|  UP TO USD 302,000,000 SENIOR SECURED CREDIT FACILITY AGREEMENT dated 9 December 2014 for Samco Epsilon Ltd.Samco Delta Ltd.Samco Eta Ltd.Samco Kappa Ltd.Samco Theta Ltd.Samco Iota Ltd.DHT Condor Limitedas joint and several BorrowersandDHT Holdings, Inc.as Parent with DNB Bank ASANordea Bank Norge ASAas Bookrunners and Underwriters arranged by DNB Bank ASADVB Bank SE, London BranchNordea Bank Norge ASAas Mandated Lead ArrangersandThe financial institutions set out hereinas Original Lenders with Nordea Bank Norge ASA acting as Agent and Security Agent   |
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | www.bahr.no  |   |

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| Contents |
|----------|
| Clause   |   | Page |
|     |   |   |
| 1.       | DEFINITIONS AND INTERPRETATION | 4 |
| 2.       | THE FACILITY | 22 |
| 3.       | PURPOSE | 25 |
| 4.       | CONDITIONS OF UTILISATION | 25 |
| 5.       | UTILISATION | 26 |
| 6.       | REPAYMENT | 27 |
| 7.       | PREPAYMENT AND CANCELLATION | 27 |
| 8.       | RESTRICTIONS AND APPLICATION OF PREPAYMENTS AND CANCELLATIONS | 29 |
| 9.       | INTEREST | 30 |
| 10.      | INTEREST PERIODS | 31 |
| 11.      | CHANGES TO THE CALCULATION OF INTEREST | 32 |
| 12.      | FEES | 33 |
| 13.      | TAX GROSS UP AND INDEMNITIES | 33 |
| 14.      | INCREASED COSTS | 35 |
| 15.      | OTHER INDEMNITIES | 36 |
| 16.      | MITIGATION BY THE LENDERS | 38 |
| 17.      | COSTS AND EXPENSES | 38 |
| 18.      | GUARANTEE AND INDEMNITY | 39 |
| 19.      | SECURITY | 43 |
| 20.      | REPRESENTATIONS | 44 |
| 21.      | INFORMATION UNDERTAKINGS | 49 |
| 22.      | FINANCIAL COVENANTS | 52 |
| 23.      | GENERAL UNDERTAKINGS | 56 |
| 24.      | VESSEL COVENANTS | 61 |
| 25.      | EVENTS OF DEFAULT | 65 |
| 26.      | CHANGES TO THE LENDERS | 69 |
| 27.      | CHANGES TO THE OBLIGORS | 73 |
| 28.      | ROLE OF THE AGENCY BANKS AND THE ARRANGERs | 73 |
| 29.      | CONDUCT OF BUSINESS BY THE FINANCE PARTIES | 83 |
| 30.      | SHARING AMONG THE FINANCE PARTIES | 83 |
| 31.      | PAYMENT MECHANICS | 84 |
| 32.      | SET-OFF | 87 |
| 33.      | NOTICES | 88 |
| 34.      | CALCULATIONS AND CERTIFICATES | 89 |
| 35.      | PARTIAL INVALIDITY | 90 |
| 36.      | REMEDIES AND WAIVERS | 90 |
| 37.      | AMENDMENTS AND WAIVERS | 90 |
| 38.      | CONFIDENTIALITY | 93 |
| 39.      | MISCELLANEOUS | 96 |
| 40.      | GOVERNING LAW | 96 |
| 41.      | ENFORCEMENT | 96 |

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| (1)  | THE LIMITED LIABILITY COMPANIES set out in Schedule 2 (Borrowers, Vessels, and Tranches) as joint and several borrowers (each a “Borrower” and together the “Borrowers”);                                                                                                                                                  |
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| (2)  | DHT HOLDINGS INC. a Marshall Islands corporation with registered office at Trust company Complex, Ajeltake Road, Ajetake Island, Majuro, Marshall Islands MH96960 as parent company and guarantor (the “Parent”);                                                                                                                           |
| (3)  | DNB BANK ASA of Dronning Eufemias gate 30, P.O. Box 1600 Sentrum, N-0021 Oslo, Norway, organisation number 984 851 006, and Nordea Bank Norge ASA of Middelthunsgate 17, P.O. Box 1166 Sentrum, N-0107 Oslo, Norway, organisation number 911 044 110, as bookrunners and underwriters (the “Bookrunners and Underwriters”);  |
| (4)  | DNB BANK ASA, DVB BANK SE, LONDON BRANCH AND NORDEA BANK NORGE ASA as mandated lead arrangers (the “Mandated Lead Arrangers”);                                                                                                                                                                                                              |
| (5)  | THE FINANCIAL INSTITUTIONS listed in Schedule 1 (Lenders and Commitments) as lenders (the “Original Lenders”);                                                                                                                                                                                                                              |
| (6)  | NORDEA BANK FINLAND PLC., LONDON BRANCH of 8th Floor, City Place House, 55 Basinghall Street, London EC2V 5NB, United Kingdom, branch company registration number BR006382, DNB BANK ASA and DVB BANK SE, LONDON BRANCH as Hedge Counterparties at the date of this Agreement; and                                                                      |
| (7)  | NORDEA BANK NORGE ASA of Middelthunsgate 17, P.O. Box 1166 Sentrum, N-0107 Oslo, Norway, organisation number 911 044 110, as the “Security Agent” and as facility agent (in its capacity as facility agent, hereafter referred to as the “Agent”).                                                                         |

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|   | (a) | 19 December 2014; and |
|--------|-----|-----------------------|

|   | (b) | the date when the Facility is fully drawn or cancelled. |
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|   | (a) | the amount of its participation in any outstanding Loans; and |
|--------|-----|---------------------------------------------------------------|

|   | (b) | in relation to any proposed Utilisation, the amount of its participation in any Loans that are due to be made on or before the proposed Utilisation Date. |
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|   | (a) | the interest 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; |
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|   | (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 Relevant 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. |
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|   | (a) | Any person or group of persons acting in concert directly or indirectly obtains: |
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|   | (i) | 33 1/3 % or more of the share capital or voting rights in the Parent; or |
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|   | (ii) | controls the appointment of the board of directors of the Parent; or |
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|   | (b) | A change of ownership occurs for any of the Borrowers or a person other than the Parent controls the appointment of the board of directors for any Borrower. |
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|   | (a) | in relation to an Original Lender, the amount in USD set opposite its name under the heading “Commitments” in Schedule 1 (Lenders and Commitments) and the amount of any other Commitment transferred to it under this Agreement less any Loans; and |
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|   | (b) | in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement, |
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|   | (a) | any member of the Group or any of its advisers; or |
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|   | (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, |
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|   | (i) | is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 38 (Confidentiality); or |
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|   | (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 |
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|   | (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. |
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|   | (a) | which has failed to make its participation in the Loan available (or has notified the Agent or the Parent (which has notified the Agent) that it will not make its participation in the Loan available) by the Utilisation Date of the Loan in accordance with Clause 5.3 (Lenders’ Participation); |
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|   | (b) | which has otherwise rescinded or repudiated a Finance Document; or |
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|   | (c) | with respect to which insolvency proceedings, winding up or liquidation has occurred and is continuing |
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|   | (i) | its failure to pay is caused by: |
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|   | (ii) | the Lender is disputing in good faith whether it is contractually obliged to make the payment in question. |
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|   | (a) | a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or |
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|   | (b) | the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party: |
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|   | (i) | from performing its payment obligations under the Finance Documents; or |
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|   | (ii) | from communicating with other Parties in accordance with the terms of the Finance Documents, |
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|   |   | and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. |
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|   | (a) | all freight, hire and passage moneys payable to the Borrowers, including (without limitation) payments of any nature under the Charterparties, or any other charter or agreement for the employment, use, possession, or operation of the Vessels; |
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|   | (b) | any claim under any guarantees related to freight and hire payable to any Obligor as a consequence of the operation of the Vessels; |
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|   | (c) | compensation payable to any of the Obligors in the event of any requisition of the Vessels or for the use of the Vessels by any government authority or other competent authority; |
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|   | (d) | remuneration for salvage, towage and other services performed by the Vessels payable to any of the Obligors; |
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|   | (e) | demurrage and retention money receivable by any of the Obligors in relation to the Vessels; |
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|   | (f) | all moneys which are at any time payable under the Insurances in respect of loss of earnings; |
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|   | (g) | if and whenever a Vessel is employed on terms whereby any moneys falling within paragraphs (a) to (f) above 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 a Vessel; and |
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|   | (h) | any other money whatsoever due or to become due to any of the Obligors from third parties in relation to the Vessels. |
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|   | (a) | the pollution or protection of the environment; |
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|   | (b) | harm to or the protection of human health; |
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|   | (c) | the conditions of the workplace; or |
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|   | (d) | any emission or substance capable of causing harm to any living organism or the environment. |
|--------|-----|----------------------------------------------------------------------------------------------|

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|   | (a) | USD 325 million credit facility dated 15 April 2011, as amended with Nordea Bank Finland Plc., Singapore Branch as agent with Samco Alpha Ltd., Samco Beta Ltd., Samco Eta Ltd. Samco Kappa Ltd., Samco Theta Ltd. and Samco Iota Ltd. as borrowers; |
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|   | (b) | USD 49 million credit facility signed 29 Nov 2006, as amended, bilateral between Samco Delta Ltd. as borrower and Nordea Bank Finland Plc., London Branch as lender. |
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|   | (c) | USD 52 million credit facility dated 5 November 2012, bilateral between Samco Epsilon Ltd. as borrower and ING Bank N.V., Singapore Branch as lender. |
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|   | (a) | sections 1471 to 1474 of the Code or any associated regulations; |
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|   | (b) | any treaty, law, regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or |
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|   | (c) | any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. |
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|   | (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 United States of America), 1 July 2014; |
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|   | (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 United States of America), 1 January 2017; or |
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|   | (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, |
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|   | (a) | moneys borrowed; |
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|   | (b) | any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; |
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|   | (c) | any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; |
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|   | (d) | the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with the Accounting Principles, be treated as a finance or capital lease; |
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|   | (e) | receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); |
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|   | (f) | any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not referred to in any other paragraph of this definition having the commercial effect of a borrowing; |
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|   | (g) | any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and |
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|   | (i) | without double counting, the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above. |
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|   | (a) | by the Parent to any of the Borrowers; or |
|--------|-----|-------------------------------------------|

|   | (b) | by any of the Borrowers to another Obligor; or |
|--------|-----|------------------------------------------------|

|   | (c) | by any other member of the Group to any of the Borrowers. |
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|   | (a) | the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan,  |
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|   | (a) | the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors; |
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|   | (b) | the time barring of claims, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of stamp duty may be void and defences of set-off or counterclaim; |
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|   | (c) | similar principles, rights and defences under the laws of any Relevant Jurisdiction; and |
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|   | (d) | any other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation). |
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|   | (a) | any Original Lender; and |
|--------|-----|--------------------------|

|   | (b) | any bank, 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 the currency of the Loan) the Interpolated Screen Rate for the Loan; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (c) | If: |
|--------|-----|-----|

|   | (i) | no Screen Rate is available for the currency of the Loan; or |
|--------|-----|--------------------------------------------------------------|

|   | (ii) | no Screen Rate is available for the Interest Period of the Loan and it is not possible to calculate an Interpolated Screen Rate for the Loan, |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (a) | the business, operations, property, condition (financial or otherwise) or prospects of any Obligor; |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (b) | the ability of an Obligor to perform its obligations under the Finance Documents; |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (c) | the right and remedies of the Finance Parties pursuant to the Finance Documents; or |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (d) | the validity or enforceability of, or the effectiveness or ranking of any Security Interest granted or purporting to be granted pursuant to any of the Finance Documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (a) | liens created pursuant to the Finance Documents; |
|--------|-----|--------------------------------------------------|

|   | (b) | any netting or set-off arrangement entered into by any Obligor in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances, hereunder any rights of pledge and set-off in relation to a cash pool arrangement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any Security Interest arising under any retention of title, hire purchase or conditional sale arrangement or arrangements having similar effect in respect of goods supplied to a Borrower in its ordinary course of trading, on arm’s length terms and pursuant to the supplier’s standard and usual terms and conditions; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any lien arising by operation of law and in the ordinary course of trading and securing obligations not more than thirty (30) days overdue; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | liens for current crews’ wages and salvage; and |
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|   | (f) | any salvage or ship repairer’s or outfitter’s possessory lien arising by operation of law unless it is agreed that the invoice giving rise to the lien has become due and payable. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | its jurisdiction of incorporation; |
|--------|-----|------------------------------------|

|   | (b) | any jurisdiction where any asset subject to or intended to be subject to the Security Interest to be created by it under any Security Document is situated; |
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|   | (c) | any jurisdiction where it conducts its business; and |
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|   | (d) | the jurisdiction whose laws govern the perfection of any of the Security Interest granted under any Security Documents entered into by it. |
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|   | (a) | listed on any Sanctions List (whether designated by name or by reason of being included in a class of person), |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (b) | domiciled, registered as located or has as its main place of business in, or is incorporated under the laws of, a country that is subject to Sanctions Laws that attach legal effect to being domiciled, registered as located in, having its main place of business in, and /or being incorporated under the laws of such country, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | directly or indirectly more than 50% owned or controlled by a person referred to in (a) or (b) above, or |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (d) | with which any Lender is prohibited from dealing or otherwise engaging in a transactions with by any Sanctions Laws. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

