----

| 1  | Definitions and Interpretation               | 3  |
|----|----------------------------------------------|----|
| 2  | The Loan                                     | 18 |
| 3  | Conditions of Effectiveness                  | 19 |
| 4  | Notes                                        | 20 |
| 5  | Repayment                                    | 21 |
| 6  | Prepayment                                   | 23 |
| 7  | Interest                                     | 26 |
| 8  | Interest Periods                             | 27 |
| 9  | Changes to the Calculation of Interest       | 28 |
| 10 | Fee                                          | 28 |
| 11 | Tax Gross Up and Indemnities                 | 30 |
| 12 | Increased Costs                              | 32 |
| 13 | Other Indemnities                            | 33 |
| 14 | Mitigation by the Lenders                    | 34 |
| 15 | Costs and Expenses                           | 35 |
| 16 | Guarantee and Indemnity – Subsidiaries | 36 |
| 17 | Representations                              | 40 |
| 18 | Information Undertakings                     | 43 |
| 19 | Affirmative Undertakings                     | 45 |
| 20 | Negative Undertakings                        | 46 |
| 20 | Insurance Undertakings                       | 49 |
| 21 | General Ship Undertakings                    | 54 |
| 22 | Valuations                                   | 58 |
| 23 | Operating Account, Application of Earnings   | 59 |
| 24 | Events of Default                            | 59 |
| 25 | Changes to the Lenders                       | 63 |
| 26 | Changes to the Obligors                      | 66 |
| 27 | The Facility Agent                           | 67 |
| 28 | The Security Trustee                         | 74 |
| 29 | Conduct of Business by the Finance Parties   | 83 |
| 30 | Sharing Among the Finance Parties            | 83 |
| 31 | Payment Mechanics                            | 85 |
| 32 | Set-Off                                      | 86 |
| 33 | Notices                                      | 87 |
| 34 | Calculations and Certificates                | 89 |
| 35 | Partial Invalidity                           | 89 |
| 36 | Remedies and Waivers                         | 89 |
| 37 | Amendments and Waivers                       | 89 |
| 38 | Confidentiality                              | 90 |
| 40 | Counterparts                                 | 93 |
| 41 | Entire Agreement                             | 93 |
| 43 | Governing Law                                | 94 |
| 44 | Enforcement                                  | 94 |

----

| Schedule 1               | The Parties                         | 95  |
|--------------------------|-------------------------------------|-----|
|    Part A | The Obligors                        | 95  |
|    Part B | The Original Lender                 | 96  |
|    Part C | The Servicing Parties               | 96  |
| Schedule 2               | Conditions Precedent                | 97  |
| Schedule 3               | Selection Notice                    | 99  |
| Schedule 4               | Mandatory Cost Formula              | 100 |
| Schedule 5               | Form of Assignment Agreement        | 102 |
| Schedule 6               | Form of Confidentiality Undertaking | 104 |
| Schedule 7               | Details of the Ships                | 109 |
| Schedule 8               | Timetables                          | 110 |

| Exhibit A | Form of Approved Manager’s Undertaking                                               |
|-----------|--------------------------------------------------------------------------------------------|
| Exhibit B | Form of Amended and Restated Assignment of Earnings                                        |
| Exhibit C | Form of Amended and Restated Assignment of Insurances                                      |
| Exhibit D | Form of Assignment, Amendment and Restatement of First Preferred Marshall Islands Mortgage |
| Exhibit E | Form of Parent Guarantee                                                                   |
| Exhibit F | Form of Promissory Note                                                                    |

|  Execution Pages |  111 |
|-----------------------|-----------|

----

| (1) | DHT MARITIME, INC. (formerly named Double Hull Tankers, Inc.), a Marshall Islands corporation as borrower (the “Borrower”); |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| (2) | THE SUBSIDIARIES of the Borrower listed in Part A of Schedule 1 as guarantors (collectively, the “Guarantors”); |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

| (3) | THE ROYAL BANK OF SCOTLAND plc as original lender (the “Original Lender”); |
|-----|----------------------------------------------------------------------------------------|

| (4) | THE ROYAL BANK OF SCOTLAND plc as agent of the other Finance Parties (the “FacilityAgent”); and |
|-----|-------------------------------------------------------------------------------------------------------------|

| (5) | THE ROYAL BANK OF SCOTLAND plc as security trustee for the other Finance Parties (the “Security Trustee”). |
|-----|------------------------------------------------------------------------------------------------------------------------|

| (A) | The Borrower, the Guarantors and the Original Lender are parties to a Credit Agreement dated as of October 11, 2005 as amended by an Amendment No. 1 dated November 29, 2007 (the “Original Credit Agreement”) providing for a term loan and revolving credit facility in the original principal amount of up to $420,000,000 for the purposes described therein, of which an aggregate principal amount of $419,000,000 was advanced to the Borrower. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | As of the date hereof, the Borrower has repaid an aggregate principal amount of $258,425,000, and an aggregate principal amount of $160,575,000 advanced under the Original Credit Agreement remains outstanding. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | The Borrower has requested that the Original Lender agree to amend and restate the Original Credit Agreement in its entirety in accordance with the terms and conditions set forth herein to, among other things, amend the Obligors’ covenant obligations, the terms of repayment of the principal balance outstanding under the Original Credit Agreement and the rate of interest payable thereon. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | At the request of the Borrower and the Original Lender, the Facility Agent and the Security Trustee have agreed to serve in their respective capacities under the terms of this Agreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (E) | The Parties intend that (i) the provisions of the Original Credit Agreement and the documents executed as security for the Original Credit Agreement (the “Original Security Documents”), to the extent amended, restated, restructured, renewed, extended and modified hereby, be superseded and replaced by the provisions of this Agreement and the Finance Documents and the provisions thereof, (ii) this Agreement and the Finance Documents to be issued pursuant to this Agreement will not extinguish the obligations of the Borrower or the Original Lender arising under the Original Credit Agreement, and that the transaction contemplated by this Agreement shall not constitute a novation of the Original Credit Agreement or the Original Security Documents, (iii) all liens evidenced by the Original Credit Agreement and the Original Security Documents to the extent amended, restated, restructured, renewed, extended and modified hereunder, are hereby ratified, confirmed and continued, and (iv) this Agreement and the Finance Documents are intended to amend, restate, restructure, renew, extend and modify the Original Credit Agreement and the Original Security Documents. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (F) | The Guarantors have agreed, in order to induce the Original Lender to agree to amend and restate the Original Credit Agreement and the Original Security Documents, to guarantee all of the obligations of the Borrower under this Agreement and the other Finance Documents. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | DEFINITIONS AND INTERPRETATION |
|---|--------------------------------|

| 1.1 | Definitions |
|-----|-------------|

|   | (a) | in relation to the Operating Account, The Royal Bank of Scotland International Limited acting through its office at Royal Bank House, 71 Bath Street, St. Helier, Jersey, Channel Islands;  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in relation to the Servicing Account, The Royal Bank of Scotland plc acting through its office at Princes Street, London EC 2R 8PB, United Kingdom. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (a) | the interest (excluding the Applicable Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | exceeds |
|--------|--------|---------|

|   | (b) | the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the London interbank market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any member of the Group or any of its advisers; or |
|--------|-----|----------------------------------------------------|

|   | (b) | another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | is or becomes express public information other than as a direct or indirect result of any breach by that Finance Party of Clause 39 (Confidentiality); or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Financial Indebtedness of the debtor; |
|--------|-----|---------------------------------------|

|   | (b) | liability for any credit to the debtor from a supplier of goods or services or under any instalment purchase or payment plan or other similar arrangement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | contingent liabilities of the debtor (including without limitation any taxes or other payments under dispute) which have been or, under GAAP, should be recorded in the notes to the Accounting Information with respect to the Borrower; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | deferred tax of the debtor; and |
|--------|-----|---------------------------------|

|   | (e) | liability under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person who is not a member of the Group which would fall within (a) to (d) if the references to the debtor referred to the other person. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | all freights, hire and any other moneys earned and to be earned, due or to become due, or paid or payable to, or for the account of, the Guarantor that owns such Ship, of whatsoever nature, arising out of or as a result of the ownership and operation by such Guarantor or its agents of such Ship; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | all moneys and claims for moneys due and to become due to such Guarantor, and all claims for damages, arising out of the breach of any and all present and future charter parties, bills of lading, contracts and other engagements of affreightment or for the carriage or transportation of cargo, mail and/or passengers, and operations of every kind whatsoever of such Ship and in and to any and all claims and causes of action for money, loss or damages that may accrue or belong to such Guarantor arising out of or in any way connected with the present or future use, operation or management of such Ship or arising out of or in any way connected with any and all present and future requisitions, charter parties, bills of lading, contracts and other engagements of affreightment or for the carriage or transportation of cargo, mail and/or passengers, and other operations of such Ship, including, if and whenever such Ship is employed on terms whereby any or all of such moneys as aforesaid are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to such Ship, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | all moneys and claims due and to become due to such Guarantor, and all claims for damages, in respect of the actual or constructive total loss of or requisition of use of or title to such Ship, and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any proceeds of any of the foregoing. |
|--------|-----|---------------------------------------|

|   | (a) | any release, emission, spill or discharge into any Ship or into or upon the air, sea, land or soils (including the seabed) or surface water of Environmentally Sensitive Material within or from any Ship; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, sea, land or soils (including the seabed) or surface water from a vessel other than any Ship and which involves a collision between any Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which a Ship is actually or potentially liable to be arrested, attached, detained or injuncted and/or a Ship and/or any Guarantor and/or any operator or manager of a Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, sea, land or soils (including the seabed) or surface water otherwise than from a Ship and in connection with which a Ship is actually or potentially liable to be arrested and/or where any Guarantor and/or any operator or manager of a Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | sections 1471 to 1474 of the Code or any associated regulations or other official guidance; |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (b) | any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of paragraph (a) above; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 January 2014; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from sources within the US), 1 January 2017; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2017, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | this Agreement; |
|--------|-----|-----------------|

|   | (b) | the Parent Guarantee; |
|--------|-----|-----------------------|

|   | (c) | any Note; |
|--------|-----|-----------|

|   | (d) | any Mortgage; |
|--------|-----|---------------|

|   | (e) | any Assignment of Earnings; |
|--------|-----|-----------------------------|

|   | (f) | any Assignment of Insurances; |
|--------|-----|-------------------------------|

|   | (g) | any Approved Managers’ Undertaking; |
|--------|-----|-------------------------------------------|

|   | (h) | any Accounts Security; |
|--------|-----|------------------------|

|   | (i) | any other document (whether or not it creates Security) which is executed as security for, or for the purpose of establishing any priority or subordination arrangement in relation to, the Secured Liabilities; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | any other document designated as such by the Facility Agent and the Borrower. |
|--------|-----|-------------------------------------------------------------------------------|

|   | (a) | for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (b) | under any loan stock, bond, note or other security issued by the debtor; |
|--------|-----|--------------------------------------------------------------------------|

|   | (c) | under any acceptance credit, guarantee or letter of credit facility made available to the debtor; |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (d) | under a financial lease, a deferred purchase consideration arrangement (in each case, other than in respect of assets or services obtained on normal commercial terms in the ordinary course of business) or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | under any foreign exchange transaction, interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within (a) to (e) if the references to the debtor referred to the other person. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | all policies and contracts of insurance, including entries of that Ship in any protection and indemnity or war risks association, effected in respect of that Ship, the Earnings or otherwise in relation to that Ship; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | all rights and other assets relating to, or derived from, any of such policies, contracts or entries, including any rights to a return of premium. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the Original Lender; and |
|--------|-----|--------------------------|

|   | (b) | any bank or financial institution, trust, fund or other entity which has become a Party in accordance with Clause 26 (Changes to the Lenders), |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the applicable Screen Rate; or |
|--------|-----|--------------------------------|

|   | (b) | (if no Screen Rate is available for dollars for the Interest Period of the Loan, that part of the Loan or that Unpaid Sum), the Reference Bank Rate, |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the condition (financial or otherwise), operations, assets or business of such person and its Subsidiaries, taken as a whole; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the ability of such person to perform any of its material obligations under any Finance Document to which it is a party; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the material rights and remedies of any Finance Party under any Finance Document to which such person is a party. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (a) | if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | an account in the name of the Borrower with the Account Bank numbered 1028-50440694 and shall include any time deposits, certificates of deposit or other similar investments made with funds standing to the credit of the Operating Account in accordance with the terms of the Accounts Security; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any other account (with that or another office of the Account Bank or with a bank or financial institution other than the Account Bank) which is designated by the Facility Agent as the Operating Account for the purposes of this Agreement with the approval of the Borrower. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | which is a time or consecutive voyage charter; |
|--------|-----|------------------------------------------------|

|   | (b) | the duration of which does not exceed and is not capable of exceeding, by virtue of any optional extensions, 13 months plus a redelivery allowance of not more than 30 days; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | which is entered into on bona fide arm’s length terms at the time at which that Ship is fixed; and |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (d) | in respect of which not more than two months’ hire is payable in advance, |
|--------|-----|---------------------------------------------------------------------------------|

----

|   | (a) | any Debt incurred under the Finance Documents; |
|--------|-----|------------------------------------------------|

|   | (b) | until the Effective Date, any Debt incurred under the Original Credit Agreement; |
|--------|-----|----------------------------------------------------------------------------------|

|   | (c) | Debt for (i) trade payables and expenses accrued in the ordinary course of business and that are not overdue, or (ii) customer advance payments and customer deposits received in the ordinary course of business; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Debt owing to Affiliates provided that such Debt is subordinated on terms and conditions acceptable to the Facility Agent and subject in right of payment to the prior payment in full of all amounts outstanding under this Agreement and under the Notes. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Security created by the Finance Documents; |
|--------|-----|--------------------------------------------|

|   | (b) | any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | liens for current crew wages and salvage; |
|--------|-----|-------------------------------------------|

|   | (d) | liens imposed by any governmental authority for taxes, assessments or charges not yet due (after giving effect to any applicable grace period) or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the relevant Obligor in accordance with GAAP; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | liens securing claims which are completely covered by insurance and the deductible applicable thereto, so long as there has not been any action by the lienholder to enforce such lien; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | liens arising from the supply of goods and/or services to a Ship in the ordinary course of business, so long as such obligations are not overdue for more than sixty (60) days or are being contested in good faith by appropriate proceedings and there has not been any action by the lienholder to enforce such lien;  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | liens arising under any Charter entered into in the ordinary course of business. |
|--------|-----|----------------------------------------------------------------------------------|

----

|   | (a) | any expropriation, confiscation, requisition or acquisition of that Ship, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons properly identified as being or representing a government or official authority (excluding a requisition for hire for a fixed period not exceeding 180 days without any right to an extension) unless it is redelivered to the full control of the relevant Guarantor prior to the date upon which payment is required under Clause 6.4 hereof; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any arrest, capture, seizure or detention of that Ship (including any hijacking or theft) unless it is within 30 days redelivered to the full control of the relevant Guarantor. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | imposed by law or regulation of the United Kingdom, the Council of the European Union, the United Nations or its Security Council or the US, whether or not any Obligor, any other member of the Group or any Affiliate is legally bound to comply with the foregoing; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | otherwise imposed by any law or regulation by which any Obligor, any other member of the Group or any Affiliate of any of them is bound or, as regards a regulation, compliance with which is reasonable in the ordinary course of business of any Obligor, any other member of the Group, any Affiliate of any of them. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | actual, constructive, compromised, agreed or arranged total loss of that Ship; or |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (b) | any Requisition. |
|--------|-----|------------------|

|   | (a) | in the case of an actual loss of that Ship, at noon Greenwich Mean Time on the date on which it occurred or, if that is unknown, the date when that Ship was last heard of; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in the event of damage which results in a constructive, compromised, agreed or arranged total loss of that Ship, at noon Greenwich Mean Time on the date of the event giving rise to such damage;  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in the case of any Requisition, at noon Greenwich Mean Time on the date on which such event is expressed to take effect by the person making the same. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the proposed Transfer Date specified in the relevant Assignment Agreement; and |
|--------|-----|--------------------------------------------------------------------------------|

|   | (b) | the date on which the Facility Agent executes the relevant Assignment Agreement. |
|--------|-----|----------------------------------------------------------------------------------|

----

| 1.2 | Construction |
|-----|--------------|

| (a) | Unless a contrary indication appears, a reference in this Agreement to: |
|-----|-------------------------------------------------------------------------|

|   | (i) | the “Account Bank”, the “Facility Agent”, the “Security Trustee”, any “Finance Party”, any “Lender”, any “Obligor” or any other “person” shall be construed so as to include its successors in title, permitted assigns and permitted transferees; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a “Finance Document” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended or novated; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | a “person” includes an individual, partnership, corporation (including a business trust), joint stock company, limited liability company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | a provision of law is a reference to that provision as amended or re-enacted; |
|--------|------|-------------------------------------------------------------------------------|

|   | (v) | a time of day is a reference to London time; |
|--------|-----|----------------------------------------------|

|   | (vi) | words denoting the singular number shall include the plural and vice versa; and |
|--------|------|---------------------------------------------------------------------------------|

|   | (vii) | “including” and “in particular” (and other similar expressions) shall be construed as not limiting any general words or expressions in connection with which they are used. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Section, Clause and Schedule headings are for ease of reference only and are not to be used for the purposes of construction or interpretation of the Finance Documents. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under, or in connection with, any Finance Document has the same meaning in that Finance Document or notice as in this Agreement. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | A Potential Event of Default is “continuing” if it has not been remedied or waived and an Event of Default is “continuing” if it has not been remedied or waived. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | Third party rights |
|-----|--------------------|

| 1.4 | Computation of Time Periods |
|-----|-----------------------------|

| 1.5 | Accounting Terms |
|-----|------------------|

----

| 2 | THE LOAN |
|---|----------|

| 2.1 | The Loan |
|-----|----------|

| (a) | As of the date of this Agreement: |
|-----|-----------------------------------|

|   | (i) | an aggregate principal amount of $160,575,000 is outstanding under the Original Credit Agreement;  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the Original Lender’s participation in the Loan is 100%. |
|--------|------|----------------------------------------------------------------|

| (b) | Tranche A and Tranche B shall be consolidated into, and shall be treated as, a single tranche on the last day of the “Interest Periods” in effect under the Original Credit Agreement when the Effective Date occurs. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | Finance Parties’ rights and obligations |
|-----|-----------------------------------------------|

| (a) | The obligations of each Finance Party under the Finance Documents are several.  Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate and independent debt. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Notwithstanding any other provision of the Finance Documents, a Finance Party may separately sue for any Unpaid Sum due to it without the consent of any other Finance Party or joining any other Finance Party to the relevant proceedings. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3 | CONDITIONS OF EFFECTIVENESS |
|---|-----------------------------|

| 3.1 | Conditions precedent |
|-----|----------------------|

| 3.2 | Notification of satisfaction of conditions precedent |
|-----|------------------------------------------------------|

