time, and applied on a consistent basis;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Additional Term Tranche"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 54pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it in Section 3.01(a)(iv) or, where the context so requires, the amount of the facility disbursed and outstanding thereon to the extent not cancelled or reduced pursuant to this Agreement;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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			<font style="display: inline;">"Additional Term Tranche </font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Commitment"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 100.8pt 0pt 0pt;"></font><font style="display: inline;">five million Dollars ($5,000,000)</font><font style="display: inline;"> to the extent not cancelled or reduce</font><font style="display: inline;">d by IFC under this Agreement;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Affiliate"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 104.4pt 0pt 0pt;"></font><font style="display: inline;">in respect of any Person, any other Person directly or indirectly Controlling, Controlled by or under common Control with, such Person; </font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Affiliate </font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Subordinated Debt"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 79.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">has the meaning assigned to it in the Guarantee, Subordination and Share Retention Agreement</font><font style="display: inline;">;</font>
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			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

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</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"Annual Monitoring </font>
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			<font style="display: inline;"> Report"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 115.2pt 0pt 0pt;"></font><font style="display: inline;">the annual monitoring report </font><font style="display: inline;">substantially in the form attached as Schedule </font><font style="display: inline;">10</font><font style="display: inline;"> hereto setting out the specific social, environmental and developmental impact information to be provided by the Borrower in respect of the Project as such form of Annual Monitoring Report may be amended or supplemented from time to time with IFC</font><font style="display: inline;">'</font><font style="display: inline;">s consent</font><font style="display: inline;">; &nbsp;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Applicable </font><font style="display: inline;">E&amp;S</font><font style="display: inline;"> Law</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">all applicable statutes, laws, ordinances, rules and regulations of </font><font style="display: inline;">Gabon</font><font style="display: inline;">, including licenses, permits or other governmental Authorizations setting standards concerning environmental, social, labor, health and safety or security risks of the type contemplated by the Performance Standards or imposing liability for the breach thereof;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt 0pt 0pt 144pt;border-bottom:1pt none #D9D9D9 ;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Auditors"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Deloitte or such other firm that the Borrower appoints from time to time as its auditors pursuant to Section 6.01 (d) (</font><font style="display: inline;font-style:italic;">Affirmative Covenants</font><font style="display: inline;">);</font>
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			<font style="display: inline;">&nbsp;</font><font style="display: inline;"></font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Authority"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 104.4pt 0pt 0pt;"></font><font style="display: inline;">any national, supranational, regional or local government or governmental, administrative, fiscal, judicial, or government-owned body, department, commission, authority, tribunal, agency or entity, or central bank (or any Person, whether or not government owned and howsoever constituted or called, that exercises the functions of a central bank);</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Authorization"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">any consent, registration, declaration, filing, agreement, notarization, certificate, license, approval, permit, authority or exemption from, by or with any Authority, whether given by express action or deemed given by failure to act within any specified time period and all corporate, creditors' and stockholders' approvals or consents;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt 0pt 0pt 180pt;text-indent:-180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:45pt;"><font style="display: inline;">"Authorized Investments"</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;">(a)</font></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">cash in hand and/or time deposits in Dollars with the VAALCO Accounts Bank;&nbsp; </font>
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		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">Dollar-denominated commercial paper maturing in 270 days or less from the date of issuance which at the time of acquisition is rated A-1 or better by Standard &amp; Poor's Ratings Group or P-1 or better by Moody's Investor Service, Inc.; and</font>
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		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">Dollar-denominated bank instruments maturing within one year after their acquisition, issued by Eligible Banks;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

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</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"Authorized Representative"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 46.8pt 0pt 0pt;"></font><font style="display: inline;">any natural person who is duly authorized by the Borrower, VAALCO International or the Sponsor, as the case may be, to act on its behalf for the purposes specified in, and whose name and a specimen of whose signature appear on, the Certificate of Incumbency and Authority most recently delivered to IFC;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Available Amount" </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 75.6pt 0pt 0pt;"></font><font style="display: inline;">for any Tranche, as of any time, the Maximum Available Amount for that Tranche,</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:italic;">minus</font><font style="display: inline;">:</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(1)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the amount of any Loans then outstanding under that Tranche; and</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(2)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">in relation to any proposed Loan under that Tranche (other than a Rollover Loan), the amount of any Loans that have been requested by the Borrower and are due to be made under that Tranche on or before the date of the proposed Loan;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Availability Period"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">subject to the co</font><font style="display: inline;">nditions set forth in Article V, (i) </font><font style="display: inline;">for any Revolving Loan, the period from the date of this Agreement to but excluding the Effective Date</font><font style="display: inline;"> and (ii) for the Term Loan under the Additional Term Tranche, </font><font style="display: inline;">the period beginning on and including the Effective Date to and including </font><font style="display: inline;">December 31, 2016;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Borrower"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 108pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it in the preamble of this Agreement;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Business Day"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 93.6pt 0pt 0pt;"></font><font style="display: inline;">a day when banks are open for business in New York, New York or, solely for the purpose of determining the Interest Rate other than pursuant to Section 3.03 (d) (ii) (</font><font style="display: inline;font-style:italic;">Interest</font><font style="display: inline;">), London, England;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">CAO</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the </font><font style="display: inline;">Compliance Advisor Ombudsman, </font><font style="display: inline;">an</font><font style="display: inline;"> independent accountability mechanism for IFC that impartially responds to environmental and social concerns of affected communities and aims to enhance outcomes;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"CEMAC"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 118.8pt 0pt 0pt;"></font><font style="display: inline;">the Central African Economic and Monetary Community;</font>
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			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"CEMAC Act"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 104.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">CEMAC act n&#xB0;01/CEMAC/UMAC/CM dated 2 Oct</font><font style="display: inline;">ober 2012 as published in the </font><font style="display: inline;">gazette of the Republic of Gabon on </font><font style="display: inline;">15 October 2013;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Certificate of Incumbency</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> and Authority"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 90pt 0pt 0pt;"></font><font style="display: inline;">a certificate provided to IFC in the form of Schedule 1; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"Charter"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 111.6pt 0pt 0pt;"></font><font style="display: inline;">with respect to the Borrower or any other Person (other than a natural Person), its articles of incorporation, bylaws, and/or such other constitutive documents of that Person, howsoever called;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Coercive Practice"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 75.6pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it in Annex A;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Collusive Practice"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 72pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it in Annex A;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Commitment"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 100.8pt 0pt 0pt;"></font><font style="display: inline;">(i) for the Senior Tranche, the Senior Tranche Commitment, (ii) for the Subordinated Tranche, the Subordinated Tranche Commitment</font><font style="display: inline;">,</font><font style="display: inline;"> (iii) for the </font><font style="display: inline;">Initial </font><font style="display: inline;">Term Tranche, the </font><font style="display: inline;">Initial </font><font style="display: inline;">Term Tranche Commitment</font><font style="display: inline;"> and (iv) for the Additional Term Tranche, the Additional Term Tranche Commitment</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Contribution Agreement"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 57.6pt 0pt 0pt;"></font><font style="display: inline;">the agreement</font><font style="display: inline;"> to be entered into between VAALCO Gabon (Etame), Inc. and VAALCO Gabon S.A.</font><font style="display: inline;"> in connection with the Conversion</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">and associated documentation and other formalities required for the enforceability thereof (including enforcement against third parties)</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">all</font><font style="display: inline;"> in form and substance satisfactory to IFC;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Control"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 111.6pt 0pt 0pt;"></font><font style="display: inline;">the power to direct the management or policies of a Person, directly or indirectly, whether through the ownership of shares or other securities, by contract or otherwise, provided that the direct or indirect ownership of fifty-one per cent (51%) or more of the voting share capital of a Person is deemed to constitute control of that Person, and "Controlling" and "Controlled" have corresponding meanings;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">"Conversion"</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 100.8pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">has the meaning assigned to it in Section 5.01(a);</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Corrupt Practice"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 79.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">has the meaning assigned to it in Annex A;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Crude Oil Entitlement </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Report"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 118.8pt 0pt 0pt;"></font><font style="display: inline;">the monthly report prepared by the Operator that provides details regarding actual crude oil lifting;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Debenture"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 104.4pt 0pt 0pt;"></font><font style="display: inline;">the agreement entitled </font><font style="display: inline;">"</font><font style="display: inline;">Debenture</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">to be entered into</font><font style="display: inline;"> between the Borrower and IFC</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">and in form and substance satisfactory to IFC</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"></font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Delaware"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 108pt 0pt 0pt;"></font><font style="display: inline;">the State of Delaware, United States of America;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Derivative Transaction"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 57.6pt 0pt 0pt;"></font><font style="display: inline;">any swap agreement, cap agreement, collar agreement, futures contract, forward contract or similar arrangement with respect to interest rates, currencies or commodi</font><font style="display: inline;">ty</font><font style="display: inline;"> prices;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"Determination Period"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;">initially, the period from the date of this Agreement to the first Scheduled Redetermination Date, and thereafter each period of six (6) months beginning on a Redetermination Date and ending on the day immediately before the next following Redetermination Date;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Development Plans"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 75.6pt 0pt 0pt;"></font><font style="display: inline;">(i) the development and production program(s) relating to the EEA for the Etame field approved by the GOG on November 8, 2001 and November 17, 2003 and any extensions or amendments thereof, (ii) the development and production program(s) relating to the EEA for the Avouma and South Tchibala fields approved by the GOG on March 25, 2005 and any extensions or amendments thereof, and (iii) any other appraisal, development and production programs in relation to the Production Sharing Contract for which the Borrower has received all necessary Authorizations; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Dispute"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 111.6pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it in Section 8.05 (b);</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Dollars" and "$"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 82.8pt 0pt 0pt;"></font><font style="display: inline;">the lawful currency of the United States of America;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">"E&amp;S Action Plan"</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 82.8pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">the plan or plans developed by the </font><font style="display: inline;color:#000000;">B</font><font style="display: inline;color:#000000;">orrower</font><font style="display: inline;color:#000000;">, a copy of which is attached hereto as Annex </font><font style="display: inline;color:#000000;">B</font><font style="display: inline;color:#000000;"> setting out specific social and environmental measures to be undertaken by the Borrow</font><font style="display: inline;color:#000000;">er to enable the Project to be </font><font style="display: inline;color:#000000;">con</font><font style="display: inline;color:#000000;">structed, equipped and operated</font><font style="display: inline;color:#000000;"> in compliance with the Performance Standards, as such </font><font style="display: inline;color:#000000;">p</font><font style="display: inline;color:#000000;">lan may be amended or supplemented from time to time with IFC</font><font style="display: inline;color:#000000;">'</font><font style="display: inline;color:#000000;">s consent;</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"E&amp;S</font><font style="display: inline;"> Management System</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 129.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s social and environmental management system</font><font style="display: inline;">, as defined in the E&amp;S Action Plan,</font><font style="display: inline;"> enabling it to identify, assess and manage Project risks on an ongoing basis;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Ebouri Project"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 86.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the installation of a new platform with crude oil sweetening facilities in the Ebouri field</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Ebouri Project </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Authorizations"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 86.4pt 0pt 0pt;"></font><font style="display: inline;">the Authorizations set forth in Part 3 of Annex C;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Effective Date"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 86.4pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it </font><font style="display: inline;">in the Supplemental Agreement</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"EHS</font><font style="display: inline;"> Guidelines</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 129.6pt 0pt 0pt;"></font><font style="display: inline;">World Bank Group</font><font style="display: inline;">'</font><font style="display: inline;">s &nbsp;</font><font style="display: inline;">Environmental, </font><font style="display: inline;">Health</font><font style="display: inline;"> and</font><font style="display: inline;"> Safety Guidelines for Offshore </font><font style="display: inline;">Oil and Gas Developments, dated April 30, 2007;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">"Eligible Bank"</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 90pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">a bank in England, with an office in London, having </font><font style="display: inline;">capital, surplus and undistributed profits of at least US$500,000,000 (or the equivalent thereof in any other currency) and a long-term debt rating of A or better by Standard &amp; Poor's Ratings Group or A3 or better by Moody's Investors Service, Inc.;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Environmental Impact</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Assessment(s)" or "EIA(s)"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 46.8pt 0pt 0pt;"></font><font style="display: inline;">the environmental and social impact assessment report(s) pertaining to the Project, prepared by or on behalf of the Borrower in respect of its operations in accordance with the </font><font style="display: inline;">Applicable </font><font style="display: inline;">E&amp;S</font><font style="display: inline;"> Law</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Etame Accounts</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the Etame Revenue Account, the Etame Operating Account, and the Tinworth Escrow Account; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Etame Accounts </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Agreement</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 108pt 0pt 0pt;"></font><font style="display: inline;">the agreement entitled the </font><font style="display: inline;">"</font><font style="display: inline;">Etame Field Trustee and Paying Agent Agreement</font><font style="display: inline;">"</font><font style="display: inline;"> dated 26 June 2002, and amended on </font><font style="display: inline;">November 26, 2002</font><font style="display: inline;"> and </font><font style="display: inline;">February 1, 2006</font><font style="display: inline;">, between the Borrower, the Etame Accounts Bank and the Etame Trustee and Paying Agent, pursuant to which the Etame Accounts have been established, and are operated and maintained;</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">"Etame Accounts Bank"</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 68.4pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;">The Bank of New York Mellon, London Branch, </font><font style="display: inline;color:#000000;">with which the Etame Trustee and Paying Agent has established, operates and maintains the Etame Accounts under the Etame Accounts Agreement, or such successor entity as may be appointed pursuant to the Etame Accounts Agreement;&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Etame </font><font style="display: inline;">Block"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the area approximately 45 kilometers offshore of the southern coast of Gabon identified as the </font><font style="display: inline;">"</font><font style="display: inline;">Delimited Area</font><font style="display: inline;">"</font><font style="display: inline;"> &nbsp;(</font><font style="display: inline;font-style:italic;">Zone D</font><font style="display: inline;font-style:italic;">&#xE9;</font><font style="display: inline;font-style:italic;">limit</font><font style="display: inline;font-style:italic;">&#xE9;</font><font style="display: inline;font-style:italic;">e</font><font style="display: inline;">) in the PSC</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Etame </font><font style="display: inline;">Block </font><font style="display: inline;">Field(s)</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the exploitation areas </font><font style="display: inline;">within the Etame Block, including </font><font style="display: inline;">the Etame field, the Avouma and South Tchibala fields, the Ebouri field, the Southeast Etame and North Tchibala fields</font><font style="display: inline;"> and any other fields </font><font style="display: inline;">that contain hydrocarbon accumulations, and in relation to which </font><font style="display: inline;">one or more </font><font style="display: inline;">EEA</font><font style="display: inline;">s</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">shall from time to time have </font><font style="display: inline;">been granted by GOG;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;background-color:yellow;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Etame Block Assets</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the present and future assets used in connection with exploration, appraisal, development, maintenance and/or operation of the Etame Block Fields or in the Etame Block</font><font style="display: inline;">;</font><font style="display: inline;"> &nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -108pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Etame Operating</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -139.5pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Account" </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 103pt 0pt 0pt;"></font><font style="display: inline;">an interest-bearing account established and maintained by the Etame Trustee and Paying Agent with the Etame Accounts Bank, in accordance with Section 4.1 of the Etame Accounts Agreement; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"Etame Revenue </font><font style="display: inline;">Account"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 90pt 0pt 0pt;"></font><font style="display: inline;">an interest bearing account established and maintained by the Etame Trustee and Paying Agent with the Etame Accounts Bank, in accordance with Section 2.1 of the Etame Accounts Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Etame Trustee and Paying </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Agent"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 118.8pt 0pt 0pt;"></font><font style="display: inline;">The Bank of New York Mellon, London Branch, which has established, operates and maintains the Etame Accounts under the Etame Accounts Agreement, or such successor entity as may be appointed pursuant to the Etame Accounts Agreement; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Event of Default"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 79.2pt 0pt 0pt;"></font><font style="display: inline;">any one of the events specified in Section 7.02 (</font><font style="display: inline;font-style:italic;">Events of Default</font><font style="display: inline;">);</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Exclusive Exploitation </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Authorization</font><font style="display: inline;">"</font><font style="display: inline;"> or </font><font style="display: inline;">"</font><font style="display: inline;">EEA</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">any</font><font style="display: inline;"> Exclusive Exploitation </font><font style="display: inline;">License</font><font style="display: inline;"> granted </font><font style="display: inline;">by the GOG </font><font style="display: inline;">to the Borrower under the PSC</font><font style="display: inline;">, including any extensions or amendments thereof,</font><font style="display: inline;"> with respect to </font><font style="display: inline;">any fields in the Etame Block</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Facility"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 108pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it in Section 3.01, or, where the context so requires, the amount of the Senior Tranche, the Subordinated Tranche</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">the </font><font style="display: inline;">Initial </font><font style="display: inline;">Term Tranche </font><font style="display: inline;">and the Additional Term Tranche </font><font style="display: inline;">to the extent not cancelled or reduced pursuant to this Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;background-color:yellow;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Facility Reduction</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Commencement Date"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 75.6pt 0pt 0pt;"></font><font style="display: inline;">the Interest Payment Date in June 2016;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Facility Reduction Date"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 54pt 0pt 0pt;"></font><font style="display: inline;">the Facility Reduction Commencement Date and each Scheduled Redetermination Date thereafter, to and including the Final Maturity Date;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Field Life End Date"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 68.4pt 0pt 0pt;"></font><font style="display: inline;">the date (included in the IFC Base Case) which is the earlier of: </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the anticipated date on which the operation of the Borrowing Base Assets is expected to cease, for economic reasons as production therefrom is no longer commercially viable; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the License Termination Date;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Final Maturity Date"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 68.4pt 0pt 0pt;"></font><font style="display: inline;">June 30, 2019;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"First Loan"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 100.8pt 0pt 0pt;"></font><font style="display: inline;">the first Loan made under the Facility;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"First Repayment Date"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;">the date on which the Borrower has made the first repayment of principal of the Term Loans in accordance with Section 3.05 (</font><font style="display: inline;font-style:italic;">Repayments</font><font style="display: inline;">);</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Fred.Olsen</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font><font style="display: inline;">Guarantee</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the </font><font style="display: inline;">Contractor Parent Company </font><font style="display: inline;">Guarantee dated </font><font style="display: inline;">October 25</font><font style="display: inline;">, 200</font><font style="display: inline;">7</font><font style="display: inline;">, issued by </font><font style="display: inline;">Fred. Olsen Production ASA</font><font style="display: inline;"> and Prosafe </font><font style="display: inline;">SE</font><font style="display: inline;">, jointly and severally, in favor of the Borrower guaranteeing the obligations of Tinworth Limited under the FPSO Contract;</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Fiscal Quarter"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 86.4pt 0pt 0pt;"></font><font style="display: inline;">any consecutive three-month period ending on March 31, June 30, September 30 and December 31, which may be changed from time to time as a result of permitted changes to the Borrower's or Sponsor's respective Fiscal Years, as the case may be;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Fiscal Year"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 97.2pt 0pt 0pt;"></font><font style="display: inline;">the accounting year of the Borrower or the Sponsor, commencing each year on January 1 and ending on the following December 31, or such other period as the Borrower or the Sponsor, as the case may be, with IFC's consent, from time to time designates as its accounting year;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"FPSO"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 122.4pt 0pt 0pt;"></font><font style="display: inline;">a registered floating, production, storage and offloading tanker facility and its mooring system; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">FPSO Contract</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the Contract for the Provision and Operation of an FPSO between the Borrower and Tinworth Limited</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">dated August 20, 2001, as amended on June 21, 2002, March 31, 2005, October 16, 2007</font><font style="display: inline;">,</font><font style="display: inline;"> January 1, 2012</font><font style="display: inline;"> and March 4, 2016</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Fraudulent Practice</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">has the meaning assigned to it in Annex A;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Gabon</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">The </font><font style="display: inline;">Gabon</font><font style="display: inline;">ese Republic</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"GOG"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 126pt 0pt 0pt;"></font><font style="display: inline;">the government of the</font><font style="display: inline;"> Gabon</font><font style="display: inline;">ese Republic</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Guarantee, Subordination </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font><font style="display: inline;">and Share </font><font style="display: inline;">Retention </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Agreement"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 104.4pt 0pt 0pt;"></font><font style="display: inline;">the agreement entitled </font><font style="display: inline;">"Guarantee, Subordination and Share</font><font style="display: inline;"> Retention Agreement</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">to be entered into</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">between</font><font style="display: inline;"> the Borrower, the Sponsor </font><font style="display: inline;">and IFC </font><font style="display: inline;">and </font><font style="display: inline;">in form and substance satisfactory to IFC</font><font style="display: inline;">;</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Houston Account"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 82.8pt 0pt 0pt;"></font><font style="display: inline;">the Dollar-denominated account in Houston, Texas, United States of America, established </font><font style="display: inline;">and maintained by the Borrower with JP Morgan Chase Bank under account number 010000307181</font><font style="display: inline;">, pursuant to Section 4.8 of the JOA, including any balance standing to the credit of such account from time to time and the interest credited thereto;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"IFC"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 126pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it in the preamble of this Agreement;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">IFC Base Case</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Initial IFC Base Case, as updated from time to time, in a form and substance satisfactory to IFC</font><font style="display: inline;"> (acting in its sole discretion)</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"IFC Base Case </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Assumptions"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 97.2pt 0pt 0pt;"></font><font style="display: inline;">the assumptions and principles, including the Agreed Oil Price and Reserves Criteria, in respect of the IFC Base Case and set forth in Schedule 7, as such assumptions and principles may be adjusted from time to time in the determination of IFC in its sole discretion;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Increased Costs</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the amount certified in an Increased Costs Certificate to be the net incremental costs of, or reduction in return to, IFC or any Participant in connection with the making or maintaining of any Loan or Participation that result from: </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">any change in any applicable law or regulation or directive (whether or not having force of law) or in its interpretation or application by any Authority charged with its administration; or </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">compliance with any request from, or requirement of, any central bank or other monetary or other Authority; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">which, in either case, after the date of this Agreement: (A) imposes, modifies or makes applicable any reserve, special deposit or similar requirements against assets held by, or deposits with or for the account of, or loans made by, IFC or that Participant; (B) imposes a cost on IFC as a result of IFC having made any Loan or on that Participant as a result of that participant having acquired its Participation that reduces the rate of return on the overall capital of IFC or that Participant that it would have achieved, had IFC not made such Loan or that Participant not acquired its Participation, (C) changes the basis of taxation on payments received by IFC in respect of any Loan or by that Participant with respect to its Participation (otherwise than by a change in taxation of the overall net income of IFC or that Participant imposed by the jurisdiction of its incorporation or in which it books its Participation or in any political subdivision of any such jurisdiction); or (D) imposes on IFC or on that Participant any other condition regarding the making or maintaining of any Loan or that Participant</font><font style="display: inline;">'</font><font style="display: inline;">s Participation in any Loan; but excluding any incremental costs of making or maintaining a Participation that are a direct result of that participant having its principal office in Gabon or having or maintaining a permanent office or establishment in Gabon, if and to the extent that permanent office or establishment acquires that Participation;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Increased Costs</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Certificate</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 100.8pt 0pt 0pt;"></font><font style="display: inline;">a certificate provided from time to time by IFC (based on a certificate to IFC from any Participant) certifying: (i) the circumstances giving rise to the Increased Costs; (ii) that the costs of IFC or, as the case may be, that Participant have increased or the rate of return of either of them has been reduced; (iii) that, IFC or, as the case may be, that Participant has, in its opinion, exercised reasonable efforts to minimize or eliminate the relevant increase or reduction, and (iv) the amount of Increased Costs;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Independent Engineer</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Netherland Sewell and Associates, Inc. (NSAI) or other such independent reservoir engineer based in the United States of internationally reco</font><font style="display: inline;">gnized standing, acceptable to </font><font style="display: inline;">IFC (the fees and expenses of all of which services shall be for the account of the Borrower);</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Initial IFC Base Case"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;">the cash flow forecast calculated in accordance with the financial model, based on the IFC Base Case Assumptions and using financial and technical information submitted by the Borrower, pursuant to which IFC shall in its sole discretion determine the initial Borrowing Base Amount prior to and as a condition of making the First Loan;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Initial Term Tranche"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it in Section 3.01(a)(iii) or, where the context so requires, the amount of the facility disbursed and outstanding thereon to the extent not cancelled or reduced pursuant to this Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Initial Term Tranche </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Commitment"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 100.8pt 0pt 0pt;"></font><font style="display: inline;">fifteen million Dollars ($15,000,000)</font><font style="display: inline;"> to the extent not cancelled or reduce</font><font style="display: inline;">d by IFC under this Agreement; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Interim </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Redetermination Date"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;">any interim date (other than a Scheduled Redetermination Date) specified as </font><font style="display: inline;">an &#x201C;Interim Redetermination Date&#x201D;</font><font style="display: inline;"> from time to time by notice from IFC to the Borrower (any such date to be not less than ninety (90) days after such notice);</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Interest Determination</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Date</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 126pt 0pt 0pt;"></font><font style="display: inline;">except as otherwise provided in Section 3.03 (d) (ii) (</font><font style="display: inline;font-style:italic;">Interest</font><font style="display: inline;">), the second Business Day before the beginning of each Interest Period;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;background-color:yellow;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Interest Payment Date</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">March 31</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">June 30</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">September 30 or December 31</font><font style="display: inline;"> in any year;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;background-color:yellow;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"</font><font style="display: inline;">Interest Period</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">each period of </font><font style="display: inline;">three </font><font style="display: inline;">(</font><font style="display: inline;">3</font><font style="display: inline;">)</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">months, in each case beginning on an Interest Payment Date and ending on the day immediately before the next following Interest Payment Date</font><font style="display: inline;">, except in the case of the first period applicable to each Loan when it means the period beginning on the date on which that Loan is made and ending on the day immediately before the next following Interest Payment Date;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;background-color:yellow;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Interest Rate</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">for any Interest Period, the rate at which interest is payable on any Loan during that Interest Period, determined in accordance with Section 3.03 (</font><font style="display: inline;font-style:italic;">Interest</font><font style="display: inline;">);</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Joint Operating </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font><font style="display: inline;">Agreement</font><font style="display: inline;">"</font><font style="display: inline;"> or </font><font style="display: inline;">"</font><font style="display: inline;">JOA</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Joint Operating Agreement dated April 4, 1997, between the Borrower and the other Project Partners referred to in subclause (i) of that definition, as amended on January 15, 2001, September 5, 2002 and December 31, 2004;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">LIBOR</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">interbank offered rates for deposits in </font><font style="display: inline;">Dollars,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">administered </font><font style="display: inline;">by the British Bankers</font><font style="display: inline;">'</font><font style="display: inline;"> Association (</font><font style="display: inline;">"</font><font style="display: inline;">BBA</font><font style="display: inline;">"</font><font style="display: inline;">) (or NYSE Euronext or any applicable successor entity)</font><font style="display: inline;">,</font><font style="display: inline;"> which appear on the relevant page of the Reuters Service (currently page LIBOR01) or, if not available, on the relevant pages of any other service (such as Bloomberg Financial Markets Service) that displays such rates; provided that if the BBA (or NYSE Euronext, or any applicable successor entity) &nbsp;for any reason ceases (whether permanently or temporarily) to publish interbank offered rates for deposits in </font><font style="display: inline;">Dollars</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">"</font><font style="display: inline;">LIBOR</font><font style="display: inline;">"</font><font style="display: inline;"> shall mean the rate determined pursuant to Section </font><font style="display: inline;">3</font><font style="display: inline;">.03</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(d) (</font><font style="display: inline;font-style:italic;">Interest</font><font style="display: inline;">)</font><font style="display: inline;">;</font><font style="display: inline;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">License Termination Date</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the earlier of the date of expiry of:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the PSC; or</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">any EEA or </font><font style="display: inline;">other Authorization required for the production from the Borrowing Base Asset</font><font style="display: inline;">s</font><font style="display: inline;"> or the operation of the Borrowing Base Asset</font><font style="display: inline;">s;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Lien</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">any mortgage, pledge, charge, assignment, hypothecation, security interest, title retention, preferential right, trust arrangement, right of set-off, counterclaim or banker</font><font style="display: inline;">'</font><font style="display: inline;">s lien, privilege or priority of any kind having the effect of security, any designation of loss payees or beneficiaries or any similar arrangement under or with respect to any insurance policy or any preference of one creditor over another arising by operation of law;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;background-color:yellow;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"</font><font style="display: inline;">Loan</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">for each Tranche, </font><font style="display: inline;">the principal amount of each borrowing under </font><font style="display: inline;">that</font><font style="display: inline;"> Tranche, or as the context requires, the principal amount outstanding of that borrowing; </font><font style="display: inline;">provided</font><font style="display: inline;"> that for </font><font style="display: inline;">the </font><font style="display: inline;">avoidance of doubt, and in accordance with </font><font style="display: inline;">Section 3.02 (b)</font><font style="display: inline;">, on each </font><font style="display: inline;">Scheduled Redetermination</font><font style="display: inline;"> Date all </font><font style="display: inline;">Revolving </font><font style="display: inline;">Loans (including Rollover Loans) outstanding prior to such </font><font style="display: inline;">d</font><font style="display: inline;">ate</font><font style="display: inline;"> under that RBL Tranche</font><font style="display: inline;"> shall (to the extent not repaid and subject to the fulfillment of the conditions for </font><font style="display: inline;">the making of each </font><font style="display: inline;">Revolving </font><font style="display: inline;">Loan set forth in Section 5.02 and 5.03) be rolled over into a single </font><font style="display: inline;">Revolving </font><font style="display: inline;">Loan under th</font><font style="display: inline;">at RBL </font><font style="display: inline;">Tranche on such date;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Market Disruption Event</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">before the close of business in London on the Interest Determination Date for the relevant Interest Period, the cost to IFC or Participants whose Participations in the Loans represent in the aggregate 30% or more of the outstanding principal amount of the Loans</font><font style="display: inline;"> under the Senior Tranche or any Term Tranche</font><font style="display: inline;"> (as notified to IFC by such Participants), </font><font style="display: inline;">o</font><font style="display: inline;">f funding any Loan or such Participations (as applicable) would be in excess of LIBOR;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Marketing Contract</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">at any time, the agreement</font><font style="display: inline;">(s)</font><font style="display: inline;"> entered into by the Borrower for the marketing and transportation of the Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s share of the oil produced from the Etame </font><font style="display: inline;">Block </font><font style="display: inline;">Field</font><font style="display: inline;">(s), including (for the avoidance of doubt) any </font><font style="display: inline;">Crude Oil Sales Contract (as such term is used and defined in the Etame Accounts Agreement)</font><font style="display: inline;"> so entered into by the Borrower</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Material Adverse Effect</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">a material adverse effect on:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Borrower</font><font style="display: inline;">, VAALCO International</font><font style="display: inline;"> or the Sponsor or their respective assets or properties;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s</font><font style="display: inline;">, VAALCO International's</font><font style="display: inline;"> or </font><font style="display: inline;">the </font><font style="display: inline;">Sponsor</font><font style="display: inline;">'</font><font style="display: inline;">s business prospects or financial condition;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">the </font><font style="display: inline;">implementation of the Project or the carrying on of the Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s business or operations; or</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the ability of the Borrower</font><font style="display: inline;">, VAALCO International</font><font style="display: inline;"> or the Sponsor to comply with their respective obligations under this Agreement or any other&nbsp;&nbsp;Transaction Document or </font><font style="display: inline;">Material Contract</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Material Contracts</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">each Project Document listed in clauses (a) through (</font><font style="display: inline;">i</font><font style="display: inline;">) of the definition of Project Documents and any other Project Document designated by IFC (in consu</font><font style="display: inline;">ltation with the Borrower) as </font><font style="display: inline;">material to the Project;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Maximum </font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Available Amount"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 115.2pt 0pt 0pt;"></font><font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 115.2pt 0pt 0pt;"></font><font style="display: inline;">for either RBL Tranche, as of any time, the lesser of (i) the Commitment for that RBL Tranche and (ii) the Borrowing Base Amount for that RBL Tranche, in each case as then in effect</font><font style="display: inline;">; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">for the </font><font style="display: inline;">Initial </font><font style="display: inline;">Term Tranche, the </font><font style="display: inline;">Initial </font><font style="display: inline;">Term Tranche Commitment;</font><font style="display: inline;"> and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">for the Additional Term Tranche, the Additional Term Tranche Commitment;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Minimum Interest/Fees</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font><font style="display: inline;">Reserve Amount</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 173.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">(a) </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">at any time prior to the Effective Date, the amount calculated in accordance with the definition of </font><font style="display: inline;">"Minimum Interest/Fees Reserve Amount"</font><font style="display: inline;"> under</font><font style="display: inline;"> the VAALCO Accounts Agreement</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">at any time during the period </font><font style="display: inline;">beginning on and including the Effective Date to </font><font style="display: inline;">the Final Maturity Date</font><font style="display: inline;">,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">three million </font><font style="display: inline;">Dollars </font><font style="display: inline;">($3,000,000) Dollars</font><font style="display: inline;">, provided that:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">if, as of </font><font style="display: inline;">September </font><font style="display: inline;">15</font><font style="display: inline;">, 2016</font><font style="display: inline;">, the Additional Term Tranche </font><font style="display: inline;">has not been disbursed or cancelled</font><font style="display: inline;">, such amount shall be four million two hundred fifty thousand Dollars ($4,250,000) </font><font style="display: inline;">for</font><font style="display: inline;"> the period </font><font style="display: inline;">beginning on and including September 30, 2016 to but excluding </font><font style="display: inline;">the First Repayment Date (subject to clause (ii) below); and </font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">if, as of December 15, 2016, the Additional Term Tranche </font><font style="display: inline;">has not been disbursed or cancelled</font><font style="display: inline;">, such amount shall be five million five hundred thousand Dollars ($5,500,000) </font><font style="display: inline;">for</font><font style="display: inline;"> the period </font><font style="display: inline;">beginning on and including December 31, 2016 to but excluding the First Repayment Date</font><font style="display: inline;">; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"></font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">"Minimum Aggregate</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;"> Reserve Amount</font><font style="display: inline;color:#000000;">"</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 90pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">has the meaning assigned to it in the VAALCO Accounts Agreement;</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">"Minimum Project CapEx</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Reserve Amount"</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">has the meaning assigned to it in the VAALCO Accounts Agreement;</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"</font><font style="display: inline;">MOF Loan </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font><font style="display: inline;">Authorization</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the Authorization of the Minister </font><font style="display: inline;">in charge </font><font style="display: inline;">of Finance of Gabon of the financing contemplated by this Agreement, in form and substance acceptable to IFC;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">MOH Loan </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font><font style="display: inline;">Authorization</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the Authorization of the Minister </font><font style="display: inline;">in charge </font><font style="display: inline;">of </font><font style="display: inline;color:#000000;">Petroleum </font><font style="display: inline;">of Gabon of the financing contemplated by this Agreement, in form and substance acceptable to IFC;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Obstructive Practice</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">has a meaning assigned to it in Annex A;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Officer</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">any of the President, Chief Executive Officer, Chief Financial Officer or Chief Operating Officer (or their functional equivalents) of </font><font style="display: inline;">the Borrower,</font><font style="display: inline;"> the Sponsor, or any of their respective Affiliates</font><font style="display: inline;">, as the case may be;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Official</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">any officer of a political party or candidate for political office in Gabon or any officer or employee (i) of the GOG (including any legislative, judicial, executive or administrative department, agency or instrumentality thereof), (ii) of any local Authority in Gabon or (iii) of a public international organization;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Operator</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the party designated as such pursuant to the PSC and the JOA, which, as of the date of this Agreement, is the Borrower;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Participant"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 97.2pt 0pt 0pt;"></font><font style="display: inline;">any Person who acquires a Participation;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Participation"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 90pt 0pt 0pt;"></font><font style="display: inline;">a participating interest in any Loan, or as the context requires, in any disbursement thereof;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Performance Standards"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;">IFC's Performance Standards on Social &amp; Environmental Sustainability, dated January 1, 2012, copies of which have been delivered to and receipt of which has been acknowledged by the Borrower;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Permitted Debt"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 86.4pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 86.4pt 0pt 0pt;"></font><font style="display: inline;">the Loans; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">Affiliate Subordinated Debt;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the deferred purchase price of assets or services included in the approved Work Program and Budget where payment for such asset or service is deferred for a period of no more than 90 days</font><font style="display: inline;">; provided that the </font><font style="display: inline;">aggregate amount</font><font style="display: inline;"> of all such indebtedness outstanding at any time shall</font><font style="display: inline;"> not exceed </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">one million</font><font style="display: inline;"> Dollars ($</font><font style="display: inline;">1,000</font><font style="display: inline;">,000) (or its equivalent in other currencies)</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">any Financial Lease in an aggregate amount not exceeding </font><font style="display: inline;">two hundred and fifty thousand Dollars ($250,000)</font><font style="display: inline;"> (or its equivalent in other currencies) at any time outstanding;</font><font style="display: inline;"> and&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">any other short-term Debt for working capital purposes incurred in the ordinary course of business </font><font style="display: inline;">in an </font><font style="display: inline;">aggregate amount not exceeding one million Dollars ($1,000,000)</font><font style="display: inline;"> (or its equivalent in other currencies)</font><font style="display: inline;">;&nbsp; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Permitted Lien"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 86.4pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 86.4pt 0pt 0pt;"></font><font style="display: inline;">the Security;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the naming of IFC as loss payee under the Borrower's insurance policies and/or the Borrower's share (as determined in accordance with the PSC and JOA) of the insurance policies related to the Etame Block Fields;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">the Liens created under the FPSO Contract and the Etame Accounts Agreement; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">any Lien arising (x) from any tax, assessment or other governmental charge or other Lien arising by operation of law or (y) </font><font style="display: inline;">in the ordinary course of business (and not to secure any Debt) under the JOA or the PSC in favor of other parties thereto</font><font style="display: inline;">, in each case if the obligation underlying any such Lien is not yet due or, if due, is being contested in good faith by appropriate proceedings so long as:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(A)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">those proceedings do not involve any substantial danger of the sale, forfeiture or loss of any part of the Project, title thereto or any interest therein, nor interfere in any material respect with the use or disposition thereof or the implementation of the Project or the carrying on of the business of the Borrower; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(B)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Borrower has set aside adequate reserves sufficient to promptly pay in full any amounts that the Borrower may be ordered to pay on final determination of any such proceedings;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">any Lien arising by virtue of any statutory or common law provisions relating to banker&#x2019;s liens, rights of set-off or </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">similar rights arising in connection with repurchase agreements and deposit accounts that are Authorized Investments;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(vi)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">minor easements, rights-of-way and other similar encumbrances on title to real property incurred in the ordinary course of business that, in each case, do not render title to the property encumbered thereby unmarketable or interfere in any material respect with the use of such property for the Project, and which could not reasonably be expected to have a Material Adverse Effect;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(vii)&nbsp; </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 10.8pt 0pt 0pt;"></font><font style="display: inline;">any Lien incurred in connection with Permitted Debt described in clause (iv) of the definition of &#x201C;Permitted Debt&#x201D; </font><font style="display: inline;">(</font><font style="display: inline;">except for </font><font style="display: inline;">any </font><font style="display: inline;">such </font><font style="display: inline;">Lien on any property, revenues or other assets of the Borrower that are subject to the Security)</font><font style="display: inline;">; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(viii)&nbsp; </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 7.200001pt 0pt 0pt;"></font><font style="display: inline;">any Lien resulting from good faith deposits, pledges or letters of credit to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds, letters of credit and other obligations of a like nature&nbsp;&nbsp;by the Borrower made in the ordinary course of business </font><font style="display: inline;">(and not to secure any Debt)</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(except for any such Lien on any property, revenues or other assets of the Borrower that are subject to the Security)</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Person</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">any natural person, corporation, company, partnership, firm, voluntary association, joint venture, trust, unincorporated organization, Authority or any other entity whether acting in an individual, fiduciary or other capacity;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Platform Construction </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Contract"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 108pt 0pt 0pt;"></font><font style="display: inline;">the Master Service Agreement dated January 23, 2013, between the Borrower and </font><font style="display: inline;">Gulf Island</font><font style="display: inline;">, LLC and its Affiliates (as defined therein); </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Pledge of Shares</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the agreement entitled </font><font style="display: inline;">"</font><font style="display: inline;">Pledge of Shares Agreement</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">to be entered into </font><font style="display: inline;">among the Borrower, V</font><font style="display: inline;">AALCO </font><font style="display: inline;">International and IFC</font><font style="display: inline;"> and in form and substance satisfactory to IFC</font><font style="display: inline;">, pursuant to which all of the issued and outstanding shares of the Borrower are pledged to IFC as security for the Loans;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"</font><font style="display: inline;">Potential Event </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> of Default</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 104.4pt 0pt 0pt;"></font><font style="display: inline;">any event or circumstance which would, with notice, lapse of time, the making of a determination or any combination thereof, become an Event of Default;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Probable Reserves"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 75.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in relation to the Borrowing Base Assets, those quantities of petroleum which are deemed to be recoverable from the Etame Block Fields as </font><font style="display: inline;">"</font><font style="display: inline;">Probable Reserves</font><font style="display: inline;">"</font><font style="display: inline;"> in accordance with the guidelines of the US SEC Regulation S-X Section 210.4-10(a), the FASB Accounting Standards Codification Topic 932, Extractive Activities - Oil and Gas, and the 2007 Petroleum Resources Management System approved by </font><font style="display: inline;">the Society of Petroleum Engineers</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">each </font><font style="display: inline;">as amended </font><font style="display: inline;">and in effect </font><font style="display: inline;">from time to time</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Production Sharing </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Contract</font><font style="display: inline;">"</font><font style="display: inline;"> or </font><font style="display: inline;">"</font><font style="display: inline;">PSC</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Exploration and Production Sharing Contract dated as of July 7, 1995, between </font><font style="display: inline;">Gabon</font><font style="display: inline;"> and the Borrower and other parties, collectively as the Contractor, as amended by an undated agreement between </font><font style="display: inline;">Gabon</font><font style="display: inline;"> and the Borrower with retroactive effect to July 7, 2001, and </font><font style="display: inline;">by the </font><font style="display: inline;">subsequent amendments</font><font style="display: inline;"> thereto</font><font style="display: inline;"> dated</font><font style="display: inline;"> as of</font><font style="display: inline;"> April</font><font style="display: inline;"> 13, 2006, November 26, 2009,</font><font style="display: inline;"> January 5, 2012 (with retroactive effect to July 17, 2011</font><font style="display: inline;">) and April 25, 2016;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-size:12pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Project</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the project described in Section 2.01 (</font><font style="display: inline;font-style:italic;">The Project</font><font style="display: inline;">);</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Project Documents</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">(</font><font style="display: inline;">a</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Production Sharing Contract;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Joint Operating Agreement;</font><font style="display: inline;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the FPSO Contract;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the </font><font style="display: inline;">Fred.</font><font style="display: inline;">Olsen Guarantee</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(e)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Marketing Contract</font><font style="display: inline;">s</font><font style="display: inline;">, in effect from time to time; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(f)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Etame Accounts Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(g)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Exclusive Exploitation Authorization</font><font style="display: inline;">s;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(h)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Platform Construction Contract;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Transportation and Installation Contract; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(k)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">each other contract, agreement or other instrument relating to the Project;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"</font><font style="display: inline;">Project Partners</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">at any time, the Borrower and </font><font style="display: inline;">(i) </font><font style="display: inline;">the other Parties (as such term </font><font style="display: inline;">is defined in the JOA) under the JOA, which, as of the date of this Agreement, are: </font><font style="display: inline;">ADDAX Petroleum Etame, Inc.</font><font style="display: inline;">, Sasol Petroleum West Africa Limited, PetroEnergy Resources Corporation</font><font style="display: inline;">,</font><font style="display: inline;"> Sojitz Etame Ltd. and </font><font style="display: inline;">Tullow Oil Gabon SA</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Proved Reserves</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in relation to any Borrowing Base Asset, those quantities of petroleum which are deemed to be recoverable from Etame Block Fields as </font><font style="display: inline;">"</font><font style="display: inline;">Proved Reserves</font><font style="display: inline;">"</font><font style="display: inline;"> in accordance with the guidelines of the US SEC Regulation S-X Section 210.4-10(a), the FASB Accounting Standards Codification Topic 932, Extractive Activities - Oil and Gas, and the 2007 Petroleum Resources Management System approved by </font><font style="display: inline;"> the Society of Petroleum Engineers</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">each </font><font style="display: inline;">as amended </font><font style="display: inline;">and in effect </font><font style="display: inline;">from time to time</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">RBL </font><font style="display: inline;">Tranche"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the Senior Tranche</font><font style="display: inline;"> or</font><font style="display: inline;"> the Subordinated Tranche;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Redetermination Date"</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;font-size:8pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;">any Scheduled Redetermination Date or Interim Redetermination Date; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Reduction Date"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 86.4pt 0pt 0pt;"></font><font style="display: inline;">each Facility Reduction Date, and each Redetermination Date as of which it is determined that there is a reduction in the Borrowing Base Amount for either RBL Tranche;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Reinsurance Assignment</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Deed"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 122.4pt 0pt 0pt;"></font><font style="display: inline;">the agreement entitled "Reinsurance Assignment Deed" to be entered into between the Gabonese issuer(s) of the Etame Block related insurance policies, IFC and the Borrower</font><font style="display: inline;"> and in form and substance satisfactory to IFC</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Relevant Spread" </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 79.2pt 0pt 0pt;"></font><font style="display: inline;">(i) with respect to the Senior Tranche, 3.75% per annum, (ii) with respect to the Subordinated Tranche, 5.75% per annum, and (iii) with respect to </font><font style="display: inline;">each</font><font style="display: inline;"> Term Tranche, 5.75% per annum;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Reserve</font><font style="display: inline;">s</font><font style="display: inline;"> Certification</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the certification of </font><font style="display: inline;">any or all of the </font><font style="display: inline;">Etame </font><font style="display: inline;">Block </font><font style="display: inline;">Fields</font><font style="display: inline;">'</font><font style="display: inline;"> Proved Re</font><font style="display: inline;">serves</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">and Probable Reserves </font><font style="display: inline;">prepared from time to time by the Independent Engineer, including projected capital expenditures, operating expenses, annual production profiles and the economic life of the </font><font style="display: inline;">relevant </font><font style="display: inline;">Etame </font><font style="display: inline;">Block </font><font style="display: inline;">Field</font><font style="display: inline;">s</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Reserve</font><font style="display: inline;">s</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Report"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">an annual report </font><font style="display: inline;">prepared by the Independent Engineer</font><font style="display: inline;"> and </font><font style="display: inline;">in form an</font><font style="display: inline;">d substance satisfactory to IFC</font><font style="display: inline;">;</font><font style="display: inline;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Restricted Payments</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">all payments, including interest and principal, on </font><font style="display: inline;">Affiliate Subordinated Debt</font><font style="display: inline;">, dividends, transfers of funds and other </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">distributions on share capital (whether in cash, shares, or in kind) and any purchase, redemption or other acquisition of shares by the Borrower;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Restricted Payment Period"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">each period commencing on and including each </font><font style="display: inline;">Quarter End</font><font style="display: inline;"> Date and ending on the forty-fifth (45th) day thereafter</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Revolving Loan</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">any Loan under either RBL Tranche</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Rollover Loan"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 90pt 0pt 0pt;"></font><font style="display: inline;">in respect of either RBL Tranche, a Revolving Loan made on a Scheduled Redetermination Date in the same amount, as all or a portion of an outstanding Revolving Loan or Revolving Loans maturing on such Scheduled Redetermination Date under that RBL Tranche, and which is applied solely in refinancing all or a portion of such maturing Revolving Loan;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Sanctionable Practice</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">any Corrupt Practice, Fraudulent Practice, Coercive Practice, Collusive Practice, or Obstructive Practice, as those terms are defined and interpreted in accordance with the Anti-Corruption Guidelines attached to this Agreement as Annex A;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Scheduled </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Redetermination Date"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;">each Interest Payment Date falling in each month of June and December commencing at least six (6) months after the date of this Agreement and before the Final Maturity Date;</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Security</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 173.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">a first ranking security interest over any and all of the Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s rights, title and interest in all Etame Block Assets; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">a first ranking security i</font><font style="display: inline;">nterest in all of the Borrower's share (as determined in accordance with the PSC and JOA) of all</font><font style="display: inline;"> proceeds and receivables relating to and</font><font style="display: inline;"> from the sale </font><font style="display: inline;">of oil production from the Etame </font><font style="display: inline;">Block </font><font style="display: inline;">Field</font><font style="display: inline;">s</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">c</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">a first ranking security interest in the funds (including any Authorized Investments made with such funds) held from time to time in the VAALCO Accounts; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">d</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">an assignment by way</font><font style="display: inline;color:#000000;"> of security of the Borrower's </font><font style="display: inline;color:#000000;">rights, title and interest in and under the Material Contracts;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">e</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">an assignment by way of security of all rights and claims to any compensation or other special payments in respect of the Etame </font><font style="display: inline;color:#000000;">Block </font><font style="display: inline;color:#000000;">other than those arising in the normal course of Etame </font><font style="display: inline;color:#000000;">Block </font><font style="display: inline;color:#000000;">operations which are payable to the </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">Borrower by the GOG or any of its agencies or by any other party and for whatever reason;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">f</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">assignment by way of security of all rights, title and interest in and to the Borrower</font><font style="display: inline;color:#000000;">'</font><font style="display: inline;color:#000000;">s share </font><font style="display: inline;color:#000000;">(as determined in accordance with the PSC and JOA)</font><font style="display: inline;color:#000000;"> of the Etame </font><font style="display: inline;color:#000000;">Block </font><font style="display: inline;color:#000000;">related insurance policies </font><font style="display: inline;color:#000000;">and reinsurance policies </font><font style="display: inline;color:#000000;">and any proceeds thereof;</font><font style="display: inline;color:#000000;"> and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(g)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">a first ranking pledge by </font><font style="display: inline;color:#000000;">VAALCO International </font><font style="display: inline;color:#000000;">of all its shares in the Borrower</font><font style="display: inline;color:#000000;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(h)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;">any other security interest (including a first ranking pledge of all of the shares in </font><font style="display: inline;">VAALCO Gabon S.A.</font><font style="display: inline;">) required by IFC in connection with the Conversion;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Security Documents</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the documents providing for the Security consisting of:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Debenture;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the Pledge of Shares; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">a letter from the GOG consenting t</font><font style="display: inline;">o the creation of the Security;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the Reinsurance Assignment Deed; and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">any other document designated as such in connection with the Conversion;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Senior Tranche"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 86.4pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it in Section 3.01(a)(i) or, where the context so requires, the amount of the facility disbursed thereon to the extent not cancelled or reduced pursuant to this Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Senior Tranche </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Commitment"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 100.8pt 0pt 0pt;"></font><font style="display: inline;">at any time during a Specified Period, the amount (in Dollars) set opposite that Specified Period in the table in Part </font><font style="display: inline;">I</font><font style="display: inline;"> of Schedule 9 to the extent not cancelled or reduced by IFC under this Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;border-bottom:1pt none #D9D9D9 ;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Shell Bank</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">a bank </font><font style="display: inline;">that is </font><font style="display: inline;">incorporated in a jurisdiction in which it has no physical presence and </font><font style="display: inline;">that</font><font style="display: inline;"> is not an Affiliate of a regulated bank or a regulated financial group</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:70pt;"><font style="display: inline;">"Specified Period"</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;">each period specified in the first column (headed "Specified Period") of the table set out in Schedule 9;</font></font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"</font><font style="display: inline;">Sponsor</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">VAALCO Energy</font><font style="display: inline;">,</font><font style="display: inline;"> Inc., a corporation organized and existing under the laws of Delaware</font><font style="display: inline;">, that has a 100% shareholding in VAALCO International</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;border-top:1pt none #D9D9D9 ;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Subordinated Tranche"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it in Section 3.01(a)(ii) or, where the context so requires, the amount of the facility disbursed thereon to the extent not cancelled or reduced pursuant to this Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Subordinated Tranche </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Commitment"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 100.8pt 0pt 0pt;"></font><font style="display: inline;">at any time during a Specified Period, the amount (in Dollars) set opposite that Specified Period in the table in Part </font><font style="display: inline;">II</font><font style="display: inline;"> of Schedule 9 to the extent not cancelled or reduced by IFC under this Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Subsidiary</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">with respect to any Person, any entity:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">over 50% of whose capital is owned, directly or indirectly, by that Person;</font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">for which that Person may nominate or appoint a majority of the members of the board of directors or such other body performing similar functions; or</font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">which is otherwise effectively Controlled by that Person;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;border-bottom:1pt none #D9D9D9 ;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Su</font><font style="display: inline;">pplemental Agreement</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the</font><font style="display: inline;"> Supplemental Agreement dated as of June </font><font style="display: inline;">29</font><font style="display: inline;">, 2016, by and among the Borrower, the Sponsor and IFC</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Taxes</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">any present or future taxes, withholding obligations, duties and other charges of whatever nature levied by any Authority;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;border-top:1pt none #D9D9D9 ;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"TEG Regulations"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 82.8pt 0pt 0pt;"></font><font style="display: inline;">the laws and regulations implementing the provisions in the CEMAC Act in Gabon</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Term Loan"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 104.4pt 0pt 0pt;"></font><font style="display: inline;">a Loan under a Term Tranche; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Term Tranche"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 93.