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|   | (a) | all amounts which have become due for payment by the Borrowers or any other party under the Finance Documents have been paid; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | no amount is owing or has accrued (without yet having become due for payment) under any of the Finance Documents; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (c) | the Borrowers have no future or contingent liability under any provision of this Agreement and the other Finance Documents; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the Agent and the Required Lenders do not consider that there is a significant risk that any payment or transaction under a Finance Document would be set aside, or would have to be reversed or adjusted, in any present or possible future proceeding relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created under or pursuant to a Finance Document. |
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|   | (a) | Goodwood Ship Management Pte. Ltd., a company incorporated under the laws of Singapore with its registered office at 20 Science Park Road, #02-34/36 TeleTech Park, Singapore 117674; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | V.Ships France SAS of 34 Place Viarme, 44000 Nantes, France. |
|--------|-----|--------------------------------------------------------------|

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

|   | (b) | the Requisition of that Vessel; or |
|--------|-----|------------------------------------|

|   | (c) | any hijacking, theft, arrest, expropriation, confiscation or acquisition of that Vessel (other than Requisition), 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 claiming to be or to represent a governmental or official authority (excluding requisition for hire for a period not exceeding six (6) Months without any right of extension) unless it is within one (1) Month from the Total Loss Date redelivered to the full control of the relevant Borrower. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | in the case of an actual Total Loss of a Vessel, the date on which it occurred or, if that is unknown, the date when the Vessel was last heard of; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (b) | in the case of a constructive, compromised, agreed or arranged Total Loss of a Vessel, the earlier of: (i) the date on which a notice of abandonment is given to the insurers (provided a claim for total loss is admitted by such insurers) or, if such insurers do not forthwith admit such a claim, at the date at which either a Total Loss is subsequently admitted by the insurers or a Total Loss is subsequently adjudged by a competent court of law or arbitration panel to have occurred or, if earlier, the date falling six (6) months after notice of abandonment of the Vessel was given to the insurers; and (ii) the date of compromise, arrangement or agreement made by or on behalf of the relevant Borrower with the Vessel’s insurers in which the insurers agree to treat the Vessel as a Total Loss; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in the case of any other type of Total Loss, on the date (or the most likely date) on which it appears to the Agent that the event constituting the Total Loss occurred. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the proposed Transfer Date specified in the Transfer Certificate; and |
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|   | (b) | the date on which the Agent executes the Transfer Certificate. |
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|   | (a) | Unless a contrary indication appears, any reference in this Agreement to: |
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|   | (i) | words denoting the singular number shall include the plural and vice versa; |
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|   | (ii) | 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. |
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|   | (iii) | “agreed form” means: |
|--------|-------|----------------------------------|

|   | (A) | where a Finance Document has already been executed by all of the relevant parties, such Finance Document in its executed form; |
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|   | (B) | prior to the execution of a Finance Document, the form of such Finance Document separately agreed in writing between the Agent and the Borrowers as the form in which that Finance Document is to be executed or another form approved at the request of the Borrowers or, if not so ageed or approved, is in the form specified by the Agent; |
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|   | (iv) | references to a guarantee obligation being payable “on demand” shall be a reference to a Norwegian påkravsgaranti; |
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|   | (v) | references to a provision of law is a reference to that provision as it may be amended or re-enacted, and to any regulations made by the appropriate authority pursuant to such law; |
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|   | (vi) | a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation; |
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|   | (vii) | the “Agent”, the “Arrangers”, any “Finance Party”, any “Lender”, any “Obligor”, any “Party” or any other “person” shall be construed so as to include its successors in title, permitted assignees and permitted transferees; |
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|   | (viii) | a “FinanceDocument” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or restated; |
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|   | (ix) | a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate legal personality); and |
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|   | (x) | reference to persons “acting in concert” shall be interpreted pursuant to the provisions of the Norwegian Securities Trading Act of 2007 No. 75 (as from time to time amended). |
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|   | (b) | Clause and Schedule headings are for ease of reference only. |
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|   | (c) | A Default is “continuing” if it has not been remedied or waived and an Event of Default is “continuing” if it has not been waived. |
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|   | (a) | Subject to the terms of this Agreement, the Lenders make available to the Borrowers a term loan facility in an aggregate amount up to the Total Commitments subject to the conditions for Utilisations set out in this Clause 2.1 (The Facility and the Loans). |
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|   | (b) | Each Borrower may draw one Loan under the Facility in relation to the Vessel owned by that Borrower. The Borrowers may utilise the Facility on up to five (5) Utilisation Dates during the Availability Period. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The amount of each Loan made available to a Borrower shall not exceed the lowest of: |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (i) | the amount designated to such Vessel under the respective Tranche; or |
|--------|-----|-----------------------------------------------------------------------|

|   | (ii) | for the last Utilisation Date, such amount which, when taken together with any other amount or amounts of the Loan(s) already borrowed or requested under the Facility, does not aggregate to more than 60 % of the Market Value of the Vessels. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | The Parent may by giving prior notice to the Agent by no later than the date falling fifteen (15) Business Days after the effective date of a cancellation of: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Available Commitments of a Defaulting Lender in accordance with Clause 5.5 (Right of cancellation in relation to a Defaulting Lender); or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the Commitments of a Lender in accordance with Clause 7.1 (Illegality), |
|--------|------|-------------------------------------------------------------------------|

|   | (iii) | the increased Commitments will be assumed by one or more Lenders or other banks or financial institutions (each an “IncreaseLender”) selected by the Parent (each of which shall be acceptable to the Agent (acting reasonably)) and each of which confirms its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Commitments which it is to assume, as if it had been an Original Lender (it being understood that it is the Increase Lender’s obligation to ascertain whether any other documents or other formalities are required to confirm the Security Interest created pursuant to the Security Documents, including any guarantees); |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Increase Lender would have assumed and/or acquired had the Increase Lender been an Original Lender; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | each Increase Lender shall become a Party as a “Lender” and any Increase Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | the Commitments of the other Lenders shall continue in full force and effect; and |
|--------|------|-----------------------------------------------------------------------------------|

|   | (vii) | any increase in the Total Commitments shall take effect on the date specified by the Parent in the notice referred to above or any later date on which the conditions set out in paragraph (b) below are satisfied. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | An increase in the Total Commitments will only be effective on: |
|--------|-----|-----------------------------------------------------------------|

|   | (i) | the execution by the Agent of an Increase Confirmation from the relevant Increase Lender; and |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (ii) | in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase the delivery to the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender, the completion of which the Agent shall promptly notify to the Borrower and the Increase Lender. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the 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 increase becomes effective. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The Parent shall, on the date upon which the increase takes effect, pay to the Agent (for its own account) a fee of USD 3,500 and shall promptly on demand pay the Agent the amount of all costs and expenses (including legal fees) reasonably incurred by it in connection with any increase in Commitments under this Clause ‎2.3 (Increase). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The Parent may pay to the Increase Lender a fee in the amount and at the times agreed between the Parent and the Increase Lender in a Fee Letter. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Clause 26.4 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this Clause ‎2.3 in relation to an Increase Lender as if references in that Clause to: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | an “Existing Lender” were references to all the Lenders immediately prior to the relevant increase; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (ii) | the “New Lender” were references to that “Increase Lender”; and |
|--------|------|-----------------------------------------------------------------------------------------|

|   | (iii) | a “re-transfer” and “re-assignment” were references to respectively a “transfer” and “assignment”. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Each Obligor (other than the Parent), by its execution of this Agreement, irrevocably authorises the Parent to act on its behalf as its representative in relation to the Finance Documents and authorises: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Parent, on its behalf, to supply all information concerning itself, its financial condition and otherwise to the Finance Parties as contemplated under this Agreement and to give all administrative notices and instructions to be provided by such Obligor under the Finance Documents, to execute, on its behalf, any Finance Document and to enter into any agreement and amendment in connection with the Finance Documents if the Parent believes such amendment to be indubitably beneficial to such Obligor; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | each Finance Party to give any notice, demand or other communication to be given to or served on such Obligor pursuant to the Finance Documents to the Parent on its behalf, and in each such case such Obligor will be bound thereby (and shall be deemed to have received notice thereof) as though such Obligor itself had been given such notice and instructions, executed such agreement or received any such notice, demand or other communication. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Every act, omission, agreement, undertaking, waiver, notice or other communication given or made by the Parent under this Agreement, or in connection with this Agreement (whether or not known to any Obligor) shall be binding for all purposes on all other Obligors as if the other Obligors had expressly made, given or concurred with the same. In the event of any conflict between any notice or other communication of the Parent and any other Obligor, the notice or other communication of the Parent shall prevail. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | DHT Condor Limited shall apply all amounts borrowed by it towards part financing the Vessel “DHT Condor” and general and corporate capital requirements; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each other Borrower shall apply all amounts borrowed by it under the Facility towards repayment of the Existing Loans in full and general and corporate capital requirements. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | No Borrower may deliver a Utilisation Request unless the Agent has received all of the documents and other evidence listed in Part I of Schedule 3 (Initial Conditions Precedent) in form and substance satisfactory to the Agent. The Agent shall notify the Borrowers and the Lenders promptly upon being so satisfied. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Other than to the extent that the Required Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The Lenders will only be obliged to comply with Clause ‎5.3 (Lenders’ participation) in relation to a Utilisation if on or before the Utilisation Date, the Agent has received all of the documents and other evidence listed in Schedule 3 Part II (Conditions Precedent to each Utilisation) in form and substance satisfactory to the Agent. The Agent shall notify the Borrower and the Lenders promptly upon being so satisfied. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Other than to the extent that the Required Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | no Default is continuing or would result from the proposed Loan; and |
|--------|-----|----------------------------------------------------------------------|

|   | (b) | the Repeating Representations to be made by each Obligor are true in all material respects. |
|--------|-----|---------------------------------------------------------------------------------------------|