----

| 4 | NOTES |
|---|-------|

| 4.1 | Notes |
|-----|-------|

| (a) | The Borrower’s obligation to pay the principal of, and interest on, the Loan shall, if requested by such Lender, be evidenced by a promissory note duly executed and delivered by the Borrower substantially in the form of Exhibit F with blanks appropriately completed in conformity herewith (each, a “Note”). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Each Note shall (i) be executed by the Borrower, (ii) be payable to the order of such Lender and be dated the Effective Date (or, in the case of Notes issued after the Effective Date, be dated the date of issuance thereof), (iii) be in a stated principal amount equal to the participation of such Lender in the Loan on the date of issuance thereof, (iv) mature on the Final Payment Date, (v) bear interest as provided in Clause 7 (Interest), (vi) be subject to voluntary prepayment and mandatory repayment as provided in Section 4 (Repayment and Prepayment) and (vii) be entitled to the benefits of this Agreement and the other Finance Documents. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Each Lender will note on its internal records the amount of its participation in the Loan and each payment in respect thereof and will, prior to any transfer of its Note, endorse on the reverse side thereof the outstanding principal amount of its participation in the Loan evidenced thereby.  Failure to make any such notation or any error in any such notation or endorsement shall not affect the Borrower’s obligations in respect of the Loan or any portion thereof. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Notwithstanding anything to the contrary contained above in this Clause 4.1 or elsewhere in this Agreement, a Note shall be delivered only to a Lender that at any time specifically requests the delivery of such Note.  No failure of any Lender to request or obtain a Note evidencing its participation in the Loan shall affect or in any manner impair the obligations of the Borrower to pay the Loan or any portion thereof (and all related obligations) incurred by the Borrower that would otherwise be evidenced thereby in accordance with the requirements of this Agreement, and shall not in any way affect the security or guaranties therefor provided pursuant to the Finance Documents.  Any Lender that does not have a Note evidencing its participation in the Loan shall in no event be required to make the notations otherwise described in preceding paragraph (c).  At any time (including, without limitation, to replace any Note that has been destroyed or lost) when any Lender requests the delivery of a Note to evidence its participation in the Loan, the Borrower shall promptly execute and deliver to such Lender the requested Note in the appropriate amount provided that, in the case of a substitute or replacement Note, the Borrower shall have received from such requesting Lender (i) an affidavit of loss or destruction and (ii) a customary lost/destroyed Note indemnity, in each case in form and substance reasonably acceptable to the Borrower and such requesting Lender, and duly executed by such requesting Lender. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | On the Effective Date or as soon thereafter as practicable, the Original Lender shall surrender any promissory note made by the Borrower to the Original Lender;  provided that the Original Lender may request a Note in accordance with the preceding provisions of this Clause 4.1 (Notes). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5 | REPAYMENT |
|---|-----------|

| 5.1 | Repayment of the Loan |
|-----|-----------------------|

| (a) | On or before the Effective Date, the Borrower shall repay the Loan in an amount of $25,000,000 subject, if such repayment is made before the Effective Date, to the provisions of Section 2.04(g) of the Original Credit Agreement and, if such repayment is made on the Effective Date, to the provisions of Clause 6.6 (Restrictions). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Subject to paragraphs (a) above and (c) below, the Borrower shall repay the Loan on the Final Payment Date. |
|-----|-------------------------------------------------------------------------------------------------------------|

| (c) | The Borrower shall prepay the Loan in amount equal to the Free Cash in respect of each Accounting Period commencing on or after January 1, 2016, which amount shall be payable within 10 Business Days of the date on which the Parent Guarantor files with or furnishes to, as applicable, the Securities and Exchange Commission the Parent Guarantor’s quarterly consolidated financial statements for such Accounting Period. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the sum of the Earnings of the Ships received by the Group during such Accounting Period; and |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (ii) | the sum of (1) Ship Operating Expenses, (2) Voyage Expenses, (3) the CapEx Amount, (4) General & Administrative Expenses, (5) Interest Charges, and (6) Change in Working Capital. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (d) | The amount payable by the Borrower under paragraph (c) above in relation to any relevant Accounting Period shall be limited to a maximum amount of $7,500,000. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Concurrently with any prepayment of the Loan pursuant to paragraph (c) above (or, if no such prepayment is required in respect of any relevant Accounting Period, within 10 Business Days of the date on which the Parent Guarantor files with or furnishes to, as applicable, the Securities and Exchange Commission the Parent Guarantor’s quarterly consolidated financial statements for such Accounting Period), the Borrower shall deliver to the Facility Agent a certificate, signed by an officer of the Borrower, demonstrating in reasonable detail the calculation of Free Cash, including projections for special surveys, intermediate surveys and regulatory requirements applicable to the Ships for purposes of calculating the CapEx Amount, in relation to the relevant Accounting Period. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.2 | Final Payment Date |
|-----|--------------------|

| 5.3 | Reborrowing |
|-----|-------------|

| 6 | PREPAYMENT |
|---|------------|

| 6.1 | Illegality |
|-----|------------|

| (a) | that Lender shall promptly notify the Facility Agent upon becoming aware of that event and the Facility Agent shall promptly forward such notice to the Borrower;  and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | following receipt by the Borrower of such notice, the Lender and the Borrower shall negotiate in good faith to agree on terms for the Lender to continue to perform its obligations as contemplated by this Agreement and/or to maintain such portion of its participation in the Loan on a basis which is not unlawful; provided, however, that if no agreement shall be reached between the Borrower and the Lender within a period, which in, the sole discretion of the Lender is reasonable, the Lender shall provide written notice of the failure to reach an agreement to the Facility Agent, who shall promptly forward such notice to the Borrower, and the Borrower shall repay that Lender’s participation in the Loan on the last day of the Interest Period for the Loan occurring after the Facility Agent has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | Change of control |
|-----|-------------------|

|   | (i) | the Borrower shall promptly notify the Facility Agent upon becoming aware of that event; and |
|--------|-----|----------------------------------------------------------------------------------------------|

|   | (ii) | if the Majority Lenders so require, within ten Business Days of the Borrower notifying the Facility Agent pursuant to paragraph (i) above, the Facility Agent shall, by not less than five days’ notice to the Borrower, declare the Loan, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon all such outstanding amounts will become immediately due and payable. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3 | Voluntary prepayment of Loan |
|-----|------------------------------|

----

| 6.4 | Mandatory prepayment on sale or Total Loss |
|-----|--------------------------------------------|

|   | (i) | in the case of a sale of a Ship, on the date on which the sale is completed by delivery of that Ship to the buyer of that Ship; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in the case of a Total Loss of a Ship, on the earlier of: |
|--------|------|-----------------------------------------------------------|

|   | (A) | the date falling 150 days after the Total Loss Date; and |
|--------|-----|----------------------------------------------------------|

|   | (B) | the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

| 6.5 | Right of repayment in relation to a single Lender |
|-----|---------------------------------------------------|

| (a) | If: |
|-----|-----|

|   | (i) | any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 11.2 (Tax gross-up); or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any Lender claims indemnification from a Borrower under Clause 11.3 (Tax indemnity) or Clause 12.1 (Increased costs), |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

| (b) | On the last day of each Interest Period which ends after the Borrower has given notice of repayment under paragraph (a) above in relation to a Lender (or, if earlier, the date specified the Borrower in that notice), the Borrower shall repay that Lender’s participation in the Loan. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The Borrower may, in the circumstances set out in paragraph (a) above, on ten Business Days’ prior notice to the Facility Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent permitted by law, the Lender shall) transfer pursuant to Clause 26 (Changes to the Lenders) all (and not part only) of its rights, and obligations under this Agreement to a Lender or other bank, financial institution, trust fund or other entity selected by the Borrower which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 26 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount of such Lender’s participation in the outstanding Loan and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.6 | Restrictions |
|-----|--------------|

| (a) | Any notice of prepayment given by any Party under this Clause 6 (Prepayment) shall be irrevocable (unless such notice is conditioned upon the sale of a Ship) and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant prepayment is to be made and the amount of that prepayment. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The Borrower may not reborrow any part of the Loan which is prepaid. |
|-----|----------------------------------------------------------------------|

| (d) | The Borrower shall not repay or prepay all or any part of the Loan except at the times and in the manner expressly provided for in this Agreement. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | If the Facility Agent receives a notice under this Clause 6 (Prepayment) it shall promptly forward a copy of that notice to the Borrower or the affected Lenders, as appropriate. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7 | INTEREST |
|---|----------|

| 7.1 | Calculation of interest |
|-----|-------------------------|

| (a) | the Applicable Margin; |
|-----|------------------------|

| (b) | LIBOR; and |
|-----|------------|

| (c) | the Mandatory Cost, if any. |
|-----|-----------------------------|

| 7.2 | Payment of interest |
|-----|---------------------|

| (a) | The Borrower shall pay accrued interest on the Loan on the last day of each Interest Period. |
|-----|----------------------------------------------------------------------------------------------|

| (b) | If an Interest Period is longer than three Months, the Borrower shall also pay interest then accrued on the Loan on the dates falling at three Monthly intervals after the first day of the Interest Period. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | Default interest |
|-----|------------------|

| (a) | If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is 2% higher than the rate per annum which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted a loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).  Any interest accruing under this Clause 7.3 (Default interest) shall be immediately payable by the Obligor on demand by the Facility Agent. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | If an Unpaid Sum consists of all or part of the Loan which became due on a day which was not the last day of an Interest Period relating to the Loan: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to the Loan; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the rate of interest applying to that Unpaid Sum during that first Interest Period shall be 2% per annum higher than the rate which would have applied if that Unpaid Sum had not become due. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Upon the occurrence and during the continuance of any Event of Default (or, in the case of any involuntary proceeding described in Clause 25.7 (Bankruptcy, Insolvency), a Default), the Borrower shall pay interest on the Loan from the date of the occurrence of such Event of Default or Default, as the case may be, until such Event of Default or Default, as the case may be, shall have been cured or waived, at a rate per annum equal to 2% per annum above the rate per annum required to be paid on the Loan pursuant to Clause 7.1 (Calculation of interest) above. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.4 | Notification of rates of interest |
|-----|-----------------------------------|

| 8 | INTEREST PERIODS |
|---|------------------|

| 8.1 | Selection of Interest Periods |
|-----|-------------------------------|

| (a) | The Borrower may select an Interest Period for the Loan in a Selection Notice; provided, however, the initial Interest Period for each of Tranche A and Tranche B shall be the relevant “Interest Period” in effect under the Original Credit Agreement prior to the Effective Date until the end of such Interest Period. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Each Selection Notice is irrevocable and must be delivered to the Facility Agent by the Borrower not later than the Specified Time. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| (c) | If the Borrower fails to deliver a Selection Notice to the Facility Agent in accordance with paragraphs (a) and (b) above, the relevant Interest Period will, subject to Clause 8.2 (Changes to Interest Periods), be three Months. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Subject to this Clause 8 (Interest Periods), the Borrower may select an Interest Period of one, three or six Months or any other period agreed between the Borrower and the Facility Agent (acting on the instructions of all the Lenders). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | An Interest Period in respect of the Loan shall not extend beyond the Final Payment Date. |
|-----|-------------------------------------------------------------------------------------------|

| (f) | Each Interest Period in respect of the Loan shall start on the last day of the immediately preceding Interest Period. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

| (g) | The Loan shall have one Interest Period only at any time. |
|-----|-----------------------------------------------------------|

| 8.2 | Changes to Interest Periods |
|-----|-----------------------------|

| (a) | If after the Borrower has selected and the Lenders have agreed an Interest Period longer than six Months, any Lender notifies the Facility Agent within two Business Days after the Specified Time relating to the relevant Selection Notice that it is not satisfied that deposits in dollars for a period equal to the Interest Period will be available to it in the London interbank market when the Interest Period commences, the Facility Agent shall shorten the Interest Period to six Months. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | If the Facility Agent makes any change to an Interest Period referred to in this Clause 8.2 (Changes to Interest Periods), it shall promptly notify the Borrower and the Lenders. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3 | Non-Business Days |
|-----|-------------------|

----

| 9 | CHANGES TO THE CALCULATION OF INTEREST |
|---|----------------------------------------|

| 9.1 | Absence of quotations |
|-----|-----------------------|

| 9.2 | Market disruption |
|-----|-------------------|

| (a) | If a Market Disruption Event occurs in relation to the Loan for any Interest Period, then the rate of interest on each Lender’s share of the Loan for the Interest Period shall be the rate per annum which is the sum of: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Applicable Margin; |
|--------|-----|------------------------|

|   | (ii) | the rate notified to the Facility Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in the Loan from whatever source it may reasonably select; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the Mandatory Cost, if any, applicable to that Lender’s participation in the Loan. |
|--------|-------|------------------------------------------------------------------------------------------|

| (b) | In this Agreement “Market Disruption Event” means at or about noon Greenwich Mean Time on the Quotation Day for the relevant Interest Period, the Screen Rate is not available and none of the Reference Banks supplies a rate to the Facility Agent to determine LIBOR for dollars  for the relevant Interest Period. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | Alternative basis of interest or funding, suspension |
|-----|------------------------------------------------------|

| (a) | If a Market Disruption Event occurs and the Facility Agent or the Borrower so requires, the Facility Agent and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Any substitute or alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.4 | Break Costs |
|-----|-------------|

| (a) | The Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrower on a day other than the last day of an Interest Period for the Loan or Unpaid Sum. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | FEE |
|----|-----|

| 10.1 | Amendment Fee |
|------|---------------|

----

----

| 11 | TAX GROSS UP AND INDEMNITIES |
|----|------------------------------|

| 11.1 | Definitions |
|------|-------------|

| (a) | In this Agreement: |
|-----|--------------------|

| (b) | Unless a contrary indication appears, in this Clause 11 (Tax Gross Up and Indemnities) reference to “determines” or “determined” means a determination made in the absolute discretion of the person making the determination. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | Tax gross-up |
|------|--------------|

| (a) | Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

| (b) | The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly.  Similarly, a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender.  If the Facility Agent receives such notification from a Lender it shall notify the Borrower and that Obligor. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required;  provided, however, that no Obligor shall be required to increase any payment in respect of which it makes a Tax Deduction, if such Tax Deduction would not have been imposed but for the failure of a Finance Party to comply with any certification, identification or other similar requirement with which the Finance Party in its reasonable judgment is eligible to comply to establish entitlement to exemption for such Tax Deduction. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Within 30 days (or as soon thereafter as available) of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Finance Party entitled to the payment appropriate evidence of payment thereof. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.3 | Tax indemnity |
|------|---------------|

| (a) | The Borrower shall pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document within 45 days from the date the Facility Agent makes written demand therefor. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Paragraph (a) above shall not apply: |
|-----|--------------------------------------|

|   | (i) | with respect to any Tax assessed on a Finance Party: |
|--------|-----|------------------------------------------------------|

|   | (A) | under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to the extent a loss, liability or cost is compensated for by an increased payment under Clause 11.2 (Tax gross-up). |
|--------|------|----------------------------------------------------------------------------------------------------------------------|

| (c) | A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility Agent shall notify the Borrower. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | A Protected Party shall, on receiving a payment from an Obligor under this Clause 11.3 (Tax indemnity), notify the Facility Agent. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|

| 11.4 | Tax Credit |
|------|------------|

| (a) | a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | that Finance Party has obtained, utilized and retained that Tax Credit , |
|-----|--------------------------------------------------------------------------|

| 11.5 | Stamp taxes |
|------|-------------|

----

| 11.6 | FATCA Information |
|------|-------------------|

| (a) | Subject to paragraph (c) below, each Party shall, within 10 Business Days of a reasonable request by another Party: |
|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (i) | confirm to that other Party whether it is: |
|--------|-----|--------------------------------------------|

|   | (A) | a FATCA Exempt Party; or |
|--------|-----|--------------------------|

|   | (B) | not a FATCA Exempt Party; and |
|--------|-----|-------------------------------|

|   | (ii) | supply to that other Party such forms, documentation and other information relating to its status under FATCA (including its applicable “passthru payment percentage” or other information required under the US Treasury Regulations or other official guidance including intergovernmental agreements) as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Paragraph (a) above shall not oblige any Finance Party to do anything which would or might in its reasonable opinion constitute a breach of: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any law or regulation; |
|--------|-----|------------------------|

|   | (ii) | any fiduciary duty; or |
|--------|------|------------------------|

|   | (iii) | any duty of confidentiality. |
|--------|-------|------------------------------|

| (d) | If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above applies), then: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if that Party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such Party shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if that Party failed to confirm its applicable “passthru payment percentage” then such Party shall be treated for the purposes of the Finance Documents (and payments made thereunder) as if its applicable “passthru payment percentage” is 100%, |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12 | INCREASED COSTS |
|----|-----------------|

| 12.1 | Increased costs |
|------|-----------------|

| (a) | If, due to either (i) the introduction of or any change (other than any change in the Mandatory Cost Rate) in or in the interpretation of any law or regulation or (ii) the compliance by a Finance Party with any guideline or request from any central bank or other governmental authority in any case introduced, changed, interpreted or requested after October 11, 2005 (whether or not having the force of law), there shall be (x) imposed, modified or deemed applicable any reserve, special deposit or similar requirement against assets held by, or deposits in or for the account of, that Finance Party or (y) imposed on that Finance Party any other condition relating to this Agreement or the Loan, and the result of any event referred to in clause (x) or (y) shall be to increase the cost to the Finance Party of agreeing to make or making, funding or maintaining the Advances, then the Finance Party will so notify the Borrower in sufficient detail for the Borrower to verify such increased cost and the Borrower shall, upon demand by the Finance Party, pay for the account of such Finance Party additional amounts sufficient to compensate the Finance Party for such increased cost; provided, however, that, before making any such demand, the Finance Party agrees to use its best efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different lending office for monitoring the Loan if the making of such a designation would avoid the need for, or reduce the, amount of, such increased cost and would not, in the reasonable judgment of the Finance Party, be otherwise disadvantageous to the Finance Party. A certificate as to the amount of such increased cost, submitted to the Borrower by the Finance Party, shall be conclusive and binding for all purposes, absent manifest error. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | If a Finance Party determines that compliance with any law or regulation or any guideline or request from any central bank or other governmental or monetary authority in regard to capital adequacy (whether or not having the force of law), in any case in which such law, regulation, guideline or request became effective or was made after October 11, 2005, has or would have the effect of reducing the rate of return on the capital of, or maintained by, that Finance Party or any corporation controlling the Finance Party as a consequence of the Finance Party’s participation in the Loan or overall capital, as applicable, by increasing the amount of capital required or expected to be maintained by the Finance Party or any corporation controlling the Finance Party, to a level below that which the Finance Party or any corporation controlling the Finance Party could have achieved but for such adoption, effectiveness, change or compliance (taking into account the Lender’s or such corporation’s policies with respect to capital adequacy) then the Finance Party will so notify the Borrower in sufficient detail for the Borrower to verify such reduction in return and the Borrower shall pay for the account of such Finance Party, upon demand by the Finance Party, such additional amount as may be specified by the Finance Party as being sufficient to compensate the Finance Party for such reduction in return, to the extent that the Finance Party reasonably determines such reduction to be attributable to the existence that it is attributable to that Finance Party’s performing its obligations hereunder; provided, however, that before making such demand, the Finance Party agrees to use its best efforts (consistent with its internal policy and legal and regulatory restrictions) to enter into consultations with the Borrower in good faith and without prejudice to the rights of the Finance Party under this Agreement and the other Finance Documents with regard to the impact of such law, regulation, guideline or request and the amount of compensation required by the Finance Party as aforesaid. A certificate as to such amounts submitted to the Borrower by the Finance Party shall be conclusive and binding for all purposes, absent manifest error. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13 | OTHER INDEMNITIES |
|----|-------------------|

| 13.1 | Currency indemnity |
|------|--------------------|

| (a) | If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | making or filing a claim or proof against that Obligor; or |
|--------|-----|------------------------------------------------------------|

----

|   | (ii) | obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, |
|--------|------|--------------------------------------------------------------------------------------------------------------|

| (b) | Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2 | Other indemnities |
|------|-------------------|

| (a) | Each of the Obligors jointly and severally agrees to indemnify and hold harmless each Finance Party and each of its Affiliates, and their respective officers, directors, employees, agents, advisors and representatives (each, an “Indemnified Person”) from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and disbursements of counsel), that may be incurred by or asserted or awarded against any Indemnified Person, arising out of or in connection with or relating to (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the making of the Loan or consummation of any other transaction contemplated hereby, (ii) the Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Environmentally Sensitive Material on or from any property owned or operated by any Obligor , or any Environmental Action related in any way to any Obligor, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnified Person is a party thereto, except, with respect to any particular Indemnified Person, to the extent such claim, damage, loss, liability or expense is either admitted to by such Indemnified Person or found in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from such Indemnified Person’s gross negligence or wilful misconduct, provided that the foregoing exceptions to the liability of the Obligors with respect to such Indemnified Person shall not limit or affect the liability of the Obligors to any other Indemnified Person. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Each of the Obligors jointly and severally further agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract, tort or otherwise) to any Obligor or any of their respective shareholders, members or creditors for or in connection with the transactions contemplated hereby, except, with respect to any particular Indemnified Person, to the extent such liability is either admitted to by such Indemnified Person or found in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from such Indemnified Person’s gross negligence or wilful misconduct. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The indemnities of this Clause 13.2 (Other indemnities) shall survive the termination of this Agreement and the other Finance Documents. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

| 14 | MITIGATION BY THE LENDERS |
|----|---------------------------|

| 14.1 | Mitigation |
|------|------------|

| (a) | Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 6.1 (Illegality), Clause 11 (Tax Gross Up and Indemnities), Clause 12 (Increased Costs) or paragraph 3 of Schedule 4 (Mandatory Cost Formula) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. |
|-----|-----------------------------------------------------------------------------------------------------------|

| 14.2 | Limitation of liability |
|------|-------------------------|

| (a) | The Borrower shall, promptly on demand, indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 14.1 (Mitigation). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | A Finance Party is not obliged to take any steps under Clause 14.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be disadvantageous to it. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15 | COSTS AND EXPENSES |
|----|--------------------|

| 15.1 | Transaction expenses |
|------|----------------------|

| (a) | this Agreement and any other documents referred to in this Agreement; |
|-----|-----------------------------------------------------------------------|

| (b) | the Collateral; and |
|-----|---------------------|

| (c) | any other Finance Documents executed after the date of this Agreement. |
|-----|------------------------------------------------------------------------|

| 15.2 | Amendment costs |
|------|-----------------|

| (a) | an Obligor requests an amendment, waiver or consent; or |
|-----|---------------------------------------------------------|

| (b) | an Obligor requests, and the Security Trustee agrees to, the release of all or any part of the Collateral, |
|-----|------------------------------------------------------------------------------------------------------------|

| 15.3 | Enforcement and preservation costs |
|------|------------------------------------|

----

| 16 | GUARANTEE AND INDEMNITY – SUBSIDIARIES |
|----|----------------------------------------------|

| 16.1 | Guarantee and indemnity |
|------|-------------------------|

| (a) | guarantees, as primary guarantor and not as surety merely, to each Finance Party punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, by the Borrower of all the Borrower’s obligations under the Finance Documents whether for principal, interest, fees, expenses or otherwise (collectively, the “Guaranteed Obligations”); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | undertakes with each Finance Party that whenever another Obligor does not pay any amount when due under or in connection with any Finance Document, the Guarantor shall immediately on demand pay that amount as if it were the principal obligor; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of another Obligor not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due.  The amount payable by the Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 16 (Guarantee and Indemnity – Subsidiaries) if the amount claimed had been recoverable on the basis of a guarantee. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.2 | Continuing guarantee |
|------|----------------------|

| 16.3 | Reinstatement |
|------|---------------|

| (a) | the liability of each Obligor shall continue or be reinstated, as the case may be, as if the payment, discharge, avoidance or reduction had not occurred; and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | each Finance Party shall be entitled to recover the value or amount of that security or payment from each Obligor, as if the payment, discharge, avoidance or reduction had not occurred. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4 | Waiver of defenses |
|------|--------------------|

| (a) | The obligations of each Guarantor under this Clause 16 (Guarantee and Indemnity – Subsidiaries) will not be affected or discharged by an act, omission, matter or thing which, but for this Clause would reduce, release or prejudice any of its obligations under this Clause 16 (Guarantee and Indemnity – Subsidiaries) (without limitation and whether or not known to it or any Finance Party) including: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | any time, waiver or consent granted to, or composition with, any Obligor or other person; |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (ii) | the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security, including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | any bankruptcy, insolvency or similar proceedings; or |
|--------|-------|-------------------------------------------------------|

|   | (viii) | any other circumstance whatsoever that might otherwise constitute a defense available to, or a legal or equitable discharge of, any Obligor. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Each Guarantor unconditionally and irrevocably waives: |
|-----|--------------------------------------------------------|

|   | (i) | diligence, presentment, demand for performance, notice of non-performance, protest, notice of protest, notice of dishonour, notice of the creation or incurring of now or additional indebtedness of the Obligors to the Finance Parties, notice of acceptance of this guarantee, and notices of any other kind whatsoever; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the filing of any claim with any court in the event of a receivership, insolvency, bankruptcy, liquidation or judicial management; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the benefit of any statute of limitations affecting any Obligor’s obligations under the Finance Documents or such Guarantor’s obligations under this guarantee or the enforcement of this guarantee; and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any offset or counterclaim or other right, defence or claim based on, or in the nature of, any obligation now or later owed to such Guarantor by the other Obligors or any Finance Party. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5 | Immediate recourse |
|------|--------------------|

