On February 29, 2020, Hornbeck Offshore Services, Inc. (the ‘Company’) agreed to make a cash payment of $50 million out of its restricted cash to CIT Northbridge Funding I LLC (‘CIT’) in full satisfaction of CIT’s share of the existing obligations under that certain Senior Credit Agreement dated as of June 28, 2019 by and among the Company, as Borrower, certain of the Company’s subsidiaries, as guarantors, certain lenders, and CIT Northbridge Credit LLC (the “Agent”) as Administrative Agent and Collateral Agent for the lenders (the ‘Senior Credit Agreement’). Upon the receipt by CIT on March 2, 2020 of the agreed upon payoff amount and certain related payments, CIT’s share of the existing obligations under the Senior Credit Agreement was repaid in full and CIT has no further obligation to make additional loans under the Senior Credit Agreement. Following such payoff, the outstanding balance under the Senior Credit Agreement is $50 million. On February 29, 2020, in connection with such payoff of CIT, the Company entered into Amendment No. 2 to the Senior Credit Agreement (‘Amendment No. 2’) whereby the Senior Credit Agreement, as previously amended, was further amended to clarify various provisions and make certain technical revisions related to the removal of CIT as a lender under the Senior Credit Agreement.