----

|   | (a) | the proposed Utilisation Date is a Business Day within the Availability Period; |
|--------|-----|---------------------------------------------------------------------------------|

|   | (b) | the currency specified is USD and the amount of the Utilisation comply with the requirements set out in Clause 2.1 (The Facility and the Loans): |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | maximum one (1) Loan is requested in respect of each Vessel; and |
|--------|-----|------------------------------------------------------------------|

|   | (d) | the proposed Interest Period complies with Clause 10 (Interest Periods). |
|--------|-----|--------------------------------------------------------------------------|

|   | (a) | If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The amount of each Lender’s participation in each Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to making the Loan. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Upon receipt of the Utilisation Request, the Agent shall notify each Lender of the details of the requested Loan and the amount of each Lender’s participation in the relevant Loan. If the conditions set out in this Agreement have been met, each Lender shall no later than 11:00 hours (Oslo time) on the relevant Utilisation Date make available to the Agent for the account of the relevant Borrower an amount equal to its participation in the Loan to be advanced pursuant to the relevant Utilisation Request. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | If any Lender becomes a Defaulting Lender, the Parent may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 10 Business Days’ notice of cancellation of the Available Commitment of that Lender. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | On the notice referred to in paragraph (a) above becoming effective, the Available Commitment of the Defaulting Lender shall immediately be reduced to zero. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Each Borrower shall repay the Loan made to it by the respective Tranche Repayment Instalments on each Tranche Repayment Date. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If one or more of the Group A Collateral Vessels are sold, lost or otherwise disposed of, or should suffer a Total Loss, the Tranche Repayment Instalments payable in relation to each Group B Collateral Vessel shall be increased for each Group A Collateral Vessel sold, lost or disposed of in accordance with the amounts set out in Schedule 6 (Repayments). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | No Borrower may re-borrow any part of the Facility which is repaid. |
|--------|-----|---------------------------------------------------------------------|

|   | (a) | that Lender shall promptly notify the Agent upon becoming aware of that event; |
|--------|-----|--------------------------------------------------------------------------------|

|   | (b) | upon the Agent notifying the Borrowers (or the Parent on their behalf), the Available Commitment of that Lender will be immediately cancelled; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to the extent that the Lender’s participation has not been transferred pursuant to paragraph  (d) of Clause 7.7 (Right of replacement or repayment and cancellation in relation to a single Lender), each Borrower shall repay that Lender’s participation in the Loans made to that Borrower on the last day of the Interest Period for each Loan occurring after the Agent has notified the Borrowers or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender’s corresponding Commitment shall be cancelled in the amount of the participations repaid. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

|   | (i) | is sold or otherwise disposed of ; or |
|--------|-----|---------------------------------------|

|   | (ii) | suffers a Total Loss, |
|--------|------|-----------------------|

|   | (b) | For the purpose of this Clause 7.4 (Total Loss or sale): |
|--------|-----|----------------------------------------------------------|

|   | (i) | “Disposal Reduction Amount” means, in relation to a Vessel, the then outstanding principle amounts of any Loans under the Facility multiplied with a fraction, the numerator of which is the Market Value of such Vessel immediately prior to such sale or Total Loss, and the denominator of which is the aggregate Market Value of all Vessels collateral to the Finance Documents immediately prior to such sale or Total Loss. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | “Disposal Reduction Date” means: |
|--------|------|----------------------------------------------|

|   | (A) | in the case of a sale or disposal, on the date upon which the sale or disposal of such Vessel is completed;  or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (B) | in the case of a Total Loss, date which is the earlier of the date the proceeds from the Insurances are available and 120 days after the Total Loss Date. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The Obligors shall promptly notify the Agent upon becoming aware of any Change of Control Event. |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (b) | Upon the occurrence of a Change of Control Event, the Agent shall notify the Lenders thereof and, unless otherwise instructed by the Required Lenders, by 60 days prior written notice to the Parent: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | cancel the Total Commitments with immediate effect; and |
|--------|-----|---------------------------------------------------------|

|   | (ii) | declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents, be due and payable. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Upon a non-compliance with Clause 22.4 (Minimum Market Value), the Borrowers shall within the date falling 30 calendar days after such breach occurred: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | Repay the Facility, on a pro rata basis across all Tranches then drawn, by an aggregate amount equal to the amount which is required for the Borrowers to become compliant with Clause 22.4 (Minimum Market Value) again; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | provide cash collateral, or other collateral with such value as is reasonably satisfactory to the Agent (acting on the instructions of the Required Lenders), provided however that cash collateral in such USD amount necessary to remedy the shortfall shall always be acceptable. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Collateral provided under this Clause 7.6 (Collateral Maintenance Test) shall be released, discharged and re-assigned to the relevant Obligor(s) as soon as the Borrowers can demonstrate compliance with Clause 22.4 (Minimum Market Value). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (i) | any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 13.2 (Tax gross-up); or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any Lender claims indemnification from the Borrowers under Clause 13.3 (Tax indemnity) or Clause 14.1 (Increased costs), |
|--------|------|--------------------------------------------------------------------------------------------------------------------------|

|   |   | the Borrowers may, whilst the circumstance giving rise to the requirement for indemnification continues, give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loans. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | On receipt of a notice referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | On the last day of each Interest Period which ends after the Borrowers have given notice under paragraph (a) above (or, if earlier, the date specified by the Borrowers in that notice), each Borrower to which a Loan is outstanding shall repay that Lender’s participation in that Loan. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | RESTRICTIONS AND APPLICATION OF PREPAYMENTS AND CANCELLATIONS |
|----|---------------------------------------------------------------|

|   | (a) | The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | No Borrower may re-borrow any part of the Facility which is cancelled and/or prepaid. |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (c) | No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (a) | Any amount prepaid by a Borrower pursuant to this Agreement, , shall be applied pro rata against the relevant Tranche Repayment Instalments (including the balloon) for that Borrower. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If the Disposal Reduction Amount exceeds the relevant Tranche made available to that Borrower, the excess amounts of such Disposal Reduction Amount shall be applied pro rata against the remaining Tranche Repayment Instalments (including the balloons) for the remaining Borrowers. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (ii) | LIBOR. |
|--------|------|--------|

|   | (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 overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph 9.3(b) below, is two hundred basis points higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 9.3 (Default interest) shall be immediately payable by the Obligor on demand by the Agent. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

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

|   | (ii) | the rate of interest applying to the overdue amount during that first Interest Period shall be two hundred basis points higher than the rate which would have applied if the overdue amount had not become due. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (d) | This Clause 9.3 (Default interest) does not apply to any amount payable under an ISDA master agreement (as a Hedging Agreement) in respect of any continuing “Designated Transaction” as to which section 9 (h) (Interest and Compensation) of the relevant ISDA master agreement shall apply. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | A Borrower (or the Parent on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan or (if the Loan has already been borrowed) in a Selection Notice. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each Selection Notice for a Loan is irrevocable and must be delivered to the Agent by the relevant Borrower (or the Parent on behalf of that Borrower) to which that Loan was made not later than 11:00 (Oslo time) three (3) Business Days prior to the beginning of the relevant Interest Period. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If a Borrower (or the Parent) fails to deliver a Selection Notice to the Agent in accordance with paragraph (b) above, the relevant Interest Period will be three (3) Months. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Subject to this Clause 10, a Borrower may select an Interest Period of one (1), three (3) or six (6) Months or any other period agreed between the Borrowers and the Agent (acting on the instructions of all the Lenders), provided however that that the number of one Month Interest Periods shall be limited to one per calendar year for each Borrower. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | An Interest Period for a Loan shall not extend beyond the Maturity Date but shall be shortened so that it ends on the Maturity Date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | In respect of a Tranche Repayment Instalment, an Interest Period for a part of the Loan equal to such Tranche Repayment Instalment shall end on the Tranche Repayment Date relating to it if such date is before the end of the Interest Period then current. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (g) | Each Interest Period for a Loan shall start on the Utilisation Date or (if already made) on the last day of its preceding Interest Period. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Following the First Utilisation Date, the Interest Period selected for Loans made on each subsequent Utilisation of the Facility shall be shortened so that they end on the last date of the Interest Periods for the previous Loans drawn under the Facility. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (ii) | the rate notified to the 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 that Loan from whatever source it may reasonably select. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In this Agreement “Market Disruption Event” means: |
|--------|-----|----------------------------------------------------------------|

|   | (i) | at or about noon on the Quotation Day for the relevant Interest Period the LIBOR is not available; or |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (ii) | before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed fifty per cent. (50%) of that Loan) that the cost to it of obtaining matching deposits in the London interbank market would be in excess of LIBOR. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | If a Market Disruption Event occurs and the Agent or the Borrowers so require, the Agent and the Parent shall enter into negotiations (for a period of not more than thirty (30) days) with a view to agreeing a substitute basis for determining the rate of interest. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

|   | (a) | Each Borrower shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (a) | The Borrowers shall pay to the Agent (for the account of each Lender) a commitment fee in USD computed at the rate of forty per cent. (40%) of the Applicable Margin per annum on that Lender’s Available Commitment for the Availability Period. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The accrued commitment fee is payable on each Quarter Date and on the last day of the Availability Period. |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (c) | No commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment of that Lender for any day on which that Lender is a Defaulting Lender. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (b) | If a Tax Deduction or withholding is required by law to be made by an Obligor: |
|--------|-----|--------------------------------------------------------------------------------|

|   | (i) | the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction or withholding) leaves an amount equal to the payment which would have been due if no Tax Deduction or withholding had been required; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | the Obligor shall make that Tax Deduction or withholding within the time allowed and in the minimum amount required by law. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Within thirty (30) days of making either a Tax Deduction or withholding or any payment required in connection with that Tax Deduction or withholding, the Borrower shall deliver to the Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction or withholding has been made or (as applicable) any appropriate payment paid to the relevant taxing authority. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Subject to paragraph (c) below, each Party shall, within ten (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; and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party’s compliance with any other law, regulation, or exchange of information regime. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If a Party confirms to another Party pursuant to 13.5(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, and paragraph (a)(iii) above shall not oblige any other 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 whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in addition, shall notify the Parent, the Agent and the other Finance Parties. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Subject to Clause 14.3 (Exceptions) the Borrowers shall, within three Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the date of this Agreement or (iii) attributable to the implementation or application of or compliance with Basel III Standards, CRD IV and CRR. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In this Agreement “Increased Costs” means: |
|--------|-----|--------------------------------------------------------|

|   | (i) | a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s) overall capital; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | an additional or increased cost; or |
|--------|------|-------------------------------------|

----

|   | (iii) | a reduction of any amount due and payable under any Finance Document, |
|--------|-------|-----------------------------------------------------------------------|

|   | (c) | For the purpose of this Clause 14.1 (Increased costs), “Basel III Standards” means the consultations, including the agreements on capital requirements, a leverage ratio and liquidity standards contained in such consultations, published by the Basel Committee of Banking Supervision in December 2010 with the titles “Basel III: International framework for more resilient banks and banking systems” and “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” and “Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text” published by the Basel Committee on Banking Supervision in November 2011, each as amended, supplemented or restated, together with any further guidance of standards in relation to the Basel III Standards published or to be published by the Basel Committee on Banking Supervision. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | A Finance Party intending to make a claim pursuant to Clause 14.1 (Increased costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrowers. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | attributable to a Tax Deduction required by law to be made by an Obligor; |
|--------|-----|---------------------------------------------------------------------------|

|   | (ii) | compensated for by Clause 13.3 (Tax indemnity); |
|--------|------|-------------------------------------------------|

|   | (iii) | attributable to a FATCA Deduction required to be made by a Party; or |
|--------|-------|----------------------------------------------------------------------|

|   | (iv) | attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation. |
|--------|------|-------------------------------------------------------------------------------------------------------------|

|   | (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; |
|--------|-----|---------------------------------------------------------|

|   | (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. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | This Clause 15.1 (Currency indemnity) does not apply to any sum due under a Hedging Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------|

|   | (a) | The Borrowers shall, within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the occurrence of any Event of Default; |
|--------|-----|-----------------------------------------|

|   | (ii) | a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 30 (Sharing among the Finance Parties); |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | funding, or making arrangements to fund, its participation in a Loan requested by a Borrower (or the Parent on its behalf) in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Parent; or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | any claim, action, civil penalty or fine against, any settlement, and any other kind of loss or liability, and all reasonable costs and expenses (including reasonable counsel fees and disbursements) incurred by an Indemnified Person as a result of conduct of any Obligor or any of their partners, directors, officers, employees, agents or advisors, that violates any Sanctions Laws. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The indemnities in paragraph (a) above shall furthermore cover any cost, loss or liability incurred by an Indemnified Person in any jurisdiction arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any Environmental Law, or any Sanctions Laws. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | investigating any event which it reasonably believes is a Default; |
|--------|-----|--------------------------------------------------------------------|

|   | (b) | acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the taking, holding, protection and enforcement of the Security Interest created pursuant to the Security Documents or required to be created pursuant to the Finance Documents, the exercise of any of the rights, powers, discretions and remedies vested in the Agent by the Finance Documents or by law, or any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Each Finance Party shall, in consultation with the Parent, 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 7.1 (Illegality), Clause 13 (Tax gross-up and indemnities) or Clause 14 (Increased costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office however so that a Finance Party should be under no obligation pursuant to this Clause 16.1 (Mitigation) if such mitigation or remedy would be contrary to any Sanction Laws. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (a) | The Borrowers shall 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 16.1 (Mitigation). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A Finance Party is not obliged to take any steps under Clause 16.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

|   | (b) | an amendment or variation of any Finance Document is required or any release granted, |
|--------|-----|---------------------------------------------------------------------------------------|

