Common use of IT IS HEREBY AGREED THAT Clause in Contracts

IT IS HEREBY AGREED THAT. The Company as of the date hereof hereby assigns all its rights and benefits and transfers and novates all its obligations and responsibilities pursuant to the Drillship Master Agreement to the New Issuer in consideration of the aggregate amount of USD 99,024,000, the non-refundable prepayments in respect of the four option drillships, and the New Issuer hereby agrees to and P/4 Optional Drillships/ Novation Agreement accepts such assignment of rights and benefits and assumption of all obligations and responsibilities pursuant to the Drillship Master Agreement and the Company shall be released from any of its obligations and liabilities under the Drillship Master Agreement.