----

| 16.6 | Deferral of Guarantor’s rights |
|------|--------------------------------------|

| (a) | to be indemnified by an Obligor; |
|-----|----------------------------------|

| (b) | to claim any contribution from any third party providing security for, or any other guarantor of, any Obligor’s obligations under the Finance Documents; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which such Guarantor has given a guarantee, undertaking or indemnity under Clause 16.1 (Guarantee and Indemnity – Subsidiaries); |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | to exercise any right of set-off against any Obligor; and/or |
|-----|--------------------------------------------------------------|

| (f) | to claim or prove as a creditor of any Obligor in competition with any Finance Party. |
|-----|---------------------------------------------------------------------------------------|

| 16.7 | Additional security |
|------|---------------------|

| 16.8 | Right of Contribution |
|------|-----------------------|

----

| 16.9 | Limitation of Liability |
|------|-------------------------|

----

| 17 | REPRESENTATIONS |
|----|-----------------|

| 17.1 | General |
|------|---------|

| 17.2 | Status |
|------|--------|

| (a) | It is a corporation duly incorporated and validly existing in good standing under the law of its jurisdiction of incorporation. |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (b) | It is duly qualified and in good standing as a foreign corporation in each other jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | It has all requisite corporate power and authority to own or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.3 | Share ownership |
|------|-----------------|

| (a) | All of the issued and outstanding shares of the Borrower is directly owned and controlled by the Parent Guarantor. |
|-----|--------------------------------------------------------------------------------------------------------------------|

| (b) | All of the issued and outstanding shares of each of the Guarantors is directly owned and controlled by the Borrower. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| (c) | None of the Guarantors has any direct or indirect Subsidiaries. |
|-----|-----------------------------------------------------------------|

| 17.4 | Binding obligations |
|------|---------------------|

| 17.5 | Validity, effectiveness and ranking of Security |
|------|-------------------------------------------------|

| (a) | The provisions of each Finance Document do now or, as the case may be, will upon execution and delivery (and, where applicable, registration as provided for in the Finance Documents), create in favor of the Security Trustee (i) in the case of the Mortgages, a valid first “preferred mortgage” within the meaning of Chapter 3 of the Marshall Islands Maritime Act, 1990, as amended, on the respective Ships, subject to the recording of the Mortgages as described in the following paragraph, (ii) in the case of the Assignments of Earnings and the Assignments of Insurances, a valid, binding and executed and enforceable security interest in all right, title and interest in the Collateral therein described, and shall constitute a fully perfected first priority security interest in favor of the Security Trustee in all right, title and interest in such Collateral, subject to no other Security and subject in the case of (A) the Assignments of Earnings, to notice being given to account parties and to filing proper financing statements in the District of Columbia, and consent of such account parties being obtained, and (B) the Assignments of Insurances, to notice being given to underwriters and protection and indemnity clubs, and their consent being obtained where policy provisions or club rules so require), and (iii) in the case of the Accounts Security, a valid, binding and executed and enforceable security interest over the assets to which such Finance Documents, by their terms, relate. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | It has not filed or permitted to be filed any financing statement, mortgage, pledge or charge with respect to any assets owned by it and there is no Security (except for Permitted Security) of any kind on any of the properties or assets of any of the Obligors. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.6 | Non-conflict with other obligations |
|------|-------------------------------------|

| (a) | any law or regulation applicable to it; |
|-----|-----------------------------------------|

| (b) | the constitutional documents of any member of the Group; or |
|-----|-------------------------------------------------------------|

| (c) | any agreement or instrument binding upon it or any member of the Group or any member of the Group’s assets or constitute a default or termination event (however described) under any such agreement or instrument. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.7 | Power and authority |
|------|---------------------|

| 17.8 | Validity and admissibility in evidence |
|------|----------------------------------------|

| (a) | to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party;  and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | for the grant by any Obligor of the Security granted by it pursuant to the Finance Documents, and the perfection or maintenance of such Security (including the first priority nature thereof),  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.9 | Solvency |
|------|----------|

| 17.10 | No misleading information |
|-------|---------------------------|

----

| 17.11 | Original Financial Statements |
|-------|-------------------------------|

| (a) | The Original Financial Statements were prepared in accordance with GAAP consistently applied. |
|-----|-----------------------------------------------------------------------------------------------|

| (b) | The Original Financial Statements fairly present in all material respects the financial condition and operations of the Group taken as a whole as at the date thereof. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | There has been no material adverse change in the assets, business or consolidated financial condition of the Group since December 31, 2011. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| 17.12 | No proceedings pending or threatened |
|-------|--------------------------------------|

| 17.13 | Compliance with Laws |
|-------|----------------------|

| 17.14 | ISM and ISPS Code compliance |
|-------|------------------------------|

| 17.15 | Margin Stock |
|-------|--------------|

| 17.16 | Not “Investment Company” |
|-------|--------------------------------------|

| 17.17 | Financial Indebtedness |
|-------|------------------------|

| 17.18 | Place of Business |
|-------|-------------------|

| 17.19 | ERISA |
|-------|-------|

----

| 17.20 | Sanctions. |
|-------|------------|

| (a) | None of the Obligors, any other member of the Group or any Affiliate of any of them is a Prohibited Person or is owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and none of such persons owns or controls a Prohibited Person. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | No proceeds of the Loan shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Each Obligor, each other member of the Group and each Affiliate of any of them is in compliance with all Sanctions. |
|-----|---------------------------------------------------------------------------------------------------------------------|

| 17.21 | Repetition |
|-------|------------|

| 18 | INFORMATION UNDERTAKINGS |
|----|--------------------------|

| 18.1 | General |
|------|---------|

| 18.2 | Financial statements |
|------|----------------------|

| (a) | as soon as they become available, but in any event within 150 days after the end of each fiscal year of the Borrower and its Subsidiaries, the consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such year, and the related consolidated statements of profit and loss and changes in financial position of the Borrower and its Subsidiaries for the fiscal year then ended, setting forth in each case in comparative form the corresponding figures for the preceding fiscal year, and in each case certified by Deloitte AS or by another independent public or chartered accountant satisfactory to the Facility Agent stating that in making the examination necessary for the audit of such financial statements it has obtained no knowledge of the existence of any condition, event or act which constitutes a Default or Event of Default, or if it has obtained knowledge of the existence of any such condition, event or act, specifying the same; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | as soon as the same become available, but in any event within 60 days after the close of each of the first three quarterly Accounting Periods in each fiscal year of the Borrower and its Subsidiaries, the consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such quarterly period, and the related consolidated statements of profit and loss and changes in financial position of the Borrower and its Subsidiaries for the period then ended, setting forth in each case in comparative form the corresponding figures for the corresponding periods in the preceding fiscal year, all of which shall be certified by an officer of the Borrower and subject only to normal year-end adjustments. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c) | if and when requested by the Facility Agent, copies of all registration statements and reports on Forms 6-K and 20-F (or their equivalents) and other material filings which the Parent Guarantor shall have filed with or furnished to, as applicable, the Securities and Exchange Commission or any similar governmental authority, or any national securities exchange, including, any reports or other disclosures required to be made in relation to the Parent Guarantor under Regulation FD or the Sarbanes-Oxley Act of 2002; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | as soon as possible, but in no event later than the last day of the prior financial year of the Borrower and its Subsidiaries, a consolidated plan and financial forecast for each financial year of the Borrower and its Subsidiaries in a format approved by the Facility Agent, presenting forecasted consolidated statements of income and cash flows of the Borrower and its Subsidiaries for such financial year with quarterly breakdowns, including projections for special surveys, intermediate surveys and regulatory requirements applicable to the Ships and such other information and projections as the Facility Agent may reasonably request. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.3 | Compliance Certificate |
|------|------------------------|

| 18.4 | Keeping of Books |
|------|------------------|

| 18.5 | Information: miscellaneous |
|------|----------------------------|

| (a) | promptly upon the Borrower becoming aware of (i) the occurrence of a Default or Event of Default, or (ii) the commencement of any action, suit, litigation or proceeding of the kind described in Clause 17.12 (No proceedings pending or threatened), a statement of an officer of the Borrower setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | promptly upon the mailing thereof to the shareholders of the Borrower generally, copies of all financial statements, reports and proxy statements so mailed;  and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | from time to time such additional information regarding the financial position, results of operations, business or prospects of the Borrower and its Subsidiaries as any Finance Party (through the Facility Agent) may reasonably request. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.6 | “Know your customer” checks |
|------|-----------------------------------------|

| (a) | If: |
|-----|-----|

----

|   | (i) | the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any change in the status of an Obligor after the date of this Agreement; or |
|--------|------|-----------------------------------------------------------------------------|

|   | (iii) | a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer, |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing Party to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.7 | PATRIOT Act Notice |
|------|--------------------|

| 19 | AFFIRMATIVE UNDERTAKINGS |
|----|--------------------------|

| 19.1 | General |
|------|---------|

| 19.2 | Compliance with laws |
|------|----------------------|

| 19.3 | Compliance with Finance Documents |
|------|-----------------------------------|

----

| 19.4 | Preservation of Corporate/Company Existence, Etc. |
|------|---------------------------------------------------|

| 19.5 | Visitation Rights |
|------|-------------------|

| 19.6 | Maintenance of Properties, Etc. |
|------|---------------------------------|

| 19.7 | Authorizations |
|------|----------------|

| 19.8 | Payment of Obligations |
|------|------------------------|

| 19.9 | Maintenance of Insurance |
|------|--------------------------|

| 19.10 | Dispositions |
|-------|--------------|

| 20 | NEGATIVE UNDERTAKINGS |
|----|-----------------------|

| 20.1 | General |
|------|---------|

----

| 20.2 | Negative pledge |
|------|-----------------|

| (a) | No Obligor shall create or permit to subsist any Security over any of its assets, or sign or file, under the Uniform Commercial Code (or analogous statute or law) of any jurisdiction, a financing statement that names it as debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | No Obligor shall: |
|-----|-------------------|

|   | (i) | sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | sell, transfer or otherwise dispose of any of its receivables on recourse terms; |
|--------|------|----------------------------------------------------------------------------------|

|   | (iii) | enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | enter into any other preferential arrangement having a similar effect, |
|--------|------|------------------------------------------------------------------------|

| (c) | Paragraphs (a) and (b) above do not apply to any Permitted Security. |
|-----|----------------------------------------------------------------------|

| 20.3 | Consolidations, Merger |
|------|------------------------|

| 20.4 | Sales, Etc. of Assets |
|------|-----------------------|

| (a) | No Obligor shall sell, transfer or otherwise dispose of any assets or grant any option or other right to purchase or otherwise acquire any Collateral other than in the ordinary course of its business, except (i) sales in the ordinary course of its business and (ii) dispositions of obsolete, worn out or surplus property disposed of in the ordinary course of business. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Paragraph (a) above does not apply to any transfer of shares to which Clause 19.10 (Dispositions) applies or to any charter of a Ship to which Clause 22.12 (Restrictions on chartering, appointment of managers etc.) applies. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.5 | Change in Nature of business |
|------|------------------------------|

| 20.6 | Debt |
|------|------|

----

| 20.7 | Dividends |
|------|-----------|

| (a) | any Guarantor may make distributions to the Borrower;  and |
|-----|----------------------------------------------------------------------|

| (b) | for any Accounting Period, the Borrower may pay a dividend, if and so long as both immediately before and after the declaration and payment of such dividend: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | no Default or Event of Default shall have occurred and be continuing;  and |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (ii) | the then aggregate Fair Market Value of the Ships subject to a Mortgage is not less than 135% of the aggregate outstanding principal amount of the Loan. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.8 | Loans; Investments |
|------|--------------------|

| 20.9 | Acquisitions |
|------|--------------|

| 20.10 | Constitutive Document Amendments |
|-------|----------------------------------|

| 20.11 | Transactions with Affiliates |
|-------|------------------------------|

| 20.12 | Place of Business |
|-------|-------------------|

| 20.13 | Capital Stock |
|-------|---------------|

----

| 21 | INSURANCE UNDERTAKINGS |
|----|------------------------|

| 21.1 | General |
|------|---------|

| (a) | The undertakings in this Clause 21 (Insurance Undertakings) remain in force from the date of this Agreement throughout the rest of the Security Period except as the Facility Agent, acting with the authorization of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | For purposes of this Clause 21 (Insurance Undertakings): |
|-----|----------------------------------------------------------|

| 21.2 | Maintenance of obligatory insurances |
|------|--------------------------------------|

| (a) | fire and usual marine risks (including hull and machinery and excess risks); |
|-----|------------------------------------------------------------------------------|

| (b) | war risks; |
|-----|------------|

| (c) | protection and indemnity risks;  and |
|-----|------------------------------------------------|

| (d) | any other risks against which the Facility Agent considers, having regard to practices and other circumstances prevailing at the relevant time, it would be commercially reasonable for that Guarantor to insure and which are specified by the Facility Agent by notice to that Guarantor. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.3 | Terms of obligatory insurances |
|------|--------------------------------|

| (a) | in dollars; |
|-----|-------------|

----

| (b) | in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: |
|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | (i) | when aggregated with the insured values of all other Ships mortgaged to the Security Trustee as security for the Loan, 120% of the Loan;  and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the market value of that Ship; |
|--------|------|--------------------------------|

| (c) | in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | in the case of protection and indemnity risks, in respect of the full tonnage of its Ship; |
|-----|--------------------------------------------------------------------------------------------|

| (e) | on approved terms; and |
|-----|------------------------|

| (f) | through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.4 | Further protections for the Finance Parties |
|------|---------------------------------------------|

| (a) | subject always to paragraph (b), name that Guarantor as the sole named assured unless the interest of every other named assured is limited: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in respect of any obligatory insurances for hull and machinery and war risks; |
|--------|-----|-------------------------------------------------------------------------------|

|   | (A) | to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim on underwriters; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against it); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way of reimbursement following discharge of any third party liability claims made specifically against it; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | whenever the Facility Agent requires, name (or be amended to name) the Security Trustee as additional named assured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Trustee, but without the Security Trustee thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c) | name the Security Trustee as loss payee with such directions for payment as the Facility Agent may specify; |
|-----|-------------------------------------------------------------------------------------------------------------|

| (d) | provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Trustee shall be made without set off, counterclaim or deductions or condition whatsoever, subject to Clause 21.6(b)(vi) below; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | provide that the obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Trustee or any other Finance Party; and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | provide that the Security Trustee may make proof of loss if that Guarantor fails to do so. |
|-----|--------------------------------------------------------------------------------------------|

| 21.5 | Renewal of obligatory insurances |
|------|----------------------------------|

| (a) | at least 14 days before the expiry of any obligatory insurance effected by it: |
|-----|--------------------------------------------------------------------------------|

|   | (i) | notify the Facility Agent of the brokers (or other insurers) and any protection and indemnity or war risks association through or with which it proposes to renew that obligatory insurance and of the proposed terms of renewal; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | obtain the Facility Agents’ approval to the matters referred to in paragraph (a)(i) above; |
|--------|------|--------------------------------------------------------------------------------------------------|

| (b) | at least two days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance with the Facility Agent’s approval pursuant to paragraph (a) above; and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | procure that the approved brokers and/or the approved war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Facility Agent in writing of the terms and conditions of the renewal. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.6 | Copies of policies; letters of undertaking |
|------|--------------------------------------------|

| (a) | pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew; and |
|-----|---------------------------------------------------------------------------------------------------------------|

| (b) | a letter or letters or undertaking in a form required by the Facility Agent and including undertakings by the approved brokers that: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | they will have endorsed on each policy, if and when issued, a loss payable clause and a copy of the notice of assignment complying with the provisions of Clause 21.4 (Further protections for the Finance Parties); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in accordance with such loss payable clause; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | they will advise the Security Trustee promptly of any material change to the terms of the obligatory insurances; |
|--------|-------|------------------------------------------------------------------------------------------------------------------|

|   | (iv) | they will notify the Security Trustee not less than 14 days before the expiry of the obligatory insurances if they have not received notice of renewal instructions from the relevant Guarantor or its agents; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (v) | if they receive instructions to renew the obligatory insurances, they will promptly notify the Facility Agent of the terms of the instructions; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Guarantor under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts; provided, however, in the event there is any premium outstanding on a Ship for which a claim is being paid, they shall have the right to set off any such outstanding premium notwithstanding the foregoing; and |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | they will arrange for a separate policy to be issued in respect of the Ship owned by that Guarantor forthwith upon being so requested by the Facility Agent. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.7 | Copies of certificates of entry |
|------|---------------------------------|

| (a) | a certified copy of the certificate of entry for that Ship; |
|-----|-------------------------------------------------------------|

| (b) | a letter or letters of undertaking in such form as may be required by the Facility Agent acting on the instructions of Majority Lenders; and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying authority in relation to that Ship. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.8 | Deposit of original policies |
|------|------------------------------|

| 21.9 | Payment of premiums |
|------|---------------------|

| 21.10 | Guarantees |
|-------|------------|

| 21.11 | Compliance with terms of insurances |
|-------|-------------------------------------|

| (a) | No Guarantor shall do or omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Without limiting paragraph (a) above, each Guarantor shall: |
|-----|-------------------------------------------------------------|

----

|   | (i) | take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in paragraph (b)(iii) of Clause 21.6 (Copies of policies; letters of undertaking)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Facility Agent has not given its prior approval; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | not make any changes relating to the classification or classification society or manager or operator of the Ship owned by it approved by the underwriters of the obligatory insurances; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | make (and promptly supply copies to the Facility Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship owned by it is entered to maintain cover for trading to the US and Exclusive Economic Zone (as defined in the US Oil Pollution Act 1990 or any other applicable legislation); and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | not employ the Ship owned by it, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.12 | Alteration to terms of insurances |
|-------|-----------------------------------|

| 21.13 | Settlement of claims |
|-------|----------------------|

| (a) | not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty; and |
|-----|------------------------------------------------------------------------------------------------------------------------|

| (b) | do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 21.14 | Provision of information |
|-------|--------------------------|

| (a) | obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | effecting, maintaining or renewing any such insurances as are referred to in Clause 21.15 (Mortgagee’s interest and additional perils insurances) or dealing with or considering any matters relating to any such insurances, |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 21.15 | Mortgagee’s interest and additional perils insurances |
|-------|-------------------------------------------------------------|

| (a) | The Security Trustee, acting with the authorization of the Majority Lenders, shall be entitled from time to time to effect, maintain and renew in its own name in respect of each Ship all or any of the following on such terms, through such insurers and generally in such manner as the Security Trustee may from time to time consider appropriate: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a mortgagee’s interest marine insurance in an amount, together with the amount of such coverage in respect of all other Ships mortgaged to the Security Trustee as security for the Loan, equal to 120% of the Loan;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a mortgagee’s interest additional perils insurance, together with the amount of such coverage in respect of all other Ships mortgaged to the Security Trustee as security for the Loan, equal to 110% of the Loan; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The Guarantors shall upon demand fully indemnify the Security Trustee in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any insurance referred to in paragraph (a) above or dealing with, or considering, any matter arising out of any such insurance. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22 | GENERAL SHIP UNDERTAKINGS |
|----|---------------------------|

| 22.1 | General |
|------|---------|

| 22.2 | Ships’ names and registration |
|------|-------------------------------------|

| (a) | change the registration of the Ship registered in its name under the Approved Flag from its port of registration; |
|-----|-------------------------------------------------------------------------------------------------------------------|

| (b) | do or allow to be done anything as a result of which such registration might be suspended, cancelled or imperilled; or |
|-----|------------------------------------------------------------------------------------------------------------------------|

| (c) | change the name of that Ship. |
|-----|-------------------------------|

| 22.3 | Repair and classification |
|------|---------------------------|

| (a) | consistent with first class ship ownership and management practice;  and |
|-----|------------------------------------------------------------------------------------|

| (b) | so as to maintain the highest classification and rating for ships of the same age and type with the Classification Society. |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