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the </font><font style="display: inline;">Initial Term </font><font style="display: inline;">Tranche</font><font style="display: inline;"> or</font><font style="display: inline;"> the </font><font style="display: inline;">Additional Term</font><font style="display: inline;"> Tranche;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Texas</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the State of Texas, United States of America;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Tinworth Escrow Account</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">an interest-bearing account for the benefit of Tinworth Limited, which shall not have a balance of a principal amount in excess of $</font><font style="display: inline;">1</font><font style="display: inline;">,</font><font style="display: inline;">652</font><font style="display: inline;">,</font><font style="display: inline;">5</font><font style="display: inline;">00, </font><font style="display: inline;">that is </font><font style="display: inline;">established, operated and maintained by the </font><font style="display: inline;">Etame Trustee and Paying Agent </font><font style="display: inline;">with the Etame Accounts Bank, in accordance with </font><font style="display: inline;">Section 5.1 of </font><font style="display: inline;">t</font><font style="display: inline;">he Etame Accounts Agreement; </font><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"</font><font style="display: inline;">Tinworth Limited</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">Tinworth Limited, a company incorporated under the laws of Bermuda;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Tranche"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 111.6pt 0pt 0pt;"></font><font style="display: inline;">the Senior Tranche, the Subordinated Tranche</font><font style="display: inline;">,</font><font style="display: inline;"> the </font><font style="display: inline;">Initial </font><font style="display: inline;">Term Tranche</font><font style="display: inline;"> or the Additional Term Tranche</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Transaction Documents</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">this Agreement;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font><font style="display: inline;">(</font><font style="display: inline;">ii</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Security Documents;</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i</font><font style="display: inline;">ii</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;">the </font><font style="display: inline;">Guarantee, Subordination and Share</font><font style="display: inline;"> Retention Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">iv</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the VAALCO Accounts Agreement</font><font style="display: inline;">; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Supplemental Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(vi)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">any other document entered into and designated as such in connection with the Conversion; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(vii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">any other agreement, document or instrument designated</font><font style="display: inline;"> as such </font><font style="display: inline;">in writing by the Borrower</font><font style="display: inline;"> and IFC;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Transportation and </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Installation Contract"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;">the Master Service Agreement dated June 19, 2013, by and between the Borrower and EMAS AMC, Inc.;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"VAALCO Accounts"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 82.8pt 0pt 0pt;"></font><font style="display: inline;">the VAALCO </font><font style="display: inline;">Operating Account</font><font style="display: inline;"> and the VAALCO Insurance Proceeds Account</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">VAALCO Accounts </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Agreement</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 108pt 0pt 0pt;"></font><font style="display: inline;">the agreement entitled </font><font style="display: inline;">"</font><font style="display: inline;">VAALCO Accounts Agreement</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">to be entered into</font><font style="display: inline;"> between IFC, the Borrower and the VAALCO Accounts Bank</font><font style="display: inline;"> and in form and substance satisfactory to IFC</font><font style="display: inline;">, pursuant to which the VAALCO Accounts </font><font style="display: inline;">will be</font><font style="display: inline;"> operated and maintained;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">"</font><font style="display: inline;color:#000000;">VAALCO Accounts Bank</font><font style="display: inline;color:#000000;">"</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;">The Bank of New York Mellon, London Branch</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;color:#000000;">with which the VAALCO </font><font style="display: inline;color:#000000;">Accounts will be</font><font style="display: inline;color:#000000;"> operated and maintained under the VAALCO Accounts Agreement, or such successor entity as may be appointed pursuant to the VAALCO Accounts Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#x201C;VAALCO Gabon S.A.&#x201D;</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 75.6pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">has the meaning assigned to it in Section 5.01(a);</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;color:#000000;">"</font><font style="display: inline;color:#000000;">VAALCO Insurance</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Proceeds Account</font><font style="display: inline;color:#000000;">"</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">an interest-bearing account designated as the </font><font style="display: inline;color:#000000;">"</font><font style="display: inline;color:#000000;">Insurance Proceeds Account</font><font style="display: inline;color:#000000;">"</font><font style="display: inline;color:#000000;"> to be operated and maintained by the Borrower with the VAALCO Accounts Bank, pursuant to the VAALCO Accounts Agreement; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">"</font><font style="display: inline;color:#000000;">VAALCO International</font><font style="display: inline;color:#000000;">"</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">VAALCO International Inc., a corporation organized and existing under the laws of Delaware;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">VAALCO Operating </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Account</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 115.2pt 0pt 0pt;"></font><font style="display: inline;">an interest-bearing account </font><font style="display: inline;">to be operated and maintained by the Borrower with the VAALCO Accounts Bank, into which </font><font style="display: inline;">advances</font><font style="display: inline;"> of </font><font style="display: inline;">the </font><font style="display: inline;">Loan</font><font style="display: inline;">s</font><font style="display: inline;"> are to be made and into which the Dollar proceeds of the Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s share of the net proceeds generated from the export sales of oil from the Project will be</font><font style="display: inline;"> deposited, </font><font style="display: inline;font-style:italic;">minus</font><font style="display: inline;"> the payment of royalties to the GOG in accordance with the PSC and any other payments required in accordance with the Etame Accounts Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Work Program and </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Budget"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 115.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">has the meaning assigned to it</font><font style="display: inline;"> in the JOA.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">World Bank</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">the International Bank for Reconstruction and Development, an international organization established by Articles of Agreement among its member countries.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 1.02.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Financial Definitions</font><font style="display: inline;font-style:italic;text-decoration:underline;">.</font><font style="display: inline;"> (a)&nbsp;&nbsp;Wherever used in this Agreement, unless the context otherwise requires, the following terms have the meanings opposite them:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Abandonment </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Obligation"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 100.8pt 0pt 0pt;"></font><font style="display: inline;">the amount of any obligation of the Borrower under the Project Documents relating to </font><font style="display: inline;">abandonment of all or any part of the Borrowing Base Assets (including any physical assets associated with the Borrowing Base Assets)</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Agreed Oil Price"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 79.2pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it in Schedule 7 of this Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Borrowing Base Amount"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;">for the Senior Tranche, the Senior Borrowing Base Amount, and for the Subordinated Tranche, the Subordinated Borrowing Base Amount;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Borrowing Base Assets"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;">t</font><font style="display: inline;">he Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s &nbsp;</font><font style="display: inline;">28.07% working interest (as determined in accordance with the PSC and JOA) </font><font style="display: inline;">in the development areas in and surrounding the Etame</font><font style="display: inline;"> Block Fields;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"Calculation Period"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 72pt 0pt 0pt;"></font><font style="display: inline;">each period of six (6) months beginning on a Semi-Annual Date and ending on the day immediately before the next following Semi-Annual </font><font style="display: inline;">D</font><font style="display: inline;">ate;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Debt</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">with respect to the Borrower, the aggregate of all obligations (whether actual or contingent) of the Borrower, to pay or repay money including:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">all Indebtedness for Borrowed Money;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the aggregate amount then outstanding of all liabilities of any party to the extent the Borrower guarantees them or otherwise directly or indirectly obligates itself to pay them; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">all liabilities of the Borrower (actual or contingent) under any conditional sale or a transfer with recourse or obligation to repurchase, including by way of discount or factoring o</font><font style="display: inline;">f book debts or receivables;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">all liabilities of the Borrower (actual or contingent) under its Charter, any resolution of its shareholders, or any agreement or other document binding on the Borrower to redeem any of its shares;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">all liabilities of the Borrower under</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the FPSO Contract; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(vi)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">all</font><font style="display: inline;"> Abandonment Obligations</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Debt Service"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 93.6pt 0pt 0pt;"></font><font style="display: inline;">in relation to any Calculation Period, </font><font style="display: inline;">the aggregate amount of all </font><font style="display: inline;">scheduled payments due on account of </font><font style="display: inline;">principal</font><font style="display: inline;"> and</font><font style="display: inline;"> interest</font><font style="display: inline;"> and</font><font style="display: inline;"> commission</font><font style="display: inline;">s, fees</font><font style="display: inline;"> and </font><font style="display: inline;">any </font><font style="display: inline;">other amounts which are due and payable by the </font><font style="display: inline;">Borrower</font><font style="display: inline;"> in that </font><font style="display: inline;">Calculation P</font><font style="display: inline;">eriod under the </font><font style="display: inline;">Transaction</font><font style="display: inline;"> Documents</font><font style="display: inline;">;&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Debt Service Coverage</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Ratio" or "DSCR"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 82.8pt 0pt 0pt;"></font><font style="display: inline;">in relation to any Calculation Period, the ratio of:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">Net Cash Flow </font><font style="display: inline;font-style:italic;">plus</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">a portion of the balance standing to the credit of the VAALCO Operating Account on the first day of </font><font style="display: inline;">that</font><font style="display: inline;"> period (such portion to be determined by IFC in its sole discretion)</font><font style="display: inline;"> to </font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">Debt Service for such period;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Discount Rate"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 90pt 0pt 0pt;"></font><font style="display: inline;">ten per cent (10%) per annum;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"</font><font style="display: inline;">EB</font><font style="display: inline;">IT</font><font style="display: inline;">DAX</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">earnings before interest</font><font style="display: inline;">, tax,</font><font style="display: inline;"> depreciation and amortiz</font><font style="display: inline;">ation, and exploration expenses;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Exploration Expenses"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">any expenses associated with exploration activities relating to the Etame Block</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Financial Lease</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 137.4pt 0pt 0pt;"></font><font style="display: inline;">any lease or hire purchase contract which would, under the Accounting Principles, be treated as a finance or capital lease;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Field Life Coverage</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Ratio" or "FLCR"&nbsp; </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 75.6pt 0pt 0pt;"></font><font style="display: inline;">for either RBL Tranche, in relation to any Determination Period (or any day falling in that Determination Period), the ratio of: </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Field-Life NPV for that Determination Period to </font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the aggregate principal amount of the Revolving Loans outstanding under that RBL Tranche (</font><font style="display: inline;font-style:italic;">plus</font><font style="display: inline;">, if that RBL Tranche is the Subordinated Tranche, the aggregated principal amount of the Revolving Loans outstanding under the Senior Tranche) or, as the case may be, all such amounts projected to be outstanding in that Determination Period;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Field-Life NPV"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 86.4pt 0pt 0pt;"></font><font style="display: inline;">in relation to any Determination Period, the sum of:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the present value (as at the first day of that Determination Period) at the Discount Rate of the projected Net Cash Flow up to the Field Life End Date, as certified in the then-current Reserves Certification, and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the present value (as at the first day of that Determination Period) at the Discount Rate of the Borrower's share (as determined in accordance with the PSC and JOA) of Gross Capital Expenditures that has been included in the determination of the amount referred in (i) above as is projected to be incurred with respect to the Borrowing Base Assets in the Relevant Forecast Period, but only to the extent approved by IFC in its sole discretion, and provided further that IFC is satisfied that such Gross Capital Expenditures will be funded from the Total Sources;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Gross Capital</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Expenditures"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 93.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in relation to any period, without double counting, </font><font style="display: inline;">all Project Capital</font><font style="display: inline;"> Expenditure</font><font style="display: inline;">s</font><font style="display: inline;"> and </font><font style="display: inline;">Other</font><font style="display: inline;"> Capital Expenditure</font><font style="display: inline;">s</font><font style="display: inline;"> to the extent paid or payable in that period</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">"Gross Expenditures"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 72pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in relation to any period, without double counting</font><font style="display: inline;">,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">all Gross Operating Expenditures and Gross Capital Expenditures to the extent paid or payable in that period;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Gross Operating</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Expenditures"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 93.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in relation to any period, without double counting</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(and excluding any expenditures covered by Gross Capital Expenditure</font><font style="display: inline;">s</font><font style="display: inline;">) &nbsp;</font><font style="display: inline;">to the extent that the same is </font><font style="display: inline;">paid or payable</font><font style="display: inline;"> by </font><font style="display: inline;">any</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Project Partners</font><font style="display: inline;"> in that period:</font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">all </font><font style="display: inline;">fixed operating </font><font style="display: inline;">and maintenance </font><font style="display: inline;">expenses</font><font style="display: inline;"> relating to the Borrowing Base Assets</font><font style="display: inline;">; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">all costs of producing, lifting, transporting, storing, processing and</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">selling any </font><font style="display: inline;">hydrocarbons</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">produced</font><font style="display: inline;"> from th</font><font style="display: inline;">e</font><font style="display: inline;"> Borrowing Base Asset</font><font style="display: inline;">s (including all </font><font style="display: inline;">FPSO expenses in accordance with the FPSO Contract and any other FPSO-related charges accepted under the PSC</font><font style="display: inline;">)</font><font style="display: inline;">; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">variable operating expenses related to the relevant Etame Block Fields as per the Reserves Certification, or otherwise approved by IFC</font><font style="display: inline;"> in its sole discretion</font><font style="display: inline;">; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">all royalties payable</font><font style="display: inline;"> to the GOG in accordance with the PSC;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">all costs of satisfying the domestic market obligation under the PSC;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">v</font><font style="display: inline;">i</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">non-recoverable expenses such as payments to the hydrocarbon support </font><font style="display: inline;">and training </font><font style="display: inline;">fund</font><font style="display: inline;">s as required under the PSC;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(vii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">all state carry fees; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(viii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 14.4pt 0pt 0pt;"></font><font style="display: inline;">all state reimbursements;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ix</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">any new operating expenses which may arise as a result of changes to the ongoing oil and gas operations and production in the Etame Block;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(x)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">all premiums, fees and expenses relating to the insurances policies covering the Borrowing Base Assets;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(xi)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">any Taxes; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">(xii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">any other </font><font style="display: inline;">expenditure</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">attributable to</font><font style="display: inline;"> the Borrowing Base Assets </font><font style="display: inline;">that IFC </font><font style="display: inline;">in its sole discretion </font><font style="display: inline;">agrees</font><font style="display: inline;"> to designate as a "</font><font style="display: inline;">Gross </font><font style="display: inline;">Operating</font><font style="display: inline;"> Expenditure</font><font style="display: inline;">";</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Gross Revenue"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 90pt 0pt 0pt;"></font><font style="display: inline;">in relation to any period, without double counting, </font><font style="display: inline;">to the extent that the same is</font><font style="display: inline;"> received or</font><font style="display: inline;"> receivable by </font><font style="display: inline;">any</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Project Partners in that period</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">i</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the gross </font><font style="display: inline;">proceeds</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(without deductions whatsoever)</font><font style="display: inline;">, in whatever currency, of any </font><font style="display: inline;">sale</font><font style="display: inline;"> of any hydrocarbons </font><font style="display: inline;">produced</font><font style="display: inline;"> from the Borrowing Base Assets;</font><font style="display: inline;"> and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">ii</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;">any other revenues</font><font style="display: inline;"> or payments</font><font style="display: inline;"> received by </font><font style="display: inline;">any Project Partner in respect of the Borrowing Base Assets</font><font style="display: inline;"> that IFC </font><font style="display: inline;">in its sole discretion </font><font style="display: inline;">determines to include in "Gross Revenue"; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Indebtedness for</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Borrowed Money </font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 86.4pt 0pt 0pt;"></font><font style="display: inline;">with respect to the Borrower, all obligations of the Borrower</font><font style="display: inline;"> to repay money including </font><font style="display: inline;">with respect to:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;">borrowed money;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the outstanding principal amount of any bonds, debentures, notes, loan stock, commercial paper, acceptance credits, bills or promissory notes drawn, accepted, endorsed or issued by the Borrower;</font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">any credit to the Borrower from a supplier of goods or services</font><font style="display: inline;font-style:italic;">&nbsp;</font><font style="display: inline;">under any installment purchase or other similar arrangement with respect to goods or services (except trade accounts that are payable in the ordinary course of business);</font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">non-contingent obligations of the Borrower to reimburse any other Person with respect to amounts paid by that Person under a letter of credit or similar instrument (excluding any letter of credit or similar instrument issued for the benefit of the Borrower with respect to trade accounts that are payable in the ordinary course of business);</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">amounts raised under any other transaction having the financial effect of a borrowing and which would be classified as a borrowing (and not as an off-balance sheet financing) under the Accounting </font><font style="display: inline;">Principles including </font><font style="display: inline;">under </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">leases or similar arrangements entered into primarily as a means of financing the acquisition of the asset leased;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(vi)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the amount of the Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s obligations under derivative </font><font style="display: inline;">transactions entered into in connection with the protection against or benefit from fluctuation in any rate or price (but only the net amount owing by the Borrower after marking the relevant derivative transactions to market</font><font style="display: inline;">)</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(vii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">any premium payable on a mandatory redemption or replacement of any of the foregoing obligations;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(viii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 14.4pt 0pt 0pt;"></font><font style="display: inline;">the amount of any obligation in respect of any Financial Lease; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ix)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the amount of any obligation in respect of any guarantee or indemnity by the Borrower for any of the foregoing items incurred by any other Person;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Liquidity Event" </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 79.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in respect of either RBL Tranche, </font><font style="display: inline;">at any time, the cash flow projection then included in the IFC Base Case shows that the Liquidity Ratio is less than the Minimum Level in the Relevant Forecast Period for that cash flow projection;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Liquidity Ratio"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 82.8pt 0pt 0pt;"></font><font style="display: inline;">for each Relevant Forecast Period, the&nbsp;&nbsp;ratio of Total Sources to Total Uses during such period;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Loan Life Coverage</font>
		</p>
		<p style="margin:0pt 0pt 0pt 147pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Ratio" or "LLCR"&nbsp; </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 75.6pt 0pt 0pt;"></font><font style="display: inline;">for either RBL Tranche, in relation to any Determination Period (or any day falling in that Determination Period), the ratio of: </font>
		</p>
		<p style="margin:0pt 0pt 0pt 147pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Loan-Life NPV for that Determination Period to </font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the aggregate principal of the Revolving Loans outstanding under that RBL Tranche (</font><font style="display: inline;font-style:italic;">plus</font><font style="display: inline;">, if that RBL Tranche is the Subordinated Tranche, the aggregated principal amount of Revolving Loans outstanding under the Senior Tranche) or, as the case may be, all such amounts projected to be outstanding in that Determination Period;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Loan-Life NPV"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 90pt 0pt 0pt;"></font><font style="display: inline;">in relation to any Determination Period, the sum of:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the present value (as at the first day of that Determination Period) at the Discount Rate of the projected Net Cash Flow for that Determination Period and for each subsequent </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">Determination Period ending on or before the Final Maturity Date; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the present value (as at the first day of that Determination Period) at the Discount Rate of the Borrower's share (as determined in accordance with the PSC and JOA) of Gross Capital Expenditures that has been included in the determination of the amount referred in (i) above as is projected to be incurred with respect to the Borrowing Base Assets in the Relevant Forecast Period, but only to the extent approved by IFC in its sole discretion, and provided further that IFC is satisfied that such Gross Capital Expenditures will be funded from the Total Sources of the Borrower;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Minimum Levels</font><font style="display: inline;">"</font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">at any date, shall be:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">1.2:1 with respect to the DSCR;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">1.4:1 with respect to the</font><font style="display: inline;"> LLCR for the</font><font style="display: inline;"> Senior Tranche;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">1.0:1 with respect to the</font><font style="display: inline;"> LLCR</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">for the </font><font style="display: inline;">Subordinated Tranche;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">1.6:1 with respect to the </font><font style="display: inline;">FLCR for the </font><font style="display: inline;">Senior Tranche;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">1.2:1 with respect to the </font><font style="display: inline;">FLCR for the Subordinated</font><font style="display: inline;"> Tranche</font><font style="display: inline;">; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(vi)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">1:1 with respect to the Liquidity Ratio for either RBL Tranche;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Net Cash Flow" or "NCF"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 57.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in relation to any Calculation Period, the sum of:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the </font><font style="display: inline;">Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s share (as determined in accordance with the PSC and JOA)</font><font style="display: inline;"> of the Gross Revenue received in that period;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:italic;">m</font><font style="display: inline;font-style:italic;">inus</font><font style="display: inline;font-style:italic;">,</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the </font><font style="display: inline;">Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s share (as determined in accordance with the PSC and JOA)</font><font style="display: inline;"> of the Gross Expenditures made in that period;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Net Debt"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 108pt 0pt 0pt;"></font><font style="display: inline;">at any time, the aggregate amount of Debt at that time but:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">excluding Affiliate Subordinated Debt;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">including, in the case of Financial Leases only, their capitalized value; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">deducting a portion of the balance then standing to the credit of the VAALCO Operating Account (such portion to be determined by IFC in its sole discretion and to be not greater than the then-current Minimum Aggregate Reserve Amount)</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">and so that no amount shall be included or excluded more than once;&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Other Capital </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Expenditures"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 93.6pt 0pt 0pt;"></font><font style="display: inline;">in relation to any period, without double counting, </font><font style="display: inline;">any </font><font style="display: inline;">capital expenditure</font><font style="display: inline;"> attributable to the Borrowing Base Assets </font><font style="display: inline;">that (i) is provided for in the Work Program and Budget (including Exploration Expenses), (ii) is not a Project Capital Expenditure and (iii) </font><font style="display: inline;">IFC </font><font style="display: inline;">in its sole discretion determines to include</font><font style="display: inline;"> as</font><font style="display: inline;"> an</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">"Other </font><font style="display: inline;">Capital Expenditure</font><font style="display: inline;">", </font><font style="display: inline;">to the extent that the same is paid or payable by any Project Partner in that period</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Project Capital </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Expenditures"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 93.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in relation to any period, without double counting:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">all </font><font style="display: inline;">capital expenditures </font><font style="display: inline;">relating to the Project,</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">all costs related to the Abandonment Obligations, and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">any other capital expenditure </font><font style="display: inline;">attributable to</font><font style="display: inline;"> the Borrowing Base Assets </font><font style="display: inline;">that IFC </font><font style="display: inline;">in its sole discretion determines to include as a</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">"Project Capital Expenditure"</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">in each case </font><font style="display: inline;">to the extent that the same is paid or payable by any Project Partner in that period</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Quarter End Date" </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 75.6pt 0pt 0pt;"></font><font style="display: inline;">the last day of each Fiscal Quarter;</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Relevant Forecast Period"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 50.4pt 0pt 0pt;"></font><font style="display: inline;">as of each Redetermination Date (and any day falling in the Determination Period commencing on that date), in relation to any cash flow projection&nbsp;&nbsp;in the IFC Base Case that is relevant to determining (i) the Field-Life NPV, the Loan-Life NPV or the Minimum Project CapEx Reserve Amount, the period of twelve (12) months commencing on that Redetermination Date, or (ii) the </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">Liquidity Ratio, the period of eighteen (18) months commencing on such Redetermination Date;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Relevant Period" </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 79.2pt 0pt 0pt;"></font><font style="display: inline;">each period of four consecutive Fiscal Quarters ending on a Quarter End Date;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Reserves Criteria"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 75.6pt 0pt 0pt;"></font><font style="display: inline;">has the meaning assigned to it in Schedule 7 of this Agreement;</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Semi-Annual Date"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 79.2pt 0pt 0pt;"></font><font style="display: inline;">June 30 </font><font style="display: inline;">and December 31 in any year;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Senior Borrowing </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Base Amount"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 97.2pt 0pt 0pt;"></font><font style="display: inline;">at any time, in relation to a Determination Period or any day falling within such period, the amount (in Dollars) specified in the then-current IFC Base Case which is the lower of: </font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Loan-Life NPV divided by 1.4, and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the Field-Life NPV divided by 1.6;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"</font><font style="display: inline;">Shareholders</font><font style="display: inline;">'</font><font style="display: inline;"> Equity</font><font style="display: inline;">"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">with respect to the Borrower, the aggregate of:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the amount paid up on the share capital of the Borrower; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the amount standing to the credit of the reserves of the Borrower (including any share premium account, capital redemption reserve funds and any credit balance on the accumulated profit and loss account);</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:-144pt;padding:0pt 144pt 0pt 0pt;"></font><font style="display: inline;">after deducting from that aggregate (A) any debit balance on the profit and loss account or impairment of the issued share capital of the Borrower (except to the extent that deduction with respect to that debit balance or impairment has already been made), (B)</font><font style="display: inline;font-style:italic;">&nbsp;</font><font style="display: inline;">amounts set aside for dividends or taxation (including deferred taxation), and (C)&nbsp;amounts attributable to capitalized items such as goodwill, trademarks, deferred charges, licenses, patents and other intangible assets</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Subordinated Borrowing </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"> Base Amount"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 97.2pt 0pt 0pt;"></font><font style="display: inline;">at any time, in relation to a Determination Period or any day falling within such period, the amount (in Dollars) specified in the then-current IFC Base Case which is the sum of:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:-144pt;padding:0pt 144pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 133.2pt 0pt 0pt;"></font><font style="display: inline;">the lower of:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 216pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(A)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Loan-Life NPV divided by 1.0, and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(B)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Field-Life NPV divided by 1.2;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:italic;">minus</font><font style="display: inline;">,</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the Senior Borrowing Base Amount;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Total Sources"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 90pt 0pt 0pt;"></font><font style="display: inline;">for each Relevant Forecast Period, the sum (without double counting) of:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Available Amount of each RBL Tranche that is available for drawing in that period;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">a portion of the balance standing to the credit of the VAALCO Operating Account on the first day of that period (such portion to be determined by IFC in its sole discretion and to be not greater than the excess of such balance over the then-current Minimum Interest/Fees Reserve Amount);</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii) </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 14.4pt 0pt 0pt;"></font><font style="display: inline;">any undrawn equity that is available for drawing in that period and committed on terms satisfactory to IFC (acting in its sole discretion) for the purposes of meeting any Total Uses in that period; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv) </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">the Net Cash Flow for that period;&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">"Total Uses"</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 100.8pt 0pt 0pt;"></font><font style="display: inline;">in relation to each Relevant Forecast Period, the Borrower's share (as determined in accordance with the PSC and JOA) of the aggregate amount (without double counting) of the Gross Capital Expenditures that are committed on the first day of the period or, if not committed, are projected to be paid by the Project Partners in that period including any projected discretionary amounts having regard to the projected Total Sources for the corresponding period.</font>
		</p>