----

|   | (a) | agree to pay interest on the amount of such funds at the rate described in Clause 9.1 (Calculation of interest) applicable to the first Interest Period for the period during which funds have been pre-positioned and so that interest shall be paid together with the first payment of interest in respect of that Loan or, if the Utilisation Date for that Loan does not occur, within three Business Days of demand by the Agent; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | shall, without duplication, indemnify each Finance Party against any losses it may incur in connection with such arrangement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | guarantees to each Finance Party, as and for its own debts as principal obligor and not merely as a surety, the due and punctual performance by each Borrower of all of that Borrower’s obligations under the Finance Documents; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (c) | undertakes to indemnify each Finance Party immediately on demand against any cost, loss or liability suffered by that Finance Party if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been entitled to recover. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | any time, waiver, consent, forbearance or other indulgence given or agreed by the Finance Parties with any Obligor in respect of any of the Obligor’s obligations under the Finance Documents; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any defence, legal limitation, disability or incapacity of any Obligor related to the Finance Documents; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (c) | any amendments to or variations of the Finance Documents agreed by the Finance Parties with any Obligor; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (d) | the liquidation, bankruptcy or dissolution (or proceedings analogous thereto) of any Obligor; or |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (e) | any other circumstance which might otherwise constitute a defence available to or discharge of, a Guarantor. |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (a) | § 62 (1)a (each Guarantor waives the right to be notified of any contemplated security or guarantee which has not come into effect or a subsequent termination or annulment thereof); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | § 63 (1) – (2) (each Guarantor waives the right to be notified of any Event of Default hereunder and the right to be kept informed thereof); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | § 63 (3) (each Guarantor waives the right to be notified of any extension granted to a Borrower in payment of principal and/or interest); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | § 63 (4) (each Guarantor waives to be notified of a Borrower’s bankruptcy proceedings or debt reorganisation proceedings and/or any application for the latter); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | § 65 (3) (each Guarantor waives that its consent shall be required for such Guarantor to be bound by amendments to the Finance Documents that may be detrimental to its interest); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | § 66 (1) and (2) (each Guarantor waives that its consent shall be required for the release or termination of other security which was agreed to be granted or implied to be granted as security for the Finance Documents); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | § 67 (2) (each Guarantor waives any reduction of the Guarantor’s liabilities hereunder as long as any amount is outstanding under the Finance Documents); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | § 67 (4) (each Guarantor waives that its liabilities hereunder shall lapse after ten (10) years, as that Guarantor shall remain liable hereunder as long as any amount is outstanding under any of the Finance Documents); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | § 70 (each Guarantor waives that the Guarantors shall have any right of subrogation into the rights of the Finance Parties under the Finance Documents, as a Guarantor shall not have any such rights until and unless the Finance Parties shall have received all amounts due or to become due to them under the Finance Documents); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | § 71 (each Guarantor waives that the Finance Parties shall have liability first to make demand upon or seek to enforce remedies against the Borrowers or any other security provided in respect of the Borrowers’ liabilities under the Finance Documents before demanding payment under or seeking to enforce the Guarantee Obligations hereunder, as the Finance Parties shall have no such liability); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | § 72 (each Guarantor waives that any interest and default interest due under any of the Finance Documents shall not be secured by the Guarantee Obligations); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | § 73 (1) – (2) (each Guarantor waives that all costs and expenses related to an Event of Default under this Agreement should not be secured by the Guarantee Obligations); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | § 74 (1) – (2) (each Guarantor waives that a Guarantor can make claims against the other Obligors for payment, as a Guarantor shall not make any claim against the Borrower for payment until and unless the Finance Parties first shall have received all amounts due or to become due to them under the Finance Documents). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | following receipt by it of a notice from the Agent of the occurrence of any Event of Default which is continuing, none of the Guarantors will make demand for or claim payment of any moneys due to that Guarantor from any Obligor, or exercise any other right or remedy to which any of the Guarantors are entitled in respect of such moneys unless and until all moneys owing or due and payable by any Obligor to the Finance Parties under the Finance Documents have been irrevocably paid in full; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | if an Obligor shall become the subject of an insolvency proceeding or shall be wound up or liquidated, the Guarantors shall not (unless so instructed by the Agent and then only on condition that the Guarantor holds the benefit of any claim in such insolvency or liquidation to pay any amounts recovered thereunder to the Agent) make any claim in such insolvency, winding-up or liquidation until all moneys owing or due and payable by any Obligor to the Finance Parties under the Finance Documents have been irrevocably paid in full; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | if a Guarantor, in breach of paragraphs (a) and/or (b) above receives or recovers any money pursuant to any such exercise, claim or proof as therein referred to, such money shall be held by such Guarantor in custody for the Agent and immediately be paid to the Agent so as for the Agent to apply the same as if they were moneys received or recovered by the Agent under this Agreement; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the Guarantors have not taken nor will they take from any Obligor any Security Interest whatsoever for the moneys hereby guaranteed. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | No Finance Party shall be obliged before taking steps to enforce the Guarantee Obligations of any of the Guarantors under this Agreement: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | to obtain judgement against any Obligor or any third party in any court or other tribunal; |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (ii) | to make or file any claim in a bankruptcy or liquidation of any Obligor or any third party; or |
|--------|------|------------------------------------------------------------------------------------------------|

|   | (iii) | to take any action whatsoever against any Obligor or any third party under the Finance Documents, except giving notice of any payment due hereunder, |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any release, discharge or settlement between a Guarantor and the Finance Parties (or any of them) in relation to any Finance Document shall be conditional upon no payment made by any Obligor to the Finance Parties hereunder or thereunder being void, set aside or ordered to be refunded pursuant to any enactment or law relating to breach of duty by any person, bankruptcy, liquidation, administration, protection from creditors generally or insolvency or for any other reason whatsoever. If any payment is void or at any time so set aside or ordered to be refunded, the Finance Parties shall be entitled subsequently to enforce the Guarantee Obligations hereunder as if such release, discharge or settlement had not occurred and any such payment had not been made. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | The obligations and liabilities of each Obligor under the Finance Documents, including (without limitation) each Borrowers’ obligation to repay the Loans together with all unpaid interest, default interest, commissions, charges, expenses and any other derived liability whatsoever of the Borrowers towards the Finance Parties in connection with this Agreement, shall at any time from the Utilisation of a Tranche relating to a Vessel and throughout the Security Period be secured by the Guarantee Obligations provided pursuant to Clause 18 (Guarantee and Indemnity) and additionally the following Security Documents in respect of such Borrower(s) and Vessel(s): |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Mortgages (including any deeds of covenants if applicable); |
|--------|-----|-----------------------------------------------------------------|

|   | (ii) | the Assignment of Insurances; |
|--------|------|-------------------------------|

|   | (iii) | the Share Charges; |
|--------|-------|--------------------|

|   | (iv) | the Account Charges; |
|--------|------|----------------------|

|   | (v) | the Assignments of Intra-Group Loans; |
|--------|-----|---------------------------------------|

|   | (vi) | the General Assignment; |
|--------|------|-------------------------|

|   | (vii) | the Assignment of Charterparties; |
|--------|-------|-----------------------------------|

|   | (viii) | the Assignment of Hedging Agreements; and |
|--------|--------|-------------------------------------------|

|   | (ix) | the Managers’ Undertakings. |
|--------|------|-----------------------------------|

|   | (b) | Notwithstanding paragraph (a) above, the obligation of the relevant Obligor to obtain the Assignment of Charterparties shall be subject to relevant limitations in the relevant Charterparty and each Borrower (or the Parent on its behalf) shall use commercially reasonable efforts to obtain consents and/or acknowledgements from the respective charterers under each Charterparty. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to ensure that the Security Documents are duly executed by the parties thereto (including by any Security Provider) in favour of the Security Agent (on behalf of the Finance Parties) on such date that each Security Document shall be effective pursuant to this Clause 19 (Security), in each case legally valid and in full force and effect and perfected on first priority; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | to execute or procure the execution of such further documentation as the Agent may reasonable require in order for the relevant Finance Parties to maintain the security position envisaged hereunder. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The granting, execution, registration and perfection of any Security Document and/or the Security Interest granted thereby by an Obligor to the Security Agent (on behalf of the Finance Parties) may, in the sole discretion of the Agent, be subject to such closing procedure or similar mechanism for effectuation as the Agent shall require and agree to in sole discretion on behalf of the Finance Parties. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each Finance Party hereby authorises the Agent (in its sole discretion) to agree to and effectuate the discharge and release of any Security Document as shall be required pursuant to effectuation of a transaction which is permitted pursuant to this Agreement, and such closing procedure or similar mechanism for effectuation of such release and discharge as the Agent shall in its sole discretion require and agree to in connection therewith. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | It is a limited liability company, or, in the case of the Parent, a corporation duly incorporated and validly existing under the law of its jurisdiction of incorporation. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being conducted. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

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

|   | (ii) | its or any of its Subsidiaries’ constitutional documents; or |
|--------|------|--------------------------------------------------------------------|

|   | (iii) | any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries’ assets. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | 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 |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to make the Finance Documents to which it is a party admissible in evidence in its Relevant Jurisdictions, |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | (i) | that the Mortgages must be registered in an Approved Ship Registry (and the registration fees applicable to such Mortgages will need to be paid); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | stamp duty may be payable in the Cayman Islands if the original Finance Documents are brought into or executed in the Cayman Islands; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any Security which is granted by a Borrower or Obligor which is incorporated in the Cayman Islands should be recorded in its register of mortgage and charges; and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | such other registration requirements as noted in the Legal Reservations. |
|--------|------|--------------------------------------------------------------------------|

|   | (a) | No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation or the entry into and performance of any transaction contemplated by any of the Finance Documents. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, giving of notice or the making of any determination or the fulfilment of any other applicable conditions or any combination of the foregoing would constitute) a default under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries’) assets are subject which has or might have a Material Adverse Effect. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | Any factual information provided by any member of the Group or otherwise relevant to matters contemplated by the Finance Documents was complete, true, and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The financial projections contained in any information provided or approved by any member of the Group have been prepared on the basis of recent historical information and on the basis of reasonable assumptions. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | No event or circumstance has occurred or arisen and no information has been omitted from any information provided or approved by a member of the Group and no information has been given or withheld that results in the information contained in such information being incomplete, untrue, or misleading in any material respect. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Complete and correct. The Original Financial Statements and the financial information most recently delivered to the Agent pursuant to Clause 21 (Information Undertakings) were prepared in accordance with the Accounting Principles consistently applied and fairly and accurately represent the assets, liabilities and the financial condition of each relevant Obligor as at the relevant Quarter Date. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No undisclosed liabilities. As of the date of the Original Financial Statements and the financial information most recently delivered to the Agent pursuant to Clause 21 (Information Undertakings), no relevant Obligor has had any material liabilities, direct or indirect, actual or contingent which has not been disclosed to the Agent, and there is no material, unrealised or anticipated losses from any unfavourable commitments not disclosed by or reserved against it in the Original Financial Statements, the most recent delivered financial information or in the notes thereto. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | No material change. Since the date of the financial information most recently delivered to the Agent or the Lenders pursuant to Clause 21 (Information Undertakings), there has been no material adverse change in the business, operations, assets or condition (financial or otherwise) of the Obligors which might have a Material Adverse Effect. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | It has complied with all taxation laws in all jurisdictions where it is subject to taxation and has paid all Taxes and other amounts due to governments and other public bodies, save to the extent that (i) payment is being contested in good faith, (ii) adequate reserves have been maintained for those Taxes and (iii) payment can be lawfully withheld. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No claims are being asserted against it with respect to any Taxes or other payments due to public or governmental bodies which might be reasonably expected to have a Material Adverse Effect. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in the absolute ownership of the relevant Borrower, free and clear of all encumbrances (other than current crew wages and the relevant Mortgage) and, the respective Borrower is and will remain the sole, legal and beneficial owner of such Vessel; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | registered in the name of the relevant Borrower with an Approved Ship Registry; |
|--------|------|---------------------------------------------------------------------------------|

|   | (iii) | kept in a good, safe and efficient condition and state of repair consistent with prudent ownership and management practice; and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | classed with an Approved Classification Society, free of any material overdue conditions of class. |
|--------|------|----------------------------------------------------------------------------------------------------|