----

| 22.4 | Modifications |
|------|---------------|

| 22.5 | Removal and installation of parts |
|------|-----------------------------------|

| (a) | Subject to paragraph (b) below, no Guarantor shall remove any material part of any Ship, or any item of equipment installed on any Ship unless: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | is free from any Security (other than Permitted Security) in favor of any person other than the Security Trustee; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

|   | (iii) | becomes, on installation on that Ship, the property of that Guarantor and subject to the security constituted by the Mortgage on that Ship. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | A Guarantor may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship owned by that Guarantor. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.6 | Surveys |
|------|---------|

| 22.7 | Inspection |
|------|------------|

| 22.8 | Prevention of and release from arrest |
|------|---------------------------------------|

| (a) | Each Guarantor shall, in respect of the Ship owned by it, promptly discharge when due and payable: |
|-----|----------------------------------------------------------------------------------------------------|

|   | (i) | all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against that Ship, its Earnings or its Insurances; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | all Taxes, dues and other amounts charged in respect of that Ship, its Earnings or its Insurances, unless the same are being contested in good faith, adequate reserves have been established on the books of the Guarantor with respect thereto and there exists no danger of arrest or forfeiture of the Ship by reason of the non-payment thereof; and |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | all other outgoings whatsoever in respect of that Ship, its Earnings or its Insurances. |
|--------|-------|-----------------------------------------------------------------------------------------|

----

| (b) | Each Guarantor shall, upon receiving notice of the arrest of the Ship owned by it or of its detention in exercise or purported exercise of any lien or claim, procure its release within 14 days of such arrest or detention by providing bail or otherwise as the circumstances may require. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.9 | ISPS Code |
|------|-----------|

| (a) | procure that the Ship owned by it and the company responsible for that Ship’s compliance with the ISPS Code comply with the ISPS Code; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | maintain an ISSC for that Ship; and |
|-----|-------------------------------------|

| (c) | notify the Facility Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.10 | Provision of information |
|-------|--------------------------|

| (a) | that Ship, its employment, position and engagements; |
|-----|------------------------------------------------------|

| (b) | the Earnings of that Ship and payments and amounts due to its master and crew; |
|-----|--------------------------------------------------------------------------------|

| (c) | any expenditure incurred, or likely to be incurred, in connection with the operation, maintenance or repair of that Ship and any payments made by it in respect of that Ship; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | any towages and salvages; and |
|-----|-------------------------------|

| (e) | its compliance, the Approved Manager’s compliance and the compliance of that Ship with the ISM Code and the ISPS Code, |
|-----|------------------------------------------------------------------------------------------------------------------------------|

| 22.11 | Notification of certain events |
|-------|--------------------------------|

| (a) | any casualty to that Ship which is or is likely to be or to become a Major Casualty; |
|-----|--------------------------------------------------------------------------------------|

| (b) | any occurrence as a result of which that Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| (c) | any requisition of that Ship for hire; |
|-----|----------------------------------------|

| (d) | any requirement or recommendation made in relation to that Ship by any insurer or classification society or by any competent authority which is not complied with; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (e) | any arrest or detention of that Ship, any exercise or purported exercise of any lien on that Ship or its Earnings or any requisition of that Ship for hire; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | any Environmental Action made against that Guarantor or in connection with that Ship, or any Environmental Incident; |
|-----|----------------------------------------------------------------------------------------------------------------------|

| (g) | any claim for breach of the ISM Code or the ISPS Code being made against that Guarantor, an Approved Manager or otherwise in connection with that Ship; or |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.12 | Restrictions on chartering, appointment of managers etc. |
|-------|----------------------------------------------------------|

| (a) | let that Ship on demise charter for any period; |
|-----|-------------------------------------------------|

| (b) | enter into any time or consecutive voyage Charter in respect of that Ship other than a Permitted Charter; |
|-----|-----------------------------------------------------------------------------------------------------------|

| (c) | enter into any charter in relation to that Ship under which more than two months’ hire (or the equivalent) is payable in advance; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| (d) | charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; |
|-----|-------------------------------------------------------------------------------------------------------------|

| (e) | de activate or lay up that Ship; |
|-----|----------------------------------|

| (f) | put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $2,000,000 (or the equivalent in any other currency) other than any intended dry docking services for that Ship unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason;  or |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | appoint a manager of that Ship other than the Approved Manager or agree to any alteration to the terms of an Approved Manager’s appointment in any material respect other than upon such terms and conditions as the Facility Agent approves, acting with the authorization of the Majority Lenders, such approval and authorization not to be unreasonably withheld. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.13 | Notice of Mortgage |
|-------|--------------------|

----

| 22.14 | Sharing of Earnings |
|-------|---------------------|

| 23 | Valuations |
|----|------------|

| (a) | Subject to paragraph (b) below, the market value of a Ship at any date is that shown by a valuation prepared: |
|-----|---------------------------------------------------------------------------------------------------------------|

|   | (i) | as at a date not more than 14 days previously; |
|--------|-----|------------------------------------------------|

|   | (ii) | by one Approved Broker appointed by the Facility Agent; |
|--------|------|---------------------------------------------------------|

|   | (iii) | with or without physical inspection of that Ship (as the Facility Agent may require);  and |
|--------|-------|------------------------------------------------------------------------------------------------------|

|   | (iv) | on the basis of a sale for prompt delivery for cash on normal commercial terms as between a willing seller and a willing buyer, free of any existing Charter. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | If the Borrower is not satisfied with any such valuation, it shall immediately so notify the Facility Agent, and the Borrower shall have the right to select another of the Approved Brokers to provide an additional valuation of such Ship and the applicable valuation for purposes of this Agreement shall be the arithmetical mean of the two valuations. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2 | Valuations binding |
|------|--------------------|

| 23.3 | Provision of information |
|------|--------------------------|

| 23.4 | Provision of valuations |
|------|-------------------------|

| 23.5 | Valuation Expenses |
|------|--------------------|

----

| 24 | OPERATING ACCOUNT, APPLICATION OF EARNINGS |
|----|--------------------------------------------|

| 24.1 | Operating Account |
|------|-------------------|

| (a) | The Borrower shall maintain the Operating Account with the Account Bank throughout the Security Period except as the Facility Agent, acting with the authorization of the Majority Lenders, may otherwise permit. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The Borrower shall not make any withdrawal from the Operating Account except, so long as no Event of Default shall have occurred and be continuing, any amount credited to the Operating Account shall be available to the Obligors to pay (i) Ship Operating Expenses (as defined in Clause 5.1 (Repayment of the Loan)), (ii) Voyage Expenses (as defined in Clause 5.1 (Repayment of the Loan)), (iii) reasonable expenses of special surveys, intermediate surveys and regulatory requirements applicable to the Ships, (iv) the principal amount of the Loan, Interest Charges (as defined in Clause 5.1 (Repayment of the Loan)) and any other amounts payable to the Finance Parties hereunder or under the other Finance Documents, (v) General & Administrative Expenses (as defined in Clause 5.1 (Repayment of the Loan)), as well as any other fees and expenses to which the Facility Agent may in its reasonable discretion agree from time to time, and (vi) any dividends or distributions permitted under Clause 20.7 (Dividends). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24.2 | Payment of Earnings |
|------|---------------------|

| 25 | EVENTS OF DEFAULT |
|----|-------------------|

| 25.1 | General |
|------|---------|

| 25.2 | Non-payment |
|------|-------------|

| (a) | fail to pay any amount of principal of the Loan when due and payable;  or |
|-----|-------------------------------------------------------------------------------------|

| (b) | fail to pay any interest on the Loan, or the Borrower shall fail to make any other payment hereunder, in each case within 3 Business Days after the same becomes due and payable. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.3 | Misrepresentation |
|------|-------------------|

| 25.4 | Specific obligations |
|------|----------------------|

| (a) | Any Obligor shall fail to perform or observe any term, covenant or agreement contained in Clause 18.2 (Financial statements), Clause 18.3 (Compliance Certificate), Clause 18.5 (Information: miscellaneous) or Clause 20 (Negative Undertakings) to be observed by it. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | The Parent Guarantor shall fail to perform or observe any term, covenant or agreement in the Parent Guarantee to be observed by it and any such failure remains unremedied for a period in excess of 5 Business Days after written notice thereof shall have been given to the Parent Guarantor by the Facility Agent. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.5 | Other obligations |
|------|-------------------|

| (a) | beyond the expiration of any applicable notice and/or grace period; or |
|-----|------------------------------------------------------------------------|

| (b) | if there is no applicable notice and/or grace period, for fifteen (15) days after written notice thereof shall have been given to the Borrower by the Facility Agent. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.6 | Cross default |
|------|---------------|

| (a) | Any Obligor or the Parent Guarantor shall fail to pay any principal of or premium or interest on any Debt which such Obligor or the Parent Guarantor is liable to pay, when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt and the principal amount of all such aggregate unpaid Debt exceeds $2,000,000. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Any event (other than one specified in paragraph (a) above) shall occur or condition shall exist under any agreement or instrument relating to any Debt which any Obligor or the Parent Guarantor is liable to pay and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt or any such Debt shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity thereof. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.7 | Bankruptcy, Insolvency |
|------|------------------------|

| (a) | Any Obligor or the Parent Guarantor shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Any proceeding shall be instituted by or against any Obligor or the Parent Guarantor seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 45 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Any Obligor or the Parent Guarantor shall take any corporate or company action to authorize any of the actions set forth in paragraph (a) or (b) above. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 25.8 | Impossibility, Unlawfulness |
|------|-----------------------------|

| 25.9 | Judgments |
|------|-----------|

| 25.10 | Invalidity |
|-------|------------|

| 25.11 | Security imperilled |
|-------|---------------------|

| 25.12 | Material Adverse Effect |
|-------|-------------------------|

| 25.13 | Sanctions |
|-------|-----------|

| (a) | Any of the Obligors, or any other member of the Group or any Affiliate of any of them becomes a Prohibited Person or becomes owned or controlled by, or acts directly or indirectly on behalf of, a Prohibited Person or any of such persons becomes the owner or controller of a Prohibited Person; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Any proceeds of any Loan is made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise is, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions;  or |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Any Obligor or other member of the Group or any Affiliate of any of them is not in compliance with all Sanctions. |
|-----|-------------------------------------------------------------------------------------------------------------------|

----

| 25.14 | Acceleration |
|-------|--------------|

| 25.15 | Enforcement of security |
|-------|-------------------------|

----

| 26 | CHANGES TO THE LENDERS |
|----|------------------------|

| 26.1 | Assignments by the Lenders |
|------|----------------------------|

| 26.2 | Conditions of assignment or transfer |
|------|--------------------------------------|

| (a) | The consent of the Borrower is required for an assignment by an Existing Lender in accordance with Clause 26.1 (Assignments by the Lenders), unless (i) the assignment is to another Lender or an Affiliate of a Lender, or (ii) an Event of Default has occurred and is continuing, in which case the Facility Agent shall notify the Borrower promptly following any such assignment or transfer. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The consent of the Borrower to an assignment by an Existing Lender shall not be unreasonably withheld. |
|-----|--------------------------------------------------------------------------------------------------------|

| (c) | An assignment will only be effective on: |
|-----|------------------------------------------|

|   | (i) | receipt by the Facility Agent of an Assignment Agreement executed by the Existing Lender and New Lender confirming that the New Lender will assume the same obligations to the other Finance Parties as it would have been under if it were an Original Lender; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | performance by the Facility Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | If: |
|-----|-----|

|   | (i) | a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 11 (Tax Gross Up and Indemnities) or Clause 12 (Increased Costs), |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Each New Lender, by executing the relevant Assignment Agreement, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 26.3 | Assignment or transfer fee |
|------|----------------------------|

| 26.4 | Limitation of responsibility of Existing Lenders |
|------|--------------------------------------------------|

| (a) | Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents; |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (ii) | the financial condition of any Obligor; |
|--------|------|-----------------------------------------|

|   | (iii) | the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Each New Lender confirms to the Existing Lender and the other Finance Parties that it: |
|-----|----------------------------------------------------------------------------------------|

|   | (i) | has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Document; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities throughout the Security Period. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Nothing in any Finance Document obliges an Existing Lender to: |
|-----|----------------------------------------------------------------|

|   | (i) | accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 26 (Changes to the Lenders); or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26.5 | Procedure for assignment |
|------|--------------------------|

| (a) | Subject to the conditions set out in Clause 26.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender.  The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) |   |
|-----|--------|

|   | (i) | The Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of the Collateral expressed to be the subject of the assignment in the Assignment Agreement; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the Existing Lender will be released from the obligations (the “Relevant Obligations”) expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of the Collateral); and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------|

| 26.6 | Copy of Assignment Agreement to Borrowers |
|------|-------------------------------------------|

| 26.7 | Security over Lenders’ rights |
|------|-------------------------------------|

| (a) | any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and |
|-----|----------------------------------------------------------------------------------------------------------|

| (b) | in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities, |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 27 | CHANGES TO THE OBLIGORS |
|----|-------------------------|

----

| 28 | THE FACILITY AGENT |
|----|--------------------|

| 28.1 | Appointment of the Facility Agent |
|------|-----------------------------------|

| (a) | Each other Finance Party appoints the Facility Agent to act as its agent under and in connection with the Finance Documents. |
|-----|------------------------------------------------------------------------------------------------------------------------------|

| (b) | Each other Finance Party authorises the Facility Agent to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.2 | Duties of the Facility Agent |
|------|------------------------------|

| (a) | Subject to paragraph (b) below, the Facility Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility Agent for that Party by any other Party. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Without prejudice to Clause 26.6 (Copy of Assignment Agreement to Borrower), paragraph (a) above shall not apply to any Transfer Certificate or to any Assignment Agreement. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | If the Facility Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Finance Parties and the Borrower (if the Party giving such notice is not a member of the Group). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | If the Facility Agent is aware of the non-payment of any principal, interest or other fee payable to a Finance Party (other than the Facility Agent or the Security Trustee) under this Agreement it shall promptly notify the other Finance Parties. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | The Facility Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. |
|-----|-------------------------------------------------------------------------------------------------------------------|

| 28.3 | No fiduciary duties |
|------|---------------------|

| (a) | The Facility Agent shall not have any duties or obligations to any person under the Finance Documents except to the extent that they are expressly set out in the Finance Documents. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The provisions of paragraph (a) above shall apply even if, notwithstanding and contrary to paragraph (a) above, any provision of this Agreement or any other Finance Document by operation of law has the effect of constituting the Facility Agent as a fiduciary. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Nothing in the Finance Documents constitutes the Facility Agent a trustee of any other person. |
|-----|------------------------------------------------------------------------------------------------|

| (d) | Neither of the Facility Agent or the Security Trustee shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 28.4 | Application of receipts |
|------|-------------------------|

| 28.5 | Business with the Group |
|------|-------------------------|

| 28.6 | Rights and discretions of the Facility Agent |
|------|----------------------------------------------|

| (a) | The Facility Agent may rely on: |
|-----|---------------------------------|

|   | (i) | any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (ii) | any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the other Finance Parties) that: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | no Default has occurred (unless it has actual knowledge of a Default arising under Clause 25.2 (Non-payment)); |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (ii) | any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any notice or request made by the Borrower (other than a Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|

| (d) | The Facility Agent may act in relation to the Finance Documents through its personnel and agents. |
|-----|---------------------------------------------------------------------------------------------------|

| (e) | The Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Notwithstanding any other provision of any Finance Document to the contrary, the Facility Agent is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.7 | Majority Lenders’ instructions |
|------|--------------------------------------|

| (a) | Unless a contrary indication appears in a Finance Document, the Facility Agent shall: |
|-----|---------------------------------------------------------------------------------------|

|   | (i) | exercise any right, power, authority or discretion vested in it as Facility Agent in  accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Facility Agent); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require for any cost, loss or liability which it may incur in complying with the instructions. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | In the absence of instructions from the Majority Lenders (or, if appropriate, the Lenders), the Facility Agent shall not be obliged to take any action (or refrain from taking action) (even if it considers acting or not acting to be in the best interests of the Lenders).  The Facility Agent may act (or refrain from taking action) as it considers to be in the best interest of the Lenders. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | The Facility Agent is not authorised to act on behalf of any other Finance Party (without first obtaining that Finance Party’s consent) in any legal or arbitration proceedings relating to any Finance Document.  This paragraph (e) shall not apply to any legal or arbitration proceedings relating to the perfection, preservation or protection of rights under the Collateral or Finance Documents creating Security in the Collateral. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.8 | Responsibility for documentation |
|------|----------------------------------|

| (a) | responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Facility Agent, an Obligor or any other person given in, or in connection with, any Finance Document; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered into or made or executed in anticipation of, or in connection with, any Finance Document; or |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | responsible for any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.9 | Exclusion of liability |
|------|------------------------|

| (a) | Without limiting paragraph (b) below, the Facility Agent will not be liable for any action taken by it under or in connection with any Finance Document or the Collateral, unless directly caused by its gross negligence or wilful misconduct. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | No Party other than the Facility Agent may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and each officer, employee or agent of the Facility Agent may rely on this Clause subject to Clause 1.3 (Third party rights). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognized clearing or settlement system used by it for that purpose. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (d) | Nothing in this Agreement shall oblige the Facility Agent to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Facility Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.10 | Lenders’ indemnity to the Facility Agent |
|-------|------------------------------------------------|

| 28.11 | Resignation of the Facility Agent |
|-------|-----------------------------------|

| (a) | The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Alternatively, the Facility Agent may resign by giving 30 days’ notice to the other Finance Parties and the Borrower, in which case the Majority Lenders may appoint a successor Facility Agent. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Facility Agent may appoint a successor Facility Agent. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the Finance Documents. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | The Facility Agent’s resignation notice shall only take effect upon the appointment of a successor. |
|-----|-----------------------------------------------------------------------------------------------------------|

| (f) | Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 28 (TheFacility Agent) and any other provisions of a Finance Document which are expressed to limit or exclude its liability in acting as Facility Agent.  Any successor and each of the other Parties shall have the same rights and obligations among themselves as they would have had if such successor had been an original Party. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | After consultation with the Borrower, the Majority Lenders may, by giving 30 days’ notice to the Facility Agent, replace the Facility Agent by appointing a successor Facility Agent. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | The retiring Facility Agent shall make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the Finance Documents. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | The appointment of the successor Facility Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Facility Agent.  As from this date, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 33 (Set-Off) (and any agency fees for the account of the retiring Facility Agent shall cease to accrue from (and shall be payable on) that date). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (j) | Any successor and each of the other Parties shall have the same rights and obligations among themselves as they would have had if such successor had been an original Party. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k) | The Facility Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility Agent under the Finance Documents, either: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Facility Agent fails to respond to a request under Clause 11.6 (FATCA Information) and a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the information supplied by the Facility Agent pursuant to Clause 11.6 (FATCA Information) indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the Facility Agent notifies the Borrower and the Lenders that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (l) | and (in each case) a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA Exempt Party, and  that Lender, by notice to the Facility Agent, requires it to resign. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.12 | Confidentiality |
|-------|-----------------|

| (a) | In acting as Facility Agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | If information is received by a division or department of the Facility Agent other than that division or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as confidential to that division or department, and the Facility Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Notwithstanding any other provision of any Finance Document to the contrary neither of the Facility Agent or the Security Trustee is obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.13 | Relationship with the Lenders |
|-------|-------------------------------|

| (a) | The Facility Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Facility Agent’s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | entitled to or liable for any payment due under any Finance Document on that day; and |
|--------|-----|---------------------------------------------------------------------------------------|

----

|   | (ii) | entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day, |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Each Lender shall supply the Facility Agent with any information required by the Facility Agent in order to calculate the Mandatory Cost in accordance with Schedule 4 (Mandatory Cost Formula). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Each Lender shall supply the Facility Agent with any information that the Security Trustee may reasonably specify (through the Facility Agent) as being necessary or desirable to enable the Security Trustee to perform its functions as Security Trustee.  Each Lender shall deal with the Security Trustee exclusively through the Facility Agent and shall not deal directly with the Security Trustee. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents.  Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 34.5 (Electronic communication)) electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as notification of a substitute address, fax number, electronic mail address, department and officer by that Lender for the purposes of Clause 34.2 (Addresses) and paragraph (a)(iii) of Clause 34.5 (Electronic communication) and the Facility Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.  Any person appointed in accordance with this paragraph (d) shall be subject to the same confidentiality obligations as the appointing Lender under this Agreement and the other Finance Documents. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.14 | Credit appraisal by the Lenders |
|-------|---------------------------------|

| (a) | the financial condition, status and nature of each member of the Group; |
|-----|-------------------------------------------------------------------------|

| (b) | the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and the Collateral and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Collateral; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Finance Document or the Collateral, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | the adequacy, accuracy and/or completeness of any information provided by the Facility Agent, any Party or by any other person under, or in connection with, any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (e) | the right or title of any person in or to or the value or sufficiency of any part of the Collateral, or the existence or priority of any Security affecting the Collateral. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28.15 | Reference Banks |
|-------|-----------------|

| 28.16 | Deduction from amounts payable by the Facility Agent |
|-------|------------------------------------------------------|

| 28.17 | Full freedom to enter into transactions |
|-------|-----------------------------------------|

| (a) | to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or Security Trustee for, and/or participating in, other facilities to such Obligor or any person who is party to, or referred to in, a Finance Document); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | to deal in and enter into and arrange transactions relating to: |
|-----|-----------------------------------------------------------------|

|   | (i) | any securities issued or to be issued by any Obligor or any other person; or |
|--------|-----|------------------------------------------------------------------------------|

|   | (ii) | any options or other derivatives in connection with such securities; and |
|--------|------|--------------------------------------------------------------------------|

| (c) | to provide advice or other services to any Obligor or any person who is a party to, or referred to in, a Finance Document, |
|-----|----------------------------------------------------------------------------------------------------------------------------|