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			<font style="display: inline;">Section 1.03.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt -1.799999pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-style:italic;text-decoration:underline;">Financial Calculations</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><a name="_Toc1443793"></a><a name="_Toc454981672"></a><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"> &nbsp; </font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">All financial calculations to be made under, or for the purposes of, this Agreement and any other Transaction Document</font><font style="display: inline;font-style:italic;">&nbsp;</font><font style="display: inline;">shall be determined in accordance with the Accounting Principles and, except as otherwise required to conform to any provision of this Agreement, shall be calculated from the then most recently issued quarterly financial statements</font><font style="display: inline;">, prepared on a consolidated basis,</font><font style="display: inline;"> which the Borrower is obligated to furnish to IFC under Section 6.03&nbsp;(a) (</font><font style="display: inline;font-style:italic;">Reporting Requirements</font><font style="display: inline;">).</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">Where quarterly financial statements are used for the purpose of making certain financial calculations and those statements are with respect to the last quarter of a Fiscal Year </font>
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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">then, at IFC</font><font style="display: inline;">'</font><font style="display: inline;">s option, those calculations may instead be made from the audited financial statements for the relevant Fiscal Year.</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">If any material adverse change in the financial condition of the Borrower</font><font style="display: inline;">, VAALCO International</font><font style="display: inline;"> or the Sponsor has occurred after the end of the period covered by the financial statements used to make the relevant financial</font><font style="display: inline;font-style:italic;">&nbsp;</font><font style="display: inline;">calculations, that material adverse change shall also be taken into account in calculating the relevant figures.</font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 1.04.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Interpretation</font><font style="display: inline;">.&nbsp;&nbsp;In this Agreement, unless the context otherwise requires:</font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">headings are for convenience only and do not affect the interpretation of this Agreement;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">words importing the singular include the plural and vice versa;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">a reference to an Annex, Article, party, Schedule or Section is a reference to that Article or Section of, or that Annex, party or Schedule to, this Agreement;</font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">a reference to a document includes an amendment or supplement to, or replacement or novation of, that document but disregarding any amendment, supplement, replacement or novation made </font><font style="display: inline;">in breach of this Agreement; and</font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(e)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">a reference to a party to any document includes that party</font><font style="display: inline;">'</font><font style="display: inline;">s successors and permitted assigns</font><font style="display: inline;"> (and, in the case of the Borrower after the Conversion, includes VAALCO Gabon S.A.).</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:italic;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 1.05.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Business Day Adjustment</font><font style="display: inline;">.&nbsp;&nbsp;&nbsp;When the day on or by which a payment is due to be made is not a Business Day, that payment shall be made on or by </font><font style="display: inline;">(a) </font><font style="display: inline;">the next succeeding Business Day</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">in that calendar month (if there is one) or </font><font style="display: inline;">(b) </font><font style="display: inline;">the preceding Business Day (if there is not)</font><font style="display: inline;">; provided that, in the case of payments made pursuant to clause (a), i</font><font style="display: inline;">nterest, fees and charges (if any) shall continue to accrue for the period from the due date that is not a Business Day to that next succeeding Business Day.</font>
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			<font style="display: inline;font-weight:bold;">ARTICLE II</font>
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			<font style="display: inline;font-weight:bold;">The Project, Project Cost and Financial Plan</font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Section 2.01.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">The Project</font><font style="display: inline;">.&nbsp;&nbsp;The project to be financed consists of</font><font style="display: inline;">:</font><font style="display: inline;">&nbsp;</font><font style="display: inline;"> (i) the construction of two new platforms and associated facilities in the Etame field and the South East Etame and North Tchibala</font><font style="display: inline;"> fields</font><font style="display: inline;">; (ii) the </font><font style="display: inline;">drilling, completion and production</font><font style="display: inline;"> of wells for the aforementioned fields; (iii) </font><font style="display: inline;">upon receipt of the Ebouri Project Authorizations and written approval of IFC, the Ebouri Project</font><font style="display: inline;">; (iv) </font><font style="display: inline;">the </font><font style="display: inline;">costs associated with modifying the FPSO</font><font style="display: inline;"> to support the new platforms,</font><font style="display: inline;"> all of which are located in the Etame Block offshore of the southern coast of Gabon</font><font style="display: inline;">; and (v) general corporate purposes related to the foregoing</font><font style="display: inline;">.</font><font style="display: inline;"> &nbsp; &nbsp;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;">ARTICLE III</font>
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			<font style="display: inline;font-weight:bold;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 3.01.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">The Facility</font><font style="display: inline;">. &nbsp;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">Subject to the provisions of this Agreement, IFC agrees to make available to the Borrower (i) a senior revolving loan facility of up to thirty million Dollars ($30,000,000) (the "Senior Tranche"), (ii) a subordinated revolving loan facility of up to fifteen million Dollars ($15,000,000) </font><font style="display: inline;">(the "Subordinated Tranche"</font><font style="display: inline;">), and (iii) a term loan facility comprised of two tranches:&nbsp;&nbsp;(A) a tranche of up to fifteen million Dollars ($15,000,000) (the </font><font style="display: inline;">"</font><font style="display: inline;">Initial Term Tranche</font><font style="display: inline;">"</font><font style="display: inline;">), and (B) a tranche of up to five million Dollars ($5,000,000) (the </font><font style="display: inline;">"</font><font style="display: inline;">Additional Term Tranche</font><font style="display: inline;">"</font><font style="display: inline;">, and together with the Senior Tranche, the Subordinated Tranche and the Initial Term Tranche, the </font><font style="display: inline;">"</font><font style="display: inline;">Facility</font><font style="display: inline;">"</font><font style="display: inline;">).&nbsp; </font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Each Loan under the Facility may be used solely for the Project.&nbsp; </font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 3.02.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Loan Procedure</font><font style="display: inline;">. &nbsp;</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;">The Borrower may request Revolving Loans up to the Available Amount of each RBL Tranche during the relevant Availability Period by delivering to IFC, at least ten (10) Business Days prior to the proposed date of a Revolving Loan, a Loan request substantially in the form of Schedule 2, and a receipt substantially in the form of Schedule 3; </font>
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			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">On the Effective Date, </font><font style="display: inline;">the Borrower will be conclusively deemed to have given IFC a duly completed request (and receipt) for </font><font style="display: inline;">the disbursement of</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the Term</font><font style="display: inline;"> Loan</font><font style="display: inline;"> under the Initial Term Tranche</font><font style="display: inline;"> &nbsp;(</font><font style="display: inline;">in</font><font style="display: inline;"> an aggregate amount equal to </font><font style="display: inline;">$15,000,000</font><font style="display: inline;">) &nbsp;</font><font style="display: inline;">to be applied </font><font style="display: inline;">solely</font><font style="display: inline;"> to repay </font><font style="display: inline;">the</font><font style="display: inline;"> outstanding Revolving Loans under the </font><font style="display: inline;">RBL</font><font style="display: inline;"> Tranche</font><font style="display: inline;">s</font><font style="display: inline;"> in full (and IFC is hereby authorized by the Borrower to apply </font><font style="display: inline;">such</font><font style="display: inline;"> Term Loan to such repayment)</font><font style="display: inline;">; and </font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">T</font><font style="display: inline;">he Borrower may request a single disbursement of </font><font style="display: inline;">the Term Loan under the Additional Term Tranche </font><font style="display: inline;">up to </font><font style="display: inline;">the Available Amount of the Additional Term Tranche</font><font style="display: inline;"> during the Availability Period</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">by delivering to IFC, at least ten (1</font><font style="display: inline;">0</font><font style="display: inline;">) Business Days prior to the proposed date of such disbursement, a Loan request substantially in the form of Schedule 2 and a receipt substantially in the form of Schedule 3</font><font style="display: inline;">.</font>
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		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Where any Revolving Loan of either RBL Tranche is outstanding on any Scheduled Redetermination Date, the Borrower will be conclusively deemed to have given IFC a duly completed request (and receipt) for a Rollover Loan (of an aggregate amount equal to the outstanding amount of all Revolving Loans of that RBL Tranche, including any Rollover Loan, which are scheduled to mature on that </font><font style="display: inline;">Scheduled Redetermination</font><font style="display: inline;"> Date) to be applied in </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">refinancing those outstanding Revolving Loans in full (and IFC is hereby authorized by the Borrower to apply such Rollover Loan to such refinancing) unless, </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">such </font><font style="display: inline;">Scheduled Redetermination Date </font><font style="display: inline;">is </font><font style="display: inline;">a Reduction Date</font><font style="display: inline;">, in which case the amount of such Rollover Loan shall be reduced by the aggregate principal amount of the Revolving Loans of that RBL Tranche that the Borrower is required to repay in accordance with Section 3.05 on such Reduction Date; and/or </font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">IFC at any time notifies the Borrower that all or a portion of any Revolving Loan is not eligible to be treated as a Rollover Loan because any other conditions necessary for the making of such Rollover Loan as required pursuant to </font><font style="display: inline;">Section 5.02 and 5.03</font><font style="display: inline;"> hereof are not fulfilled; and/or </font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">not later than thirty (30) days prior to such </font><font style="display: inline;">Scheduled Redetermination Date</font><font style="display: inline;">, the Borrower notifies IFC that it does not wish this provision to apply in respect of all or a portion of any Revolving Loan.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">The Loans (other than the Rollover Loans) shall be requested and made under each Tranche in accordance with the respective Available Amounts thereof; and each disbursement of a Loan (other than a Rollover Loan or the Term Loan under the Additional Term Tranche) shall be made in an amount of not less than five million Dollars ($5,000,000), or, if lower, in an amount that equals the maximum amount drawable of the Available Amount.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">Each Revolving Loan (other than a Rollover Loan) and any disbursement of the Term Loan under the Additional Term Tranche shall be made by IFC at a bank in New York, New York for further credit to </font><font style="display: inline;">the VAALCO Operating Account or</font><font style="display: inline;"> any other place acceptable to IFC, all as specified by the Borrower in the relevant Loan request.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 3.03.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Interest</font><font style="display: inline;">.&nbsp;&nbsp;Subject to the provisions of Section 3.04 (</font><font style="display: inline;font-style:italic;">Default Rate Interest</font><font style="display: inline;">) and to the maximum extent permitted by applicable law, the Borrower shall pay interest on each Loan in accordance with this Section 3.03:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">During each Interest Period, each Loan shall bear interest at the applicable Interest Rate for that Interest Period.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Interest on each Loan shall accrue from day to day, be prorated on the basis of a 360</font><font style="display: inline;">&#8209;day year for the actual number of days in the relevant Interest Period and be payable in arrears on the Interest Payment Date immediately following the end of that Interest Period; provided that with respect to any Loan made less than fifteen (15) days before an Interest Payment Date, interest on that Loan shall be payable on the second Interest Payment Date following the date of that Loan.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">Subject to Section 3.03 (e) and (f), the Interest Rate for the Loans of each Tranche for any Interest Period shall be</font><font style="display: inline;">, to the </font><font style="display: inline;">maximum </font><font style="display: inline;">extent permitted by applicable law,</font><font style="display: inline;"> the rate which is the sum of:</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Relevant Spread; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">LIBOR on the Interest Determination Date for that Interest Period for three (3) months (or, in the case of any Loan to be made on a date other than an Interest Payment Date, for one (1) month, two (2) months or three (3) months, whichever period is closest to the duration of the relevant Interest Period (or, if two periods are equally close, the longer one)) rounded upward to the nearest three decimal places.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">If, for any Interest Period, IFC cannot determine LIBOR by reference to the Reuters Service or any other service that displays BBA rates, IFC shall notify the Borrower and shall instead determine LIBOR:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">on the second Business Day before the beginning of the relevant Interest Period by calculating the arithmetic mean (rounded upward to the nearest three decimal places) of the offered rates advised to IFC on or around 11:00 a.m., London time, for deposits in </font><font style="display: inline;">Dollars</font><font style="display: inline;"> and otherwise in accordance with Section 3.03 (c)(ii), by any four (4) major banks active in </font><font style="display: inline;">Dollars</font><font style="display: inline;"> in the London interbank market, selected by IFC; provided that if less than four quotations are received, IFC may rely on the quotations so received if not less than two (2); or</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">if less than two (2) quotations are received from the banks in London in accordance with subsection (i) above, on the first day of the relevant Interest Period, by calculating the arithmetic mean (rounded upward to the nearest three decimal places) of the offered rates advised to IFC on or around 11:00 a.m. New York time, for loans in Dollars and otherwise in accordance with Section 3.03 (c)(ii), by a major bank or banks in New York, New York, selected by IFC.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">(e)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Subject to any alternative basis agreed as contemplated by Section </font><font style="display: inline;">3</font><font style="display: inline;">.03 (f) below, if a Market Disruption Event occurs in relation to all or any part of any Loan of any Tranche for any Interest Period, IFC shall promptly notify the Borrower of such event and the relevant Interest Rate for such Loans for that Interest Period shall be the rate which is the sum of:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Relevant Spread; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">either (A) the rate which expresses as a percentage rate per annum the cost to IFC (or the relevant Participant as notified to IFC as soon as practicable and in any event not later than the close of business on the first day of the relevant Interest Period) of funding such Loan or such Participation (as applicable) from whatever source it may reasonably select or (B) at the option of IFC (or any such Participant, as applicable), LIBOR for the relevant period as determined in accordance with Section 3.03 (c)(ii) above</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		</p>

</div>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(f)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;">If a Market Disruption Event occurs in relation to all or any part of any Loan and </font><font style="display: inline;">IFC or </font><font style="display: inline;">the Borrower so requires, within </font><font style="display: inline;">five (</font><font style="display: inline;">5</font><font style="display: inline;">)</font><font style="display: inline;"> Business Days of the notification by IFC pursuant to Section 3.03 (e), IFC and the Borrower shall enter into good faith negotiations (for a period of not more than </font><font style="display: inline;">thirty (</font><font style="display: inline;">30</font><font style="display: inline;">)</font><font style="display: inline;"> days) with a view to agreeing a substitute basis for determining the rate of interest applicable to such Loan.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">Any alternative basis agreed pursuant to sub-paragraph (i) above shall take effect in accordance with its terms and be binding on each party hereto.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">If agreement cannot be reached, the Borrower may prepay such Loan or the relevant portion of such Loan in accordance with Section 3.06 (a).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(g)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">On each Interest Determination Date for any Interest Period, IFC shall determine the Interest Rate applicable to that Interest Period for each Tranche and promptly notify the Borrower of that rate.</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(h)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">The determination by IFC, from time to time, of the Interest Rate for each Tranche shall be final and conclusive and bind the Borrower (unless the Borrower shows to IFC's satisfaction that the determination involves manifest error).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Section 3.04.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Default Rate Interest</font><font style="display: inline;font-style:italic;text-decoration:underline;">.</font><font style="display: inline;"> (a) Without limiting the remedies available to IFC under this Agreement or otherwise (and to the maximum extent permitted by applicable law), if the Borrower fails to make any payment of principal or interest (including interest payable pursuant to this Section) or any other payment provided for in Section 3.07 (</font><font style="display: inline;font-style:italic;">Fees</font><font style="display: inline;">) when due as specified in this Agreement (whether at stated maturity or upon acceleration), the Borrower shall pay interest on the amount of that payment due and unpaid at the rate which shall be the sum of two per cent (2%) per annum and the Interest Rate in effect from time to time determined in accordance with Section 3.03 (</font><font style="display: inline;font-style:italic;">Interest</font><font style="display: inline;">).</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:line-through;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:line-through;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Interest at the rate referred to in Section 3.04 (a) shall accrue from the date on which payment of the relevant overdue amount became due until the date of actual payment of that amount (as well after as before judgment), and shall be payable on demand or, if not demanded, on each Interest Payment Date falling after any such overdue amount became due.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Section 3.05.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Repayment</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">Subject to Section 1.05 (</font><font style="display: inline;font-style:italic;">Business Day Adjustment</font><font style="display: inline;">), the Borrower shall repay:</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">each Revolving Loan made to it in full on each </font><font style="display: inline;">Scheduled Redetermination Date</font><font style="display: inline;">; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the Term Loan under the Initial Term Tranche as follows:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(A)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in the event the Additional Term Tranche </font><font style="display: inline;">is </font><font style="display: inline;">disbursed</font><font style="display: inline;"> or cancelled</font><font style="display: inline;"> on or before </font><font style="display: inline;">September 15, 2016, on the Interest Payment Dates </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">and in the amounts set out </font><font style="display: inline;">in</font><font style="display: inline;"> the repayment schedule in</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Part III-A of Schedule 9;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(B)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in the event the Additional Term Tranche </font><font style="display: inline;">is</font><font style="display: inline;"> disbursed or cancelled after </font><font style="display: inline;">September 15, 2016</font><font style="display: inline;"> but on or before</font><font style="display: inline;"> December 15, 2016, on the Interest Payment Dates and in the amounts set out </font><font style="display: inline;">in</font><font style="display: inline;"> the repayment schedule in</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Part III-B of Schedule 9; or</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(C)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in the event that the Additional Term Tranche </font><font style="display: inline;">is </font><font style="display: inline;">disbursed</font><font style="display: inline;"> or cancelled</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">after</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">December 15, 2016, on the Interest Payment Dates and in the amounts set out </font><font style="display: inline;">in</font><font style="display: inline;"> the table in</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Part III-C of Schedule 9; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">the Term Loan under the Additional Term Tranche as follows:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(A)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in the event the Additional Term Tranche is disbursed on or before </font><font style="display: inline;">December 15, 2016, on the Interest Payment Dates and in the amounts </font><font style="display: inline;">equal to the relevant percentage of </font><font style="display: inline;">the total disbursed amount of such Term</font><font style="display: inline;"> Loan </font><font style="display: inline;">set out </font><font style="display: inline;">in</font><font style="display: inline;"> the repayment schedule in</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Part IV-A of Schedule 9;&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(B)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in the event that the Additional Term Tranche </font><font style="display: inline;">is </font><font style="display: inline;">disbursed</font><font style="display: inline;"> after</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">December 15, 2016 but on or before December 31, 2016, on the Interest Payment Dates and in the amounts </font><font style="display: inline;">equal to the relevant percentage of </font><font style="display: inline;">the total disbursed amount of such Term</font><font style="display: inline;"> Loan</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">set out </font><font style="display: inline;">in</font><font style="display: inline;"> the table in</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Part IV-B of Schedule 9.&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Notwithstanding any ot</font><font style="display: inline;">her provision of this Agreement,</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Borrower</font><font style="display: inline;"> shall repay such amount of the</font><font style="display: inline;"> Revolving Loans of each RBL Tranche</font><font style="display: inline;"> as is required to</font><font style="display: inline;"> ensure as of each Reduction Date, that the aggregate outstanding principal amount of such Revolving Loans does not exceed the Maximum Available Amount for that RBL Tranche determined as of </font><font style="display: inline;">such</font><font style="display: inline;"> Reduction Date; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">all Loans and other amounts outstanding under the Facility shall be repaid on the Final Maturity Date.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">c</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;">If </font><font style="display: inline;">the Borrower is required pursuant to paragraph (b)(i) above to repay any principal of any Revolving Loan on an Interim Redetermination Date, then:</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;background-color:aqua;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Borrower shall simultaneously pay all accrued interest and Increased Costs (if any) on the </font><font style="display: inline;">principal </font><font style="display: inline;">amount of the </font><font style="display: inline;">Revolving </font><font style="display: inline;">Loans to be</font><font style="display: inline;"> so</font><font style="display: inline;"> repaid, together with all other amounts then due and payable under this Agreement, including the amount payable under Section 3.11 (</font><font style="display: inline;font-style:italic;">Unwinding Costs</font><font style="display: inline;">); and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">if requested by IFC, the Borrower shall deliver to IFC, prior to the date of payment, evidence satisfactory to IFC that all necessary Authorizations with respect to the payment have been obtained.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">A</font><font style="display: inline;">ny repayments</font><font style="display: inline;"> of the Revolving Loans</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">under sub-paragraph (b)(i) above </font><font style="display: inline;">shall be applied towards such </font><font style="display: inline;">Revolving </font><font style="display: inline;">Loans as IFC (acting in consultation with the Borrower) shall determine.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(e)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">Subject to the terms of this Agreement, any principal amounts of the Revolving Loans repaid under this Section 3.05 may be re-borrowed to the extent permitted under Section 3.02.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(f)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">Any principal amount of any Term</font><font style="display: inline;"> Loan repaid under this Agreement may not be re-borrowed.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Section 3.06.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Prepayment</font><font style="display: inline;">.&nbsp;&nbsp;(a) Without prejudice to Sections 3</font><font style="display: inline;">.1</font><font style="display: inline;">0</font><font style="display: inline;"> &nbsp;(</font><font style="display: inline;font-style:italic;">Increased Costs</font><font style="display: inline;">)</font><font style="display: inline;">,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">3</font><font style="display: inline;">.03(f)(iii) (</font><font style="display: inline;font-style:italic;">Interest</font><font style="display: inline;">)</font><font style="display: inline;"> and</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">3.16</font><font style="display: inline;"> &nbsp;(</font><font style="display: inline;font-style:italic;">Illegality of Participation</font><font style="display: inline;">)</font><font style="display: inline;">, the Borrower may prepay all or any of the Loans of any Tranche, on not less than thirty (30) days' prior notice to IFC, but only if:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Borrower simultaneously pays all accrued interest on the amount of each Loan to be prepaid, together with all other amounts then due and payable under this Agreement, including Increased Costs (if any) payable under Section 3.10 (</font><font style="display: inline;font-style:italic;">Increased Costs</font><font style="display: inline;">) and the amount payable under Section 3.11 (</font><font style="display: inline;font-style:italic;">Unwinding Costs</font><font style="display: inline;">);</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">for a partial prepayment, the prepayment is in an amount of not less than one million two hundred fifty thousand Dollars ($1,250,000); and </font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">if requested by IFC, the Borrower delivers to IFC, prior to the date of prepayment, evidence satisfactory to IFC that all necessary Authorizations with respect to the prepayment have been obtained.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Upon delivery of a notice in accordance with Section 3.06 (a), the Borrower shall make the prepayment in accordance with the terms of that notice.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Subject to the terms of th</font><font style="display: inline;">is Agreement, any principal amounts of any Revolving Loan prepaid under this Section 3.06</font><font style="display: inline;"> may be re</font><font style="display: inline;">-</font><font style="display: inline;">borrowed</font><font style="display: inline;">.</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">A</font><font style="display: inline;">ny principal amount of </font><font style="display: inline;">any</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Term </font><font style="display: inline;">Loan prepaid under this Agreement may not be re-borrowed</font><font style="display: inline;">.</font>
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			<font style="display: inline;">Section 3.07.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Fees</font><font style="display: inline;">.&nbsp; </font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">T</font><font style="display: inline;">he Borrower shall pay to IFC a commitment fee </font><font style="display: inline;">for each RBL Tranche and the Additional Term Tranche </font><font style="display: inline;">computed at forty per cent (40%) of the </font><font style="display: inline;">Relevant Spread</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">for that RBL </font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">Tranche on that part of the Commitment for that RBL Tranche and the Additional Term Tranche which from time to time has not been disbursed or cancelled</font><font style="display: inline;">.&nbsp;&nbsp;The commitment fee shall:</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">begin to accrue</font><font style="display: inline;"> (x)</font><font style="display: inline;"> on the date of this Agreement</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">with respect to </font><font style="display: inline;">each</font><font style="display: inline;"> RBL Tranche and (y) on the Effective Date with respect to the </font><font style="display: inline;">Additional </font><font style="display: inline;">Term Tranche</font><font style="display: inline;">; &nbsp;</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">be </font><font style="display: inline;text-decoration:underline;">pro</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">rated</font><font style="display: inline;"> on the basis of a 360-day year for the ac</font><font style="display: inline;">tual number of days elapsed;</font>
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		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">be payable quarterly, in arrears, on the Interest Payment Dates in each year, with the first such payment due</font><font style="display: inline;"> (x) for each RBL Tranche,</font><font style="display: inline;"> on </font><font style="display: inline;">March 31, 2014 and (y) for the Additional Term Tranche, on September 30, 2016; and</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">cease to accrue, with respect to each Tranche, at the end of the Availability Period for such Tranche</font><font style="display: inline;">.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">The Borrower shall also pay to IFC a front-end fee of six hundred and fifty thousand dollars ($650,000), to be paid upon the earlier of (x) the date which is thirty (30) days after the date of this Agreement and (y) the date of the First Loan.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">The Borrower shall also pay to IFC a </font><font style="display: inline;">structuring fee</font><font style="display: inline;"> of </font><font style="display: inline;">nine</font><font style="display: inline;"> hundred</font><font style="display: inline;"> and seventy-five</font><font style="display: inline;"> thousand dollars ($</font><font style="display: inline;">975</font><font style="display: inline;">,000), to be paid upon the earlier of (x) the date which is thirty (30) days after the date of this Agreement and (y) the date of the First Loan.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">The Borrower shall pay to IFC an annual portfolio supervision fee of fifteen thousand US Dollars ($15,000) for each Fiscal Year during which any portion of this Facility is committed or outstanding, whether that year is complete or not, to be paid (i) with respect to the 2014 calendar year, within thirty (30) days of the date of this Agreement or on or before the date of the First Loan, whichever is earlier, and (ii) with respect to each Fiscal Year thereafter, on January 15.</font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 3.08.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Currency and Place of Payments</font><font style="display: inline;"> (a)&nbsp;&nbsp;The Borrower shall make all payments of principal, interest, fees, and any other amount due to IFC under this Agreement in Dollars, in same day funds, to Citibank, N.A., 111 Wall Street, New York, New York, U.S.A., ABA#021000089, for credit to IFC's account number 36085579, or at such other bank or account in New York as IFC from time to time designates.&nbsp;&nbsp;Payments must be received in IFC's designated account no later than 1:00 p.m. New York time.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">The tender or payment of any amount payable under this Agreement (whether or not by recovery under a judgment) in any currency other than Dollars shall not novate, discharge or satisfy the obligation of the Borrower to pay in Dollars all amounts payable under this Agreement except to the extent that (and as of the date when) IFC actually receives funds in Dollars in the account specified in, or pursuant to, Section&nbsp;3.08 (a).</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">The Borrower shall indemnify IFC against any losses resulting from a payment being received or an order or judgment being given under this Agreement in any currency other than Dollars or any place other than the account specified in, or pursuant to, Section 3.08 (a). The Borrower shall, as a separate obligation, pay such additional amount as is necessary to enable IFC to receive, after conversion to Dollars at a market rate and transfer to that account, the full amount due to IFC under this Agreement in Dollars and in the account specified in, or pursuant to, Section 3.08 (a).</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">Notwithstanding the provisions of Section 3.08 (a) and Section 3.08 (b), IFC may require the Borrower to pay (or reimburse IFC) for any Taxes, fees, costs, expenses and other amounts payable under Section 3.14 (a) (</font><font style="display: inline;font-style:italic;">Taxes</font><font style="display: inline;">) and Section 3.15 (</font><font style="display: inline;font-style:italic;">Expenses</font><font style="display: inline;">) in the currency in which they are payable, if other than Dollars.</font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 3.09.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Allocation of Partial Payments</font><font style="display: inline;">.&nbsp;&nbsp;If at any time IFC receives less than the full amount then due and payable to it under this Agreement, IFC may allocate and apply the amount received in any way or manner and for such purpose or purposes under this Agreement as IFC in its sole discretion determines, notwithstanding any instruction that the Borrower may give to the contrary.</font>
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			<font style="display: inline;">Section 3.10.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Increased Costs</font><font style="display: inline;">.&nbsp;&nbsp;On each Interest Payment Date, the Borrower shall pay, in addition to interest, the amount which IFC from time to time notifies to the Borrower in an Increased Costs Certificate as being the aggregate Increased Costs of IFC and each Participant accrued and unpaid prior to that Interest Payment Date.</font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 3.11.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Unwinding Costs</font><font style="display: inline;">. (a)&nbsp;&nbsp;If IFC or any Participant incurs any cost, expense or loss as a result of the Borrower:</font>
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			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">failing to borrow in accordance with a request for a Loan made pursuant to Section 3.02 (</font><font style="display: inline;font-style:italic;">Loan Procedure</font><font style="display: inline;">), or to prepay in accordance with a notice of prepayment or pursuant to Section 3.06 (b);</font>
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			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">prepaying all or any portion of the Loans; or</font>
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			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">after acceleration of all or any portion of the Loans, paying all or any portion of the Loans;</font>
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			<font style="display: inline;">then the Borrower shall immediately pay to IFC the amount which IFC from time to time notifies to the Borrower as being the amount of those costs, expenses and losses incurred.</font>
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		<p style="margin:0pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">For the purposes of this Section, "costs, expenses or losses" include any premium, penalty or expense incurred to liquidate or obtain third party deposits, borrowings, hedges or swaps in order to make, maintain, fund or hedge any or all of the Loans or prepayment of any</font><font style="display: inline;"> or </font><font style="display: inline;">all</font><font style="display: inline;"> of the Loans</font><font style="display: inline;">, or any payment of all or any of the Loans upon acceleration. </font>