----

|   | (i) | It is in compliance with the provisions of all material laws, including without limitation all material Environmental Laws; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | no material Environmental Claims are pending or threatened against it and no incident, event or circumstance has occurred which may give rise to such material Environmental Claim or is reasonably likely, if determined against that Borrower, to have a Material Adverse Effect. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Each Obligor, and to the best of each Obligor’s knowledge, their respective directors, officers, employees, agents or representatives has been and is in compliance with Sanctions Laws. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No Obligor, and to the best of each Obligor’s knowledge, nor any of their respective directors, officers, employees, agents or representatives: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | is a Restricted Party, or is involved in any transaction through which it is likely to become a Restricted Party; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (ii) | is subject to or involved in any inquiry, claim, action, suit, proceeding or investigation against it with respect to Sanctions Laws. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | Each Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated by the Finance Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each Obligor is, and immediately upon giving effect to the transactions contemplated by the Finance Documents will be, Solvent. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the date of each Utilisation Request; |
|--------|-----|---------------------------------------|

|   | (b) | the first day of each Interest Period; and |
|--------|-----|--------------------------------------------|

|   | (c) | the date of each Compliance Certificate forwarded to the Agent pursuant to Clause 21.2 (Provision and contents of Compliance Certificate) (or, if no such Compliance Certificate is forwarded, on each day such certificate should have been forwarded to the Agent at the latest). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | as soon as they are available and public, but in any event within 120 days after the end of its financial year: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (i) | the audited consolidated financial statements of the Parent for that financial year; and |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (ii) | the unaudited financial statements of each Borrower for that financial year; |
|--------|------|------------------------------------------------------------------------------|

|   | (b) | as soon as they are available and public, but in any event within 90 days after each Quarter Date the unaudited consolidated financial statements of the Parent for that financial quarter; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | as soon as they are available, but in any event within 90 days after the end of its financial year, the financial projections of the Group on an annual basis; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any other financial information as the Agent may reasonably require (including with respect to Sanctions Laws). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (a) | The Parent (on behalf of itself and the Borrowers) shall supply a Compliance Certificate to the Agent with each set of the financial statements provided pursuant to Clause 21.1 (Financial statements) as at the date at which those financial statements were drawn up together with any relevant supporting documentation enabling the Lenders to determine and monitor the Obligors’ compliance with Clause 22 (Financial Covenants) and Clause 22.4 (Minimum Market Value). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The Compliance Certificate shall, amongst other things, set out (in reasonable detail) computations as to compliance with Clause 22 (Financial Covenants). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each Compliance Certificate shall be signed by the chief financial officer of the Parent. |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (a) | The Obligors shall procure that each set of financial statements delivered pursuant to Clause 21.1 (Financial statements) consists of balance sheets, profit and loss statements and for the Parent, consolidated cash flow statements. The Financial statements shall be prepared using the Accounting Principles, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If, during the Security Period and in relation to any set of financial statements, there has been a change in the Accounting Principles, or as a result of the introduction or implementation of any accounting standard or any change in the same or in any applicable law the Accounting Principles will have to be changed, the Parent shall notify the Agent in writing when becoming aware of such change. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If the Agent or the Parent believes that the financial covenants set out in Clause 22 (Financial Covenants) need to be amended as a result of any change, determination or requirement comprised by paragraph (b) above, the Parent and the Agent (acting on the instructions of the Required Lenders) shall negotiate in good faith to amend the existing financial covenants so as to provide the Finance Parties with substantially the same protection as follows from the financial covenants agreed in Clause 22 (Financial Covenants). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If the Parent and the Agent cannot agree such amended financial covenants within 30 days, the Parent shall procure that the auditors of the Parent deliver to the Agent: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a description of a change necessary for those financial statements to reflect the Accounting Principles, accounting practices and reference periods upon which the Original Financial Statements were prepared; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | sufficient information, in form and substance as may be reasonably required by the Agent in relation to such financial statements, in order to enable the Lenders to determine whether Clause 22 (Financial covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | Each Borrower shall (at its own expense) arrange for the Market Value of its Vessel to be determined, valued and reported to the Agent by delivering a Valuation Certificate: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | on a quarterly basis within 10 days of each Quarter Date; and/or |
|--------|-----|------------------------------------------------------------------|

|   | (ii) | upon the Agent’s request if an Event of Default has occurred and is continuing. |
|--------|------|---------------------------------------------------------------------------------------|

|   | (b) | If the Borrowers fail to arrange for determination of the Market Value after the occurrence of an Event of Default which is continuing, the Agent may (at the Borrowers’ expense) arrange for the Market Value of each of the Vessels to be determined and valued by Approved Brokers elected by the Agent. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The valuations provided pursuant to this Clause 21.4 (Market Valuation of the Vessels) shall be dated no more than thirty (30) days prior to being presented to the Agent. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | all documents dispatched by the relevant Obligor to its creditors generally at the same time as they are dispatched; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (b) | relevant details of any change of legal name, type or organisation or other material change to its articles of incorporation (to the extent allowed under the relevant Finance Documents); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | promptly upon becoming aware of them, relevant details of any material litigation, arbitration or administrative proceedings which are current, or to its knowledge threatened or pending against any of the Obligors; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | promptly upon becoming aware of them, relevant details of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanctions Laws by any Sanctions Authority against any member of the Group, any of the Obligors’ respective directors, officers or members of management as well as information on what steps are being taken with regards to answer or oppose such; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | promptly, such further information regarding the financial condition, business and operations of any member of the Group as any Finance Party (through the Agent) may reasonably request. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Promptly upon a request by the Agent, the Borrowers shall supply to the Agent a certificate signed by two of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (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 or its shareholders 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 the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent 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. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | cash in hand legally and beneficially owned by a member of the Group; and |
|--------|-----|---------------------------------------------------------------------------|

|   | (b) | cash deposits legally and beneficially owned by a member of the Group and which are deposited with (i) an Arranger (ii) any other deposit taking institution having a rating of at least A from Standard & Poor’s Rating Services or the equivalent with any other principal credit rating agency in the United States of America or Europe or (iii) any other bank or financial institution approved by the Agent, which in each case: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | is free from any Security Interest, other than pursuant to the Security Documents; |
|--------|-----|------------------------------------------------------------------------------------|

|   | (ii) | is otherwise at the free and unrestricted disposal of the relevant member of the Group by which it is owned; and |
|--------|------|------------------------------------------------------------------------------------------------------------------|

|   | (a) | any investments in marketable debt obligations issued or guaranteed by (i) a government or (ii) an instrumentality or agency of a government and in respect of (i) and (ii) having a short-term credit rating of either A-1 or higher by Standard & Poor’s Rating Services or the equivalent with any other principal credit rating agency in the United States of America or Europe, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | commercial paper (debt obligations) not convertible or exchangeable to any other security; |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (i) | for which a recognised trading market exists; |
|--------|-----|-----------------------------------------------|

|   | (ii) | which is issued by an issuer incorporated in the United States of America, the United Kingdom or Norway; |
|--------|------|----------------------------------------------------------------------------------------------------------|

|   | (iii) | which matures within one year after the relevant date of calculation; and |
|--------|-------|---------------------------------------------------------------------------|

|   | (iv) | which has a short-term credit rating of at least A-1 or higher by Standard & Poor’s Rating Services or the equivalent with any other principal credit rating agency in the United States of America or Europe; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any investment in money market funds which |
|--------|-----|--------------------------------------------|

|   | (i) | have a short-term credit rating of either A-1 or higher by Standard & Poor’s Rating Services or the equivalent with any other principal credit rating agency in the United States of America or Europe, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | which invest substantially all their assets in securities of the types described in paragraphs (a) to (b) above; and |
|--------|------|----------------------------------------------------------------------------------------------------------------------|

|   | (iii) | can be turned into Cash on not more than 5 Business Days’ notice; or |
|--------|-------|----------------------------------------------------------------------------|

|   | (d) | any other debt security approved by the Agent (acting on the instruction of the Required Lenders), |
|--------|-----|----------------------------------------------------------------------------------------------------|

----

|   | (iii) | receivables in relation to Tax; |
|--------|-------|---------------------------------|

|   | (iv) | exceptional items and other non-operating items; and |
|--------|------|------------------------------------------------------|

|   | (v) | insurance claims. |
|--------|-----|-------------------|

|   | (i) | the Market Value (in respect of the Vessels) or the market value as established in accordance with the procedure described in the definition of “Market Value” (in respect of other vessels), and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the book value of the relevant vessel. |
|--------|------|----------------------------------------|

----

|   | (a) | Equity Ratio |
|--------|-----|--------------|

|   | (b) | Net Worth |
|--------|-----|-----------|

|   | (c) | Working Capital |
|--------|-----|-----------------|

|   | (d) | Minimum Liquidity |
|--------|-----|-------------------|

|   | (i) | 6 % of the Funded Debt; or |
|--------|-----|----------------------------|

|   | (ii) | USD 20,000,000. |
|--------|------|-----------------|

----

|   | (a) | If at any time, the Parent or any Borrower shall agree to (or amend, or modify) any financial covenant with any of its creditors and such financial covenant is not contained in this Agreement or would be more beneficial to the Finance Parties than any analogous financial covenant contained in this Agreement, then: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Parent shall promptly inform the Agent thereof in reasonable detail; |
|--------|-----|--------------------------------------------------------------------------|

|   | (ii) | such additional financial covenant shall be deemed incorporated mutatis mutandis by reference into this Agreement, effective as of the date when such additional financial covenant became effective between the Parent and/or relevant Borrower(s) and its creditor(s); and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the Obligors shall enter into any additional agreement, amendment or addendum to this Agreement as reasonably requested by the Agent in order to evidencing the incorporation of such additional financial covenant. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any additional financial covenant incorporated into this Agreement shall: |
|--------|-----|---------------------------------------------------------------------------|

|   | (i) | remain unchanged herein notwithstanding any waiver of such additional financial covenant by the relevant creditor(s); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (ii) | be deemed automatically amended in this Agreement to reflect any subsequent amendments made to such additional financial covenant with the relevant creditor(s); and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | be deemed deleted from this Agreement at such time as such additional financial covenant is deleted or otherwise removed from the agreement between the relevant Obligor and its creditor(s). |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | obtain, comply with and do all that is necessary to maintain in full force and effect; and |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (ii) | supply certified copies to the Agent of, |
|--------|------|------------------------------------------|