----

| 29 | THE SECURITY TRUSTEE |
|----|----------------------|

| 29.1 | Trust |
|------|-------|

| (a) | Each other Finance Party appoints the Security Trustee as trustee to hold legal title to the Collateral on trust for the Finance Parties on the terms contained in this Agreement, and the Security Trustee accepts such appointment and agrees to deal with the Collateral in accordance with this Clause 29 (The Security Trustee) and the other provisions of the Finance Documents. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Each of the parties to this Agreement agrees that the Security Trustee shall have only those duties, obligations and responsibilities expressly specified in this Agreement or in the Finance Documents (and no others shall be implied). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The Security Trustee shall not have any liability to any person in respect of its duties, obligations and responsibilities under this Agreement or the other Finance Documents except as expressly set out in paragraph (a) of Clause 29.1 (Trust) and as excluded or limited by this Clause 29 (The Security Trustee), including in particular Clause 29.7 (Instructions to Security Trustee and exercise of discretion), Clause 29.12 (Responsibility for documentation), Clause 29.13 (Exclusion of liability), Clause 29.15 (Lenders’ indemnity to the Security Trustee), Clause 29.22 (Business with the Group) and Clause 29.25 (Full freedom to enter into transactions). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.2 | No independent power |
|------|----------------------|

| 29.3 | Application of receipts |
|------|-------------------------|

| (a) | Except as expressly stated to the contrary in any Finance Document, any moneys which the Security Trustee receives or recovers and which are, or are attributable to, Collateral (for the purposes of this Clause 29, the “Recoveries”) shall be transferred to the Facility Agent for application in accordance with Clause 32.5 (Application of receipts; partial payments). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Paragraph (a) above is without prejudice to the rights of the Security Trustee: |
|-----|---------------------------------------------------------------------------------|

|   | (i) | under Clause 13.2 (Other indemnities) to be indemnified out of the Collateral; and |
|--------|-----|------------------------------------------------------------------------------------|

|   | (ii) | under any Finance Document to credit any moneys received or recovered by it to any suspense account. |
|--------|------|------------------------------------------------------------------------------------------------------|

| (c) | Any transfer by the Security Trustee to the Facility Agent in accordance with paragraph (a) above shall be a good discharge, to the extent of that payment, by the Security Trustee. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | The Security Trustee is under no obligation to make the payments to the Facility Agent under paragraph (a) of this Clause 29.3 (Application of receipts) in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.4 | Deductions from receipts |
|------|--------------------------|

| (a) | Before transferring any moneys to the Facility Agent under Clause 29.3 (Application of receipts), the Security Trustee may, in its discretion: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | deduct any sum then due and payable under this Agreement or any other Finance Documents to the Security Trustee and retain that sum for itself; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it under this Agreement; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | pay all Taxes which may be assessed against it in respect of any of the Collateral, or as a consequence of performing its duties, or by virtue of its capacity as Security Trustee under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement). |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | For the purposes of paragraph (a)(i) above, if the Security Trustee has become entitled to require a sum to be paid to it on demand, that sum shall be treated as due and payable, even if no demand has yet been served. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.5 | Prospective liabilities |
|------|-------------------------|

| (a) | any sum to the Security Trustee; and |
|-----|--------------------------------------|

| (b) | any part of the Secured Liabilities, |
|-----|--------------------------------------|

| 29.6 | Investment of proceeds |
|------|------------------------|

| 29.7 | Instructions to Security Trustee and exercise of discretion |
|------|-------------------------------------------------------------|

| (a) | Subject to paragraph (d) below, the Security Trustee shall act in accordance with any instructions given to it by the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) or, if so instructed by the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)), refrain from exercising any right, power, authority or discretion vested in it as Security Trustee and shall be entitled to assume that: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | any instructions received by it from the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) are duly given in accordance with the terms of the Finance Documents; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | unless it has received actual notice of revocation, that those instructions or directions have not been revoked. |
|--------|------|------------------------------------------------------------------------------------------------------------------|

| (b) | The Security Trustee shall be entitled to request instructions, or clarification of any direction, from the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) as to whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities and discretions and the Security Trustee may refrain from acting unless and until those instructions or clarification are received by it. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Any instructions given to the Security Trustee by the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) shall override any conflicting instructions given by any other Party. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Paragraph (a) above shall not apply: |
|-----|--------------------------------------|

|   | (i) | where a contrary indication appears in this Agreement; |
|--------|-----|--------------------------------------------------------|

|   | (ii) | where this Agreement requires the Security Trustee to act in a specified manner or to take a specified action; |
|--------|------|----------------------------------------------------------------------------------------------------------------|

|   | (iii) | in respect of any provision which protects the Security Trustee’s own position in its personal capacity as opposed to its role of Security Trustee for the Finance Parties including, without limitation, the provisions set out in Clauses 29.9 (Security Trustee’s discretions) to Clause 29.25 (Full freedom to enter into transactions); and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | in respect of the exercise of the Security Trustee’s discretion to exercise a right, power or authority under any of Clause 29.4 (Deductions from receipts) and Clause 29.5 (Prospectiveliabilities). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.8 | Security Trustee’s Actions |
|------|----------------------------------|

| 29.9 | Security Trustee’s discretions |
|------|--------------------------------------|

| (a) | The Security Trustee may: |
|-----|---------------------------|

|   | (i) | assume (unless it has received actual notice to the contrary from the Facility Agent) that (i) no Default has occurred and no Obligor is in breach of or default under its obligations under any of the Finance Documents and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | assume that any notice or request made by any Obligor (other than a Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | if it receives any instructions or directions to take any action in relation to the Collateral, assume that all applicable conditions under the Finance Documents for taking that action have been satisfied; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers, surveyors or other experts (whether obtained by the Security Trustee or by any other Finance Party) whose advice or services may at any time seem necessary, expedient or desirable; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | act in relation to the Finance Documents through its personnel and agents; |
|--------|-----|----------------------------------------------------------------------------|

|   | (vi) | disclose to any other Party any information it reasonably believes it has received as Security Trustee under this Agreement; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might reasonably be expected to be within the knowledge of a Finance Party or an Obligor, upon a certificate signed by or on behalf of that person; and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | refrain from acting in accordance with the instructions of any Party (including bringing any legal action or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or security that it may in its discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities which it may incur in so acting. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Notwithstanding any other provision of any Finance Document to the contrary, the Security Trustee is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.10 | Security Trustee’s obligations |
|-------|--------------------------------------|

| (a) | copy to the Facility Agent the contents of any notice or document received by it from any Obligor under any Finance Document; |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (b) | forward to a Party the original or a copy of any document which is delivered to the Security Trustee for that Party by any other Party, provided that, except where a Finance Document expressly provides otherwise, the Security Trustee is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party; and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | inform the Facility Agent of the occurrence of any Default or any default by a Debtor in the due performance of or compliance with its obligations under any Finance Document of which the Security Trustee has received notice from any other party to this Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.11 | Excluded obligations |
|-------|----------------------|

| (a) | be bound to enquire as to (i) whether or not any Default has occurred or (ii) the performance, default or any breach by an Obligor of its obligations under any of the Finance Documents; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | be bound to account to any other Party for any sum or the profit element of any sum received by it for its own account; |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| (c) | be bound to disclose to any other person (including but not limited to any Finance Party) (i) any confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty;  or |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | have or be deemed to have any relationship of trust or agency with, any Obligor. |
|-----|----------------------------------------------------------------------------------|

| 29.12 | Responsibility for documentation |
|-------|----------------------------------|

| (a) | the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security Trustee or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Collateral; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | any losses to any person or any liability arising as a result of taking or refraining from taking any action in relation to any of the Finance Documents, the Collateral or otherwise, whether in accordance with an instruction from the Facility Agent or otherwise unless directly caused by its gross negligence or wilful misconduct; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection with any of the Finance Documents, the Collateral or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, the Finance Documents or the Collateral unless directly caused by its gross negligence or wilful misconduct; or |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | any shortfall which arises on the enforcement or realization of the Collateral. |
|-----|---------------------------------------------------------------------------------|

| 29.13 | Exclusion of liability |
|-------|------------------------|

| (a) | Without limiting Clause 29.14 (No proceedings), the Security Trustee will not be liable for any action taken by it or not taken by it under or in connection with any Finance Document or the Collateral, unless directly caused by its gross negligence or wilful misconduct. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The Security Trustee will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognized clearing or settlement system used by it for that purpose. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Nothing in this Agreement shall oblige the Security Trustee to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Security Trustee that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Trustee. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 29.14 | No proceedings |
|-------|----------------|

| 29.15 | Lenders’ indemnity to the Security Trustee |
|-------|--------------------------------------------------|

| 29.16 | Own responsibility |
|-------|--------------------|

| (a) | the financial condition, status and nature of each member of the Group; |
|-----|-------------------------------------------------------------------------|

| (b) | the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the Collateral and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Collateral; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the Collateral, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Collateral; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | the adequacy, accuracy and/or completeness of any information provided by the Security Trustee or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | the right or title of any person in or to, or the value or sufficiency of any part of the Collateral, or the existence or the priority of any Security affecting the Collateral; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.17 | No responsibility to perfect Security |
|-------|---------------------------------------|

| (a) | require the deposit with it of any deed or document certifying, representing or constituting the title of any Obligor to any of the Collateral; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | obtain any license, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any of the Finance Documents or the Collateral; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | register, file or record or otherwise protect any Security in any of the Collateral (or the priority thereof) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of the Finance Documents; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | take, or to require any of the Obligors to take, any steps to perfect its title to any of the Collateral or to render Finance Documents effective or to secure the creation of any Security under the laws of any jurisdiction; or |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | require any further assurances in relation to any of the Finance Documents. |
|-----|-----------------------------------------------------------------------------|

| 29.18 | Insurance by Security Trustee |
|-------|-------------------------------|

| (a) | The Security Trustee shall not be under any obligation to insure any of the Collateral, to require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the Finance Documents.  The Security Trustee shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy of any such insurance. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Where the Security Trustee is named on any insurance policy as an insured party, it shall not be responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Facility Agent shall have requested it to do so in writing and the Security Trustee shall have failed to do so within 14 days after receipt of that request. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.19 | Custodians and nominees |
|-------|-------------------------|

| 29.20 | Acceptance of title |
|-------|---------------------|

| 29.21 | Refrain from illegality |
|-------|-------------------------|

| 29.22 | Business with the Group |
|-------|-------------------------|

----

| 29.23 | Winding up of trust |
|-------|---------------------|

| (a) | the trusts set out in this Agreement shall be wound up and the Security Trustee shall release, without recourse or warranty, all of the rights of the Security Trustee under each of the Finance Documents creating Security in the Collateral; and |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | any Retiring Security Trustee shall release, without recourse or warranty, all of its rights under each of the Finance Documents creating Security in the Collateral and do such further acts as the Borrower may reasonably request for the purpose of effecting such release. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.24 | Trustee division separate |
|-------|---------------------------|

| (a) | In acting as trustee for the Finance Parties, the Security Trustee shall be regarded as acting through its trustee division which shall be treated as a separate entity from any of its other divisions or departments. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | If information is received by another division or department of the Security Trustee, it may be treated as confidential to that division or department and the Security Trustee shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.25 | Full freedom to enter into transactions |
|-------|-----------------------------------------|

| (a) | to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or Security Trustee for, and/or participating in, other facilities to such Obligor or any person who is party to, or referred to in, a Finance Document); |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | to deal in and enter into and arrange transactions relating to: |
|-----|-----------------------------------------------------------------|

|   | (i) | any securities issued or to be issued by any Obligor or any other person; or |
|--------|-----|------------------------------------------------------------------------------|

|   | (ii) | any options or other derivatives in connection with such securities; and |
|--------|------|--------------------------------------------------------------------------|

| (c) | to provide advice or other services to any Obligor or any person who is a party to, or referred to in, a Finance Document, |
|-----|----------------------------------------------------------------------------------------------------------------------------|

----

| 29.26 | Resignation of the Security Trustee |
|-------|-------------------------------------|

| (a) | The Security Trustee may resign and appoint one of its Affiliates as successor by giving notice to the Obligors and each Finance Party. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Alternatively the Security Trustee may resign by giving notice to the other Parties in which case the Majority Lenders may appoint a successor Security Trustee. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | If the Majority Lenders have not appointed a successor Security Trustee in accordance with paragraph (b) above within 30 days after the notice of resignation was given, the Security Trustee (after consultation with the Facility Agent) may appoint a successor Security Trustee. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | The retiring Security Trustee (the “Retiring Security Trustee”) shall, at its own cost, make available to the successor Security Trustee such documents and records and provide such assistance as the successor Security Trustee may reasonably request for the purposes of performing its functions as Security Trustee under the Finance Documents. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | The Security Trustee’s resignation notice shall only take effect upon (i) the appointment of a successor and (ii) the transfer, by way of a document expressed as a deed, of all of the Collateral to that successor. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Upon the appointment of a successor, the Retiring Security Trustee shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) of Clause 29.23 (Winding up of trust) and under paragraph (d) above) but shall, in respect of any act or omission by it whilst it was the Security Trustee, remain entitled to the benefit of Clause 29 (The Security Trustee), Clause 13.2 (Other indemnities), Clause 29.15 (Lenders’ indemnity to the Security Trustee) and any other provisions of a Finance Document which are expressed to limit or exclude its liability in acting as Security Trustee.  Its successor and each of the other Parties shall have the same rights and obligations among themselves as they would have had if that successor had been an original Party. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | The Majority Lenders may, by notice to the Security Trustee, require it to resign in accordance with paragraph (b) above.  In this event, the Security Trustee shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Borrower. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | The consent of any Borrower (or any other Obligor) is not required for an assignment or transfer of rights and/or obligations by the Security Trustee. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.27 | Delegation |
|-------|------------|

| (a) | The Security Trustee may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of the Finance Documents. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject to any restrictions that the Security Trustee may, in its discretion, think fit in the interests of the Finance Parties and it shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate or sub-delegate. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 30 | CONDUCT OF BUSINESS BY THE FINANCE PARTIES |
|----|--------------------------------------------|

| (a) | interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (b) | oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

| 31 | SHARING AMONG THE FINANCE PARTIES |
|----|-----------------------------------|

| 31.1 | Payments to Finance Parties |
|------|-----------------------------|

| (a) | the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery to the Facility Agent; |
|-----|----------------------------------------------------------------------------------------------------------------------------------|

| (b) | the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in accordance with Clause 32 (Payment Mechanics), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 32.5 (Application of receipts; partial payments). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Redistribution of payments |
|------|----------------------------|

| 31.3 | Recovering Finance Party ‘s rights |
|------|------------------------------------------|

| 31.4 | Reversal of redistribution |
|------|----------------------------|

----

| (a) | each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the “Redistributed Amount”); and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.5 | Exceptions |
|------|------------|

| (a) | This Clause 31 (Sharing Among the Finance Parties) shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | it notified that other Finance Party of the legal or arbitration proceedings; and |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (ii) | that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 32 | PAYMENT MECHANICS |
|----|-------------------|

| 32.1 | Payments to the Facility Agent |
|------|--------------------------------|

| (a) | On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make an amount equal to such payment available to the Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Payment shall be made to such account with such bank as the Facility Agent reasonably specifies. |
|-----|--------------------------------------------------------------------------------------------------|

| 32.2 | Distributions by the Facility Agent |
|------|-------------------------------------|

| 32.3 | Distributions to an Obligor |
|------|-----------------------------|

| 32.4 | Clawback |
|------|----------|

| (a) | Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | If the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.5 | Application of receipts; partial payments |
|------|-------------------------------------------|

| (a) | If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Facility Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | first, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to, the Facility Agent or the Security Trustee under the Finance Documents; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | secondly, in or towards payment of any accrued interest and fees due but unpaid to the Lenders under this Agreement; |
|--------|------|----------------------------------------------------------------------------------------------------------------------|

|   | (iii) | thirdly, in or towards payment of any principal due but unpaid to the Lenders under this Agreement; and |
|--------|-------|---------------------------------------------------------------------------------------------------------|

|   | (iv) | fourthly, in or towards payment pro rata of any other sum due to any Finance Party but unpaid under the Finance Documents. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------|

| (b) | The Facility Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (b)(ii) to (b)(iv) above. |
|-----|----------------------------------------------------------------------------------------------------------------------------------|

| (c) | Any sums received or recovered by any Finance Party under or by virtue of the Finance Documents in excess of the amounts then due and payable by an Obligor under the Finance Document shall be paid to the Borrower or to whomsoever may be entitled thereto. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.6 | No set-off by Obligors |
|------|------------------------|

| 32.7 | Business Days |
|------|---------------|

| (a) | Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.8 | Currency of account |
|------|---------------------|

| (a) | Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred unless otherwise agreed by the party receiving such payment. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency. |
|-----|-----------------------------------------------------------------------------------------------------------|

| 33 | SET-OFF |
|----|---------|

----

| 34 | NOTICES |
|----|---------|

| 34.1 | Communications in writing |
|------|---------------------------|

| 34.2 | Addresses |
|------|-----------|

| (a) | in the case of any Obligor, that specified in Schedule 1 (The Parties); |
|-----|-------------------------------------------------------------------------|

| (b) | in the case of each Lender, that specified in Part B of Schedule 1 (The Parties) or, if it becomes a Party after the date of this Agreement, that notified in writing to the Facility Agent on or before the date on which it becomes a Party; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | in the case of the Facility Agent, that specified in Part C of Schedule 1 (The Parties); and |
|-----|----------------------------------------------------------------------------------------------|

| (d) | in the case of the Security Trustee, that specified in Part C of Schedule 1 (The Parties), |
|-----|--------------------------------------------------------------------------------------------|

| 34.3 | Delivery |
|------|----------|

| (a) | Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if by way of fax, when received in legible form; or |
|--------|-----|-----------------------------------------------------|

|   | (ii) | if by way of letter, when it has been left at the relevant address or 5 Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Any communication or document to be made or delivered to a Servicing Party will be effective only when actually received by that Servicing Party and then only if it is expressly marked for the attention of the department or officer of that Servicing Party specified in Schedule 1 (The Parties) (or any substitute department or officer as that Servicing Party shall specify for this purpose). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | All notices from or to an Obligor shall be sent through the Facility Agent unless otherwise specified in any Finance Document. |
|-----|--------------------------------------------------------------------------------------------------------------------------------|

----

| (d) | Any communication or document made or delivered to the Borrower in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.4 | Notification of address and fax number |
|------|----------------------------------------|

| (a) | Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 34.2 (Addresses) or changing its own address or fax number, the Facility Agent shall notify the other Parties. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.5 | Electronic communication |
|------|--------------------------|

| (a) | Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means, to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those two Parties: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | notify each other of any change to their address or any other such information supplied by them by not less than five Business Days’ notice. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Any electronic communication made between those two Parties will be effective only when actually received in readable form and in the case of any electronic communication made by a Party to the Facility Agent only if it is addressed in such a manner as the Facility Agent shall specify for this purpose. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Any electronic communication which becomes effective, in accordance with paragraph (b) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34.6 | English language |
|------|------------------|

| (a) | Any notice given under or in connection with any Finance Document must be in English. |
|-----|---------------------------------------------------------------------------------------|

| (b) | All other documents provided under or in connection with any Finance Document must be: |
|-----|----------------------------------------------------------------------------------------|

|   | (i) | in English; or |
|--------|-----|----------------|

|   | (ii) | if not in English, and if so required by the Facility Agent, accompanied by a certified English translation prepared by a translator approved by the Facility Agent and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 35 | CALCULATIONS AND CERTIFICATES |
|----|-------------------------------|

| 35.1 | Accounts |
|------|----------|

| 35.2 | Certificates and determinations |
|------|---------------------------------|

| 35.3 | Day count convention |
|------|----------------------|

| 36 | PARTIAL INVALIDITY |
|----|--------------------|

| 37 | REMEDIES AND WAIVERS |
|----|----------------------|

| 38 | AMENDMENTS AND WAIVERS |
|----|------------------------|

| 38.1 | Required consents |
|------|-------------------|

| (a) | Subject to Clause 38.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and, in the case of an amendment, the Obligors and any such amendment or waiver will be binding on all Parties. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 38 (Amendments and Waivers). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| 38.2 | Exceptions |
|------|------------|

| (a) | An amendment or waiver that has the effect of changing or which relates to: |
|-----|-----------------------------------------------------------------------------|

----

|   | (i) | the definition of “Majority Lenders” in Clause 1.1 (Definitions); |
|--------|-----|-------------------------------------------------------------------------------|

|   | (ii) | a postponement to or extension of the date of payment of any amount under the Finance Documents; |
|--------|------|--------------------------------------------------------------------------------------------------|

|   | (iii) | a reduction in the Applicable Margin or the amount of any payment of principal, interest or fee payable; |
|--------|-------|----------------------------------------------------------------------------------------------------------|

|   | (iv) | a change to any Obligor; |
|--------|------|--------------------------|

|   | (v) | any provision which expressly requires the consent of all the Lenders; |
|--------|-----|------------------------------------------------------------------------|

|   | (vi) | this Clause 38 (Amendments and Waivers); |
|--------|------|------------------------------------------|

|   | (vii) | any release of, or material variation to, any Security, guarantee, indemnity or subordination arrangement set out in a Finance Document (except in the case of a release of Security in the Collateral or any part thereof as it relates to a disposal of an asset expressly permitted by the Majority Lenders or otherwise under a Finance Document); |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | the nature or scope of the guarantees and indemnities granted under Clause 16 (Guarantee and Indemnity – Subsidiaries), unless: |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | permitted under any Finance Document; or |
|--------|-----|------------------------------------------|

|   | (B) | relating to a sale or disposal of an asset which is part of the Collateral where such sale or disposal is expressly permitted under this Agreement or any other Finance Document; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | the manner in which the proceeds of enforcement of Security in any of the Collateral are distributed; |
|--------|------|-------------------------------------------------------------------------------------------------------|

| (b) | An amendment or waiver which relates to the rights or obligations of a Servicing Party (each in their capacity as such) may not be effected without the consent of that Servicing Party. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 39 | CONFIDENTIALITY |
|----|-----------------|

| 39.1 | Confidential Information |
|------|--------------------------|

| 39.2 | Disclosure of Confidential Information |
|------|----------------------------------------|

| (a) | to any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors and partners such Confidential Information as that Finance Party shall in its reasonable judgment consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | to any person: |
|-----|----------------|

|   | (i) | to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents and to any of that person’s Affiliates, representatives and professional advisers; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, representatives and professional advisers; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (c) of Clause 28.13 (Relationship with the Lenders)); |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | who invests in or otherwise finances, directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitrations, administrative or other investigations, proceedings or disputes; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 26.7 (Security over Lenders’ rights); |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | who is a Party, a member of the Group or any related entity of an Obligor; or |
|--------|--------|-------------------------------------------------------------------------------|

|   | (ix) | with the prior written consent of the Borrower; |
|--------|------|-------------------------------------------------|