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		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 3.12.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Suspension or Cancellation by IFC</font><font style="display: inline;">.&nbsp;&nbsp;(a)&nbsp;&nbsp;IFC may, by notice to the Borrower, suspend or cancel the right of the Borrower to the undisbursed portion of the Facility in whole or in part:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">if the First Loan has not been made by June 30, 2014 or such other date as the parties agree; </font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">if any Event of Default has occurred and is continuing or if the Event of Default specified in Section 7.02 (f) (</font><font style="display: inline;font-style:italic;">Events of Default</font><font style="display: inline;">) is, in the reasonable opinion of IFC, imminent; or</font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">if any event or condition has occurred and is continuing which has or can reasonably be expected to have a Material Adverse Effect;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">provided that, with respect to </font><font style="display: inline;">the Additional Term Tranche, if the </font><font style="display: inline;">disbursement has not been made on or before December 31, 2016, the Additional Term Tranche shall be cancelled without any requirement for notice pursuant to this Section 3.12 (a) or Section 3.13 (a)</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Upon the giving of any such notice, the right of the Borrower to the undisbursed portion of the Facility shall be suspended or cancelled, as the case may be. The exercise by IFC of its right of suspension shall not preclude IFC from exercising its right of cancellation, either for the same or any other reason specified in Section 3.12 (a).&nbsp;&nbsp;Upon any cancellation the Borrower shall, subject to paragraph (d) of this Section 3.12, pay to IFC all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to the date of that cancellation. A suspension shall not limit any other provision of this Agreement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Any portion of the Facility that is cancelled under this Section 3.12 may not be re-borrowed.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">In the case of a partial cancellation of the Facility pursuant to paragraph (a) of this Section 3.12, or Section 3.13 (a) below, interest on the amount then outstanding of the Loans remains payable as provided in Section 3.03 (</font><font style="display: inline;font-style:italic;">Interest</font><font style="display: inline;">).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 3.13. </font><font style="display: inline;font-style:italic;text-decoration:underline;">Cancellation by the Borrower</font><font style="display: inline;">. (a)&nbsp;&nbsp;The Borrower may, by notice to IFC, irrevocably request IFC to cancel either in whole or in part the undisbursed portion of the Facility on the date specified in that notice (which shall be a date not earlier than thirty (30) days after the date of that notice); provided that, in the case of the RBL Tranches, the Borrower may request any such cancellation only once in any Fiscal Year and the amount of any such cancellation shall be applied to the Commitments of each of the RBL Tranches </font><font style="display: inline;font-style:italic;">pro rata</font><font style="display: inline;"> in accordance with amounts thereof then in effect.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent: -108pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:-108pt;padding:0pt 108pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 108pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 97.2pt 0pt 0pt;"></font><font style="display: inline;">IFC shall, by notice to the Borrower, cancel the undisbursed portion of the Facility effective as of that specified date if, subject to Section 3.12(d) above, IFC has received all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to such specified date; and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Any portion of the Facility that is cancelled under this Section 3.13 may not be reinstated.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Section 3.14.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Taxes</font><font style="display: inline;font-style:italic;text-decoration:underline;">.</font><font style="display: inline;"> (a)&nbsp;&nbsp;The Borrower shall pay or cause to be paid all Taxes (other than taxes, if any, payable on the overall income of IFC)</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;">on or in connection with the payment of any and all amounts due under this Agreement</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">or any other Transaction Document that are now or in the future levied or imposed by any Authority of Gabon, the United Kingdom or the United States of America or by any organization of which Gabon, the United Kingdom or the United States of the America is a member or any jurisdiction through or out of which a payment is made. </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">All payments of principal, interest, fees and other amounts due under this Agreement</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">or any other Transaction Document shall be made without deduction for or on account of any Taxes.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">If the Borrower is prevented by operation of law or otherwise from making or causing to be made those payments referred to in Section 3.14 (b) without deduction, the principal or (as the case may be) interest, fees or other amounts due under this Agreement or, as the case may be, the </font><font style="display: inline;">relevant Transaction Document </font><font style="display: inline;">shall be increased to such amount as may be necessary so that IFC receives the full amount it would have received (taking into account any Taxes payable on amounts payable by the Borrower under this subsection) had those payments been made without that deduction.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">If Section 3.14 (c) applies and IFC so requests, the Borrower shall deliver to IFC official tax receipts evidencing payment (or certified copies of them) within thirty (30) days of the date of that request.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 3.15.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Expenses</font><font style="display: inline;">. (a)&nbsp;&nbsp;The Borrower shall pay or, as the case may be, reimburse IFC or its assignees on demand any amount paid by them on account of, all taxes (including stamp taxes), duties, fees or other charges payable on or in connection with the execution, issue, delivery, registration or notarization of the Transaction Documents and any other documents related to this Agreement or any other Transaction Document.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">The Borrower shall pay promptly, on demand, to IFC or as IFC may direct:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the out-of-pocket </font><font style="display: inline;">expenses (including travel and subsistence expenses) reasonably incurred by IFC in conducting its annual supervision review</font><font style="display: inline;"> of the Borrower and the Project, the preparation, administration and implementation by IFC of the investment provided for in this Agreement, or otherwise in connection with any restructuring of the Loans or amendment, supplement, or modification to, or any waiver under, any of the Transaction Documents, payable upon receipt of an invoice from IFC;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">any fees agreed upon among the Borrower and IFC in connection with any restructuring of the Loans, or amendment, supplement, modification or waiver under, any of the Transaction Documents;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">the fees and expenses of IFC's technical consultants (including the Independent Engineer), reasonable fees and expenses of other external consultants (including the independent consultant(s) hired in connection with the requirements of Section 6.03(d)), incurred in connection with the investment by IFC provided for under this Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the </font><font style="display: inline;">reasonable fees and</font><font style="display: inline;"> expenses of IFC's counsel in Gabon, France, Delaware, London, England and New York and any other relevant jurisdictions,&nbsp;&nbsp;incurred in connection with:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(A)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the preparation of the investment by IFC provided for under this Agreement and any other Transaction Document;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(B)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the preparation and/or review, execution and, where appropriate, translation and registration of the Transaction Documents and any other documents related to them;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(C)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the giving of any legal opinions required by IFC under this Agreement and any other Transaction Document;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(D)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the administration and implementation by IFC of the investment provided for in this Agreement or otherwise in connection with any amendment, supplement or modification to, or waiver under, any of the Transaction Documents;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(E)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the registration (where appropriate) and the delivery of the evidences of indebtedness relating to the Loans; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(F)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the release of the Security following the repayment in full of the Loans; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the costs and expenses incurred by IFC in relation to efforts to enforce or protect its rights under any Transaction Document, or the exercise of its rights or powers consequent upon or arising out of the occurrence of any Event of Default or Potential Event of Default, including all legal and other professional consultants' fees and expenses on a full indemnity basis.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Section 3.16.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Illegality of Participation</font><font style="display: inline;">.&nbsp;&nbsp;If IFC has sold a Participation and after the date of this Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the </font><font style="display: inline;">"</font><font style="display: inline;">Relevant Change</font><font style="display: inline;">"</font><font style="display: inline;">) makes it unlawful for the Participant acquiring that Participation to continue to maintain or to fund that Participation:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Borrower shall, upon request by IFC (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">the date that IFC advises the Borrower is the latest day permitted by the Relevant Change, prepay in full that part of the Loan that IFC advises corresponds to that Participation;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">concurrently with the prepayment of the part of the Loan corresponding to the Participation affected by the Relevant Change, the Borrower shall pay all accrued interest, Increased Costs (if any) on that part of the Loan (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 3.11 (</font><font style="display: inline;font-style:italic;">Unwinding Costs</font><font style="display: inline;">)); and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Borrower agrees to take all reasonable steps to obtain, as quickly as possible after receipt of IFC</font><font style="display: inline;">'</font><font style="display: inline;">s request for prepayment, the Authorization referred to in Section 3.16 (a) if any such Authorization is then required.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Section 3.17.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Subordination</font><font style="display: inline;">.</font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;">Upon any distribution of the assets in connection with any dissolution, winding up, liquidation or reorganization of the </font><font style="display: inline;">Borrower</font><font style="display: inline;"> or upon an assignment for the benefit of creditors of the </font><font style="display: inline;">Borrower</font><font style="display: inline;">, all amounts outstanding under the </font><font style="display: inline;">Senior Tranche</font><font style="display: inline;"> (whether principal, interest, fees or other amounts) shall be paid in full before any amount owing in respect of the </font><font style="display: inline;">Subordinated Tranche is </font><font style="display: inline;">paid.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">ARTICLE IV</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Representations and Warranties</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 4.01.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Representations and Warranties</font><font style="display: inline;">.&nbsp;&nbsp;The Borrower represents and warrants that:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Borrower is a company duly incorporated and validly existing</font><font style="display: inline;text-decoration:line-through;">&nbsp;</font><font style="display: inline;">under the laws of Delaware (or, after the Conversion, a </font><font style="display: inline;font-style:italic;">s</font><font style="display: inline;font-style:italic;">oci&#xE9;t&#xE9; </font><font style="display: inline;font-style:italic;">a</font><font style="display: inline;font-style:italic;">nonyme</font><font style="display: inline;"> incorporated and validly existing under the laws of Gabon), has the corporate power, and has obtained all required Authorizations, </font><font style="display: inline;">to </font><font style="display: inline;">own its assets, conduct its business as presently conducted and to enter into, and comply with its obligations under, the Transaction Documents to which it is a party or will, in the case of any Transaction Document not executed as at the date of this Agreement, when that Transaction Document is executed, have the corporate power to enter into, and comply with its obligations under, that Transaction Document;&nbsp; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">each Transaction Document to which the Borrower is a party has been, or will be, duly authorized and executed by the Borrower and constitutes, or will, when executed constitute, a valid and legally binding obligation of the Borrower, enforceable in accordance with its terms, </font><font style="display: inline;">except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter in effect affecting the enforcement of creditors&#x2019; rights generally and by general principles of equity as applied by a court of competent jurisdiction</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">neither the making of any Transaction Document to which the Borrower is a party nor (when all the Authorizations referred to in Section 5.01(d) </font><font style="display: inline;">(</font><font style="display: inline;font-style:italic;">Conditions of Loans</font><font style="display: inline;">) have been </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">obtained) the compliance with its terms will</font><font style="display: inline;"> conflict with or result in a breach of any of the terms, conditions or provisions of, or constitute a default or require any consent under, any indenture, mortgage, agreement or other instrument or arrangement to which the Borrower is a party or by which it is bound, or violate any of the terms or provisions of the Borrower's Charter or any Authorization, judgment, decree or order or any statute, rule or regulation applicable to the Borrower;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">to the best of the Borrower's knowledge after due inquiry:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Authorizations specified in Annex C are all the Authorizations (other than Authorizations that are of a routine nature and are obtained in the ordinary course of business) needed by the Borrower to conduct its business, carry out the Project and execute, and comply with its obligations under, this Agreement and each of the other Transaction Documents to which it is a party;</font><font style="display: inline;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">ii</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">all Authorizations specified in Section (1) of Annex C have been obtained and are in full force and effect; and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">iii</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Borrower has applied (or is making arrangements to apply) for all Authorizations specified in Section (2) of Annex C, and has no reason to believe that it will not obtain those Authori</font><font style="display: inline;">zations in a timely manner; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(e)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Borrower's Charter has not been amended since June 14, 1995;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(f)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the </font><font style="display: inline;">Material Contracts</font><font style="display: inline;"> are all the </font><font style="display: inline;">Project Documents</font><font style="display: inline;"> (other than </font><font style="display: inline;">Project Documents</font><font style="display: inline;"> that are of a routine nature and are obtained in the ordinary course of business) needed by the Borrower to conduct its business, carry out the Project and execute, and comply with its obligations under, this Agreement and each of the other Transaction Documents to which it is a party</font><font style="display: inline;">; &nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(g)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">neither the Borrower nor any of its property enjoys any right of immunity from set</font><font style="display: inline;">&#8209;off, suit or execution with respect to its assets or its obligations under any Transaction Document;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(h)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">since September 30, 2013, the Borrower:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">has not suffered any change that has a Material Adverse Effect or incurred any substantial loss or liability; and</font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">has not undertaken or agreed to undertake any substantial obligation, except for Permitted Debt;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the financial statements of the Borrower for the period ending on September 30, 2013:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">have been prepared in accordance with the Accounting Principles, and present fairly the financial condition of the Borrower as of the date as of which they were prepared and the results of the Borrower's operations during the period then ended; and</font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">disclose all liabilities (contingent or otherwise) of the Borrower, and the reserves, if any, for such liabilities and all unrealized or anticipated liabilities and losses arising from commitments entered into by the Borrower (whether or not such commitments have been disclosed in such financial statements);</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(j)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Borrower is not a party to, or committed to enter into, any contract</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;">which would or might affect the judgment of a prospective investor;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(k)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Borrower has no outstanding Lien on any of its assets other than Liens arising by operation of law, and no contracts or arrangements, conditional or unconditional, exist for the creation by the Borrower of any Lien, except for Permitted Liens;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(l)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">all tax and petroleum costs returns and reports of the Borrower required by law and/or the PSC to be filed have been duly filed and all Taxes, obligations, fees and other governmental charges upon the Borrower, or its properties, or its income or assets, which are due and payable or to be withheld, have been paid or withheld, other than those presently payable without penalty or interest;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(m)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Borrower is not engaged in nor, to the best of its knowledge after due inquiry, threatened by, any litigation, arbitration or administrative proceedings, the outcome of which could reasonably be expected to have a Material Adverse Effect;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(n)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">to the best of its knowledge after due inquiry, the Borrower is not in violation of any statute or regulation of any Authority;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(o)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">no judgment or order has been issued which has or may reasonably be expected to have a Material Adverse Effect;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">p</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 65.4pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">to the best of its knowledge after due inquiry, there are no material social or environmental risks or issues in relation to the Project other than those identified in the </font><font style="display: inline;">EIAs; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:-72pt;padding:0pt 72pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 57.6pt 0pt 0pt;"></font><font style="display: inline;">it has not received nor is aware of either (A) any existing or threatened complaint, order, directive, claim, citation or notice from any Authority or (B) any material written communication from any Person concerning the Project</font><font style="display: inline;">'</font><font style="display: inline;">s failure to comply with any matter covered by the Performance Standards</font><font style="display: inline;"> and EHS Guidelines</font><font style="display: inline;"> which failure has, or could be reasonably expected to have, a Material Adverse Effect or a material adverse impact on the implementation or operation of the Project in accordance with the Performance Standards</font><font style="display: inline;"> and EHS Guidelines</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(q)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;">[</font><font style="display: inline;text-decoration:underline;">Reserved</font><font style="display: inline;">];</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;border-bottom:1pt none #D9D9D9 ;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">[</font><font style="display: inline;text-decoration:underline;">Reserved</font><font style="display: inline;">];</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;border-top:1pt none #D9D9D9 ;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(r)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">neither the Borrower nor the Sponsor, nor any of their respective Affiliates, nor any Person acting on its or their behalf,</font><font style="display: inline;"> has entered into any transaction or engaged in any activity prohibited by any resolution of the United Nations Security Council under Chapter VII of the United Nations Charter;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(s)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">neither the Borrower nor the Sponsor, nor any of their respective Affiliates, nor any Person acting on its or their behalf, </font><font style="display: inline;">has committed or engaged in, with respect to the Project or any transaction contemplated by this Agreement, any Sanctionable Practice</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"></font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(t)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">it is the Operator of the Project;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(u)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">it owns, solely in its own name, a working interest under the PSC and JOA equal to at least 30.35% during the exploration phase and at least 28.07% during the production phase, free and clear of all Liens, except for Permitted Liens, and any other interests of any other Person;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">all written information regarding the Borrower, the Sponsor, their respective Affiliates and the Project furnished to IFC prior to or contemporaneously herewith, by or on behalf of the Borrower, was and continues to be true and accurate (other than projections and other forward looking statements that the Borrower believes to be reasonable) and does not contain any information that is misleading in any material respect nor does it omit any information the omission of which makes the information contained in it misleading in any material respect;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;punctuation-wrap:hanging;vertical-align:baseline;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(w)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">i</font><font style="display: inline;">t has not registered a U</font><font style="display: inline;">nited </font><font style="display: inline;">K</font><font style="display: inline;">ingdom</font><font style="display: inline;"> establishment or place of business </font><font style="display: inline;">for the purposes of the Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009, nor has it registered a United Kingdom establishment or place of business under any alternative or trading name under section 1048 of the Companies Act 2006, for the purposes of the aforementioned Regulations, or otherwise</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;punctuation-wrap:hanging;vertical-align:baseline;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;punctuation-wrap:hanging;vertical-align:baseline;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(x)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">it is not engaged in any business activity outside the scope of the PSC;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">(</font><font style="display: inline;">y</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">as of the date of this Agreement, neither the GOG nor any of its Authorities</font><font style="display: inline;"> or assigns</font><font style="display: inline;"> has exercised the GOG</font><font style="display: inline;">'</font><font style="display: inline;">s preference rights under Article 24 or Article 25 of the PSC and the Borrower has no reason to believe any such exercise is contemplated;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">(</font><font style="display: inline;">z</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Borrower has no partnership, profit-sharing or royalty agreement or other similar arrangement whereby the Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s income or profits might be shared with any other Person;</font><font style="display: inline;"> and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(aa)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">none of the representations and warranties in this Section 4.01 omits any matter the omission of which makes any of such representations and warranties misleading.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 4.02.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">IFC Reliance</font><font style="display: inline;">.</font><font style="display: inline;"> &nbsp;The Borrower acknowledges that it makes the representations and warranties in Section 4.01 (</font><font style="display: inline;font-style:italic;">Representations and Warranties</font><font style="display: inline;">) with the intention of inducing IFC to enter into this Agreement and that IFC enters into this Agreement on the basis of, and in full reliance on, each of such representations and warranties.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">ARTICLE V</font>
		</p>
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			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Conditions of Loans</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 5.01.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Conditions of First Loan</font><font style="display: inline;">.&nbsp;&nbsp;The obligation of IFC to make the First Loan under either RBL Tranche is subject to the fulfillment prior to or concurrently with the making of that First Loan of the following conditions:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">t</font><font style="display: inline;">he branch in Gabon of VA</font><font style="display: inline;">ALCO Gabon (Etame), Inc. shall </font><font style="display: inline;">have been duly converted to a </font><font style="display: inline;font-style:italic;">soci&#xE9;t&#xE9; anonyme</font><font style="display: inline;"> under the laws of Gabon, duly incorporated under such laws as a direct, wholly-owned Subsidiary of VAALCO Gabon (Etame), Inc. ("VAALCO Gabon S.A.")</font><font style="display: inline;"> and:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the rights</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">obligations</font><font style="display: inline;"> and other liabilities</font><font style="display: inline;"> of VAALCO Gabon (Etame), Inc. under the Transaction Documents and the Material Contracts shall have been assigned to or novated in favor of VAALCO Gabon S.A.</font><font style="display: inline;"> and </font><font style="display: inline;">all other assets and liabilities of VAALCO Gabon (Etame)</font><font style="display: inline;">,</font><font style="display: inline;"> Inc. shall have been transferred to VAALCO Gabon S.A. in accordance wi</font><font style="display: inline;">th the Contribution Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the obligations of VAALCO Gabon S.A. under the Transaction Documents shall have been guaranteed by VAALCO Gabon (Etame), Inc.</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">all </font><font style="display: inline;">the shares in VAALCO Gabon S.A. shall have been pledged in favor of IFC</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Transaction Documents and </font><font style="display: inline;">Material Contracts shall have been amended</font><font style="display: inline;">, supplemented</font><font style="display: inline;"> and/or restated to give effect to the foregoing</font><font style="display: inline;">; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">all corporate and GOG authori</font><font style="display: inline;">z</font><font style="display: inline;">ations </font><font style="display: inline;">required </font><font style="display: inline;">for the incorporation of VAALCO Gabon S.A.</font><font style="display: inline;"> and the performance of the steps set forth in sub-paragraphs (i) through (iv) above shall</font><font style="display: inline;"> have been </font><font style="display: inline;">issu</font><font style="display: inline;">ed</font><font style="display: inline;">,</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">all on terms and conditions and pursuant to documentation satisfactory to IFC (the "Conversion")</font><font style="display: inline;">,</font><font style="display: inline;"> except to the extent that IFC determines (based on the Borrower&#x2019;s progress </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">toward Conversion and such other considerations as IFC deems relevant) to waive any of the foregoing requirements pursuant to Section 5.04 (</font><font style="display: inline;font-style:italic;">Conditions for IFC Benefit</font><font style="display: inline;">)</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the following agreements, together with any amendments to such agreements entered into after the date hereof, each in form and substance satisfactory to IFC, have been entered into by all parties to them and have become (or, as the case may be, remain) unconditional and fully effective in accordance with their respective terms (except for this Agreement having become unconditional and fully effective, if that is a condition of any of those agreements), and IFC has received a copy of each of those agreements to which it is not a party:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">each Transaction Document; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -108pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">each Project Document</font><font style="display: inline;">, including</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">an amendment to the Etame Accounts Agreement </font><font style="display: inline;">to include IFC as the Borrower's Subordinated Secured Party (as defined therein) in accordance with Section 6.1(b) of the Etame Accounts Agreement and otherwise </font><font style="display: inline;">in a form and substance satisfactory to IFC;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Security has been duly created and perfected as: (i) first ranking security interests in the VAALCO Accounts and the respective funds held therein; (ii) a security interest in all of the Borrower's rights, title and interest in the Etame Revenue Account and the Etame Operating Account, subject to the interests of the GOG, and the Etame Trustee and Paying Agent to the extent expressly provided in the Etame Accounts Agreement; (iii) a security interest in all of the "Security Assets" (as defined in the Debenture), (iv) a first ranking pledge by VAALCO International of all of the Borrower's shares; and (v) an assignment by way of security of all rights, title and interest in and to the Borrower's share of Project-related insurance policies, reinsurance policies and any proceeds of any of them;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Borrower has obtained, and provided to IFC copies of all Authorizations listed in Section (1) and Section (2) of Annex C, and such other Authorizations not listed in these Section</font><font style="display: inline;">s that may become necessary for:</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Facility (including the MOF Loan Authorization and MOH Loan Authorization);</font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the business of the Borrower as it is presently carried on and is contemplated to be carried on;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">the Project;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the due execution, delivery, validity and enforceability of, and performance by the Borrower of its obligations under, this Agreement and the other Transaction Documents, the Material Contracts and any other documents necessary or desirable to the implementation of any of those agreements or documents; and</font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the remittance to IFC or its assigns in Dollars of all monies payable with respect to the Transaction Documents;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -108pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">and all those Authorizations are in full force and effect and in form and substance satisfactory to IFC;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(e)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">IFC has received a legal opinion satisfactory in form and substance to IFC, from IFC's counsel in Gabon relating to the transactions contemplated by this Agreement;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(f)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">IFC has received a legal opinion satisfactory in form and substance to IFC, from its counsel on English law matters with regard to this Agreement and other Transaction Documents governed by English Law;&nbsp; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(g)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">IFC has received a legal opinion satisfactory in form and substance to IFC, from its counsel on New York law matters with regard to this Agreement and other Transaction Documents;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(h)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">IFC has received </font><font style="display: inline;">a &nbsp;</font><font style="display: inline;">legal opinion satisfactory in form and substance to IFC, from </font><font style="display: inline;">in-house </font><font style="display: inline;">counsel </font><font style="display: inline;">of</font><font style="display: inline;"> the Borrower and the Sponsor </font><font style="display: inline;">on</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Delaware and </font><font style="display: inline;">New York law matters with regard to this Agreement and other Transaction Documents and Material Contracts;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">IFC has received a legal opinion satisfactory in form and substance to IFC, from counsel to the Borrower and the Sponsor on Texas and Delaware law matters with regard to this Agreement and the other Transaction Documents and the Material Contracts;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(j)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">IFC has received copies of all insurance policies required to be obtained pursuant to Section 6.04 (</font><font style="display: inline;font-style:italic;">Insurance</font><font style="display: inline;">) and Annex D prior to the date of First Loan, and a certification of the Borrower's insurers or insurance agents confirming that such policies are in full force and effect and all premiums then due and payable under those policies have been paid;</font><font style="display: inline;color:#FF0000;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(k)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">IFC has received, or has received irrevocable written instructions to deduct from the proceeds of the First Loan, the fees specified in Section 3.07 (</font><font style="display: inline;font-style:italic;">Fees</font><font style="display: inline;">) required to be paid before or on the date of the First Loan, as the case may be;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(l)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">if IFC so requires, IFC has received the reimbursement of all invoiced fees and expenses of IFC's counsel as provided in Section 3.15 (b) (iv) (</font><font style="display: inline;font-style:italic;">Expenses</font><font style="display: inline;">) or confirmation that those fees and expenses have been paid directly to that counsel;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(m)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">IFC has received a copy of the authorization to the Auditors referred to in Section 6.01(e) (</font><font style="display: inline;font-style:italic;">Affirmative Covenants</font><font style="display: inline;">);</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(n)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">IFC has received Certificates of Incumbency and Authority from each of the Borrower, VAALCO International and the Sponsor; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(o)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Borrower has delivered to IFC evidence of (i) the appointment by the Borrower of an agent for service of process pursuant to Section 8.05 (f) (</font><font style="display: inline;font-style:italic;">Applicable Law and </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

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</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;font-style:italic;">Jurisdiction</font><font style="display: inline;">) and</font><font style="display: inline;"> substantially in the form of Schedule 4</font><font style="display: inline;">, (ii) the appointment by the Sponsor of an agent for service of process pursuant to Section 19.05(f) of the Guarantee, Subordination and Share Retention Agreement and (iii) the appointment by VAALCO International of an agent for service of process pursuant to Section 6.04(e) of the Pledge of Shares;</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(p)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">The Initial IFC Base Case is in a form and substance satisfactory to IFC, and IFC has determined the initial Borrowing Base Amount for each RBL Tranche;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(q)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Borrower has delivered to IFC a letter confirming, inter alia, that (i) the Borrower is in compliance with all of its material obligations under the Production Sharing Contract, (ii) there are no material disputes relating to the Production Sharing Contract and (iii) the Borrower has made copies of the Production Sharing Contract (including all amendments thereto and the GOG decrees approving such amendments) available to the public on its website (in accordance with the requirements of Section 6.01 (bb)), which letter shall be in form and substance satisfactory to IFC;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(r)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Borrower has delivered to IFC the </font><font style="display: inline;">EIA</font><font style="display: inline;"> and the </font><font style="display: inline;">E&amp;S Action Plan</font><font style="display: inline;">, each in form and sub</font><font style="display: inline;">stance acceptable to IFC;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Borrower </font><font style="display: inline;">h</font><font style="display: inline;">as committed to developing an </font><font style="display: inline;">E&amp;S</font><font style="display: inline;"> Management System in the E&amp;S Action Plan</font><font style="display: inline;">; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">the Borrower has delivered to IFC evidence of disclosure and government approval of the EIA;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(s)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Borrower has delivered to IFC certified copies of:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">its Charter,</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the Contribution Agreement,</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii) </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 14.4pt 0pt 0pt;"></font><font style="display: inline;">the Charter of the Sponsor, and </font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the Charter of VAALCO International;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(t)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Borrower </font><font style="display: inline;">has delivered to IFC evidence confirming that</font><font style="display: inline;"> it has instructed the Etame </font><font style="display: inline;">Trustee and Paying Agent</font><font style="display: inline;"> that all amounts payable to the Borrower from the Etame Revenue Account shall be transferred to the VAALCO Operating Account; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(u)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">The Borrower has demonstrated to IFC&#x2019;s satisfaction that the Borrower has sufficient funds to pay all Gross Capital Expenditures included in the Work Program a</font><font style="display: inline;">nd Budget for Fiscal Year 2014; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the Borrower has delivered to IFC evidence satisfactory to it that:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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</div>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">each of the VAALCO Accounts has been established in accordance with the VAALCO Accounts Agreement; and </font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">that the amount standing to the credit </font><font style="display: inline;">of the VAALCO </font><font style="display: inline;">Operating Account </font><font style="display: inline;">is not less than the </font><font style="display: inline;">Minimum Interest/Fees Reserve Amount</font><font style="display: inline;">; and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(w)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">IFC has obtained an exemption from the CEMAC Act and TEG Regulations on terms satisfactory to it.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Section 5.02.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Conditions of All Loans</font><font style="display: inline;">. The obligation of IFC to make any Loan under any Tranche, including the First Loan, any Rollover Loan and any Term Loan, is also subject to the conditions that:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">no Event of Default or Potential Event of Default has occurred and is continuing or will occur on making such Loan;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">in respect of any Loan which is not a Rollover Loan or the Term Loan under the Initial Term Tranche, the proceeds of that Loan are, at the date of the relevant request, needed by the Borrower for the purpose of the Project, or will be needed for that purpose within six (6) months of that date or are needed to reimburse the Borrower for costs incurred in connection with the Project;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">since the date of this Agreement, nothing has occurred and is continuing that has or can reasonably be expected to have a Material Adverse Effect;</font>