----

|   | (i) | comply in all material respects with all laws or regulations applicable to its business and the operation of the Vessels, including all material Environmental Laws; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | implement procedures to monitor compliance with and to prevent liability under any Environmental Law; |
|--------|------|-------------------------------------------------------------------------------------------------------|

|   | (iii) | obtain, comply with and do all that is necessary to maintain in full force and effect any Environment Approvals; and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------|

|   | (iv) | comply with all Sanctions Laws. |
|--------|------|---------------------------------|

|   | (i) | such payment is being contested in good faith; and |
|--------|-----|----------------------------------------------------|

|   | (ii) | adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements delivered to the Agent under Clause ‎21.1 (Financial statements). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | The Parent shall remain the 100 % (direct or indirect) legal and beneficial owner of all shares and economic benefit of the other Obligors. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each Borrower will (from the relevant Utilisation Date if applicable) hold full legal title to and own the entire beneficial interest in its respective Vessel, and each Borrower will hold full legal title to and own the entire beneficial interest in the Insurances and the Earnings payable to it, free of any Security Interest and other encumbrances and rights of every kind, except for the Permitted Encumbrances. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Notwithstanding paragraphs (b) above, a Borrower may enter into an agreement for the voluntary sale of a Vessel at Market Value and on arm’s length terms for an immediate consideration payable in cash, always subject to compliance with Clause 7.4 (Total Loss or sale). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Except with the prior written consent of the Required Lenders, the Obligors will not, and shall procure that no other member of the Group will: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | enter into any merger or consolidation with any other company unless with another Group member; and |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (A) | each Obligor shall survive as a separate legal entity remaining bound in all respects by its obligations and liabilities under the Finance Documents; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the Borrowers will continue to be special purpose companies, owning only their relevant Vessel; or |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (ii) | demerge itself into any two or more companies. |
|--------|------|------------------------------------------------|

|   | (b) | Subject to paragraph (a) above, immediately upon a change to the ownership structure as set out in Schedule 9 (Structure Chart), the Parent shall advise the Agent of such change. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | None of the Borrowers shall incur, create or permit to subsist any Financial Indebtedness. |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (b) | The restrictions in paragraph (a) above do not apply to: |
|--------|-----|----------------------------------------------------------|

|   | (i) | Financial Indebtedness incurred pursuant to the Finance Documents; |
|--------|-----|--------------------------------------------------------------------|

----

|   | (ii) | the Existing Loans, provided however that the relevant Existing Loan is repaid by each Borrower following the relevant Borrower’s Utilisation of the Facility and that all Existing Loans are repaid within the expiry of the Availability Period; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Intra-Group Loans and guarantee advances from a member of the Group to the Borrowers on the conditions that all such Intra-Group Loans are subject to the Assignment of Intra-Group Loans and that all guarantee advances are subordinated and unsecured in a form and substance satisfactory to the Agent; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Financial Indebtedness incurred in the ordinary course of operating and maintaining the Vessel owned by such Borrower, and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------|

|   | (v) | other Financial Indebtedness consented to in writing by the Agent (acting upon instructions from the Required Lenders). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Subject to paragraph (a) above, each other member of the Group may incur, create or permit to subsist Financial Indebtedness as long as: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | after giving effect to any such incurrence of Financial Indebtedness, the Parent remains in compliance with the financial covenants set out in Clause 22 (Financial Covenants) going forward; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | no Default or Event of Default exists at the time of incurrence thereof or would result therefrom. |
|--------|------|----------------------------------------------------------------------------------------------------|

|   | (i) | Financial Support created pursuant to the Finance Documents; |
|--------|-----|--------------------------------------------------------------|

|   | (ii) | normal trade credits extended to its customers on normal commercial terms and in the ordinary course of its business; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

|   | (iii) | Financial Support in the form of Intra-Group Loans on the condition that such Intra-Group Loans are subject to the Assignment of Intra-Group Loans; and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | Financial Support consented to in writing by the Agent (acting upon instructions from the Required Lenders). |
|--------|------|--------------------------------------------------------------------------------------------------------------|

|   | (a) | No Obligor shall create or permit to subsist any Security Interest over any undertakings, property, assets, rights or revenues which are subject to the Security Documents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No Borrower 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 any 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) | The Parent shall not create or permit to subsist any Security Interest over the shares in Samco Shipholding Pte. Ltd. (including the right to receive dividend or any other legal or economic benefit arising out of the ownership of such shares). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The restrictions set out under paragraphs (a) – (c) above do not apply to: |
|--------|-----|----------------------------------------------------------------------------------|

|   | (v) | Security Interests granted pursuant to the Security Documents; |
|--------|-----|----------------------------------------------------------------|

|   | (vi) | any Permitted Encumbrances; or |
|--------|------|--------------------------------|

|   | (vii) | Security Interests consented to in writing by the Agent (acting upon instructions from the Required Lenders). |
|--------|-------|---------------------------------------------------------------------------------------------------------------|

|   | (i) | pay dividends (or make any other distributions to its shareholders), or |
|--------|-----|-------------------------------------------------------------------------|

|   | (ii) | buy-back its own common stock; or |
|--------|------|-----------------------------------|

|   | (iii) | enter into any derivative transactions having the same effect as a distribution; |
|--------|-------|----------------------------------------------------------------------------------|

|   | (A) | no Default is continuing or would result from the proposed transaction, and |
|--------|-----|-----------------------------------------------------------------------------|

|   | (B) | after giving effect to such transaction, the Parent and its Subsidiaries remain in full compliance with the provisions of this Agreement (including those set out in Clause 22 (Financial Covenants). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Each Borrower shall collect and credit all its Earnings to its respective Earnings Account, and open and maintain its Earnings Accounts with the Account Bank or as otherwise agreed to by the Agent. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No transfer shall be made from any Earnings Account when an Event of Default is in existence or anticipated (including, but not limited to, an expected breach of Clause 22.4 (Minimum Market Value)). |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | The Parent shall procure that there is no change of executive management of the Group without the prior written consent of the Required Lenders. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Each Obligor shall procure that: |
|--------|-----|----------------------------------|

|   | (i) | the Vessel Samco China shall remain employed under the Samco China Charter and the Samco China Charter shall not be terminated, cancelled or materially amended without the prior written consent of the Required Lenders; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the Managers continue to perform the management services for the Vessels; |
|--------|------|---------------------------------------------------------------------------|

|   | (iii) | none of the Management Agreements are materially amended, terminated, or waived without the prior written consent of the Required Lenders; and |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | none of the Managers’ Undertakings are materially amended, terminated, or waived, without the prior written consent of all the Lenders. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Vessels are registered with an Approved Ship Registry, classed by the Approved Classification Society and managed by the Managers; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | no change of name or flag of any of the Vessels shall be made without the prior written consent of the Required Lenders; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | no parallel registration of a Vessel in any ship registry (other than as already in force at the date of this Agreement as set out in Schedule 2 (Borrowers, Vessels and Tranches) shall be made without the prior written consent of the Required Lenders. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The Borrowers shall during the Security Period maintain or ensure that each of the Vessels is insured against such risks in terms of scope and to the extent as is usual for companies carrying on the same or substantially similar business, including Hull and Machinery, Protection & Indemnity (including maximum cover for oil pollution liability generally available in the market (currently USD 1,000,000,000)), Hull Interest and/or Freight Interest and War Risk (including blocking and trapping, confiscation, piracy, hijacking, terrorism and War Risk P&I) insurances, in such amounts and currencies, on an agreed value basis, on such terms (including the terms of the Nordic Marine Insurance Plan of 2013 (as amended)) and with such insurers or P&I associations and placed through insurance brokers as the Agent (in its discretion) shall reasonably approve as appropriate for an internationally reputable shipping company, but so that the Protection & Indemnity cover shall be taken out with a member of the International Group of P&I Clubs. The Borrowers shall seek the approval in writing of the Agent, acting on the instruction of all the Lenders, prior to placing any Insurances through any captive vehicle. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The value of the Hull and Machinery insurance of each Vessel shall at all times be at least eighty per cent. (80%) of the Market Value of each Vessel and the aggregate value of the Hull and Machinery insurance, Hull Interest insurance and/or Freight Interests insurance on each Vessel shall at all times be at least equal to or higher than the Market Value of that Vessel. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The aggregate value of the Hull and Machinery insurance of all the Vessel shall be equal to or higher than the Total Commitments, and the aggregate value of the Hull and Machinery insurance, Hull Interest insurance and Freight Interests insurance of all the Vessels shall at all times be at least equal to one hundred and twenty per cent. (120%) of the Total Commitments. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The Borrowers shall procure that the Security Agent (on behalf of the Finance Parties) is noted as first priority mortgagee and sole loss payee in the insurance contracts, together with the confirmation from the underwriters to the Agent that the notice of assignment with regards to the Insurances and the loss payable clauses (with a threshold amount of USD 1,000,000) are noted in the insurance contracts and that standard letters of undertaking confirming this are executed by the insurers, always provided that the evidence thereof is in form and substance satisfactory to the Agent in its discretion. The Borrowers shall, if so required by the Agent, provide the Finance Parties with details of terms and conditions of the Insurances and break down of insurers. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Not later than fourteen (14) days prior to the expiry date of the relevant Insurances, the Borrowers shall procure the delivery to the Agent of a certificate from the insurance broker(s) or the Insurers, confirming the Insurances referred to in sub-clause (a) above have been renewed and taken out in respect of the Vessels with insurance values as required by this Clause 24.2 (Insurances), that such Insurances are in full force and effect and that the Agent (on behalf of all the Finance Parties) has been noted as first priority mortgagee by the relevant insurers. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | If the Insurances have been taken out under the Nordic Marine Insurance Plan of 2013, the Borrowers shall procure that the interests of the Finance Parties are protected by way of the inclusion of section 8-4 of the Nordic Marine Insurance Plan of 2013, in the insurances for Hull and Machinery, Hull Interest, Freight Interest and War Risk. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The Agent shall effect (for the cost of the Borrowers) Mortgagee’s Interest Insurance (“MII”) and Mortgagee’s Additional Perils (Pollution) Insurance (“MAPI”) in respect of each Vessel in an aggregate amount of not less than one hundred and ten per cent. (110%) of the outstanding Loans under this Agreement through such insurers and on such terms as the Agent in its discretion may deem appropriate. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (h) | If any of the Insurances referred to in this Clause 24.2 (Insurances) form part of a fleet cover, the Borrowers shall procure that the insurers shall undertake to the Agent that they shall neither set-off against any claims in respect of any of the Vessels any premiums due in respect of other vessels under such fleet cover or any premiums due for other insurances, nor cancel this Insurance for reason of non-payment of premiums for other vessels under such fleet cover or of premiums for such other insurances, and shall undertake to issue a separate policy in respect of each of the Vessels if and when so requested by the Agent. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | The Borrowers shall procure that the Vessels are always employed in conformity with the terms of the instruments of Insurances (including any warranties expressed or implied therein) and comply with such requirements as to extra premium or otherwise as the insurers may prescribe. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | The Borrowers will not (and shall procure that no one else makes) any material change to the Insurances set out in this Clause 24.2 (Insurances) without the prior written consent of the Agent. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The Obligors shall ensure that the Vessels: |
|--------|-----|---------------------------------------------|

|   | (i) | are maintained and preserved in good working order and repair (fair wear and tear excepted) and operated in accordance with first class ownership practice and internationally recognized management standards; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | comply and shall procure that a charterer, the Managers and, if applicable, any replacement manager complies with the International Convention for the Safety of Life at Sea (SOLAS) 1974 as adopted, amended or replaced from time to time including, but not limited to, the STCW 95, the ISM Code (including, but not limited to, the maintenance and renewal of valid certificates pursuant thereto), the ISPS Code, Marpol and any other international maritime safety regulations and requirements relevant to the operation and maintenance of the Vessels. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Obligors shall upon request provide copies of certificates to the Agent evidencing compliance with paragraph (a) above as soon as the same become available. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The Obligors shall not: |
|--------|-----|-------------------------|