----

|   | (A) | in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking and is informed that some or all of such Confidential Information may be price-sensitive information; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the reasonable opinion of that Finance Party, it is not practicable so to do in the circumstances; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered in to a Confidentiality Undertaking or such other form of confidentiality undertaking agreed between the Borrower and the relevant Finance Party. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 39.3 | Entire agreement |
|------|------------------|

| 39.4 | Inside information |
|------|--------------------|

| 39.5 | Notification of disclosure |
|------|----------------------------|

| (a) | of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) and (b)(vi) of Clause 39.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | upon becoming aware that Confidential Information has been disclosed in breach of this Clause 39 (Confidentiality). |
|-----|---------------------------------------------------------------------------------------------------------------------|

| 39.6 | Continuing obligations |
|------|------------------------|

| (a) | the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full; and |
|-----|------------------------------------------------------------------------------------------------------------------------------|

| (b) | the date on which such Finance Party otherwise ceases to be a Finance Party. |
|-----|------------------------------------------------------------------------------|

| 40 | COUNTERPARTS |
|----|--------------|

| 41 | ENTIRE AGREEMENT |
|----|------------------|

----

| 43 | GOVERNING LAW |
|----|---------------|

| 44 | ENFORCEMENT |
|----|-------------|

| 44.1 | Jurisdiction |
|------|--------------|

| (a) | Each Obligor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each Obligor hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court.  Each Obligor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Subject to the foregoing and to paragraph (b) below, nothing in this Agreement shall affect any right that any Party hereto may otherwise have to bring any action or proceeding relating to this Agreement against any other Party hereto in the courts of any jurisdiction. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Each Obligor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any New York State or Federal court and the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and any immunity from jurisdiction of any court or from any legal process with respect to itself or its property. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 44.2 | Service of process |
|------|--------------------|

| 44.3 | Waiver of Jury Trial |
|------|----------------------|

----

| Name of Borrower               | Place of Incorporation | Registration number | Address for Communication                                                                                                               |
|--------------------------------|------------------------|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------|
|                           |                   |                |                                                                                                                                    |
| DHT Maritime, Inc.             | Marshall Islands       | 14377               | Clarendon House2 Church StreetHamilton HM 11, Bermuda Attention:  Eirik Ubøe, TreasurerFacsimile: +1 (441) 298-7800 |
|                           |                   |                |                                                                                                                                    |
| Name of Guarantor              | Place of Incorporation | Registration number | Address for Communication                                                                                                               |
|                           |                   |                |                                                                                                                                    |
| Ann Tanker Corporation         | Marshall Islands       | 15267               | Same as above                                                                                                                           |
|                           |                   |                |                                                                                                                                    |
| Cathy Tanker Corporation       | Marshall Islands       | 15268               | Same as above                                                                                                                           |
|                           |                   |                |                                                                                                                                    |
| Chris Tanker Corporation       | Marshall Islands       | 15270               | Same as above                                                                                                                           |
|                           |                   |                |                                                                                                                                    |
| London Tanker Corporation      | Marshall Islands       | 25828               | Same as above                                                                                                                           |
|                           |                   |                |                                                                                                                                    |
| Newcastle Tanker Corporation   | Marshall Islands       | 25461               | Same as above                                                                                                                           |
|                           |                   |                |                                                                                                                                    |
| Regal Unity Tanker Corporation | Marshall Islands       | 15269               | Same as above                                                                                                                           |
|                           |                   |                |                                                                                                                                    |
| Sophie Tanker Corporation      | Marshall Islands       | 15272               | Same as above                                                                                                                           |

----

| Name of Original Lender The Royal Bank of Scotland plc  |   | Address for Communication Shipping1 Princes StreetLondon EC2R 8PBUnited Kingdom Attention: Christopher PatrickFacsimile:  +44 207 106 6550 |
|-------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name of Facility Agent          |   | Address for Communication                                                                                                 |
|--------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------|
| The Royal Bank of Scotland plc  |   | ShippingPrinces StreetLondon EC2R 8PBUnited Kingdom Attention: Christopher PatrickFacsimile: +44 207 106 6550             |
|                                 |   |                                                                                                                           |
|                                 |   |                                                                                                                           |
| Name of Security Trustee             |   | Address for Communication                                                                                                      |
|                                 |   |                                                                                                                           |
| The Royal Bank of Scotland plc  |   | ShippingPrinces StreetLondon EC2R 8PBUnited Kingdom Attention: Christopher PatrickFacsimile: +44 207 106 6550   |

----

| 1 | Obligors |
|---|----------|

| 1.1 | A copy of the constitutional documents of each Obligor and the Parent Guarantor. |
|-----|----------------------------------------------------------------------------------|

| 1.2 | A copy of a resolution of the board of directors of each Obligor and the Parent Guarantor: |
|-----|--------------------------------------------------------------------------------------------|

| (a) | approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and |
|-----|----------------------------------------------------------------------------------------------------------------------|

| (c) | authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under, or in connection with, the Finance Documents to which it is a party. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | A copy of a resolution signed by the holder of the outstanding shares in each Guarantor, approving the terms of, and the transactions contemplated by, the Finance Documents to which that Guarantor is a party. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4 | A certificate issued by the appropriate authority in the jurisdiction of incorporation of each Obligor and the Parent Guarantor confirming its valid existence in goodstanding in such jurisdiction. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5 | A written confirmation from the Borrower as to which individuals are authorized to execute and deliver Selection Notices. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| 2 | Finance Documents and Security |
|---|--------------------------------|

| 2.1 | A duly executed original of: |
|-----|------------------------------|

| (a) | this Agreement, |
|-----|-----------------|

| (b) | the Parent Guarantee; |
|-----|-----------------------|

| (c) | if requested by a Lender, a Note in form appropriate for such Lender; |
|-----|-----------------------------------------------------------------------|

| (d) | a Mortgage on each Ship; |
|-----|--------------------------|

| (e) | an Assignment of Earnings for each Ship; |
|-----|------------------------------------------|

| (f) | an Assignment of Insurances for each Ship; |
|-----|--------------------------------------------|

| (g) | an Approved Manager’s Undertaking for each Ship; and |
|-----|------------------------------------------------------------|

| (h) | the Accounts Security. |
|-----|------------------------|

| 3 | Ship and other security |
|---|-------------------------|

----

| (a) | (i) is definitively and permanently registered in the name of the relevant Guarantor under the Marshall Islands Flag and that the relevant Mortgage has been duly recorded against it in accordance with the law of the Marshall Islands and (ii) is in the absolute and unencumbered ownership of the relevant Guarantor except as contemplated by the Finance Documents; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of insurances have been complied with. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1 | copies of the relevant Approved Manager’s Document of Compliance and of its Safety Management Certificate (together with any other details of the applicable Safety Management System which the Facility Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to it including without limitation an ISSC. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | Legal opinions |
|---|----------------|

| (a) | A favorable opinion of counsel for the Obligors in respect of the Finance Documents and as to such other matters as the Facility Agent may reasonably request addressed to the Finance Partners in form and substance satisfactory to the Facility Agent. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | A favorable opinion of Messrs. Watson, Farley & Williams (New York) LLP, counsel to the Facility Agent and the Security Trustee, addressed to the Finance Parties in form and substance satisfactory to the Facility Agent. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | Other documents and evidence |
|---|------------------------------|

| 5.1 | Evidence that the fee, costs and expenses then due from the Borrower pursuant to Clause 10 (Fee) and Clause 15 (Costs and Expenses) have been paid or will be paid by the Effective Date. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their “know your customer” or similar identification procedures in relation to the transactions contemplated by the Finance Documents. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | We refer to the Agreement.  This is a Selection Notice.  Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | We request that the next Interest Period for the Loan be [l]. |
|---|---------------------------------------------------------------|

| 3 | This Selection Notice is irrevocable. |
|---|---------------------------------------|

|   | DHT MARITIME, INC. |   |
|--------|--------------------|--------|
|   |               |   |   |
|   | By:                |   |   |
|   | Name:              |   |   |
|   | Title:             |   |   |
|   |               |   |   |

----

| 1 | The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial Conduct Authority and/or the Prudential Regulation Authority (or, in any case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | On the first day of each Interest Period (or as soon as possible thereafter) the Facility Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Facility Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage participation of each Lender in the Loan) and will be expressed as a percentage rate per annum. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | The Additional Cost Rate for any Lender lending from a Facility Office in a Participating Member State will be the percentage notified by that Lender to the Facility Agent. This percentage will be certified by that Lender in its notice to the Facility Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in the Loan made from that Facility Office) of complying with the minimum reserve requirements of the European Central Bank in respect of loans made from that Facility Office. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom will be calculated by the Facility Agent as follows: |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | E | is designed to compensate Lenders for amounts payable under all the Fees Rules and is calculated by the Facility Agent as being the average of the most recent rates of charge supplied by the Reference Banks to the Facility Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | For the purposes of this Schedule: |
|---|------------------------------------|

----

| 6 | If requested by the Facility Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Conduct Authority or the Prudential Regulation Authority (as the case may be), supply to the Facility Agent, the aggregate of rates of charge payable by that Reference Bank to each of the Financial Conduct Authority and the Prudential Regulation Authority pursuant to the relevant Fees Rules in respect of the relevant financial year of the Financial Conduct Authority or the Prudential Regulation Authority (as the case may be) (calculated for this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank for that financial year) and expressed in pounds per £1,000,000 of each Tariff Base of that Reference Bank. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | Each Lender shall supply any information required by the Facility Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each Lender shall supply the following information on or prior to the date on which it becomes a Lender: |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | the jurisdiction of its Facility Office; and |
|-----|----------------------------------------------|

| 8 | The rates of charge of each Reference Bank for the purpose of E above shall be determined by the Facility Agent based upon the information supplied to it pursuant to paragraph 6 above and on the assumption that, unless a Lender notifies the Facility Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a Facility Office in the same jurisdiction as its Facility Office. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | The Facility Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume that the information provided by any Lender or Reference Bank pursuant to paragraphs 3, 6 and 7 above is true and correct in all respects. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | The Facility Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based on the information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 6 and 7 above. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11 | Any determination by the Facility Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence of manifest error, be conclusive and binding on all Parties. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12 | The Facility Agent may from time to time, after consultation with the Borrower and the Lenders, determine and notify to all Parties any amendments which are required to be made to this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Conduct Authority, the Prudential Regulation Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all Parties. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | We refer to the Agreement.  This is an Assignment Agreement.  Terms defined in the Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | We refer to Clause 26.5 (Procedure for assignment): |
|---|-----------------------------------------------------|

| (a) | The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement, the other Finance Documents and in respect of the Collateral which correspond to that portion of the Existing Lender’s participation in the Loan under the Agreement as specified in the Schedule attached hereto. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender’s participation in the Loan under the Agreement specified in the Schedule. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | The proposed Transfer Date is [l]. |
|---|------------------------------------|

| 4 | On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender. |
|---|-----------------------------------------------------------------------------------------|

| 5 | The Facility Office and address, fax, number and attention details for notices of the New Lender for the purposes of Clause 34.2 (Addresses) are set out in the Schedule. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 26.4 (Limitation of responsibility of Existing Lenders). |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | This Assignment Agreement acts as notice to the Facility Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 26.6 (Copy of Assignment Agreement to Borrower), to the Borrower (on behalf of each Obligor) of the assignment referred to in this Assignment Agreement. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Assignment Agreement. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | This Assignment Agreement is governed by, and shall be construed in accordance with, the laws of the State of New York. |
|---|-------------------------------------------------------------------------------------------------------------------------|

----

| 10 | This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement. |
|----|-------------------------------------------------------------------------------------------------------------------|

| [Existing Lender]                           | [New Lender]                                      |
|--------------------------------------------------|--------------------------------------------------------|
| By: ___________________________ Name:Title: | By: ___________________________  Name:Title: |

----

| From: | [Potential Purchaser/Purchaser’s agent/broker] |
|-------|------------------------------------------------------|

|   | (a) | to members of the Purchaser Group and their officers, directors, employees and professional advisers to the extent necessary for the Permitted Purpose and to any auditors of members of the Purchaser Group; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | [subject to the requirements of the Agreement, in accordance with the Permitted Purpose so long as any prospective purchaser has delivered a letter to us in equivalent form to this letter;]2 |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | [(b/c)]3 | subject to the requirements of the Agreement, to any person to (or through) whom we assign or transfer (or may potentially assign or transfer) all or any of the rights, benefits and obligations which we may acquire under the Agreement or with (or through) whom we enter into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by reference to, the Agreement or the Borrower or any member of the Group in each case so long as that person has delivered a letter to us in equivalent form to this letter; and |
|--------|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|     [(c/d)]3 | (i) where requested or required by any court of competent jurisdiction or any competent judicial, governmental, supervisory or regulatory body, (ii) where required by the rules of any stock exchange on which the shares or other securities of any member of the Purchaser Group are listed or (iii) where required by the laws or regulations of any country with jurisdiction over the affairs of any member of the Purchaser Group. |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | neither you, [nor your principal]4 nor any member of the Group nor any of your or their respective officers, directors, employees, agents or advisers (each a “Relevant Person”) (i) make any representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by you or the assumptions on which it is based or (ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by you or be otherwise liable to us or any other person in respect to the Confidential Information or any such information; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | you [or your principal]4 or members of the Group may be irreparably harmed by the breach of the terms hereof and damages may not be an adequate remedy; each Relevant Person may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by us. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (a) | Subject to this paragraph 10 and to paragraphs 6 and 9, a person who is not a party to this letter has no right to enforce or to enjoy the benefit of any term of this letter. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Relevant Persons may enjoy the benefit of and rely on the terms of paragraphs 6 and 9 subject to and in accordance with this paragraph 10. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The parties to this letter do not require the consent of the Relevant Persons to rescind or vary this letter at any time. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (a) | This letter (including the agreement constituted by your acknowledgment of its terms) shall be governed by, and construed in accordance with, the laws of the State of New York. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The parties submit to the non-exclusive jurisdiction of any New York State Court or Federal Court of the United States of America sitting in New York City in any action or proceeding arising out of or relating to this letter. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Very Truly Yours,                              |   |
|--------|------------------------------------------------|--------|
|   |                                           |   |
|   | [POTENTIAL PURCHASER/PURCHASER'S AGENT/BROKER] |   |
|   |                                           |   |   |
|   | By:                                            |   |   |
|   | Name:                                          |   |   |
|   | Title                                          |   |   |
|   |                                           |   |   |

| [EXISTING LENDER/EXISTING LENDER'S AGENT/BROKER] |
|--------------------------------------------------|
|                                             |   |
| By:                                              |   |
| Name:                                            |   |
| Title:                                           |   |

----

| Ship name  | Name of the Guarantor          | Official No. | Approved Classification Society    |
|------------|--------------------------------|--------------|------------------------------------|
| DHT ANN    | Ann Tanker Corporation         | 1560         | Lloyd’s Register of Shipping |
|       |                           |         |                               |
| DHT CATHY  | Cathy Tanker Corporation       | 1836         | American Bureau of Shipping        |
|       |                           |         |                               |
| DHT CHRIS  | Chris Tanker Corporation       | 1594         | Lloyd’s Register of Shipping |
|       |                           |         |                               |
| DHT REGAL  | Regal Unity Tanker Corporation | 1146         | American Bureau of Shipping        |
|       |                           |         |                               |
| DHT SOPHIE | Sophie Tanker Corporation      | 1835         | American Bureau of Shipping        |
|       |                           |         |                               |
| DHT TARGET | Newcastle Tanker Corporation   | 3037         | American Bureau of Shipping        |
|       |                           |         |                               |
| DHT TRADER | London Tanker Corporation      | 3053         | Det Norske Veritas                 |

----

| Delivery of a Selection Notice (Clause 8.1 (Selection of Interest Periods)) | Not later than 11:00 a.m. (New York City time) 3 Business Days before the expiry of the preceding Interest Period (Clause 8.1 (Selection of Interest Periods)) |
|-----------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   LIBOR is fixed                                                  |   Quotation Day as of 11:00 a.m. London time                                                                                                         |

----

| 1 Princes Street |
|------------------|

| London EC2R 8PB |
|-----------------|

| United Kingdom |
|----------------|

| Attention: Ship Finance Portfolio Management Team |
|---------------------------------------------------|

| (a) | all claims of whatsoever nature which we have or may at any time hereafter have against or in connection with the Vessel, its earnings, insurances or requisition compensation, or against the Owner, shall rank after and be in all respects subordinate to all of the rights and claims of the Security Trustee against such property or persons; provided, however, so long as no Event of Default (as defined in the Credit Agreement) shall have occurred or be continuing, any amount due to us under the Management Agreement may be paid by the Owner; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | we shall not institute any legal or quasi-legal proceedings under any jurisdiction at any time hereafter against the Vessel, its earnings, insurances or requisition compensation, or against the Owner in any capacity without the Facility Agent’s express, prior written consent; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | we shall not compete with the Facility Agent or any other Finance Party (as defined in the Credit Agreement) in a liquidation or other winding-up or bankruptcy of the Owner or in any proceedings in connection with the Vessel or its earnings, insurances or requisition compensation; |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (d) | we shall, upon the Facility Agent’s first written request, deliver to the Facility Agent all documents of whatever nature held by us or any sub-manager appointed by us in connection with the Owner or the Vessel, its earnings, insurances or requisition compensation; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | we shall not do, or omit to do, or cause anything to be done or omitted, which might be contrary to or incompatible with the obligations undertaken by the Owner under the Credit Agreement and the other Finance Documents (as defined in the Credit Agreement); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | we shall not agree or purport to agree to any material amendment or variation or termination of the Management Agreement without the prior written consent of the Facility Agent, except where the amendment or variation is required to comply with applicable laws or regulations; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | we shall procure that any sub-manager appointed by us will, on or before the date of such appointment, enter into an undertaking in favor of the Facility Agent in substantially the same form as this letter; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | we shall advise the Facility Agent in writing prior to our ceasing to be the manager of the Vessel; and |
|-----|---------------------------------------------------------------------------------------------------------|

| (i) | we shall immediately advise the Facility Agent in writing if the Vessel’s Safety Management Certificate is withdrawn. |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | [●] |   |
|--------|-----------|--------|
|   |      |   |   |
|   |      |   |   |
|   | By:       |   |   |
|   | Name:     |   |   |
|   | Title:    |   |   |
|   |      |   |   |

----

1

----

----

----

|   | [NAME OF GUARANTOR] |   |
|--------|---------------------|--------|
|   |                |   |   |
|   | By:                 |   |   |
|   | Name:               |   |   |
|   | Title:              |   |   |
|   |                |   |   |

----

1

----

----

----

|   | [NAME OF GUARANTOR] |   |
|--------|---------------------|--------|
|   |                |   |   |
|   |                |   |   |
|   | By:                 |   |   |
|   | Name:               |   |   |
|   | Title:              |   |   |
|   |                |   |   |

----

|  Notice of Assignment |
|----------------------------|

|   | [NAME OF GUARANTOR] |   |
|--------|---------------------|--------|
|   |                |   |   |
|   |                |   |   |
|   | By:                 |   |   |
|   | Name:               |   |   |
|   | Title:              |   |   |
|   |                |   |   |