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			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">since the date of its most recent financial statements, </font><font style="display: inline;">neither the Borrower nor the Sponsor, nor any of their respective Affiliates</font><font style="display: inline;"> has incurred any material loss or liability (except such liabilities as may be incurred in accordance with Section&nbsp;6.02&nbsp;(</font><font style="display: inline;font-style:italic;">Negative Covenants </font><font style="display: inline;">));</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(e)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the representations and warranties made in Article IV are true and correct in all material respects on and as of the date of that Loan with the same effect as if those representations and warranties had been made on and as of the date of that Loan (but in the case of Section 4.01 (c) (</font><font style="display: inline;font-style:italic;">Representations and Warranties</font><font style="display: inline;">), without the words in parentheses);</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(f)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">the proceeds of that Loan are not in reimbursement of, or to be used for, expenditures in the territories of any country which is not a member of the World Bank or for goods produced in or services supplied from any such country;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-style:normal;">(g)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">IFC has received (if it so requires) a legal opinion or opinions in form and substance satisfactory to IFC, of IFC's counsel in Gabon, New York, New York, London, England and/or Texas, and concurred in by counsel for the Borrower in the relevant jurisdiction(s), with respect to any matters relating to that Loan;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">(h)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">after giving effect to that </font><font style="display: inline;">Loan</font><font style="display: inline;">, the Borrower would not be in violation of:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">its Charter;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">any provision contained in any document to which the Borrower is a party (including this Agreement) or by which the Borrower is bound; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">any law, rule, regulation, Authorization or agreement or other document binding on the Borrower directly or indirectly limiting or otherwise restricting the Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s borrowing power or authority or its ability to borrow;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the Performance Standards; or </font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the EHS Guidelines;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the representations and warranties made by the Sponsor and VAALCO International, respectively, in Section 18.01 of the Guarantee, Subordination and Share Retention Agreement and the Pledge of Shares, respectively, are true and correct in all material respects on and as of the date of that Loan with the same effect as if those representations and warranties had been made on and as of the date of that Loan;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(j)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">in respect of any </font><font style="display: inline;">Revolving </font><font style="display: inline;">L</font><font style="display: inline;">oan, </font><font style="display: inline;">no Liquidity Event has occurred and is continuing</font><font style="display: inline;">; &nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(k)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">following the making of the Loan, (i) the aggregate outstanding amount of all Loans under the relevant Tranche shall not exceed the Maximum Available Amount for that Tranche and (ii)</font><font style="display: inline;"> the DSCR shall not be less than the Minimum Level</font><font style="display: inline;">.&nbsp; </font><font style="display: inline;">If IFC so requires in connection with any Loan (including any Rollover Loan), the Borrower shall provide to IFC an updated IFC Base Case confirming the above</font><font style="display: inline;">; and</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(l)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">in respect of the disbursement of the Term Loan under the Additional Term Tranche,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">IFC shall have determined (in its sole discretion) that the Borrower&#x2019;s current and projected revenue from operations is sufficient to cover </font><font style="display: inline;">the aggregate amount of principal, interest, commissions, fees and any other amounts </font><font style="display: inline;">in respect of the Term Loan under the Additional Term Tranche </font><font style="display: inline;">wh</font><font style="display: inline;">en such</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">amounts </font><font style="display: inline;">are due and payable</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 5.03.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Borrower's Certification</font><font style="display: inline;">. &nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">Except as provided for in Section 5.03 (b), the Borrower shall deliver to IFC with respect to each request for Loan:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(i)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">certifications, in the form included in Schedule 2 signed by an Authorized Representative, relating to the conditions specified in Section 5.02 (</font><font style="display: inline;">Conditions of All Loans</font><font style="display: inline;font-style:normal;">) (other than the condition in Section 5.02 (g)) expressed to be effective as of the date of that relevant Loan; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-style:normal;">(ii)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">such evidence as IFC may reasonably request of the proposed utilization of the proceeds of that Loan or the utilization of the proceeds of any prior Loan.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">In the case of any Rollover Loan, except where the Borrower makes a specific representation or where certifications or evidence is requested by IFC pursuant to Section 5.03(a) above, the Borrower shall be deemed to have provided such certifications as of the date of such Rollover Loan.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 5.04. </font><font style="display: inline;font-style:italic;text-decoration:underline;"> Conditions for IFC Benefit</font><font style="display: inline;">.&nbsp;&nbsp;The conditions in Section 5.01 through Section 5.03 are for the benefit of IFC and may be waived only by IFC in its sole discretion.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">ARTICLE VI</font>
		</p>
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			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Particular</font><font style="display: inline;font-weight:bold;"> Covenants</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 6.01.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Affirmative Covenants</font><font style="display: inline;">.&nbsp; </font><font style="display: inline;">Unless IFC otherwise agrees, the Borrower shall:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(a)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">carry out the Project and conduct its business with due diligence and efficiency and in accordance with (i) good international oil industry practices and standards; (ii) sound financial and business practices generally accepted in the international oil industry; (iii) the Development Plan(s) and approved Work Program and Budget(s); and (iv) the requirements of all applicable laws and regulations;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">cause the Loans to be applied exclusively to the Project;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">maintain an accounting and control system, management information system and books of account and other records, which together adequately present fairly the financial condition of the Borrower and the results of its operations in conformity with the Accounting Principles;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(d)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">maintain at all times a firm of internationally recognized independent public accountants acceptable to IFC as auditors of the Borrower;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(e)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">irrevocably authorize, in the form of Schedule 5, the Auditors (whose fees and expenses shall be for the account of the Borrower) to communicate directly with IFC at any time regarding the Borrower's accounts and operations, and provide to IFC a copy of that authorization, and, no later than thirty (30) days after any change in Auditors, issue a similar authorization to the new Auditors and provide a copy thereof to IFC; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(f)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">upon IFC's request, such request to be made with reasonable prior notice to the Borrower, except if an Event of Default or Potential Event of Default is continuing or if special circumstances so require, permit representatives of IFC and CAO, during normal office hours, to:</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">visit the Project site and any of the premises where the business of the Borrower is conducted </font><font style="display: inline;">(such visit to be conducted in conformance with the Borrower's health, safety and environment policy to the extent that such policy does not unreasonably interfere therewith);&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">inspect all facilities, plant and equipment comprised in the Project;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">have access to the Borrower's books of account and records; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv) </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">have access to those employees, agents, contractors and subcontractors of the Borrower who have or may have knowledge of matters with respect to which IFC seeks&nbsp;&nbsp;information;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(g)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;"></font><font style="display: inline;font-style:normal;">ensure that the design, construction, operation, maintenance, management and monitoring of the Project</font><font style="display: inline;font-style:normal;">'</font><font style="display: inline;font-style:normal;">s sites, plants, equipment, operations and facilities are</font><font style="display: inline;font-style:normal;"> undertaken in compliance with </font><font style="display: inline;font-style:normal;">(i) the </font><font style="display: inline;font-style:normal;">E&amp;S Action Plan,</font><font style="display: inline;font-style:normal;"> (ii) the applicable requirements of the Performance Standards</font><font style="display: inline;font-style:normal;">, and (iii) the EHS Guidelines</font><font style="display: inline;font-style:normal;">;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(h)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">periodically review the form of Annual Monitoring Report and advise IFC as to whether revision of the form is necessary or appropriate in light of changes to the Borrower's business or operations, or in light of environmental or social risks identified by the Borrower's E&amp;S Management System; and revise the form as agreed with IFC;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">use all reasonable efforts to ensure the continuing implementation and operation of the E&amp;S Management System to assess and manage the social and environmental performance of the Project in a manner consistent with the Performance Standards and the EHS Guidelines;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(j)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">from time to time, execute, acknowledge and deliver or cause to be executed, acknowledged and delivered such further instruments as may reasonably be requested by IFC for perfecting or maintaining in full force and effect the Security or for re-registering the Security or otherwise to enable the Borrower to comply with its obligations under the Transaction Documents;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(k)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(i) </font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">obtain and maintain in force (and where appropriate, renew in a timely manner) all Authorizations (including any Authorizations from any Authority of the GOG and/or CEMAC) that are necessary for the implementation of the Project, the carrying out of the Borrower's business and operations generally and the compliance by the Borrower with all its obligations under the Transaction Documents and the Material Contracts; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(ii)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">comply with all the conditions and restrictions contained in, or imposed on the Borrower by, those Authorizations;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">(l)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">enter into and maintain in effect at all times a Marketing Contract relevant for the sale of production from the Etame Block Fields in a form satisfactory to IFC, and deliver to IFC a signed copy of such Marketing Contract in effect from time to time; </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(m)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">pay all royalties and all Taxes including license and other fees, which are properly assessed against it, not later than the due date therefor,</font><font style="display: inline;"> except for Taxes being contested in good faith and for which adequate reserves have been established in accordance with Accounting Principles</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(n)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">maintain at all times, the D</font><font style="display: inline;">SC</font><font style="display: inline;">R for the current </font><font style="display: inline;">Calculation</font><font style="display: inline;"> Period at or above the Minimum Level;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(o)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">ensure that on each Quarter End Date, the ratio of Net Debt as at that Quarter End Date to EBITDAX for the Relevant Period ending on that Quarter End Date shall be less than 3.0:1; </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(p)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">ensure that (i) the funds in the VAALCO Accounts are used only as permitted in accordance with the Transaction Documents and (ii) the funds in the Etame Accounts are used only as permitted in accordance with the Etame Accounts Agreement;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(q)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">ensure that</font><font style="display: inline;"> the </font><font style="display: inline;">amount standing to the credit of the </font><font style="display: inline;">VAALCO Operating Account </font><font style="display: inline;">is</font><font style="display: inline;"> at all times not less than the </font><font style="display: inline;">then-current Minimum Interest/Fees Reserve Amount.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(r)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">consult with IFC prior to the appointment by the Borrower of an expert or arbitrator pursuant to the provisions of any Material Contract to resolve any disputes referred to in Section 6.03 (j);</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(s)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">periodically review the form of the Annual Monitoring Report and advise IFC as to whether modification of the form is necessary based on any changes in the Project, and/or revise the form as agreed with or requested by IFC;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(t)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">at all times duly (i) maintain (x) its corporate existence in the State of Delaware or, after the Conversion, Gabon and (y) maintain any qualifications for doing business in Gabon and Texas under the applicable laws of Gabon and Texas, respectively, and comply, in a timely manner, with all the laws applicable to it, and (ii) comply with its Charter;&nbsp; </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(u)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">ensure that any interest rate of any Affiliate Subordinated Debt shall not, at any time, be higher than the interest rate specified in respect of any Loan under this Agreement;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">v</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;">contemporaneously with the execution of this Agreement, provide the Sponsor and the VAALCO Accounts Bank with a copy of this Agreement;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(w)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">in the event the GOG or any of its Authorities or assigns elects to exercise its preference rights under Article 24 and/or Article 25 of the PSC, ensure that any payments made by the GOG and/or its Authorities or assigns, following the exercise of such rights, are paid to </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">the Etame Revenue Account or, if required to be paid elsewhere, are transferred promptly to the Etame Revenue Account;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(x) </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">comply with all of its obligations under the Material Contracts and at all times maintain and enforce its rights under the Material Contracts; </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(y)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">other than as required under Section 35 of the PSC, export the entire </font><font style="display: inline;">Borrower</font><font style="display: inline;">'</font><font style="display: inline;">s share (as determined in accordance with the PSC and JOA)</font><font style="display: inline;"> of the oil produced from the </font><font style="display: inline;">Etame </font><font style="display: inline;">Block </font><font style="display: inline;">Field</font><font style="display: inline;">s and receive Dollar-denominated sales proceeds therefor; </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(z)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">ensure adequate segregation of costs including financing thereof incurred in connection with the Project and any other activity for the purpose of the books of account and other records in conformity with applicable law, the PSC, the JOA and any other relevant agreement and in accordance with the Accounting Principles; </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">aa</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;">prior to the election by any Project Partner to take any of its share of oil production from the Etame Block Fields in kind, ensure that such Project Partner has </font><font style="display: inline;">(i) </font><font style="display: inline;">entered into an agreement with the Operator that provides, </font><font style="display: inline;text-decoration:underline;">inter</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">alia</font><font style="display: inline;">, that all proceeds from the sale of such oil are deposited directly into the Etame Revenue Account, such agreement to be satisfactory in form and substance to IFC</font><font style="display: inline;">, or (ii) entered into such other arrangements with the Operator as shall be acceptable to IFC, acting reasonably, to ensure that such Project Partner is able to fulfill its direct or indirect obligations under or in connection with any Material Contracts;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(bb)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">within 120 days of the end of each Fiscal Year, </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">p</font><font style="display: inline;">rocure the public disclosure of </font><font style="display: inline;">all material </font><font style="display: inline;">national, regional and local </font><font style="display: inline;">payments</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">in respect of taxes, royalties, bonus and signature payments and all other material payments that are in the nature of taxes, profit share, </font><font style="display: inline;">recoverable petroleum costs, </font><font style="display: inline;">production share, or for rights to access resources </font><font style="display: inline;">made in th</font><font style="display: inline;">at</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Fiscal Y</font><font style="display: inline;">ear </font><font style="display: inline;">by or on behalf of </font><font style="display: inline;">the Borrower, the Sponsor and/or any of their respective Affiliates</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">to </font><font style="display: inline;">any </font><font style="display: inline;">local, regional or </font><font style="display: inline;">national Authority</font><font style="display: inline;"> in each jurisdiction in</font><font style="display: inline;"> which any Borrowing Base Asset</font><font style="display: inline;"> is located (including any state-owned company in each such jurisdiction)</font><font style="display: inline;">;</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">provided that, such disclosure shall be substantially in</font><font style="display: inline;"> the form set out in Schedule 12</font><font style="display: inline;"> &nbsp;(</font><font style="display: inline;font-style:italic;">Material Payments Made to Government</font><font style="display: inline;">);</font><font style="display: inline;"> and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">publish on a webpage readily accessible to the public in the language of the contracts, the </font><font style="display: inline;">PSC</font><font style="display: inline;"> (and </font><font style="display: inline;">any material amendments thereto together with </font><font style="display: inline;">the GOG decrees approving such amendments)</font><font style="display: inline;"> and EEAs; provided that, s</font><font style="display: inline;">uch publication </font><font style="display: inline;">shall</font><font style="display: inline;"> be made </font><font style="display: inline;">prior to the date of the First Loan</font><font style="display: inline;"> and maintained </font><font style="display: inline;">until all monies payable under </font><font style="display: inline;">this Agreement</font><font style="display: inline;"> have been paid</font><font style="display: inline;"> in full to IFC</font><font style="display: inline;">; &nbsp;</font><font style="display: inline;">and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(cc)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">deliver to IFC, promptly following publication, a copy of all information disclosed pursuant to Section 6.01 (bb).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 6.02.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Negative Covenants</font><font style="display: inline;">.&nbsp;&nbsp;Unless IFC otherwise agrees, the Borrower shall not:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">make any Restricted Payments:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">other than during a Restricted Payment Period; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">i</font><font style="display: inline;">i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;">if, either prior to or after making such Restricted Payment</font><font style="display: inline;">:</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(A)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">an Event of Default or Potential Event of Default </font><font style="display: inline;">exists</font><font style="display: inline;"> or would occur </font><font style="display: inline;">and</font><font style="display: inline;"> be continuing; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;background-color:aqua;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">B</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">[</font><font style="display: inline;text-decoration:underline;">Reserved</font><font style="display: inline;">];</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">C</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;">the </font><font style="display: inline;">DSCR </font><font style="display: inline;">for the </font><font style="display: inline;">then-current</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Calculation</font><font style="display: inline;"> Period </font><font style="display: inline;">is </font><font style="display: inline;">below </font><font style="display: inline;">the Minimum Level</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">D</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the ratio of Net Debt as at the most recent Quarter End Date to EBITDAX for the Relevant Period ending on that Quarter End Date would be equal to or greater than 3.0:1; or</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(E)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">[</font><font style="display: inline;text-decoration:underline;">Reserved</font><font style="display: inline;">]</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(F)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the amount</font><font style="display: inline;"> standing to the credit of</font><font style="display: inline;"> the </font><font style="display: inline;">VAALCO Operating Account is less than the then-current Minimum Interest/Fees Reserve Amount;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">provided always that if the Borrower is permitted to make any Restricted Payments pursuant to this Section 6.02 (a), </font><font style="display: inline;">such Restricted Payments shall be made in accordance with the terms of the VAALCO Accounts Agreement;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent:-144pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">incur expenditures or commitments for expenditures for fixed or other non</font><font style="display: inline;">&#8209;current assets other than those required for carrying out the Project and other expenditures included in the IFC Base Case</font><font style="display: inline;">;</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">incur, assume or permit to exist any Debt except for Permitted Debt;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">enter into any agreement or arrangement to lease any property or equipment of any kind, except the FPSO Contract and leases of land/buildings and equipment, as necessary to carry on the Borrower's business and operate the Project; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(e)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">enter into any Derivative Transaction or assume the obligations of any party to any Derivative Transaction unless the Derivative Transaction is consistent with a hedging program previously approved by IFC, which approval shall not be unreasonably withheld;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(f)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">enter into any agreement or arrangement to guarantee or, in any way or under any condition, assume or become obligated for all or any part of any financial or other obligation of another Person except as required by the terms of the JOA;</font><font style="display: inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(g)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">create or permit to exist any Lien on any property, revenues or other assets, present or future, of the Borrower, except for Permitted Liens;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(h)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">enter into any transaction except in the ordinary course of business on the basis of arm's</font><font style="display: inline;">&#8209;length arrangements (including transactions whereby the Borrower might pay more than the ordinary commercial price for any purchase or might receive less than the full ex</font><font style="display: inline;">&#8209;works commercial price (subject to normal trade discounts) for its products);</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">establish any sole and exclusive purchasing or sales agency;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(j)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">enter into any partnership, profit</font><font style="display: inline;">&#8209;sharing or royalty agreement or other similar arrangement whereby the Borrower's income or profits are, or might be, shared with any other Person;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(k)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">enter into any management contract or similar arrangement whereby its business or operations are managed by any other Person;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(l)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">form or have any Subsidiary, except for the formation of VAALCO Gabon S.A. in connection with the Conversion;&nbsp; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(m)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">make or permit to exist loans or advances to, or deposits (except commercial bank deposits in the ordinary course of business) with, other Persons or investments in any Person or </font><font style="display: inline;">enterprise other than as permitted by the VAALCO Accounts Agreement, the Etame Accounts Agreement and Section 4.8 of the JOA and the Accounting Procedures set forth in Exhibit </font><font style="display: inline;">"</font><font style="display: inline;">A</font><font style="display: inline;">"</font><font style="display: inline;"> to the JOA;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(n)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">change its Charter in any material respect;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(o)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">change its Fiscal Year;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(p)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">change in any material way the nature or scope of the Project or change the nature of its present or contemplated business or operations</font><font style="display: inline;"> as contemplated pursuant to the Project Documents and the Borrower&#x2019;s Authorizations</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(q)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">sell, transfer, lease or otherwise dispose of all or a substantial part of its assets, other than inventory, whether in a single transaction or in a series of transactions, related or otherwise other than assets that have been worn out or are&nbsp;&nbsp;obsolete and are replaced or upgraded or that are no longer required for the purposes of carrying out the Project, in each case in the ordinary course of business and in a manner consistent with the Transaction Documents;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(r)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">undertake or permit any merger, spin-off, consolidation or reorganization;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">(s)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">terminate, amend or grant any consent or waiver with respect to any provision of any Material Contract; provided that the Borrower may from time to time amend or grant consents or waivers with respect to (i) provisions of a Material Contract (other than the PSC, JOA and the Etame Accounts Agreement) if necessary for the implementation and safe and efficient operation of the Project so long as such amendments, consents or waivers have no Material Adverse Effect and do not change any material provisions such as the parties to such Material Contracts, pricing and payment and term, etc.; and (ii) provisions of the PSC and/or the JOA solely for the purposes of effectuating a permitted transfer of interests thereunder by one of the other Project Partners but in no event by the Borrower;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(t)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">use the proceeds of any Loan in the territories of any country which is not a member of the World Bank or for reimbursements of expenditures in those territories or for goods produced in or services supplied from any such country;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(u)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">engage in any business activity outside the scope of the PSC and with respect to activities within the scope of the PSC, any business activity that might hinder the completion and normal operations of the Project or the Borrower's ability to perform fully its obligations under the Transaction Documents and Material Contracts;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">engage in (and shall not authorize or permit any Affiliate or any other Person acting on its behalf to engage in) with respect to the Project or any transaction contemplated by this Agreement, </font><font style="display: inline;">any </font><font style="display: inline;">Sanctionable Practices.&nbsp;&nbsp;The Borrower further covenants that should IFC notify the Borrower of its concerns that there has been a violation of the provisions of this Section or of Section 4.01&nbsp;(s) of this Agreement, it shall cooperate in good faith with IFC and its representatives in determining whether such a violation has occurred, and shall respond promptly and in reasonable detail to any notice from IFC, and shall furnish documentary support for such response upon IFC's request; </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">w</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;">enter into any transaction or engage in any activity prohibited by any resolution of the United Nations Security Council under Chapter VII of the</font><font style="display: inline;"> United Nations Charter;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(x)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">conduct business or </font><font style="display: inline;">enter into any transaction with, or transmit funds </font><font style="display: inline;">through </font><font style="display: inline;">(and shall not authorize or permit an</font><font style="display: inline;">y Affiliate or any other Person</font><font style="display: inline;"> acting on its behalf to conduct business, enter into any transaction with, or transmit funds</font><font style="display: inline;"> through</font><font style="display: inline;">)</font><font style="display: inline;">, a Shell Bank;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(y)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">reduce its working interest under the PSC and JOA below 30.35% during the exploration phase and below 28.07% during the production phase; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">(</font><font style="display: inline;">z</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">create or permit to exist any </font><font style="display: inline;">L</font><font style="display: inline;">ien on the Houston Account</font><font style="display: inline;">; and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(aa)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">use the proceeds of any Loan </font><font style="display: inline;">in connection with the development of the Ebouri Project prior to obtaining the Ebouri Project Authorizations and the written approval of IFC.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 6.03.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-style:italic;text-decoration:underline;">Reporting Requirements</font><font style="display: inline;">.&nbsp;&nbsp;Unless IFC otherwise agrees, the Borrower shall:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">as soon as available but in any event within forty (40) days after the end of each Quarter End Date, deliver to IFC:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">two (2) copies of the Borrower's complete financial statements for such quarter prepared in accordance with the Accounting Principles (and, to the extent required by applicable law after the Conversion, a copy of the financial statements for such quarter prepared in accordance with the </font><font style="display: inline;">generally accepted accounting principles as in effect in </font><font style="display: inline;">Gabon, together with a description of the basis for the differences (if any) from the financial statements prepared in accordance with the Accounting Principles), certified by an Officer of the Borrower;</font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">a report, </font><font style="display: inline;">with respect to the relevant Development Plans and </font><font style="display: inline;">Work Program and Budgets</font><font style="display: inline;">, on the progress in implementation of the Project, including any factors that have or could reasonably</font><font style="display: inline;"> be expected to have a Material Adverse Effect; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">a certificate from an Officer of the Borrower attaching a description of available data on monthly rates for sales, on oil, gas and water production and injection rates and other items of maintenance and improvements and extraordinary items relating to the Project</font><font style="display: inline;">; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;border-bottom:1pt none #D9D9D9 ;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">a statement of all transactions during that quarter between the Borrower and each of its Affiliates, if any, and a certification by an Officer of the Borrower that those transactions were on the basis of arm's-length arrangements;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;border-top:1pt none #D9D9D9 ;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">as soon as available but in any event within one hundred twenty (120) days after the end of each Fiscal Year, deliver to IFC:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">two (2) copies of its complete and audited financial statements for that Fiscal Year, which are in agreement with its books of account and prepared in accordance with the Accounting Principles (</font><font style="display: inline;">and, to the extent required by applicable law after the Conversion, </font><font style="display: inline;">a &nbsp;</font><font style="display: inline;">cop</font><font style="display: inline;">y</font><font style="display: inline;"> of the</font><font style="display: inline;"> audited</font><font style="display: inline;"> financial statements for such </font><font style="display: inline;">Fiscal Year</font><font style="display: inline;"> prepared in accordance with the generally accepted accounting principles as in effect in Gabon, together with a description of the basis for </font><font style="display: inline;">the</font><font style="display: inline;"> differences (if any) from the</font><font style="display: inline;"> audited</font><font style="display: inline;"> financial statements prepared in accordance with the Accounting Principles)</font><font style="display: inline;">, together with the Auditors' audit report on them, all in form satisfactory to IFC;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">a management letter and such other communication from the Auditors to the Borrower or its management commenting, with respect to that Fiscal </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 108pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">Year, on, among other things, the adequacy of the Borrower's financial&nbsp;&nbsp;control procedures, accounting systems and management information system and on the deficiencies, if any, that the Auditors consider material in the Borrower's financial accounting and other systems, management and accounts;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">a report</font><font style="display: inline;">, prepared and</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">certified </font><font style="display: inline;">by the </font><font style="display: inline;">Chief Financial Officer of </font><font style="display: inline;">the Borrower</font><font style="display: inline;">,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">confirming that the Borrower </font><font style="display: inline;">was in compliance with the financial ratios and financial covenants contained in Sections 6.01 (</font><font style="display: inline;font-style:italic;">Affirmative Covenants</font><font style="display: inline;">) and 6.02 (</font><font style="display: inline;font-style:italic;">Negative Covenants</font><font style="display: inline;">) as of the end of that Fiscal Year or, as the case may be, detailing any non</font><font style="display: inline;">&#8209;compliance;</font>
		</p>