|   | (i) | employ any of the Vessels nor allow their employment in any manner contrary to law or regulation in any Relevant Jurisdiction; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | allow the employment of a Vessel, in the event of hostilities in any part of the world (whether war is declared or not), in any zone which is declared a war zone by any government or by the war risk insurers of any of the Vessels unless the relevant Borrower has (at its expense) effected any special, additional or modified insurance cover which shall be necessary or customary for good shipowners trading vessels within the territorial waters of such country at such time. The Obligors shall, upon request from the Agent, promptly provide evidence of such cover. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | the Vessels maintain their respective class at the highest level with an Approved Classification Society, free of any material overdue conditions of class; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | no change of class from that held by the respective Vessel at the date of this Agreement shall be undertaken for any Vessel unless with the prior consent of the Agent (acting on the instructions of the Required Lenders), which shall not be unreasonably withheld; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | following damage by casualty to a Vessel, carry out the appropriate repairs without undue delay; |
|--------|-------|--------------------------------------------------------------------------------------------------|

|   | (iv) | no modification of, or part removal in respect of a Vessel is carried out in a way that would materially diminish the value of the Vessel; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | none of the Vessels enter the territorial waters (12 nautical mile limit) of the United States of America unless a valid Certificate of Financial Responsibility as required by the United States Coast Guard has been obtained for that Vessel in advance. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The Obligors shall permit, and shall procure that any charterers and/or managers permit, one person appointed by the Agent to inspect the Vessels once each year for the account of the Borrower upon the Agent giving prior written notice. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Obligors shall, upon the Agent’s reasonable request, obtain copies of all class records in relation to the Vessels. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any accident to any of the Vessels involving repairs where the costs will or are likely to exceed USD 1,000,000 (or the equivalent amount in any other currency); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any material requirement or recommendation made by any insurer or classification society or by any competent authority which is not, or cannot be, promptly complied with; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any exercise or purported exercise of any capture, seizure, arrest or lien on any of the assets secured by the Security Documents; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | the occurrence of any material Environmental Claim against any of the Obligors or any of the Vessels, or any material incident, event or circumstance which may give rise to any such material Environmental Claim; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | any occurrence as a result of which any of the Vessels has become or is, by the passing of time or otherwise, likely to become a Total Loss. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (ii) | all tolls, taxes, dues, fines, penalties and other amounts charged in respect of any Vessel, its Insurances or Earnings; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | all other outgoings whatsoever in respect of any Vessel, its Insurances or Earnings, |
|--------|-------|--------------------------------------------------------------------------------------|

|   | (a) | its failure to pay is caused by administrative or technical error affecting the transfer of funds despite timely payment instructions by the Obligor; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | payment is made within three (3) Business Days of its due date. |
|--------|-----|-----------------------------------------------------------------|

|   | (a) | The Obligors do not comply with any provision of the Finance Documents, other than those set out in Clause 25.1 (Non-payment) and 25.2 (Compliance with Financial covenants, Laws and Insurances). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | No Event of Default under (a) above will occur if the failure to comply is capable of remedy and is remedied within ten (10) Business Days of the earlier of the Agent giving notice to the Borrowers or the Borrowers becoming aware of the failure to comply. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Any Financial Indebtedness of an Obligor is not paid when due nor within any originally applicable grace period. |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any Financial Indebtedness of an Obligor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any commitment for any Financial Indebtedness of an Obligor is cancelled or suspended by a creditor of that Obligor as a result of an event of default (however described). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Any creditor of an Obligor becomes entitled to declare any Financial Indebtedness of that Obligor due and payable prior to its specified maturity as a result of an event of default (however described). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | No Event of Default will occur under this Clause ‎25.6 (Cross default) if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above in respect of: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | each Borrower is no more than USD 1,000,000 (or its equivalent in any other currency or currencies); or |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (ii) | the Parent is no more than USD 5,000,000 (or its equivalent in any other currency or currencies). |
|--------|------|---------------------------------------------------------------------------------------------------|

|   | (a) | Any Obligor: |
|--------|-----|--------------|

|   | (i) | is unable or admits inability to pay its debts as they fall due; or |
|--------|-----|---------------------------------------------------------------------|

|   | (ii) | suspends or threatens to suspend making payments on any of its debts; or |
|--------|------|--------------------------------------------------------------------------|

|   | (iii) | by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The value of the assets of any Obligor is less than its liabilities (taking into account contingent and prospective liabilities). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A moratorium is declared in respect of any indebtedness of any Obligor. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Obligor; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a composition, compromise, assignment or arrangement with any creditor of any Obligor; |
|--------|------|----------------------------------------------------------------------------------------|

|   | (iii) | the appointment of a liquidator, receiver, administrative receiver, business rescue practitioner, administrator, compulsory manager or other similar officer in respect of any Obligor or any assets of an Obligor; or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | enforcement of any Security Interest over any assets of an Obligor, |
|--------|------|---------------------------------------------------------------------|

|   | (a) | It is or becomes unlawful or impossible for an Obligor to perform any of its obligations under the Finance Documents or any Security Interest created or expressed to be created or evidenced by the Security Documents ceases to be effective. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any obligation or obligations of the Obligors under any Finance Documents are not or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any Finance Document ceases to be in full force and effect or any Security Interest created or expressed to be created or evidenced by the Security Documents ceases to be legal, valid, binding, enforceable or effective or is alleged by a party to it (other than a Finance Party) to be ineffective. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | An Obligor suspends or ceases or threatens to suspend or cease to carry on its business. |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (b) | Any substantial part of an Obligor’s business or assets is destroyed, abandoned, seized, appropriated or forfeited or the authority or ability of any Obligor to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority, which in the opinion of the Agent will or could reasonably be expected to adversely affect the Obligors’ ability to perform its payment obligations under the Finance Documents. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Any document related to the Transaction is repudiated in any material respect which in the opinion of the Agent will or could reasonably be expected to adversely affect the Obligors’ ability to perform its payment obligations under the Finance Documents. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any claim for Insurances made by an Obligor is repudiated by an insurer following a Total Loss. |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (i) | cancel the Total Commitments whereupon they shall immediately be cancelled; |
|--------|-----|-----------------------------------------------------------------------------|

|   | (ii) | declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | declare that all or part of the Loans and all other amounts accrued or outstanding under the Finance Documents be payable on demand, whereupon they shall immediately become payable on demand by the Agent on the instructions of the Required Lenders; and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | take any other action, with or without notice to the Borrower, exercise any other right or pursue any other remedy conferred upon the Agent or the Finance Parties by any of the Finance Documents or by any applicable law or regulation as a consequence of such Event of Default which is continuing. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Subject to this Clause 26, a Lender (the “Existing Lender”) may: |
|--------|-----|------------------------------------------------------------------------------|

|   | (i) | assign or have assumed any of its rights; or |
|--------|-----|----------------------------------------------|

|   | (ii) | transfer any of its rights and obligations, |
|--------|------|---------------------------------------------|

|   | (b) | Any assignment or transfer shall be in a minimum amount of USD 10,000,000. |
|--------|-----|----------------------------------------------------------------------------|

|   | (a) | The consent of the Parent is required for any assignment or transfer by an Existing Lender, unless the assignment or transfer is: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | to another Lender or an Affiliate of a Lender; |
|--------|-----|------------------------------------------------|

|   | (ii) | to a reputable shipping bank or shipping financial institution with a minimum credit ration of “BBB” from Standard & Poor’s Rating Services or “Baa” from Moody’s Investor Services Limited; or |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | made at a time when an Event of Default is continuing. |
|--------|-------|--------------------------------------------------------|

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

|   | (i) | receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance Parties as it would have been under if it was an Original Lender; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the performance by the 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 Agent shall promptly notify to the Existing Lender and the New Lender. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A transfer will only be effective if the procedure set out in Clause 26.5 (Procedure for transfer) is complied with. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (d) | The Parent will be deemed to have given its consent for a transfer ten (10) Business Days after consent has been sought unless expressly refused within that period. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e) | 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, the Borrowers would be obliged to make a payment to the New Lender acting through its new Facility Office under Clause ‎14 (Increased Costs), |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Each New Lender, by executing the relevant Transfer Certificate or otherwise, confirms, for the avoidance of doubt, that the 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. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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 or any other 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 their 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 the Obligors and their related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (b) | The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied that the Existing Lender and the New Lender have complied with all necessary “know your customer” or similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | On the Transfer Date: |
|--------|-----|-----------------------|

|   | (i) | to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents and in respect of the Security Interest created by the Security Documents each of the Borrower and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the Security Interest created by the Security Documents and their respective rights against one another under the Finance Documents and in respect of the Security Interest created by the Security Documents shall be cancelled (being the “Discharged Rights and Obligations”); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as the Obligors and the New Lender have assumed and/or acquired the same in place of the Obligors and the Existing Lender; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the Agent, the Arrangers, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves and in respect of the Security Interest created by the Security Documents as they would have acquired and assumed had the New Lender been an Original Lender with the rights, and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arranger and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | the New Lender shall become a Party as a “Lender”. |
|--------|------|----------------------------------------------------------------|

|   | (a) | In addition to the other rights provided to the Lenders under this Clause 26 (Changes to the Lenders), each Lender may without consulting with or obtaining any consent from any Obligor, at any time charge, assign or otherwise create Security Interests in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Documents to secure obligations of that Lender including, without limitation: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (ii) | in connection with any securitisation, covered bond program or any similar or equivalent transaction; and |
|--------|------|-----------------------------------------------------------------------------------------------------------|

|   | (iii) | in the case of any Lender which is a fund, any charge, assignment or other Security Interest 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, |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | No charge, assignment or Security Interest granted pursuant to paragraph (a) above shall: |
|--------|-----|-------------------------------------------------------------------------------------------|

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

|   | (ii) | require any payments to be made by the Obligors 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. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date (“Accrued Amounts”) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six (6) months, on the next of the dates which falls at six (6) monthly intervals after the first day of that Interest Period); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts so that, for the avoidance of doubt: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Lender; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 26.8, have been payable to it on that date, but after deduction of the Accrued Amounts. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | No Obligor may: |
|--------|-----|-----------------|

|   | (i) | assign any of its rights; or |
|--------|-----|------------------------------|

|   | (ii) | transfer any of its rights or obligations |
|--------|------|-------------------------------------------|

|   | (b) | A Hedging Agreement may nonetheless be assigned, transferred or novated without the prior written consent of the Lenders. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (a) | The Agent shall: |
|--------|-----|------------------|

----

|   | (i) | unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (B) | in all other cases, the Required Lenders; and |
|--------|-----|-----------------------------------------------|

|   | (ii) | not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above. |
|--------|------|----------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Agent shall be entitled to request instructions, or clarification of any instruction, from the Required Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion.  The Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Agent by the Required Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any Finance Document. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

|   | (d) | If the 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 other Finance Parties. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | (f) | The Agent shall only have those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | hold the Security Interest created by the Security Documents on behalf of the Finance Parties in accordance with their respective entitlements under the Finance Documents; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | deal with the assets subject to Security Interest pursuant to the Security Documents, |
|--------|-----|---------------------------------------------------------------------------------------|

|   | in accordance with this Clause 28 (Role of the Agency Banks and the Arrangers) and the other provisions of the Finance Documents. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Except as expressly stated to the contrary in any Finance Document, any moneys which the Security Agent receives or recovers pursuant to the Security Documents shall (without prejudice to the rights of the Security Agent under any Finance Document to credit any moneys received or recovered by it to any suspense account) be transferred to the Agent for application in accordance with Clause 31.2 (Distributions by the Agent) and Clause 31.5 (Partial payments). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Before transferring any moneys to the Agent, the Security Agent may deduct any sum then due and payable pursuant to this Agreement or any other Finance Document to the Security Agent or any receiver, representative, agent or other person appointed by it in connection with carrying out its duties as Security Agent. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | Nothing in this Agreement constitutes either of the Agency Banks or the Arrangers as trustees or fiduciaries of any other person. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Neither of the Agency Banks nor the Arrangers 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. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Each Agency Bank may rely on: |
|--------|-----|-------------------------------|