----

|   | (1) | at least fourteen (14) days before a cancellation of this insurance may take effect; |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (2) | of any material alteration in or termination of any such insurance at least fourteen (14) days before such alteration or termination may take effect; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | promptly of any default in the payment of any premium; |
|--------|-----|--------------------------------------------------------|

|   | (4) | of expiry or failure to renew any such insurance at least fourteen (14) days prior to the date of expiry or non-renewal thereof; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | promptly of any act or omission or of any event of which the insurer has knowledge and which might invalidate or render unenforceable in whole or in part any such insurance; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | of renewal or replacement of such insurance at least two (2) days prior to the effective date of renewal or replacement. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

| Protection and Indemnity |
|--------------------------|

----

----

|  Clause |   |  Page |
|--------------|--------|------------|

| 1 | DEFINITIONS AND INTERPRETATION | 4 |
|---|--------------------------------|---|

| 2 | MORTGAGE | 4 |
|---|----------|---|

| 3 | PAYMENT COVENANTS | 6 |
|---|-------------------|---|

| 4 | COVENANTS | 7 |
|---|-----------|---|

| 5 | PROTECTION OF SECURITY | 8 |
|---|------------------------|---|

| 6 | ENFORCEABILITY AND SECURITY TRUSTEE’S POWERS | 8 |
|---|----------------------------------------------------|---|

| 7 | APPLICATION OF MONEYS | 10 |
|---|-----------------------|----|

| 8 | POWER OF ATTORNEY | 10 |
|---|-------------------|----|

| 9 | INCORPORATION OF CREDIT AGREEMENT PROVISIONS | 10 |
|---|----------------------------------------------|----|

| 10 | ASSIGNMENT | 11 |
|----|------------|----|

| 11 | NOTICES | 11 |
|----|---------|----|

| 12 | TOTAL AMOUNT, ETC. | 11 |
|----|--------------------|----|

| 13 | SUPPLEMENTAL | 11 |
|----|--------------|----|

| 14 | LAW AND JURISDICTION | 11 |
|----|----------------------|----|

| ACKNOWLEDGEMENT |  14 |
|-----------------|----------|

----

| (1) | [NAME OF GUARANTOR], a corporation formed in the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands, MH96960 (the “Owner”); |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | THE ROYAL BANK OF SCOTLAND PLC, a company incorporated in Scotland acting through its office at Shipping Business Centre, 1 Princes Street, London EC2R 8PB, United Kingdom as Original Mortgagee (the “Original Mortgagee “); and |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | THE ROYAL BANK OF SCOTLAND PLC, a company incorporated in Scotland acting through its office at Shipping Business Centre, 1 Princes Street, London EC2R 8PB, United Kingdom in its capacity as Security Trustee (the “Security Trustee”, which expression includes its successors and assigns). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | The Owner is the sole owner of the whole of the vessel “[NAME OF SHIP]” registered under the laws and flag of the Republic of the Marshall Islands with Official Number [l]. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | Pursuant to a Credit Agreement dated as of October 11, 2005 as amended by Amendment No. 1 dated November 29, 2007 (the “Original Credit Agreement”) by and among (i) DHT Maritime, Inc. (formerly named Double Hull Tankers, Inc.), a Marshall Islands corporation, as Borrower (the “Borrower”), (ii) the Owner and the other corporations described therein as Guarantors, and (iii) The Royal Bank of Scotland plc, as Lender (the “Original Lender”), the Original Lender made available to the Borrower a term loan and revolving credit facility in the original aggregate principal amount of up to U.S.$420,000,000. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | Pursuant to Article V of the Original Credit Agreement, the Owner and the other corporations described therein as Guarantors jointly and severally guaranteed all liabilities of the Borrower under the Original Credit Agreement and any other Loan Document described and defined therein, whether for principal, interest, fees, expenses or otherwise due or owing to the Original Lender thereunder. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | As security for its obligations under the Original Credit Agreement, the Owner made a First Preferred Mortgage dated [October 18, 2005]1 in favor of the Original Mortgagee on the whole of the Vessel, and recorded on [October 18, 2005]  at the Office of the Maritime Administrator in the City of New York [(the “Maritime Administrator’s Office”)] in Book PM [l] at Page [l] [, as amended by Amendment No. 1 dated November 29, 2007 between the Owner and the Original Mortgagee, and recorded at the Maritime Administrator’s Office in Book PM [l] at Page [l]]2 (said Mortgage, as so amended, the “Original Mortgage”). |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

  

  

----

| (E) | The Borrower, the Owner and the other corporations described therein as Guarantors, and The Royal Bank of Scotland plc, as Original Lender, Facility Agent and Security Trustee (each as defined in the Credit Agreement), have entered into an Amended and Restated Credit Agreement dated as of April [l], 2013 (a copy of which is annexed to this Mortgage marked “A”) upon the terms and conditions of which the parties thereto agreed to amend and restate the Original Credit Agreement in its entirety in accordance with the terms and conditions set forth in said Amended and Restated Credit Agreement (said Amended and Restated Credit Agreement, as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (F) | Pursuant to Clause 16 (Guarantee and Indemnity-Subsidiaries) of the Credit Agreement, the Owner and the other Guarantors jointly and severally guaranteed all liabilities of the Borrower under the Credit Agreement and the other Finance Documents (as defined in the Credit Agreement), whether for principal, interest, fees, expenses or otherwise due or owing to the Finance Parties (as defined in the Credit Agreement) thereunder. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (G) | Pursuant to the Credit Agreement, the Security Trustee agreed to act as trustee for the other Finance Parties to hold this Mortgage. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| (H) | It is a condition to the effectiveness of the Credit Agreement that the Owner and the Original Mortgagee execute and deliver this Assignment, Amendment and Restatement of First Preferred Mortgage (this “Mortgage”), which is one of the Mortgages referred to in the Credit Agreement, in favor of the Security Trustee as security for the Secured Liabilities (as defined herein) and the performance and observance by the Owner of and compliance with its covenants, terms and conditions contained in the Finance Documents. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (I) | The Owner has authorized the execution and delivery of this Mortgage under and pursuant to Chapter 3 of the Republic of the Marshall Islands Maritime Act 1990 as amended. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1 | DEFINITIONS AND INTERPRETATION |
|---|--------------------------------|

| 1.1 | Definitions.  In this Mortgage: |
|-----|-------------------------------------------|

|   | “Secured Liabilities”  means all liabilities which the Owner has or may have under or in connection with the Credit Agreement and the other Finance Documents to which it is a party; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “Ship”  means the vessel described in Recital (A) and includes any share or interest in that vessel and its engines, machinery, boats, tackle, outfit, spare gear, fuel, consumable or other stores, belongings and appurtenances whether on board or ashore and whether now owned or later acquired. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | Application of construction and interpretation provisions of Credit Agreement.  Clause 1.2 (Construction)of the Credit Agreement applies, with any necessary modifications, to this Mortgage. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | MORTGAGE |
|---|----------|

| 2.1 | Mortgage.  In consideration of the Lenders (as defined in the Credit Agreement) agreeing to maintain the Loan (as defined in the Credit Agreement) to the Borrower and other good and valuable consideration, the Owner grants, conveys, mortgages, pledges, confirms, assigns, transfers and sets over the whole of the Ship to the Security Trustee as security (the “LienInterest”) for: |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a) | the due and punctual payment of the Secured Liabilities; and |
|-----|--------------------------------------------------------------|

| (b) | the performance and observance by the Owner of and compliance with its covenants, terms and conditions contained in the Finance Documents to which it is or is to be a party. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | Extent of property mortgaged.  This Mortgage shall not cover property other than the Ship as the term “Vessel” is used in Sub-division 2 of Section 308 of Chapter 3 of the Republic of the Marshall Islands Maritime Act 1990 as amended. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | Void provisions.  Any provision of this Mortgage construed as waiving the preferred status of this Mortgage shall, to such extent, be void and of no effect. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4 | Continuing security.  This Mortgage shall remain in force until the end of the Security Period (as defined in the Credit Agreement) as a continuing security and, in particular: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | the Lien Interest created by Clause 2.1 shall not be satisfied by any intermediate payment or satisfaction of the Secured Liabilities; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the Lien Interest created by Clause 2.1, and the rights of the Security Trustee under this Mortgage are only capable of being extinguished, limited or otherwise adversely affected by an express and specific term in a document signed by or on behalf of the Security Trustee; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | no failure or delay by or on behalf of the Security Trustee to enforce or exercise the Lien Interest created by Clause 2.1 or a right of the Security Trustee under this Mortgage, and no act, course of conduct, acquiescence or failure to act (or to prevent the Owner from taking certain action) which is inconsistent with such Lien Interest or such a right shall preclude or estop the Security Trustee (either permanently or temporarily) from enforcing or exercising it; and |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | this Mortgage shall be additional to, and shall not in any way impair or be impaired by: |
|-----|------------------------------------------------------------------------------------------|

|   | (i) | any other Security (as defined in the Credit Agreement)whether in relation to property of the Owner or that of a third party; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any other right of recourse as against the Owner or any third party, which the Security Trustee or any other Finance Party now or subsequently has in respect of any of the Secured Liabilities. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5 | Principal and independent debtor.  The Owner shall be liable under this Mortgage as a principal and independent debtor and accordingly it shall not have, as regards this Mortgage, any of the rights or defenses of a surety. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6 | Waiver of rights and defenses.  Without limiting the generality of Clause 2.5, the Owner shall neither be discharged by, nor have any claim against any Finance Party in respect of: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | any amendment or supplement being made to the Finance Documents; |
|-----|------------------------------------------------------------------|

| (b) | any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to, or affecting, the Finance Documents; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | any release or loss of any right or Security created by the Finance Documents; |
|-----|--------------------------------------------------------------------------------|

----

| (d) | any failure promptly or properly to exercise or enforce any such right or Security, including a failure to realize for its full market value an asset covered by such Security; or |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | any other Finance Document or any Security now being or later becoming void, unenforceable, illegal or invalid or otherwise defective for any reason. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.7 | Subordination of rights of Owner.  All rights which the Owner at any time has (whether in respect of this Mortgage or any other transaction) against the Borrower, any other Obligor (as defined in the Credit Agreement) or their respective assets shall be fully subordinated to the rights of the Finance Parties under the Finance Documents; and in particular after an Event of Default (as defined in the Credit Agreement) has occurred under the Credit Agreement and the Security Trustee has, by notice to the Owner, brought this Clause 2.7 into operation, which notice shall take effect immediately, the Owner shall not: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | claim, or in a bankruptcy of the Borrower or any other Obligor prove for, any amount payable to the Owner by the Borrower or any other Obligor, whether in respect of this Mortgage or any other transaction; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | take or enforce any Security for any such amount; |
|-----|---------------------------------------------------|

| (c) | claim to set-off any such amount against any amount payable by the Owner to the Borrower or any other Obligor; or |
|-----|-------------------------------------------------------------------------------------------------------------------|

| (d) | claim any subrogation or other right in respect of any Finance Document or any sum received or recovered by any Finance Party under a Finance Document. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.8 | No obligations imposed on Security Trustee.  The Owner shall remain liable to perform all obligations connected with the Ship and the Security Trustee shall not, in any circumstances, have or incur any obligation of any kind in connection with the Ship. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.9 | Negative Pledge; disposal of assets.  Except as permitted under the Credit Agreement, the Owner shall not sell, create any Security not exclusively securing the Secured Liabilities over or otherwise dispose of the Ship or any right relating to the Ship. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.10 | Release of security.  At the end of the Security Period, the Security Trustee shall, at the request and cost of the Owner, discharge this Mortgage. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | PAYMENT COVENANTS |
|---|-------------------|

| 3.1 | General.  The Owner shall comply with the following provisions of this Clause 3 at all times during the Security Period, provided that every payment which the Borrower makes in accordance with the Credit Agreement shall pro tanto satisfy the Owner’s liability under this Clause 3. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Covenant to pay Secured Liabilities.  The Owner shall duly and punctually pay to the Security Trustee when due the Secured Liabilities. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Covenant to pay expenses etc.  The Owner shall pay to the Security Trustee all such expenses, claims, liabilities, losses, costs, duties, fees, charges or other moneys as are stated in this Mortgage to be payable by the Owner to or recoverable from the Owner by the Security Trustee if the Owner fails to pay (or in respect of which the Owner agrees in this Mortgage to indemnify the Security Trustee) at the times and in the manner specified in this Mortgage. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.4 | Covenant to pay default interest.  The Owner shall pay to the Security Trustee interest on any expenses, claims, liabilities, losses, costs, duties, fees, charges or other moneys referred to in Clause 3.3 from the date on which the relevant expense, claim, liability, loss, cost, duty, fee, charge or other money is paid or incurred by the Security Trustee (as well after as before judgment): |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | at the rate described in Clause 7.3(a) or (b) of the Credit Agreement; |
|-----|------------------------------------------------------------------------|

| (b) | compounded in accordance with Clause 7.3(c) of the Credit Agreement; and |
|-----|--------------------------------------------------------------------------|

| (c) | on demand. |
|-----|------------|

| 3.5 | Covenant to pay other sums.  The Owner shall pay to the Security Trustee each and every other sum of money which may be or become owing to the Security Trustee under this Mortgage and the other Finance Documents to which the Owner is or is to be a party at the times and in the manner specified in this Mortgage or in the other Finance Documents to which the Owner is or is to be a party. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | COVENANTS |
|---|-----------|

| 4.1 | General.  The Owner shall comply with the following provisions of this Clause 4 at all times during the Security Period except as the Security Trustee may otherwise permit in writing. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Insurance and Ship covenants.  The Owner shall comply with the provisions of Clauses 21 (Insurance undertakings) and 22 (General ship undertakings) of the Credit Agreement which shall apply to this Mortgage as if set out in full in this Mortgage, with references therein to the Borrower or an Obligor changed to references to the Owner and with any other necessary modifications, and the Owner shall comply with the provisions of those clauses as so modified. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Perfection of Mortgage.  The Owner shall: |
|-----|-----------------------------------------------------|

| (a) | comply with and satisfy all the requirements and formalities established by the Republic of the Marshall Islands Maritime Act 1990 as amended and any other pertinent legislation of the Republic of the Marshall Islands to perfect this Mortgage as a legal, valid and enforceable first preferred mortgage and maritime lien upon the Ship; and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | promptly provide the Security Trustee from time to time with evidence in such form as the Security Trustee reasonably requires that the Owner is complying with Clause 4.3(a). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | Notice of Mortgage.  The Owner shall: |
|-----|-------------------------------------------------|

| (a) | carry on board the Ship with its papers a certified copy of this Mortgage and cause that certified copy of this Mortgage to be exhibited to any person having business with the Ship which might give rise to a lien on the Ship other than a lien for crew’s wages and salvage and to any representative of the Security Trustee on demand; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | place and maintain in a conspicuous place in the navigation room and the Master’s cabin of the Ship a framed printed notice in plain type in English of such size that the paragraph of reading matter shall cover a space not less than 6 inches wide and 9 inches high reading as follows: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | This Vessel is covered by a First Preferred Mortgage in favor of The Royal Bank of Scotland plc as Security Trustee, under authority of Chapter 3 of the Republic of the Marshall Islands Maritime Act 1990 as amended.  Under the terms of the said Mortgage neither the Owner nor any Charterer nor the Master of this Vessel nor any other person has any right, power or authority to create, incur or permit to be imposed upon this Vessel any lien whatsoever other than for crew’s wages and salvage.” |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5 | PROTECTION OF SECURITY |
|---|------------------------|

| 5.1 | Security Trustee’s right to protect or maintain security.  In case an Event of Default shall occur and be continuing, the Security Trustee may take any action which it may reasonably find fit for the purpose of protecting or maintaining the security created by this Mortgage or for any similar or related purpose. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Security Trustee’s right to insure, repair etc.  Without limiting the generality of Clause 5.1, if the Owner fails to perform or observe the covenants contained in Clause 4 and such failure shall remain unremedied for 15 days after written notice thereof given to the Borrower by the Security Trustee, the Security Trustee may: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | effect, replace and renew any Insurances (as defined in the Credit Agreement); |
|-----|--------------------------------------------------------------------------------|

| (b) | arrange for the carrying out of such surveys and/or repairs of the Ship as it reasonably deems expedient or necessary; and |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (c) | discharge any liabilities charged on the Ship, or otherwise relating to or affecting it, and/or take any measures which the Security Trustee may reasonably think expedient or necessary for the purpose of securing its release. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | ENFORCEABILITY AND SECURITY TRUSTEE’S POWERS |
|---|----------------------------------------------------|

| 6.1 | Right to enforce security.  In case an Event of Default shall occur and be continuing, but without the necessity for any court order in any jurisdiction to the effect that an Event of Default has occurred or that the Lien Interest constituted by this Mortgage has become enforceable, and irrespective of whether a notice has been served under Clause 25.14 (Acceleration) of the Credit Agreement or a demand made under paragraph (b) of Clause 16.1 (Guarantee and Indemnity - Subsidiaries) of the Credit Agreement: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | the Lien Interest constituted by this Mortgage shall immediately become enforceable; |
|-----|--------------------------------------------------------------------------------------|

| (b) | the Security Trustee shall be entitled at any time or times to exercise the powers set out in Clause 6.2 and in any other Finance Document; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | the Security Trustee shall be entitled at any time or times to exercise the powers possessed by it as mortgagee of the Ship conferred by the law of any country or territory the courts of which have or claim any jurisdiction in respect of the Owner or the Ship; and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | the Security Trustee shall be entitled to exercise all the rights and remedies in foreclosure and otherwise given to mortgagees by applicable law including the provisions of Chapter 3 of the Republic of the Marshall Islands Maritime Act 1990 as amended. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | Right to take possession, sell etc.  In case an Event of Default shall occur and be continuing, the Security Trustee shall be entitled then or at any later time or times: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | to take possession of the Ship whether actually or constructively and/or otherwise to take control of the Ship wherever the Ship may be and cause the Owner or any other person in possession of the Ship forthwith upon demand to surrender the Ship to the Security Trustee without legal process and without the Security Trustee or any other Finance Party being liable for any losses thereby caused or to account to the Owner in connection therewith; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b) | where it has acted reasonably and in good faith, to sell the Ship, with or without the benefit of any Charter, by public auction or private contract at any time, at any place and upon any terms (including, without limitation, on terms that all or any part or parts of the purchase price be satisfied by shares, loan stock or other securities and/or be left outstanding as a debt, whether secured or unsecured and whether carrying interest or not) which the Security Trustee may think fit, with power for the Security Trustee to purchase the Ship at any such public auction and to set off the purchase price against all or any part of the Secured Liabilities after first giving notice (in the case of a public sale) of the time and place of sale with a general description of the property in the following manner: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | By publishing such notice for five consecutive days in a daily newspaper of general circulation published in New York City; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | If the place of sale should not be New York City, then also by publication of a similar notice in a daily newspaper, if any, published at the place of sale; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | By sending a similar notice by telefacsimile confirmed by registered mail to the Owner at its address hereinafter set forth on or before the day of first publication. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | to manage, insure, maintain and repair the Ship and to charter, employ, lay up or in any other manner whatsoever deal with the Ship in any manner, upon any terms and for any period which the Security Trustee may think fit, in all respects as if the Security Trustee were the owner of the Ship and without the Security Trustee or any other Finance Party being responsible for any loss thereby incurred, accounting only for the net profits, if any, arising from such use and charging upon all receipts from such use or from the sale of the Ship by court proceedings or pursuant to paragraph (b) above, all costs, expenses, charges, damages or losses by reason of such use; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | to collect, recover and give good discharge for any moneys or claims arising in relation to the Ship and to permit any brokers through whom collection or recovery is effected to charge the usual brokerage therefor; and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | (i) to bring suit at law, in equity or in admiralty, as it may be advised, to recover judgment for any and all amounts due under the Credit Agreement or otherwise hereunder, and collect the same out of any and all property of the Owner whether covered by this Mortgage or otherwise or (ii) to appear (if necessary, in the name of the Owner) in any court of any country or nation of the world where a suit is pending against the Ship because of or on account of any alleged lien against the Ship from which the Ship has not been released and to take such proceedings as to the Security Trustee may seem proper towards the defense of such suit and the purchase or discharge of such lien. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3 | Offer to cure by Owner.  If at any time after an Event of Default occurs and prior to the actual sale of the Ship by the Security Trustee or prior to any foreclosure proceedings, the Owner offers to cure completely all such Events of Default and to pay all expenses, advances and damages to the Security Trustee consequent on such Events of Default, with interest in accordance with Clause 7.3 (Default interest) of the Credit Agreement, then the Security Trustee may, but shall have no obligation to, accept such offer and restore the Owner to its former position but such action shall not affect any subsequent Event of Default or impair any rights consequent thereon. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.4 | No liability of Security Trustee.  The Security Trustee shall not be obliged to check the nature or sufficiency of any payment received by it under this Mortgage or to preserve, exercise or enforce any right relating to the Ship. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5 | No requirement to commence proceedings against Borrower.  Neither the Security Trustee nor any other Finance Party will need to commence any proceedings under, or enforce any Lien Interest created by, the Credit Agreement or any other Finance Document before commencing proceedings under, or enforcing the Lien Interest created by this Mortgage. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7 | APPLICATION OF MONEYS |
|---|-----------------------|

| 7.1 | General.  All sums received by the Security Trustee: |
|-----|----------------------------------------------------------------|

| (a) | in respect of sale of the Ship; |
|-----|---------------------------------|

| (b) | in respect of net profits arising out of the employment of the Ship pursuant to Clause 6.2(c); or |
|-----|---------------------------------------------------------------------------------------------------|

| (c) | in respect of any other transaction or arrangement under Clauses 6.1 or 6.2, |
|-----|------------------------------------------------------------------------------|

|   | shall be held by the Security Trustee upon trust in the first place to pay or discharge any expenses or liabilities (including any interest) which have been paid or incurred by the Security Trustee in or in connection with the exercise of its powers and to pay the balance over to the Facility Agent for application in accordance with Clause 32.5 (Application of receipts;  partial payments) of the Credit Agreement. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | POWER OF ATTORNEY |
|---|-------------------|

| 8.1 | Appointment.  For the purpose of securing the Security Trustee’s interest in the Ship and the due and punctual performance the Owner’s obligations to the Security Trustee under this Mortgage and every other Finance Document to which the Owner is or is to be a party, the Owner irrevocably and by way of security appoints the Security Trustee its attorney, on behalf of the Owner and in its name or otherwise, to execute or sign any document and do any act or thing which the Owner is obliged to do under any Finance Document provided that such power shall become exercisable only after the occurrence of an Event of Default which is continuing. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Delegation.  The Security Trustee may sub-delegate to any person or persons all or any of the powers (including the discretions) conferred on the Security Trustee by Clause 8.1, and may do so on terms authorizing successive sub-delegations. Any person or persons to whom the Security Trustee sub-delegates all or any of the powers (including the discretions) conferred on it by Clause 8.1 in accordance with this Clause 8.2 shall be subject to the same confidentiality obligations as the Security Trustee under the Finance Documents and shall enter into a Confidentiality Undertaking (as defined in, and in substantially such form as provided in Schedule 6 of, the Credit Agreement). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | INCORPORATION OF CREDIT AGREEMENT PROVISIONS |
|---|----------------------------------------------|

| 9.1 | Incorporation of specific provisions.  The following provisions of the Credit Agreement apply to this Mortgage as if they were expressly incorporated in this Mortgage with any necessary modifications: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Clause 13.1, Currency indemnity; |
|--------|----------------------------------|

|   | Clause 32, Payment Mechanics; |
|--------|-------------------------------|

----

|   | Clause 33, Set-off; |
|--------|---------------------|

|   | Clause 36, Partial invalidity;  and |
|--------|-----------------------------------------------|

|   | Clause 37, Remedies and Waiver. |
|--------|---------------------------------|

| 10 | ASSIGNMENT |
|----|------------|

| 10.1 | Assignment by Security Trustee.  The Security Trustee may assign its rights under and in connection with this Mortgage to the same extent as it may assign its rights under the Credit Agreement. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11 | NOTICES |
|----|---------|

| 11.1 | Application of provisions of Credit Agreement.  Clause 34 (Notices) of the Credit Agreement applies to any notice or demand under or in connection with this Mortgage. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12 | TOTAL AMOUNT, ETC. |
|----|--------------------|

| 12.1 | Total amount.  For the purpose of recording this Assignment, Amendment and Restatement of First Preferred Mortgage as required by Chapter 3 of the Republic of the Marshall Islands Maritime Act 1990 as amended, the total amount of the direct and contingent obligations secured by the Original Mortgage as assigned, amended and restated by this Assignment, Amendment and Restatement of First Preferred Mortgage is reduced to $160,575,000 plus interest, fees and performance of mortgage covenants.  The date of maturity remains on demand and there is no separate discharge amount. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13 | SUPPLEMENTAL |
|----|--------------|

| 13.1 | No restriction on other rights.  Nothing in this Mortgage shall be taken to exclude or restrict any power, right or remedy which the Security Trustee or any other Finance Party may at any time have under: |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | any other Finance Document; or |
|-----|--------------------------------|

| (b) | the law of any country or territory the courts of which have or claim any jurisdiction in respect of the Owner or the Ship. |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

| 13.2 | Exercise of other rights.  The Security Trustee may exercise any right under this Mortgage before it or any other Finance Party has exercised any right referred to in Clause 13.1(a) or (b). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3 | Settlement or discharge conditional.  Any settlement or discharge under this Mortgage between the Security Trustee or any other Finance Party and the Owner shall be conditional upon no security or payment to the Security Trustee or any other Finance Party by the Owner or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or otherwise. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14 | LAW AND JURISDICTION |
|----|----------------------|

| 14.1 | Marshall Islands law.  This Mortgage shall be governed by, and construed in accordance with, the laws of the Marshall Islands. |
|------|------------------------------------------------------------------------------------------------------------------------------------------|