		<p style="margin:0pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">a report by the Borrower on its operations during that Fiscal Year, in the form of, and addressing the topics listed in, Schedule 6;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">a statement by the Borrower of all transactions between the Borrower and each of its Affiliates, if any, during that Fiscal Year, and a certification by an Officer of the Borrower that those transactions were on the basis of arm's-length arrangements; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(vi)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">a certification from an Officer of the Borrower that, to the best of such Officer's knowledge after due inquiry, there exists no Event of Default or Potential Event of Default or, if such event exists, specifying its nature, the period of its existence and what action the Borrower proposes to take with respect to it; </font><font style="display: inline;">and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(vii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">a report by the Borrower in the form of Schedule 11 (</font><font style="display: inline;font-style:italic;">Development Impact Data </font><font style="display: inline;font-style:italic;">f</font><font style="display: inline;font-style:italic;">or Annual Monitoring Report</font><font style="display: inline;">) and any other related information requested by IFC;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -108pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">deliver to IFC, promptly following receipt, a copy of any management letter or other communication sent by the Auditors (or any other accountants retained by the Borrower) to the Borrower or its management in relation to the Borrower's financial, accounting and other systems, management or accounts, if not provided pursuant to Section 6.03 (b) (ii);</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">within ninety (90) days of the end of each </font><font style="display: inline;">Fiscal Year, deliver to IFC:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;color:#000000;">(i)</font><font style="display: inline;font-style:normal;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;color:#000000;"></font><font style="display: inline;font-style:normal;color:#000000;">the completed Annual Monitoring Report, together with a certification from a duly qualified independent consultant or </font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;color:#000000;">(ii)</font><font style="display: inline;font-style:normal;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;color:#000000;"></font><font style="display: inline;font-style:normal;color:#000000;">a report from an independent monitoring group approved by IFC covering all aspects of the Annual Monitoring Report form, </font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;color:#000000;">in each case, confirming compliance with the E&amp;S Action Plan and the social and environmental covenants set forth in </font><font style="display: inline;font-style:normal;color:#000000;">Section </font><font style="display: inline;font-style:normal;color:#000000;">6.01 (g),</font><font style="display: inline;font-style:normal;color:#000000;"> as the case may be, identifying any non-compliance or failure and the actions</font><font style="display: inline;font-style:normal;"> being taken to remedy it</font><font style="display: inline;font-style:normal;">;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(e)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">as soon as possible but no later than three (3) days after its occurrence, </font><font style="display: inline;">notify IFC of any social, labor, health and safety, security or environmental incident, accident or circumstance having, or which could reasonably be expected to have, a Material Adverse Effect or a material adverse impact on the implementation or operation of the Project in accordance with the Performance Standards</font><font style="display: inline;"> and the EHS Guidelines</font><font style="display: inline;">, specifying in each case the nature of the incident, accident or circumstance and any effects resulting or likely to result therefrom, and the measures the Borrower is taking or plans to take to address them and to prevent any future similar event; and keep IFC informed of the on-going implementation of those measures and plans</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(f)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">give notice to IFC, concurrently with the Borrower's notification to its stockholders, of any scheduled meeting of its stockholders, such notice to include the agenda of the meeting; and, as soon as available, deliver to IFC two (2) copies of:</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(i)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">all material notices, reports and other communications of the Borrower to its stockholders, whether any such communication has been made on an individual basis or by way of publication in a newspaper or other communication medium; </font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(ii)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">the minutes of all stockholders' meetings; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(iii)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;"></font><font style="display: inline;font-style:normal;">any documents</font><font style="display: inline;font-style:normal;"> to be approved at such meetings</font><font style="display: inline;font-style:normal;"> related to the Conversion</font><font style="display: inline;font-style:normal;">; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(iv)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;"></font><font style="display: inline;font-style:normal;">any documents approved at such meetings;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(g) </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">give notice to IFC of any meetings of the Operating Committee and the Technical Committee (as each such term is defined in the JOA) and the Technical Consulting Committee (as such term is defined in PSC); and, as soon as available, deliver to IFC two (2) copies of:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">all notices, reports and other communications material to the Etame Block or the Etame Block Fields </font><font style="display: inline;">approved</font><font style="display: inline;"> in co</font><font style="display: inline;">nnection with such meetings; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">the minutes of all such meetings;</font><font style="display: inline;"> and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">copies of any material presentations given at such meetings;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(h)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">deliver copies to IFC of all </font><font style="display: inline;font-style:normal;">Development Plans </font><font style="display: inline;font-style:normal;">for the Etame Block or Etame Block Fields approved by the Operating Committee pursuant to the JOA and all EIA(s)</font><font style="display: inline;font-style:normal;"> in relation to the Project</font><font style="display: inline;font-style:normal;">;</font><font style="display: inline;font-style:normal;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">promptly notify IFC of any proposed change in the nature or scope of the Project or the business or operations of the Borrower and of any event or condition which has or may reasonably be expected to have a Material Adverse Effect; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-size:12pt;">(j)</font><font style="display: inline;font-size:12pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-size:12pt;">promptly upon becoming aware of (i) any litigation or administrative proceedings before any Authority or arbitral body to which the Borrower is or may become a party; (ii)&nbsp;&nbsp;any material dispute with any Authority or any other Project Partner; (iii) any technical or other material disputes with any other third party under any Project Document; or (iv) the occurrence of any event of force majeure under any Project Document, notify IFC of that event specifying the nature of that litigation, the proceedings or the event and the steps the Borrower is taking or proposes to take with respect thereto;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(k)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">promptly upon the occurrence of an Event of Default or Potential Event of Default, notify IFC specifying the nature of that Event of Default or Potential Event of Default and any steps the Borrower is taking to remedy it;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(l)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">provide to IFC, in a timely manner, the insurance certificates and other information referred to in Section 6.04 (d) (</font><font style="display: inline;font-style:italic;">Insurance</font><font style="display: inline;">);&nbsp; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -72pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(m)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;"></font><font style="display: inline;font-style:normal;">(i)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 61.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">for</font><font style="display: inline;font-style:normal;">&nbsp;</font><font style="display: inline;font-style:normal;">the </font><font style="display: inline;font-style:normal;">period from the date of this Agreement to </font><font style="display: inline;font-style:normal;">but excluding </font><font style="display: inline;font-style:normal;">the Effective Date</font><font style="display: inline;font-style:normal;">, &nbsp;</font><font style="display: inline;font-style:normal;">provide to IFC a Reserves Certification, at the Borrower's expense, </font><a name="_BPDCD_314"></a><font style="display: inline;font-style:normal;">within forty-five </font><font style="display: inline;font-style:normal;">(</font><a name="_BPDCD_315"></a><font style="display: inline;font-style:normal;">45</font><font style="display: inline;font-style:normal;">) days </font><a name="_BPDCD_316"></a><font style="display: inline;font-style:normal;">of the end of </font><font style="display: inline;font-style:normal;">each </font><a name="_BPDCD_317"></a><font style="display: inline;font-style:normal;">Fiscal Year </font><font style="display: inline;font-style:normal;">and, from time to time but no more than two (2) times per Fiscal Year, as otherwise reasonably requested by IFC</font><font style="display: inline;font-style:normal;">; and </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">for the period from the Effective Date, provide to IFC a</font><font style="display: inline;"> &nbsp;R</font><font style="display: inline;">eserves </font><font style="display: inline;">R</font><font style="display: inline;">eport</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">at the Borrower's expense</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">within forty-five (45) days of the end of each Fiscal Year</font><font style="display: inline;">;&nbsp; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(n)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">promptly notify IFC if (i) the GOG or any of its Authorities or assigns notifies the Borrower that the </font><font style="display: inline;">GOG </font><font style="display: inline;">or its assigns </font><font style="display: inline;">is exercising its preference rights under Article 24 and/or Article 25 of the PSC</font><font style="display: inline;"> or (ii) the Borrower has reason to believe the GOG and/or any of its Authorities or assigns intends to exercise such rights;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(o)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">promptly provide to IFC such information about the Borrower, its assets and the Project that IFC requests from time to time on behalf of any Participant for such Participants to satisfy requirements under applicable law and regulations, including those concerning anti-money laundering and combating the finan</font><font style="display: inline;font-style:normal;">cing of terrorism (AML/CFT);</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(p)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">as soon as available provide to IFC (i) the results of any crude marketing bidding process undertaken in connection the Borrowing Base Assets and (ii) each Crude Oil Entitlement Report; </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(q)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">n</font><font style="display: inline;font-style:normal;">ot later than sixty (60) days prior to (i) each Semi-Annual Date, and (ii) any other interim date specified from time to time by notice from IFC to the Borrower (any such date to be not less than ninety (90) days after such notice), </font><font style="display: inline;font-style:normal;">provide</font><font style="display: inline;font-style:normal;"> to IFC a certificate from an Officer of the Borrower attaching a copy of </font><font style="display: inline;font-style:normal;">(x) </font><font style="display: inline;font-style:normal;">the then-current Work Program and Budget for the Etame Block or Etame Block Fields approved by the Operating Committee pursuant to the JOA</font><font style="display: inline;font-style:normal;"> and (y) a reserves report </font><font style="display: inline;font-style:normal;">prepared </font><font style="display: inline;font-style:normal;">by the Borrower </font><font style="display: inline;font-style:normal;color:#000000;">and </font><font style="display: inline;font-style:normal;">in form and substance satisfactory to </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;font-style:normal;">IFC</font><font style="display: inline;font-style:normal;"> that</font><font style="display: inline;font-style:normal;"> includ</font><font style="display: inline;font-style:normal;">es</font><font style="display: inline;font-style:normal;"> projected capital expenditures, operating expenses, annual production profiles and the economic life of the relevant Etame Block Fields</font><font style="display: inline;font-style:normal;">; and </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(r)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">promptly provide to IFC such other information as IFC from time to time requests about the Borrower, its assets and the Project (including evidence of the amount standing to the credit of the VAALCO Operating Account).</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Section 6.04.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Insurance</font><font style="display: inline;">. &nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-style:italic;text-decoration:underline;">Insurance Requirements and Borrower's Undertakings</font><font style="display: inline;">. Unless IFC otherwise agrees, the Borrower shall:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">insure and keep insured, with financially sound and reputable insurers, all its assets and business against all insurable losses to include the insurances specified in Annex D</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;">and any insurance required by law;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">punctually pay any premium, commission and any other amounts necessary for effecting and maintaining in force each insurance policy;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">promptly notify the relevant insurer of any claim by the Borrower under any policy written by that insurer and diligently pursue that claim;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">comply with all warranties under each policy of insurance;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">not do or omit to do, or permit to be done or not done, anything which might prejudice the Borrower's, or, where IFC is a loss payee or an additional named insured, IFC's right to claim or recover under any insurance policy; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;border-bottom:1pt none #D9D9D9 ;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(vi)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">not vary, rescind, terminate, cancel or cause a material change to any insurance policy;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;border-top:1pt none #D9D9D9 ;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">provided always that if at any time and for any reason any insurance required to be maintained under this Agreement shall not be in full force and effect, then IFC shall thereupon or at any time while the same is continuing be entitled (but have no such obligation) on its own behalf to procure such insurance at the expense of the Borrower and to take all such steps to minimize hazard as IFC may consider expedient or necessary.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-style:normal;">(b)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;"></font><font style="display: inline;text-decoration:underline;">Policy Provisions</font><font style="display: inline;font-style:normal;">.&nbsp;&nbsp;Each insurance policy required to be obtained pursuant to this Section 6.04 shall be in English language, be on terms and conditions acceptable to IFC, and shall contain cut-through provisions, and assignment of reinsurance proceeds with respect to insurance governed by Gabon law, together with provisions to the effect that:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">no policy can expire nor can it be cancelled or suspended by the Borrower or the insurer for any reason (including failure to renew the policy or to pay the premium or any other amount) unless IFC and, in the case of </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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</div>
		<p style="margin:0pt 0pt 0pt 108pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">expiration or if cancellation or suspension is initiated by the insurer, the Borrower receive at least forty-five (45) days' notice (or such lesser period as IFC may agree in respect of cancellation, suspension or termination in the event of war and kindred peril) prior to the effective date of termination, cancellation or suspension;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">IFC and all contractors working at the Project site during the construction phase are named as additional named insured on all liability policies obtained by the Borrower pursuant to Annex D and, to the best of the Borrower's efforts, on any liability policies obtained by third parties in connection with the Project;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;">where relevant, all its provisions (except those relating to limits of liability) shall operate as if they were a separate policy covering each insured party; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">on every insurance policy on the Borrower's assets which are the subject of the Security and for business interruption, IFC is named as loss payee for any claim of, or any series of claims arising with respect to the same event whose aggregate amount is, the equivalent of three million Dollars ($3,000,000) or more (which amount relates to the </font><font style="display: inline;">Etame </font><font style="display: inline;">Block Assets as a whole and not just the Borrower's working interest therein).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72.75pt;text-indent: -36.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:italic;"></font><font style="display: inline;font-style:italic;text-decoration:underline;">Application of Proceeds</font><font style="display: inline;">.&nbsp; </font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">At its discretion, IFC may remit the proceeds of any insurance paid to it to the Borrower to repair or replace the relevant damaged assets or may apply such proceeds towards any amount payable to IFC under this Agreement, including to repay or prepay all or any part of the Loan in accordance with Section 3.06 (</font><font style="display: inline;font-style:italic;">Prepayment</font><font style="display: inline;">); provided that there shall be no minimum amount or notice period or prepayment fee for any such prepayment.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(ii)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">The Borrower shall use any insurance proceeds it receives (whether from IFC or directly from the insurers) with respect to the Borrower's working interest (as determined in accordance with the PSC and JOA) in the </font><font style="display: inline;font-style:normal;">Etame </font><font style="display: inline;font-style:normal;">Block Assets for loss of or damage to any asset solely to replace or repair that asset consistently with good international oil and gas practices.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-style:italic;text-decoration:underline;">Reporting Requirements</font><font style="display: inline;">.&nbsp;&nbsp;Unless IFC otherwise agrees, the Borrower shall provide to IFC the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"></font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">as soon as possible after its occurrence, notice of any event which entitles the Borrower to claim for an aggregate amount exceeding the equivalent of one million Dollars ($1,000,000) under any one or more insurance policies;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(ii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;">within thirty (30) days after any insurance policy is issued to the Borrower, a copy of that policy incorporating any loss payee provisions required under Section 6.04 (b) (iv) (unless that policy has already been provided to IFC pursuant to Section 5.01 (j) (</font><font style="display: inline;font-style:italic;">Conditions of First Loan</font><font style="display: inline;">));</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iii)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">not less than ten (10) days prior to the expiry date of any insurance policy (or, for insurance with multiple renewal dates, not less than ten (10) days prior to the expiry date of the policy on the principal asset), a certificate of renewal from the insurer, insurance broker or agent confirming the renewal of that policy and the renewal period, the premium, the amounts insured for each asset or item and any changes in terms or conditions from the policy's issue date or last renewal, and confirmation from the insurer that provisions naming IFC as loss payee or additional named insured, as applicable remain in effect; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(iv)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">such evidence of premium payment as IFC may from time to time request; and</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent:-36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">any other information or documents on each insurance policy as IFC requests from time to time.</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Section 6.05.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">IFC Base Case</font><font style="display: inline;">.&nbsp;&nbsp;After receipt of the information submitted by the Borrower in accordance with Section 6.03(q), the IFC Base Case shall be updated by IFC </font><font style="display: inline;">(acting in its sole discretion)</font><font style="display: inline;">.&nbsp; </font>
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			<font style="display: inline;">ARTICLE VII</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Events of Default</font>
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			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-style:normal;">Section 7.01. </font><font style="display: inline;font-style:normal;text-decoration:underline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">Acceleration after Default</font><font style="display: inline;font-style:normal;">.&nbsp;&nbsp;If any Event of Default occurs and is continuing (whether it is voluntary or involuntary, or results from operation of law or otherwise), IFC may, by notice to the Borrower, require the Borrower to repay the Loans or such part of the Loans of each Tranche as is specified in that notice.&nbsp;&nbsp;On receipt of any such notice, the Borrower shall immediately repay the Loans (or that part of the Loans specified in that notice) and pay all interest accrued on them, and any other amounts then payable under this Agreement. The Borrower waives any right it might have to further notice, presentment, demand or protest with respect to that demand for immediate payment.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">Section 7.02.&nbsp; </font><font style="display: inline;text-decoration:underline;">Events of Default</font><font style="display: inline;font-style:normal;">It shall be an Event of Default if:</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(a)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">the Borrower fails (i) to pay when due any part of the principal of, or interest on, any Loan or any fees payable in connection therewith or (ii) to comply with its obligation under Section 6.01 (q), and such failure continues for a period of five (5) days;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

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		</p>

</div>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(b)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">the Borrower or the Sponsor fails to pay when due any part of the principal of, or interest on, any loan from IFC to the Borrower other than the Loans and any such failure continues for the relevant period of grace provided for in the agreement providing for that loan; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(c)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">the Borrower or the Sponsor fails to comply with any of its obligations under this Agreement, the Guarantee, Subordination and Share Retention Agreement or any other Transaction Document or any other agreement between it and IFC (other than as set out in subsections (a) and (b) or as expressly addressed in this Section 7.02 below), and any such failure continues for a period of thirty (30) days after the date on which IFC notifies the Borrower</font><font style="display: inline;font-style:normal;font-size:8pt;">&nbsp;</font><font style="display: inline;font-style:normal;"> of that failure or, if earlier, the date on which the Borrower or the Sponsor becomes aware of such failure;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(d)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">any party to a Transaction Document (other than IFC or the Borrower or the Sponsor) fails to observe or perform any of its obligations under that Transaction Document, and any such failure continues for a period of thirty (30) days after the date on which IFC notifies the Borrower of that failure or, if earlier, the date on which the Borrower or the Sponsor becomes aware of such failure; </font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(e)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">any representation or warranty made in Article IV or in connection with the execution of, or any request (including a request for a Loan, or in respect of a Rollover Loan, a deemed request) under, this Agreement or any other Transaction Document is found to be incorrect in any material respect;</font>
		</p>
		<p style="margin:0pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;"></font><font style="display: inline;font-style:normal;">(f)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">any Authority condemns, nationalizes, seizes, or otherwise expropriates all or any substantial part of the property or other assets of the Borrower or of its capital stock, or assumes custody or control of that property or other assets or of the business or operations of the Borrower or of its capital stock, or takes any action for the dissolution or disestablishment of the Borrower or any action that would prevent the Borrower or its officers from carrying on all or a substantial part of its business or operations;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(g)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">the Borrower:</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(i)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">takes any step (including petition, giving notice to convene or convening a meeting) for the purpose of making, or proposes or enters into, any arrangement, assignment or composition with or for the benefit of its creditors</font><font style="display: inline;font-style:normal;"> (including any such steps taken during or after the Conversion)</font><font style="display: inline;font-style:normal;">;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(ii)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">ceases or threatens to cease to carry on its business or any substantial part of its business; or</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(iii)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">is unable, or admits in writing its inability to pay its debts as they fall due or otherwise becomes insolvent;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(h)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">an order is made or an effective resolution passed or analogous proceedings taken for the Borrower</font><font style="display: inline;font-style:normal;">'</font><font style="display: inline;font-style:normal;">s winding up, bankruptcy or dissolution or a petition is presented or analogous proceedings taken for the winding up or dissolution of the Borrower;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(i)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">the beneficiary of any Lien lawfully takes possession, or a liquidator, judicial custodian, receiver, administrative receiver or trustee or any analogous officer is appointed, of the whole or any material part of the undertaking or assets of the Borrower or any expropriation, attachment, sequestration, distress or execution (or analogous process) is levied or enforced upon or issued against any of the assets or property of the Borrower for an amount in excess of the equivalent of </font><font style="display: inline;font-style:normal;">one million </font><font style="display: inline;font-style:normal;">five hundred thousand Dollars ($</font><font style="display: inline;font-style:normal;">1,</font><font style="display: inline;font-style:normal;">500,000)</font><font style="display: inline;font-style:normal;">&nbsp;</font><font style="display: inline;font-style:normal;">and is not discharg</font><font style="display: inline;font-style:normal;">ed within thirty (30) days;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(j)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">any other event occurs which under any applicable law would have an effect analogous to any of those events listed in Section 7.02 (g), Section 7.02 (h) and Section 7.02 (i);</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(k)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;"> the Borrower fails to pay any of its Debt (other than the Loans or any other loan from IFC to the Borrower) or to perform any of its obligations under any agreement pursuant to which there is outstanding any Debt, and any such failure continues for more than any applicable period of grace or any such Debt becomes prematurely due and payable or is placed on demand</font><font style="display: inline;font-style:normal;">, provided such non-payment or non-performance will not be an Event of Default if (i) such non-payment or non-performance relates to a Debt not exceeding five hundred thousand Dollars ($500,000) and (ii) is being contested by the Borrower in good faith in a court of competent jurisdiction for reasons other than its inability to make due and punctual payment and for which the Borrower has set aside adequate reserves;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(l)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">any Authorization necessary for the Borrower to perform and observe its obligations under any Transaction Document, or to carry out the Project, is not obtained when required or is rescinded, terminated, lapses or otherwise ceases to be in full force and effect, including with respect to the remittance to IFC or its assignees, in Dollars, of any amounts payable under any Transaction Document, and is not restored or reinstated within thirty (30) days of notice by IFC to the Borrower requiring that restoration or reinstatement;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(m)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">any Security Document or any of its provisions:</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 111.75pt;text-indent: -39.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(i)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">is revoked, terminated or ceases to be in full force and effect or ceases to provide the security intended or the priority contemplated under this Agreement and/or the Guarantee, Subordination and Share Retention Agreement, without, in each case, the prior consent of IFC;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 111.75pt;text-indent: -39.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(ii)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 24.6pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">becomes unlawful or is declared void; or</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 111.75pt;text-indent: -39.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(iii)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">is repudiated or its validity or enforceability is challenged by any Person and any such repudiation or challenge continues for a period of thirty (30) days, during which period such repudiation or challenge has no effect;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(n)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">any Transaction Document (other than a Security Document) or any of its provisions </font><font style="display: inline;font-style:normal;">(including the obligation to pay any amount of interest, including default interest, at the rates determined in accordance therewith)</font><font style="display: inline;font-style:normal;">:</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(i)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">is revoked, terminated or ceases to be in full force and effect without, in each case, the prior consent of IFC, and that event, if capable of being remedied, is not remedied to the satisfaction of IFC </font><font style="display: inline;font-style:normal;">(acting in its sole discretion)</font><font style="display: inline;font-style:normal;"> within thirty (30) days of IFC's notice to the Borrower; or</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(ii)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">is or becomes unlawful or is declared void;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(o)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">any Transaction Document (other than a Security Document) is repudiated or the validity or enforceability of any of its provisions at any time is challenged by any Person and such repudiation or challenge is not withdrawn within thirty (30) days of IFC's notice to the Borrower</font><font style="display: inline;">&nbsp;</font><font style="display: inline;font-style:normal;">requiring that</font><font style="display: inline;">&nbsp;</font><font style="display: inline;font-style:normal;">withdrawal; provided that no such notice shall be required or, as the case may be, the notice period shall terminate if and when such repudiation or challenge becomes effective; </font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">(p)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">any Material Contract:</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(i)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">is breached by any party to it and that breach has or could reasonably be expected to have a Material Adverse Effect; or</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent: -36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(ii)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 21.6pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">is revoked, terminated or ceases to be in full force and effect without the prior consent of IFC, or performance of any of the material obligations under any such agreement becomes unlawful or any such agreement is declared to be void or is repudiated or its validity or enforceability at any time is challenged by any party to it;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 23pt 0pt 0pt;"> (q)</font>
			<font style="display: inline;color:#000000;">the Borrower ceases to be the Operator of the Project and the Person designated as the Operator is not acceptable to IFC; </font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 25pt 0pt 0pt;"> (r)</font>
			<font style="display: inline;color:#000000;">the Borrower's right to participate in the </font><font style="display: inline;color:#000000;">Etame </font><font style="display: inline;color:#000000;">Block or the Etame Block </font><font style="display: inline;color:#000000;">Field</font><font style="display: inline;color:#000000;">s is revoked; </font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;;padding:0pt 24pt 0pt 0pt;"> (s)</font>