----

| 14.2 | Choice of forum.  The Security Trustee reserves the rights: |
|------|-----------------------------------------------------------------------|

| (a) | to commence proceedings in relation to any matter which arises out of or in connection with this Mortgage in the courts of any country which have or claim jurisdiction to that matter; and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in the Republic of the Marshall Islands or without commencing proceedings in the Republic of the Marshall Islands. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | Action against Ship.  The rights referred to in Clause 14.2 include the right of the Security Trustee to arrest and take action against the Ship at whatever place the Ship shall be found lying and for the purpose of any action which the Security Trustee may bring before the courts of that jurisdiction or other judicial authority and for the purpose of any action which the Security Trustee may bring against the Ship, any writ, notice, judgment or other legal process or documents may (without prejudice to any other method of service under applicable law) be served upon the Master of the Ship (or upon anyone acting as the Master) and such service shall be deemed good service on the Owner for all purposes. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.4 | Security Trustee’s rights unaffected.  Nothing in this Clause 14 shall exclude or limit any right which any Finance Party may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | [NAME OF GUARANTOR], as Owner |   |
|--------|-------------------------------|--------|
|   |                          |   |   |
|   | By:                           |   |   |
|   | Name:                         |   |   |
|   | Title:                        |   |   |
|   |                          |   |   |

|   | THE ROYAL BANK OF SCOTLAND PLC, asOriginal Mortgagee |   |
|--------|------------------------------------------------------|--------|
|   |                                                 |   |   |
|   | By:                                                  |   |   |
|   | Name:                                                |   |   |
|   | Title:                                               |   |   |
|   |                                                 |   |   |

|   | THE ROYAL BANK OF SCOTLAND PLC, as Security Trustee |   |
|--------|-----------------------------------------------------|--------|
|   |                                                |   |   |
|   | By:                                                 |   |   |
|   | Name:                                               |   |   |
|   | Title:                                              |   |   |
|   |                                                |   |   |

----

|   |   |          |   |
|--------|--------|---------------|--------|
|   |   | Notary Public |   |
|   |   |          |   |

----

|   |   |          |   |
|--------|--------|---------------|--------|
|   |   | Notary Public |   |
|   |   |          |   |

----

|   |   |          |   |
|--------|--------|---------------|--------|
|   |   | Notary Public |   |
|   |   |          |   |

----

----

| Clause  |                             |  Page |
|---------|----------------------------------|------------|
|    |                             |       |
| 1       | Interpretation    |  1    |
| 2       | Guarantee and Indemnity          | 1          |
| 3       | Tax Gross Up                     | 4          |
| 4       | Currency Indemnity               | 5          |
| 5  | Costs and Expenses               | 5          |
| 6       | Representations                  | 5          |
| 7       | Information Undertakings         | 6          |
|    | Negative Undertakings            | 7          |
| 8       | Supplemental                     | 8          |
| 9       | Amendments and Waivers           | 9          |
| 10      | Assignment                       | 9          |
| 11      | Payment Mechanics                | 9          |
| 12      | Notices                          | 9          |
| 13      | Governing Law                    | 10         |
| 14      | Enforcement                      | 10         |

----

| (1) | DHT HOLDINGS, INC., a Marshall Islands corporation (the “ParentGuarantor”); |
|-----|-----------------------------------------------------------------------------------------|

| (2) | THE ROYAL BANK OF SCOTLAND plc as security trustee (the “Security Trustee”, which expression includes its successors and assigns) under the Amended and Restated Credit Agreement described below. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | Concurrently herewith, DHT Maritime, Inc., a Marshall Islands corporation (the “Borrower”), certain subsidiaries of the Borrower listed therein as Guarantors, and The Royal Bank of Scotland plc as Original Lender, Facility Agent and Security Trustee are entering into an Amended and Restated Credit Agreement dated as of April [l], 2013 (the “Amended and Restated Credit Agreement”) providing for the amendment and restatement of the Original Credit Agreement described therein under which advances previously made to the Borrower remain outstanding under the Loan (as defined in the Amended and Restated Credit Agreement) in an aggregate principal amount of $160,575,000. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | It is a condition to the effectiveness of the Amended and Restated Credit Agreement that the Parent Guarantor executes and delivers this Guarantee. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 1 | INTERPRETATION |
|---|----------------|

| 1.1 | Application of construction and interpretation provisions of Amended and Restated Credit Agreement. Clauses 1.2 (Construction) and 1.5 (Computation of Time Periods) of the Amended and Restated Credit Agreement apply, with any necessary modifications, to this Guarantee. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | GUARANTEE AND INDEMNITY |
|---|-------------------------|

| 2.1 | Guarantee and indemnity |
|-----|-------------------------|

| (a) | guarantees, as primary guarantor and not as surety merely, punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, by the Borrower of all the Borrower’s financial obligations under the Amended and Restated Credit Agreement and the other Finance Documents (as defined in the Amended and Restated Credit Agreement) whether for principal, interest, fees, expenses or otherwise (collectively, the “Guaranteed Obligations”); |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | undertakes that whenever the Borrower does not pay any amount when due under or in connection with the Amended and Restated Credit Agreement or any other Finance Document, the Parent Guarantor shall immediately on demand pay that amount as if it were the principal obligor; and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | agrees that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify the Security Trustee on behalf of each Finance Party (as defined in the Amended and Restated Credit Agreement) immediately on demand against any cost, loss or liability it incurs as a result of the Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under the Amended and Restated Credit Agreement or any other Finance Document on the date when it would have been due. The amount payable by the Parent Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 2 (Guarantee and Indemnity) if the amount claimed had been recoverable on the basis of a guarantee. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.2 | Continuing guarantee |
|-----|----------------------|

| 2.3 | Reinstatement |
|-----|---------------|

| (a) | the liability of the Borrower shall continue or be reinstated, as the case may be, as if the payment, discharge, avoidance or reduction had not occurred; and |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | the Security Trustee on behalf of each Finance Party shall be entitled to recover the value or amount of that security or payment from the Parent Guarantor, as if the payment, discharge, avoidance or reduction had not occurred. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4 | Waiver of defenses |
|-----|--------------------|

| (a) | The obligations of the Parent Guarantor under this Guarantee will not be affected or discharged by an act, omission, matter or thing which, but for this Clause 2.4 would reduce, release or prejudice any of its obligations under this Guarantee (without limitation and whether or not known to it or any Finance Party) including: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any time, waiver or consent granted to, or composition with, any Obligor (as defined in the Amended and Restated Credit Agreement) or any other person; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the release of any Obligor or any other person under the terms of any composition or arrangement with any creditor of any such Obligor; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Obligor or any other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any Obligor or any other person; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of the Amended and Restated Credit Agreement, any other Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under the Amended and Restated Credit Agreement, any other Finance Document or other document or security; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (vi) | any unenforceability, illegality or invalidity of any obligation of any person under the Amended and Restated Credit Agreement, any other Finance Document or any other document or security; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | any bankruptcy, insolvency or similar proceedings; or |
|--------|-------|-------------------------------------------------------|

|   | (viii) | any other circumstance whatsoever that might otherwise constitute a defense available to, or a legal or equitable discharge of, any Obligor. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The Parent Guarantor unconditionally and irrevocably waives: |
|-----|--------------------------------------------------------------|

|   | (i) | diligence, presentment, demand for performance, notice of non-performance, protest, notice of protest, notice of dishonour, notice of the creation or incurring of now or additional indebtedness of the Obligors to the Finance Parties, notice of acceptance of this guarantee, and notices of any other kind whatsoever; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the filing of any claim with any court in the event of a receivership, insolvency, bankruptcy, liquidation or judicial management; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the benefit of any statute of limitations affecting any Obligor’s obligations under the other Finance Documents or the Parent Guarantor’s obligations under this Guarantee or the enforcement of this Guarantee; and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any offset or counterclaim or other right, defence or claim based on, or in the nature of, any obligation now or later owed to the Parent Guarantor by the Obligors or any Finance Party. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5 | Immediate recourse |
|-----|--------------------|

| 2.6 | Deferral of Parent Guarantor’s rights |
|-----|---------------------------------------------|

| (a) | to be indemnified by the Borrower or any other Obligor; |
|-----|---------------------------------------------------------|

| (b) | to claim any contribution from any third party providing security for, or any other guarantor of, the Borrower’s or any other Obligor’s obligations under the Finance Documents; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c) | to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | to bring legal or other proceedings for an order requiring the Borrower or any other Obligor to make any payment, or perform any obligation, in respect of which the Parent Guarantor has given a guarantee, undertaking or indemnity under Clause 2.1 (Guarantee and Indemnity) of this Guarantee; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | to exercise any right of set-off against the Borrower or any other Obligor; and/or |
|-----|------------------------------------------------------------------------------------|

| (f) | to claim or prove as a creditor of the Borrower or any other Obligor in competition with any Finance Party. |
|-----|-------------------------------------------------------------------------------------------------------------|

| 2.7 | Additional security |
|-----|---------------------|

| 3 | TAX GROSS UP |
|---|--------------|

| 3.1 | Definitions |
|-----|-------------|

| 3.2 | Tax gross-up |
|-----|--------------|

| (a) | The Parent Guarantor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| (b) | If a Tax Deduction is required by law to be made by the Parent Guarantor, the amount of the payment due from the Parent Guarantor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required; provided, however, that the Parent Guarantor shall not be required to increase any payment in respect of which it makes a Tax Deduction, if such Tax Deduction would not have been imposed but for the failure of a Finance Party to comply with any certification, identification or other similar requirement with which the Finance Party in its reasonable judgment is eligible to comply to establish entitlement to exemption for such Tax Deduction. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c) | If the Parent Guarantor is required to make a Tax Deduction, it shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Parent Guarantor shall deliver to the Security Trustee evidence reasonably satisfactory to the Security Trustee that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | CURRENCY INDEMNITY |
|---|--------------------|

| 4.1 | If any sum due from the Parent Guarantor under this Guarantee (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | making or filing a claim or proof against the Parent Guarantor; or |
|--------|-----|--------------------------------------------------------------------|

|   | (ii) | obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, |
|--------|------|--------------------------------------------------------------------------------------------------------------|

| (b) | The Parent Guarantor waives any right it may have in any jurisdiction to pay any amount under this Guarantee in a currency or currency unit other than that in which it is expressed to be payable. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | COSTS AND EXPENSES |
|---|--------------------|

| 5.1 | Amendment Costs |
|-----|-----------------|

| 5.2 | Enforcement and preservation costs |
|-----|------------------------------------|

| 6 | REPRESENTATIONS |
|---|-----------------|

| 6.1 | General |
|-----|---------|

----

| 6.2 | Status |
|-----|--------|

| (a) | It is a corporation duly incorporated and validly existing in good standing under the laws of the Republic of the Marshall Islands. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|

| (b) | It is duly qualified and in good standing as a foreign corporation in each other jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | It has all requisite corporate power and authority to own or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3 | Binding obligations |
|-----|---------------------|

| 6.4 | Non-conflict with other obligations |
|-----|-------------------------------------|

| (a) | any law or regulation applicable to it; |
|-----|-----------------------------------------|

| (b) | its constitutional documents; or |
|-----|----------------------------------|

| (c) | any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any such agreement or instrument. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5 | Power and authority |
|-----|---------------------|

| 6.6 | Validity and admissibility in evidence |
|-----|----------------------------------------|

| 7 | INFORMATION UNDERTAKINGS |
|---|--------------------------|

| 7.1 | General |
|-----|---------|

| 7.2 | “Know your customer” checks |
|-----|-----------------------------------------|

| (a) | If: |
|-----|-----|

----

|   | (i) | the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Guarantee; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any change in the status of the Parent Guarantor after the date of this Guarantee; or |
|--------|------|---------------------------------------------------------------------------------------|

|   | (iii) | a proposed assignment or transfer by a Lender (as defined in the Amended and Restated Credit Agreement) of any of its rights and obligations under the Amended and Restated Credit Agreement to a party that is not a Lender prior to such assignment or transfer, |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | PATRIOT Act Notice |
|-----|--------------------|

| 8 | NEGATIVE UNDERTAKINGS |
|---|-----------------------|

| 8.1 | General |
|-----|---------|

| 8.2 | Minimum Liquidity |
|-----|-------------------|

----

| 8.3 | Most Favored Nation |
|-----|---------------------|

| 9 | SUPPLEMENTAL |
|---|--------------|

| 9.1 | Rights cumulative, non-exclusive |
|-----|----------------------------------|

| 9.2 | No impairment of rights under Guarantee |
|-----|-----------------------------------------|

| 9.3 | Partial Invalidity |
|-----|--------------------|

| 9.4 | Limitation of liability |
|-----|-------------------------|

----

| 10 | AMENDMENT AND WAIVERS |
|----|-----------------------|

| 11 | ASSIGNMENT |
|----|------------|

| 11.1 | Assignment by Security Trustee |
|------|--------------------------------|

| 11.2 | Assignment by Parent Guarantor |
|------|--------------------------------|

| 12 | PAYMENT MECHANICS |
|----|-------------------|

| 12.1 | Payments |
|------|----------|

| 13 | NOTICES |
|----|---------|

| 13.1 | Communications in writing |
|------|---------------------------|

| 13.2 | Address of Parent Guarantor |
|------|-----------------------------|

----

| 13.3 | Application of certain provisions of Amended and Restated Credit Agreement |
|------|----------------------------------------------------------------------------|

| 14 | GOVERNING LAW |
|----|---------------|

| 15 | ENFORCEMENT |
|----|-------------|

| 15.1 | Jurisdiction |
|------|--------------|

| (a) | The Parent Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court thereof, in any action or proceeding arising out of or relating to this Guarantee, or for recognition or enforcement of any judgment, and hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The Parent Guarantor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Subject to the foregoing and to paragraph (b) below, nothing in this Guarantee shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Guarantee against any other party hereto in the courts of any jurisdiction. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The Parent Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guarantee in any New York State or Federal court and the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and any immunity from jurisdiction of any court or from any legal process with respect to itself or its property. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | Service of process |
|------|--------------------|

| 15.3 | Waiver of Jury Trial |
|------|----------------------|

----

|   | PARENT GUARANTOR   |   |
|--------|--------------------|--------|
|   |               |   |
|   | DHT HOLDINGS, INC. |   |
|   |               |   |   |
|   |               |   |   |
|   | By:                |   |   |
|   | Name:              |   |   |
|   | Title:             |   |   |
|   |               |   |   |

| THE ROYAL BANK OF SCOTLAND plc , asSecurity Trustee |   |
|-----------------------------------------------------|--------|
|                                                |   |
|                                                |   |
| By:                             |   |   |
| Name:                                          |   |   |
| Title:                                              |   |   |

----

| U.S.$ ___________________ |  ________________, 2013 |
|--------------------------------|------------------------------|
|                           |  New York, New York     |

|   | DHT MARITIME, INC. |   |
|--------|--------------------|--------|
|   |               |   |   |
|   | By:                |   |   |
|   | Name:              |   |   |
|   | Title:             |   |   |
|   |               |   |   |

----

|   | BORROWER           |                  |
|--------|--------------------|-----------------------|
|   |               |                  |
|   | DHT MARITIME, INC. |                  |
|   |               |                  |   |
|   | By:                | /s/ Svein M. Harfjeld |   |
|   |               | Name: S. M. Harfjeld  |   |
|   |               | Title: President      |   |
|   |               |                  |   |

|   | GUARANTORS             |                  |
|--------|------------------------|-----------------------|
|   |                   |                  |
|   | ANN TANKER CORPORATION |                  |
|   |                   |                  |   |
|   | By:                    | /s/ Svein M. Harfjeld |   |
|   |                   | Name: S. M. Harfjeld  |   |
|   |                   | Title: President      |   |
|   |                   |                  |   |

|   | CATHY TANKER CORPORATION |                  |
|--------|--------------------------|-----------------------|
|   |                     |                  |   |
|   | By:                      | /s/ Svein M. Harfjeld |   |
|   |                     | Name: S. M. Harfjeld  |   |
|   |                     | Title: President      |   |
|   |                     |                  |   |

|   | CHRIS TANKER CORPORATION |                  |
|--------|--------------------------|-----------------------|
|   |                     |                  |   |
|   | By:                      | /s/ Svein M. Harfjeld |   |
|   |                     | Name: S. M. Harfjeld  |   |
|   |                     | Title: President      |   |
|   |                     |                  |   |

|   | LONDON TANKER CORPORATION |                  |
|--------|---------------------------|-----------------------|
|   |                      |                  |   |
|   | By:                       | /s/ Svein M. Harfjeld |   |
|   |                      | Name: S. M. Harfjeld  |   |
|   |                      | Title: President      |   |
|   |                      |                  |   |

----

|   | NEWCASTLE TANKER CORPORATION |                  |
|--------|------------------------------|-----------------------|
|   |                         |                  |
|   |                         |                  |   |
|   | By:                          | /s/ Svein M. Harfjeld |   |
|   |                         | Name: S. M. Harfjeld  |   |
|   |                         | Title: President      |   |
|   |                         |                  |   |

|   | REGAL UNITY TANKER CORPORATION |                  |
|--------|--------------------------------|-----------------------|
|   |                           |                  |
|   |                           |                  |   |
|   | By:                            | /s/ Svein M. Harfjeld |   |
|   |                           | Name: S. M. Harfjeld  |   |
|   |                           | Title: President      |   |
|   |                           |                  |   |

|   | SOPHIE TANKER CORPORATION |                  |
|--------|---------------------------|-----------------------|
|   |                      |                  |
|   |                      |                  |   |
|   | By:                       | /s/ Svein M. Harfjeld |   |
|   |                      | Name: S. M. Harfjeld  |   |
|   |                      | Title: President      |   |
|   |                      |                  |   |

----

|   | ORIGINAL LENDER                |                     |
|--------|--------------------------------|--------------------------|
|   |                           |                     |
|   | THE ROYAL BANK OF SCOTLAND PLC |                     |
|   |                           |                     |
|   |                           |                     |   |
|   | By:                            | /s/ Alan Ferguson        |   |
|   |                           | Name: Alan Ferguson      |   |
|   |                           | Title: Managing Director |   |
|   |                           |                     |   |

|   | FACILITY AGENT                 |                     |
|--------|--------------------------------|--------------------------|
|   |                           |                     |
|   | THE ROYAL BANK OF SCOTLAND PLC |                     |
|   |                           |                     |
|   |                           |                     |   |
|   | By:                            | /s/ Alan Ferguson        |   |
|   |                           | Name: Alan Ferguson      |   |
|   |                           | Title: Managing Director |   |
|   |                           |                     |   |

|   | SECURITY TRUSTEE               |                     |
|--------|--------------------------------|--------------------------|
|   |                           |                     |
|   | THE ROYAL BANK OF SCOTLAND PLC |                     |
|   |                           |                     |
|   |                           |                     |   |
|   | By:                            | /s/ Alan Ferguson        |   |
|   |                           | Name: Alan Ferguson      |   |
|   |                           | Title: Managing Director |   |
|   |                           |                     |   |