			<font style="display: inline;color:#000000;">Control of the Borrower is transferred to any Person without the consent of IFC, provided such consent shall not be unreasonably withheld if the proposed transferee has a proven technical record in the international oil industry, if relevant, sound financial standing and, in IFC's reasonable judgment, a good reputation;</font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">(t)</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">a final judgment, order or arbitral award for the payment of money in excess of the equivalent of one million five hundred thousand Dollars ($1,500,000) is rendered against the Borrower or any of its properties and that judgment, order or arbitral award continues to be unsatisfied for a period of thirty (30) days;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">(u)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">the Borrower ceases to carry on its business; or the Project is abandoned by the Borrower or, all or a significant part of the operations of the Project or in the Etame Block is interrupted for more than 180 consecutive days; </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(v)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">any of the events specified in Section 7.02 (g) through (k) or in Section 7.02 (t) occur to the Sponsor or VAALCO International, or any of their respective&nbsp;&nbsp;properties, assets or share capital; provided that, in the case of Section 7.02 (k) and Section 7.02 (t), such event shall only be an Event of Default if the aggregate amount of the unpaid Debt or the final judgment, order or award, as the case may be, exceeds one million five hundred thousand Dollars ($1,500,000) or its equivalent;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(w)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;">there occurs any amendment, waiver or termination of the Etame Accounts Agreement without IFC's prior written consent.&nbsp; </font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 7.03.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Bankruptcy</font><font style="display: inline;">.&nbsp;&nbsp;If the Borrower or the Sponsor is liquidated or declared bankrupt, the Loan, all interest accrued on it and any other amounts payable under this Agreement will become immediately due and payable without any presentment, demand, protest or notice of any kind, all of which each of the Borrower and the Sponsor waives.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">ARTICLE VIII</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Miscellaneous</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 8.01</font><font style="display: inline;font-style:italic;">.</font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;font-style:italic;text-decoration:underline;">Saving of Rights</font><font style="display: inline;font-style:italic;">.&nbsp; </font><font style="display: inline;">(a) </font><font style="display: inline;">The rights and remedies of IFC in relation to any misrepresentation or breach of warranty on the part of the Borrower shall not be prejudiced by any investigation by or on behalf of IFC into the affairs of the Borrower, by the execution or the performance of this Agreement or by any other act or thing by or on behalf of IFC which might, apart from this Section, prejudice such rights or remedies.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">No course of dealing or waiver by IFC in connection with any condition of any Loan under this Agreement shall impair any right, power or remedy of IFC with respect to any other condition of any Loan, or be construed to be a waiver thereof; nor shall the action of IFC with respect to any Loan affect or impair any right, power or remedy of IFC with respect to any other Loan.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(c)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">Unless otherwise notified to the Borrower by IFC and without prejudice to the generality of Section 8.01 (b), the right of IFC to require compliance with any condition under this Agreement which may be waived by IFC with respect to any Loan is expressly preserved for the purposes of any subsequent or other Loan.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:normal;">(d)</font><font style="display: inline;font-style:normal;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-style:normal;">No course of dealing and no failure or delay by IFC in exercising, in whole or in part, any power, remedy, discretion, authority or other right under this Agreement or any other agreement shall waive or impair, or be construed to be a waiver of or an acquiescence in, such or any other power, remedy, discretion, authority or right under this Agreement, or in any manner </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;font-style:normal;">preclude its additional or future exercise; nor shall the action of IFC with respect to any default, or any acquiescence by it therein, affect or impair any right, power or remedy of IFC with respect to any other default.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Section 8.02.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Notices</font><font style="display: inline;">.&nbsp;&nbsp;(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt -18pt 0pt 0pt;"></font><font style="display: inline;">Any notice, request or other communication to be given or made under this Agreement&nbsp;&nbsp;to IFC or to the Borrower shall be in writing and (subject to Sections&nbsp;6.03&nbsp;(e), (j) and (k) (</font><font style="display: inline;font-style:italic;">Reporting Requirements</font><font style="display: inline;">) and Section 8.05 (f) (</font><font style="display: inline;font-style:italic;">Applicable Law and Jurisdiction</font><font style="display: inline;">)</font><font style="display: inline;">) shall be deemed to have been duly given or made when it is delivered by hand, airmail, established courier service or facsimile&nbsp;&nbsp;to the party to which it is required or permitted to be given or made at such party's address specified below or at such other address as such party has from time to time designated by notice to the other party hereto, and shall be effective upon receipt.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">For the Borrower:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">VAALCO Gabon (Etame), Inc.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">9800 Richmond Avenue, Suite 700</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Houston, Texas 77042</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">United States of America</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Facsimile:&nbsp;&nbsp;713-623-0982</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Attention:&nbsp; </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">President and Chief Executive Officer</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">For IFC:</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">International Finance Corporation</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">2121 Pennsylvania Avenue, N.W.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Washington, D.C. 20433</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">United States of America</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Facsimile:&nbsp; </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">202-</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">974-</font><font style="display: inline;">4307</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 144pt;text-indent: -72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Attention:&nbsp; </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;">Director, Infrastructure and Natural Resources&nbsp; </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -72pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:-72pt;padding:0pt 72pt 0pt 0pt;"></font><font style="display: inline;">With a copy (in the case of communications relating to payments) sent to the attention of the Director, Financial Operations, at:</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Facsimile:&nbsp;&nbsp;202-</font><font style="display: inline;">974</font><font style="display: inline;">-</font><font style="display: inline;">4318</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">The Borrower shall ensure that any notices delivered pursuant to a Material Contract that are to be provided to IFC, either directly or through the Borrower, shall be delivered by one of the methods specified in Section 8.02 (a).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 8.03.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">English Language</font><font style="display: inline;">.&nbsp; </font><font style="display: inline;">All documents to be provided or communications to be given or made under this Agreement or any other Transaction Document shall be in English and, where the original version of any such document or communication is not in English, shall be accompanied by an English translation certified by an authorized representative to be a true and correct translation of the original. IFC may, if it so requires, obtain an English translation of any document or communication received in any other language at the cost and expense of the Borrower; and in either case IFC may deem any such translation to be the governing version.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 8.04.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Term of Agreement</font><font style="display: inline;">.&nbsp;&nbsp;This Agreement shall continue in force until all monies payable under it have been fully paid in accordance with its provisions.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 8.05.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Applicable Law and Jurisdiction</font><font style="display: inline;">.&nbsp;&nbsp;(a)&nbsp; </font><font style="display: inline;">This Agreement, and all non-contractual obligations arising out of or in connection with it, is governed by and shall be construed in accordance with English law.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Subject to </font><font style="display: inline;">Section</font><font style="display: inline;"> 8.05</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(d), the parties agree that the courts of England shall have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement&nbsp;&nbsp;(including any dispute regarding non-contractual obligations&nbsp;&nbsp;and any dispute regarding the existence, validity or termination of this Agreement or the consequences of its nullity) (a </font><font style="display: inline;">"</font><font style="display: inline;">Dispute</font><font style="display: inline;">"</font><font style="display: inline;">) and, for such purposes, irrevocably submit to the jurisdiction of such courts.&nbsp;&nbsp;Final judgment against the Borrower in any such action, suit or proceeding shall be conclusive and may be enforced in any other jurisdiction, including </font><font style="display: inline;">Gabon</font><font style="display: inline;">, by suit on the judgment, a certified or exemplified copy of which shall be conclusive evidence of the judgment, or in any other manner provided by law.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">For the purpose of Section 8.05</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(b), the Borrower agrees that the courts of England are the most appropriate and convenient courts to settle Disputes, and irrevocably waives any objection which it might now or hereafter have to the courts of England being nominated as the forum to hear and determine any Disputes.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(d)</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;font-size:8pt;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Sections 8.05(b) and (c) are for the benefit of IFC only.&nbsp;&nbsp;As a result, </font><font style="display: inline;">to the extent permitted by applicable law, </font><font style="display: inline;">IFC may bring proceedings relating to a Dispute in any other courts with jurisdiction</font><font style="display: inline;">.&nbsp;&nbsp;To the extent allowed by </font><font style="display: inline;">applicable </font><font style="display: inline;">law, IFC may bring concurrent proceedings in any num</font><font style="display: inline;">ber of jurisdictions.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(e)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">The parties acknowledge and agree that no provision of this Agreement in any way constitutes or&nbsp;&nbsp;implies a waiver, termination or modification by IFC of any privilege, immunity or exemption of IFC granted in the Articles of Agreement establishing IFC, international conventions, or applicable law.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(f)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">Without prejudice to other methods of service allowed by law, any process (whether issued from the English courts or elsewhere) may be served on the Borr</font><font style="display: inline;">ower by serving that process on</font><font style="display: inline;"> Bird &amp; Bird located at </font><font style="display: inline;">15</font><font style="display: inline;"> Fetter Lane, London EC4A 1JP (reference VAAEN.0001)</font><font style="display: inline;">, England.</font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;">The Borrower may by not less than ten (10) days</font><font style="display: inline;">'</font><font style="display: inline;"> notice in writing to IFC provide a substitute address for the service of process in England.&nbsp;&nbsp;If the address for service p</font><font style="display: inline;">rovided for by this Section 8.05&nbsp;</font><font style="display: inline;">(f), or an address substituted in a</font><font style="display: inline;">ccordance with this Section </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">8.05 </font><font style="display: inline;">(f), ceases for any reason to allow service of process in England, IFC may by notice in writing to the Borrower appoint an agent to accept service on behalf of the Borrower, and the Borrower agrees that service on that agent will constitute valid service on it.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(g)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">To the extent that the Borrower may be entitled in any jurisdiction to claim for itself or its assets immunity in respect of its obligations under this Agreement or any other Transaction Document to which it is a party, from any suit, execution, attachment (whether provisional or final, in aid of execution, before judgment or otherwise) or other legal process or to the extent that in any jurisdiction that immunity (whether or not claimed) may be attributed to it or its assets, the Borrower irrevocably agrees not to claim and irrevocably waives such immunity to the fullest extent permitted now or in the future by</font><font style="display: inline;"> the laws of such jurisdiction.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(h)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">The Borrower also consents with respect to any Dispute to the giving of any relief or the issue of any process in connection with such Dispute including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such proceedings.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(i)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">To the extent that the Borrower may be entitled in any proceedings relating to a Dispute or in any proceedings arising out of or in connection with any Transaction Document (including any dispute regarding non-contractual obligations and any dispute regarding the existence, validity or termination of the Transaction Document) to which the Borrower is a party, to apply for or to require that IFC post any security for the costs of the Borrower or for any other matter, the Borrower agrees that it will not apply or impose that requirement and, accordingly, it irrevocably waives any such entitlement that it may otherwise have to the fullest extent permitted by </font><font style="display: inline;">a</font><font style="display: inline;">pplicable </font><font style="display: inline;">l</font><font style="display: inline;">aw.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 8.06.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Disclosure of Information</font><font style="display: inline;">.&nbsp;&nbsp;(a)&nbsp; </font><font style="display: inline;">IFC agrees to maintain the confidentiality of all material non-public information provided by Borrower and its Affiliates, except that, subject to confirming compliance with the provisions of this Section,</font><font style="display: inline;"> IFC may disclose any documents</font><font style="display: inline;">, records or information about the Project or the Borrower to (i) its outside counsel, auditors and rating agencies, (ii) any Person who intends to purchase a Participation, and (iii) any other Person as IFC may deem appropriate in connection with the administration of the Loan, including for the purpose of exercising any power, remedy, right, authority, or discretion relevant to any Transaction Document, or in connection with any proposed sale, transfer, assignment or other disposition of IFC</font><font style="display: inline;">'</font><font style="display: inline;">s rights as contemplated by Section </font><font style="display: inline;">8</font><font style="display: inline;">.0</font><font style="display: inline;">7</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">The Borrower acknowledges and agrees that, notwithstanding the terms of any other agreement between the Borrower and IFC, a disclosure of information by IFC in the circumstances contemplated by Section 8.06 (a) does not violate any duty owed to the Borrower under this Agreement or under any such other agreement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">IFC acknowledges that information furnished to it pursuant to this Agreement or the Security Documents may include material non-public information concerning the Borrower and its Affiliates and their related parties or their respective securities, and confirms that it will not use such information to deal in the securities of the Borrower, its Affiliates or their related parties except in accordance with the federal and state securities laws of the United States.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

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			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

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			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 8.07.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Successors and Assignees</font><font style="display: inline;">.&nbsp;&nbsp;This Agreement binds and benefits the respective successors and assignees of the parties. However, the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior consent of IFC.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 8.08.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Amendments, Waivers and Consents</font><font style="display: inline;">.&nbsp;&nbsp;Any amendment or waiver of, or any consent given under, any provision of this Agreement shall be in writing and, in the case of an amendment, signed by the parties.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Section 8.09.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Counterparts</font><font style="display: inline;">.&nbsp;&nbsp;This Agreement may be executed in several counterparts, each of which is an original, but all of which together constitute one and the same agreement.</font>
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			<font style="display: inline;">Section 8.10.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Severability</font><font style="display: inline;font-style:italic;">.</font><font style="display: inline;"> To the fullest extent permitted by law, the invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity or enforceability of any other provision hereof in such jurisdiction or of such or any other provision in any other jurisdiction.</font>
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			<font style="display: inline;">Section 8.11.&nbsp; </font><font style="display: inline;font-style:italic;text-decoration:underline;">Rights of Third Parties</font><font style="display: inline;font-style:italic;">.</font><font style="display: inline;"> A Person who is not a party to this Agreement has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.</font>
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			&nbsp;
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">IN WITNESS WHEREOF, the parties have caused this Agreement to be signed in their respective names as of the date first above written.</font>
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		<p style="margin:0pt 0pt 0pt 108pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">VAALCO GABON (ETAME), INC.</font>
		</p>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">By: </font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;"></font>
		</p>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Name:&nbsp; </font>
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			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Title:&nbsp; </font>
		</p>
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			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">INTERNATIONAL FINANCE CORPORATION</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">By: </font><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Name:&nbsp; </font>
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			<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Title:</font><font style="display: inline;"></font>
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		<p style="margin:0pt 0pt 0pt 180pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
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		<p style="margin:0pt;text-align:center;text-decoration:underline;font-family:Times New Roman;font-family:CG Times;font-size: 12pt">

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

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			&nbsp;

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</div>
		<p style="margin:0pt;text-align:center;text-decoration:underline;font-family:Times New Roman;font-family:CG Times;;font-size: 12pt"><font style="display: inline;">SCHEDULE </font><font style="display: inline;">9</font>
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		<p style="margin:0pt 0pt 12pt;text-align:center;text-decoration:underline;font-family:Times New Roman;font-family:CG Times;font-size: 12pt">
			<a name="_Toc376521435"></a><font style="display: inline;">FACILITY AMORTIZATION SCHEDULE</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Part I</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Senior </font><font style="display: inline;font-weight:bold;color:#000000;">Tranche</font><font style="display: inline;font-weight:bold;color:#000000;"> Commitment</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;width:306.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Specified Period</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;width:99.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Commitment ($)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:306.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;color:#000000;">Fr</font><font style="display: inline;color:#000000;">om signing up to</font><font style="display: inline;color:#000000;"> but excluding the Effective Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:99.90pt;background-color: #auto;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">35,000,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:306.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;color:#000000;">From </font><font style="display: inline;color:#000000;">the Effective Date</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">up to and including </font><font style="display: inline;color:#000000;">the Final Maturity Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:99.90pt;background-color: #auto;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">0&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Part II</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Subordinated </font><font style="display: inline;font-weight:bold;">Tranche</font><font style="display: inline;font-weight:bold;"> Commitment</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;width:306.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Specified Period</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;width:99.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Commitment ($)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:306.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;color:#000000;">Fr</font><font style="display: inline;color:#000000;">om signing up to</font><font style="display: inline;color:#000000;"> but excluding the Effective Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:99.90pt;background-color: #auto;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">15,000,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:306.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;color:#000000;">From the Effective Date up to and including the Final Maturity Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:99.90pt;background-color: #auto;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">0&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;text-decoration:underline;font-family:Times New Roman;font-family:CG Times;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Part II</font><font style="display: inline;font-weight:bold;">I</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Repayment Schedule for Initial Term Tranche</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">A.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;">Repayment Schedule in the event the Additional Term Tranche is </font><font style="display: inline;">disbursed or cancelled on or before September </font><font style="display: inline;">15</font><font style="display: inline;">, 2016</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:5.4pt;">
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Interest Payment Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Principal Amount Due ($)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:247.50pt;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;color:#000000;">September 30, 2016</font></p>
				</td>
				<td valign="top" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:247.50pt;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;color:#000000;">December 31, 2016</font></p>
				</td>
				<td valign="top" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">June 30, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">September 30, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">December 31, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">June 30, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">September 30, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">December 31, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2019</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Final Maturity Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">B.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;">Repayment Schedule in the event the Additional Term Tranche is disbursed</font><font style="display: inline;"> or cancelled after September</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">15, 2016, but on or before December 15, 2016</font>
		</p>
		<p style="margin:0pt;text-align:center;text-decoration:underline;font-family:Times New Roman;font-family:CG Times;font-size: 12pt">
			<font style="display: inline;font-weight:bold;text-decoration:none;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:5.4pt;">
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Interest Payment Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Principal Amount Due ($)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:247.50pt;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;color:#000000;">December 31, 2016</font></p>
				</td>
				<td valign="top" style="width:153.90pt;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">2</font><font style="display: inline;">,</font><font style="display: inline;">500,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">June 30, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">September 30, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">December 31, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">June 30, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">September 30, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">December 31, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2019</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Final Maturity Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font><font style="display: inline;">C.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;">Repayment Schedule in the event the Additional Term Tranche is disbursed or cancelled after </font><font style="display: inline;">December 15, 2016</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:5.4pt;">
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Interest Payment Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Principal Amount Due ($)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">3</font><font style="display: inline;">,</font><font style="display: inline;">750,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">June 30, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">September 30, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">December 31, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">June 30, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">September 30, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">December 31, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2019</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:247.50pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Final Maturity Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:153.90pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">1,250,000</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;">Part IV</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Repayment Schedule for Additional Term Tranche</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">A.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;">Repayment Schedule in the event the Additional Term Tranche is disbursed on or before </font><font style="display: inline;">December 15, 2016</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:5.4pt;">
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Interest Payment Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Repayment Installment (%)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:243.00pt;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;color:#000000;">December 31, 2016</font></p>
				</td>
				<td valign="top" style="width:158.40pt;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">14.29</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">14.29</font><font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">June 30, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">14.29</font><font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">September 30, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">14.29</font><font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">December 31, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">14.28</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">14.28</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">June 30, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">14.28</font><font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">B</font><font style="display: inline;">.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font><font style="display: inline;">Repayment Schedule in the event the Additional Term Tranche is disbursed after </font><font style="display: inline;">December 15, 2016,</font><font style="display: inline;"> but on or before December 31, 2016</font>
		</p>
		<p style="margin:0pt;text-align:center;text-decoration:underline;font-family:Times New Roman;font-family:CG Times;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:5.4pt;">
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Interest Payment Date</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">Repayment Installment (%)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">16.67</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">June 30, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">16.67</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">September 30, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">16.67</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">December 31, 2017</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">16.67</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">March 31, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">16.66</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:243.00pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">June 30, 2018</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:158.40pt;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">16.66</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:center;text-decoration:underline;font-family:Times New Roman;font-family:CG Times;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:12pt 0pt;line-height:normal;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 11pt">
			<a name="_Toc275269452"></a><a name="_Toc392572411"></a><font style="display: inline;">Signatories</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;">SIGNED </font><font style="display: inline;">for and on behalf of</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;">VAALCO GABON (ETAME), INC.</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">Signature:</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;text-decoration:underline;">/s/ Steven P. Guidry</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">Name:</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">Steven P. Guidry</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">Title:</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">Chief Executive Officer</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;">SIGNED </font><font style="display: inline;">for and on behalf of</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;">VAALCO ENERGY, INC.</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">Signature:</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;text-decoration:underline;">/s/ Steven P. Guidry</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">Name:</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">Steven P. Guidry</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">Title:</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;">Chief Executive Officer</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:12pt 0pt 0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:12pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;">SIGNED </font><font style="display: inline;">for and on behalf of</font>
		</p>
		<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-weight:bold;">INTERNATIONAL FINANCE CORPORATION</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:159.60pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
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						<font style="display: inline;">Signature:</font></p>
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						<font style="display: inline;text-decoration:underline;">/s/ Gabriel Goldschmidt</font></p>
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						&nbsp;</p>
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						<font style="display: inline;">Name:</font></p>
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						<font style="display: inline;">Gabriel Goldschmidt</font></p>
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						&nbsp;</p>
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						<font style="display: inline;">Title:</font></p>
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						<font style="display: inline;">Senior Manager</font></p>
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			<font style="display: inline;">[</font><font style="display: inline;font-style:italic;">Signature Page to Supplemental Agreement</font><font style="display: inline;">]</font>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>egy-20160706xex99_1.htm
<DESCRIPTION>EX-99.1
<TEXT>
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			Exhibit 9912
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			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;font-size:11pt;">EXHIBIT 99.1</font>
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			<font style="display: inline;font-weight:bold;font-size:13pt;">VAALCO </font><font style="display: inline;font-weight:bold;font-size:13pt;">ANNOUNCES</font><font style="display: inline;font-weight:bold;font-size:13pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:13pt;">CONVERSION OF IFC CREDIT FACILITY </font>
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			<font style="display: inline;font-weight:bold;font-size:13pt;">TO TERM LOAN</font>
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			<font style="display: inline;font-weight:bold;font-size:13pt;">HOUSTON &#x2013; July</font><font style="display: inline;font-weight:bold;font-size:13pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:13pt;">6</font><font style="display: inline;font-weight:bold;font-size:13pt;">,</font><font style="display: inline;font-weight:bold;font-size:13pt;"> 201</font><font style="display: inline;font-weight:bold;font-size:13pt;">6</font><font style="display: inline;font-size:13pt;"> &#x2013; VAALCO Energy, Inc. (NYSE: EGY) today </font><font style="display: inline;font-size:13pt;">announced that it has</font><font style="display: inline;font-size:13pt;"> executed an</font><font style="display: inline;font-size:13pt;">&nbsp;</font><font style="display: inline;font-size:13pt;">amended and restated loan </font><font style="display: inline;font-size:13pt;">agreement </font><font style="display: inline;font-size:13pt;">with the </font><font style="display: inline;font-family:Times;font-size:13pt;">International Finance Corporation (IFC), the lender under the </font><font style="display: inline;font-family:Times;font-size:13pt;">Company&#x2019;s</font><font style="display: inline;font-family:Times;font-size:13pt;"> credit facility, to convert the existin</font><font style="display: inline;font-family:Times;font-size:13pt;">g &nbsp;</font><font style="display: inline;font-family:Times;font-size:13pt;">$15 million </font><font style="display: inline;font-family:Times;font-size:13pt;">balance </font><font style="display: inline;font-family:Times;font-size:13pt;">under the revolving facility </font><font style="display: inline;font-family:Times;font-size:13pt;">to a term loan.&nbsp;&nbsp;&nbsp;The new agreement provides for quarterly </font><font style="display: inline;font-family:Times;font-size:13pt;">principal and interest </font><font style="display: inline;font-family:Times;font-size:13pt;">payments </font><font style="display: inline;font-family:Times;font-size:13pt;">through June 30, 2019</font><font style="display: inline;font-family:Times;font-size:13pt;"> at a</font><font style="display: inline;font-family:Times;font-size:13pt;"> rate of </font><font style="display: inline;font-family:Times;font-size:13pt;">LIBOR </font><font style="display: inline;font-family:Times;font-size:13pt;">plus 5.75%</font><font style="display: inline;font-family:Times;font-size:13pt;">. &nbsp;</font><font style="display: inline;font-family:Times;font-size:13pt;">The loan is secured by VAALCO&#x2019;s offshore Gabon assets and related inventory. </font><font style="display: inline;font-family:Times;font-size:13pt;"> &nbsp; &nbsp;</font>
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			<font style="display: inline;font-family:Times;font-size:13pt;">The Company has the option to </font><font style="display: inline;font-family:Times;font-size:13pt;">request to </font><font style="display: inline;font-family:Times;font-size:13pt;">draw </font><font style="display: inline;font-family:Times;font-size:13pt;">up to </font><font style="display: inline;font-family:Times;font-size:13pt;">an additional $5 million from the IFC</font><font style="display: inline;font-family:Times;font-size:13pt;"> between now and December</font><font style="display: inline;font-family:Times;font-size:13pt;"> 31, 2016</font><font style="display: inline;font-family:Times;font-size:13pt;">, with any </font><font style="display: inline;font-family:Times;font-size:13pt;">such</font><font style="display: inline;font-family:Times;font-size:13pt;"> drawn amounts to</font><font style="display: inline;font-family:Times;font-size:13pt;"> be amortized </font><font style="display: inline;font-family:Times;font-size:13pt;">through June 30, 2018</font><font style="display: inline;font-family:Times;font-size:13pt;">.</font><font style="display: inline;font-size:13pt;">&nbsp;</font><font style="display: inline;font-size:13pt;">Quarterly </font><font style="display: inline;font-size:13pt;">principal </font><font style="display: inline;font-size:13pt;">p</font><font style="display: inline;font-size:13pt;">ayments </font><font style="display: inline;font-size:13pt;">on the entire term loan</font><font style="display: inline;font-size:13pt;">, including the $15 million converted amount,</font><font style="display: inline;font-size:13pt;">&nbsp;</font><font style="display: inline;font-size:13pt;">will b</font><font style="display: inline;font-size:13pt;">egin after any additional funds</font><font style="display: inline;font-size:13pt;"> are drawn</font><font style="display: inline;font-size:13pt;">,</font><font style="display: inline;font-size:13pt;"> or VAALCO </font><font style="display: inline;font-size:13pt;">makes a </font><font style="display: inline;font-size:13pt;">determin</font><font style="display: inline;font-size:13pt;">ation</font><font style="display: inline;font-size:13pt;"> it has no ne</font><font style="display: inline;font-size:13pt;">ed for the additional funding; interest </font><font style="display: inline;font-size:13pt;">is</font><font style="display: inline;font-size:13pt;"> paid quarterly</font><font style="display: inline;font-size:13pt;"> throughout the entire term of the loan</font><font style="display: inline;font-size:13pt;">.</font><font style="display: inline;font-size:13pt;"> &nbsp; &nbsp;</font><font style="display: inline;font-size:13pt;">A</font><font style="display: inline;font-size:13pt;">ll covenants under the agreement remain </font><font style="display: inline;font-size:13pt;">substantially </font><font style="display: inline;font-size:13pt;">the same except </font><font style="display: inline;font-size:13pt;">that </font><font style="display: inline;font-size:13pt;">the </font><font style="display: inline;font-size:13pt;">net </font><font style="display: inline;font-size:13pt;">debt to EBITDA</font><font style="display: inline;font-size:13pt;">X</font><font style="display: inline;font-size:13pt;"> limitation has been raised from three times EBITDA</font><font style="display: inline;font-size:13pt;">X</font><font style="display: inline;font-size:13pt;"> to five times EBITDA</font><font style="display: inline;font-size:13pt;">X</font><font style="display: inline;font-size:13pt;"> through the end of 2016</font><font style="display: inline;font-size:13pt;">,</font><font style="display: inline;font-size:13pt;"> and then reverts back to three times effective </font><font style="display: inline;font-size:13pt;">for the quarter ending March 31, </font><font style="display: inline;font-size:13pt;">2017. </font><font style="display: inline;font-size:13pt;">There are no semi-annual redeterminations required under the new fixed term agreement. </font>
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			<font style="display: inline;font-size:13pt;">Steve Guidry, the Company&#x2019;s Chief Executive Officer</font><font style="display: inline;font-size:13pt;">, commented: </font><font style="display: inline;font-size:13pt;">&#x201C;We </font><font style="display: inline;font-size:13pt;">are very</font><font style="display: inline;font-size:13pt;"> pleased </font><font style="display: inline;font-size:13pt;">with our new arrangement with the IFC which provides us increased </font><font style="display: inline;font-size:13pt;">certainty and </font><font style="display: inline;font-size:13pt;">financial flexibility</font><font style="display: inline;font-size:13pt;">.&nbsp; </font><font style="display: inline;font-size:13pt;">One of the goals in our ongoing strategic review process was to </font><font style="display: inline;font-size:13pt;">evaluate </font><font style="display: inline;font-size:13pt;">alternative financing options available to us</font><font style="display: inline;font-size:13pt;">. This mutually beneficial arrangement with the IFC serves as our first step in meeting that objective.&#x201D;</font><font style="display: inline;font-size:13pt;">&nbsp;</font>
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			<font style="display: inline;font-weight:bold;font-size:13pt;">About VAALCO</font>
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			<font style="display: inline;font-family:Times;font-size:13pt;">VAALCO Energy, Inc. is a Houston</font><font style="display: inline;font-family:Times;font-size:13pt;">-</font><font style="display: inline;font-family:Times;font-size:13pt;">based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil. The Company's properties and exploration acreage are lo</font><font style="display: inline;font-family:Times;font-size:13pt;">cated primarily in Gabon,</font><font style="display: inline;font-family:Times;font-size:13pt;"> Equa</font><font style="display: inline;font-family:Times;font-size:13pt;">torial Guinea and Angola in West Africa</font><font style="display: inline;font-size:13pt;">.</font>
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			<font style="display: inline;font-size:13pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Times;font-size:13pt;">This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those concerning VAALCO's plans, expectations, and objectives for </font><font style="display: inline;font-family:Times;font-size:13pt;">liquidity and capital resources, </font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 13pt"><font style="display: inline;font-family:Times;font-size:13pt;">future drilling, completion, workover and other operations and activities. All statements, other than statements of historical facts, included in this release that address activities, events or developments that VAALCO expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements may include expected capital expenditures, future drilling plans, prospect evaluations, liquidity, negotiations with governments and third parties, expectations regarding processing facilities, and reserve growth. These statements are based on assumptions made by VAALCO based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond VAALCO's control. These risks include, but are not limited to, oil and gas price volatility, inflation, general economic conditions, the Company's success in discovering, developing and producing reserves, lack of availability of goods, services and capital, environmental risks, drilling risks, foreign operational risks, and regulatory changes. These and other risks are further described in VAALCO's annual report on Form 10-K for the year ended December 31, 201</font><font style="display: inline;font-family:Times;font-size:13pt;">5</font><font style="display: inline;font-family:Times;font-size:13pt;">, subsequent quarterly reports on Form 10-Q, and other reports filed with the SEC. Investors are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. VAALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.</font>
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			<font style="display: inline;font-family:Times;font-weight:bold;font-size:13pt;">Investor Contact</font>
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			<font style="display: inline;font-family:Times;font-size:13pt;">Al Petrie</font>
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			<font style="display: inline;font-family:Times;font-size:13pt;">Investor Relations Coordinator</font>
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			<font style="display: inline;font-family:Times;font-size:13pt;">713-543-3422</font>
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