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

|   | (ii) | assume that: |
|--------|------|--------------|

|   | (A) | any instructions received by it from the Required Lenders, any group of Lenders or any Finance Party are duly given in accordance with the terms of the Finance Documents; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | unless it has received notice of revocation, that those instructions have not been revoked; and |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (iii) | rely on a certificate from any person: |
|--------|-------|----------------------------------------|

|   | (A) | as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (B) | to the effect that such person approves of any particular dealing, transaction step, action or thing, |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (b) | Each Agency Bank may assume (unless it has received notice to the contrary in its respective capacity as agents for the Finance Parties) that: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | no Default has occurred (unless it has actual knowledge of a Default arising under Clause 25.1 (Non-payment)); |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

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

----

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

|   | (c) | Each Agency Bank may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agency Banks may at any time engage and pay for the services of lawyers to act as independent counsel to the Agency Bank (and so separate from any lawyers instructed by the Lenders) if the Agency Banks in their reasonable opinion deems this to be necessary. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The Agency Banks may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the each of them or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of relying on such advice or services. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Each Agency Bank may act in relation to the Finance Documents through its officers, employees and agents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (g) | Unless a Finance Document expressly provides otherwise, each Agency Bank may disclose to any other Party any information it reasonably believes it has received in its capacity as agent or security agent under this Agreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Without prejudice to the generality of paragraph (g) above, the Agent: |
|--------|-----|------------------------------------------------------------------------|

|   | (i) | may disclose; and |
|--------|-----|-------------------|

|   | (ii) | shall, upon the written request of the Parent or the Required Lenders, as soon as reasonably practicable disclose, |
|--------|------|--------------------------------------------------------------------------------------------------------------------|

|   | (i) | Notwithstanding any other provision of any Finance Document to the contrary, no Agency Bank is 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 duty of confidentiality or render it liable to any person. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | Notwithstanding any other provision of any Finance Document to the contrary, neither of the Agency Banks nor any of the Arrangers is 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 duty of confidentiality or render it liable to any person. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | Notwithstanding any provision of any Finance Document to the contrary, no Agency Bank is obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing that the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, the Arrangers, an Obligor or any other person given 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; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | whether or not any Default has occurred; |
|--------|-----|------------------------------------------|

|   | (b) | as to the performance, default or any breach by any Party of its obligations under any Finance Document; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (c) | whether any other event specified in any Finance Document has occurred. |
|--------|-----|-------------------------------------------------------------------------|

|   | (a) | Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agency Banks), the Agency Banks will not be liable for: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, 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, other than by reason of its gross negligence or wilful misconduct; or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation, for negligence or any other category of liability whatsoever  but not including any claim based on the fraud of the Agent) arising as a result of: |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | any act, event or circumstance not reasonably within its control; or |
|--------|-----|----------------------------------------------------------------------|

|   | (B) | the general risks of investment in, or the holding of assets in, any jurisdiction, |
|--------|-----|------------------------------------------------------------------------------------|

----

|   | (b) | No Party (other than the respective Agency Bank) may take any proceedings against any officer, employee or agent of the Agency Banks in respect of any claim it might have against any of the Agency Banks or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee and agent of the Agency Banks may rely on this Clause. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The Agency Banks 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 the respective Agency Bank if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agency Bank for that purpose. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Nothing in this Agreement shall oblige either Agency Bank or Arranger to carry out: |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (i) | any “know your customer” or other checks in relation to any persons; or |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (ii) | any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Finance Party |
|--------|------|-------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Without prejudice to any provision of any Finance Document excluding or limiting the Agency Banks’ liability, any liability of either Agency Bank arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the relevant Agency Bank or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the respective Agency Bank at any time which increase the amount of that loss. In no event shall any Agency Bank be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agency Banks has been advised of the possibility of such loss or damages. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | An Agency Bank may resign and appoint one of its Affiliates acting through an office as successor by giving notice to the other Finance Parties and the Borrowers (or the Parent on their behalf). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Alternatively an Agency Bank may resign by giving notice to the other Finance Parties and the Borrowers (or the Parent on their behalf), in which case the Required Lenders (after consultation with the Borrowers) may appoint a successor Agent or Security Agent as applicable. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If the Required Lenders have not appointed a successor Agent or Security Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the Agent (after consultation with the Borrowers or the Parent on their behalf) may appoint a successor Agent or Security Agent. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If an Agency Bank wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and that Agency Bank is entitled to appoint a successor Agency Bank under paragraph (c) above, the Agency Bank may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agency Bank to become a party to this Agreement) agree with the proposed successor Agent or Security Agent (as applicable) amendments to this Clause 28 (Role of the Agency Banks and the Arrangers) and any other term of this Agreement dealing with the rights or obligations of the Agent or the Security Agent consistent with then current market practice for the appointment and protection of corporate agents together with any reasonable amendments to the agency fees payable under this Agreement which are consistent with the successor Agency Bank’s normal fee rates and those amendments will bind the Parties. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The retiring Agent or Security Agent shall make available to the successor Agent or Security Agent such documents and records and provide such assistance as the successor may reasonably request for the purposes of performing its functions as Agent or Security Agent under the Finance Documents. The Parent shall, within three (3) Business Days of demand, reimburse the retiring Agent for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records and providing such assistance. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | An Agency Bank’s resignation notice shall only take effect upon the appointment of a successor. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (g) | Upon the appointment of a successor, the retiring Agency Bank shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the benefit of Clause 15.3 (Indemnity to the Agency Banks) and this Clause 28 (and any agency fees for the account of the retiring Agency Bank shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (h) | After consultation with the Parent, the Required Lenders may, by notice to the Agent, require it to resign in accordance with paragraph (b) above.  In this event, the Agent shall resign in accordance with paragraph (b) above. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor 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 Agent under the Finance Documents, either: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Agent fails to respond to a request under Clause 13.5 (FATCA Information) and the Parent or a Lender reasonably believes that the 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 Agent pursuant to Clause 13.5 (FATCA Information)  indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (a) | In acting for the Finance Parties the Agency Bank 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 another division or department of an Agency Bank other than that division or department responsible for complying with the obligations assumed by that Agency Bank under the Finance Documents, such information may be treated as confidential to that division or department and the Agency Bank shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The Agent may treat the person shown in its records as Lender at the opening of business (in the place of the 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 Finance Party shall supply the Agency Banks with any information that it may reasonably specify as being necessary or desirable to enable each Agency Bank to perform its functions under the Finance Documents. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Any Finance Party may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Finance Party under the Finance Documents. Such notice shall contain the address, fax number and electronic mail address and/or any other information required to enable the sending and receipt of information by that or other electronic means in accordance with Clause 33.4 (Electronic communication) (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address, department and officer by that Lender for the purposes of Clause 33.2 (Addresses) and Clause 33.4 (Electronic communication) and the 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 Finance Party. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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 any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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, 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 |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the adequacy, accuracy or completeness of any information provided by the Agent, any Party 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. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (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. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or recovery to the Agent; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the 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 Agent and distributed in accordance with Clause 31 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 31.5 (Partial payments). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | On a distribution by the Agent under Clause 30.2 (Redistribution of payments), the Recovering Finance Party will be subrogated to the rights of the Finance Parties which have shared in the redistribution. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph (a) above, the relevant Obligor shall be liable to the Recovering Finance Party for a debt equal to the Sharing Payment which is immediately due and payable. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | each Finance Party which has received a share of the relevant Sharing Payment pursuant to Clause 30.2 (Redistribution of payments) shall, upon request of the Agent, pay to the Agent for 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); and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that Recovering Finance Party’s rights of subrogation in respect of any reimbursement shall be cancelled and the relevant Obligor will be liable to the reimbursing Finance Party for the amount so reimbursed. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | This Clause 30 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. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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 the same available to the 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 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 in the principal financial centre of the country of that currency with such bank as the Agent specifies. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Unless an Event of Default has occurred and is continuing, this Clause 31.1 (Payments to the Agent) does not apply to payments by an Obligor under a Hedging Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | Where a sum is to be paid to the Agent under the Finance Documents for another Party, the 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) | Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to be the case that the 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 Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | If the Agent is willing to make available amounts for the account of a Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Agent shall notify the Parent of that Lender’s identity and the Borrower to whom that sum was made available shall on demand refund it to the Agent; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower to whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the 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 the Agency Banks under the Finance Documents; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | secondly, in or towards payment pro rata of any accrued interest, fees or commission due but unpaid under the Finance Documents; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | thirdly, in or towards payment pro rata of any principal payments due but unpaid under the Facility; |
|--------|-------|------------------------------------------------------------------------------------------------------|

|   | (iv) | fourthly, in or towards payment pro rata of any other sum due but unpaid under the Hedging Agreements; and |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | (v) | fifthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (b) | The Agent shall, if so directed by all the Finance Parties, vary the order set out in paragraphs (a) (ii) to (v) above. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Paragraphs (a) and (b) above will override any appropriation made by an Obligor. |
|--------|-----|----------------------------------------------------------------------------------|

|   | (a) | Any payment under the Finance Documents 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 Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Any amount payable under or pursuant to this Agreement, except as otherwise provided for herein, in USD; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (b) | all payments of costs and Taxes in the currency in which the same were incurred. |
|--------|-----|----------------------------------------------------------------------------------|

|   | (a) | Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Parent); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Company) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the Agent may, and shall if requested to do so by the Parent, consult with the Parent with a view to agreeing such changes to the operation or administration of the Facility as the Agent may deem necessary in the circumstances; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the Agent shall not be obliged to consult with the Parent in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | any such changes agreed upon by the Agent and the Parent shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 37 (Amendments and Waivers); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 31.10 (Disruption to payment systems etc.); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. |
|--------|-----|---------------------------------------------------------------------------------------------------|

----

|   | (a) | if by letter, when delivered at the address of the relevant Party; and |
|--------|-----|------------------------------------------------------------------------|

|   | (b) | if by e-mail or telefax, when received in legible form in accordance with Clause 33.4 (Electronic communication); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (a) | Any communication or document to be made under or in connection with the Finance Documents shall be made or delivered to the address, e-mail address and telefax number of each Party and marked for the attention of the department or persons set out below: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | Any communication to be made between the Agent, a Lender and the Obligors under or in connection with the Finance Documents may be made by electronic mail or other electronic means, if the Agent, the relevant Lender and the Obligors (as the case may be): |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | agree that, unless and until notified to the contrary, this is to be an accepted form of communication; |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (ii) | 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 |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | notify each other of any change to their address or any other such information supplied by them. |
|--------|-------|--------------------------------------------------------------------------------------------------|

|   | (b) | Any electronic communication made between the Agent, a Lender and the Obligors will be effective only when actually received in readable form and in the case of any electronic communication made by a Lender or the Obligors to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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 Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | Subject to Clause 37.2 (All Lender matters) and Clause 37.3 (Other exceptions), any term of the Finance Documents may be amended or waived only with the consent of the Required Lenders and the Obligors and any such amendment or waiver will be binding on all Parties. A Hedging Agreement may nonetheless be amended without the prior written consent of the Agent or the Required Lenders. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 37 (Amendments and waivers). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the definition of “Required Lenders” in Clause 1.1 (Definitions); |
|--------|-----|-------------------------------------------------------------------------------|

|   | (ii) | an extension to the date of payment of any amount under the Finance Documents; |
|--------|------|--------------------------------------------------------------------------------|

|   | (iii) | a reduction in the Applicable Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | an increase in any Commitment, an extension of the Availability Period or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably under the Facility; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | a change to the Borrowers or Guarantors other than in accordance with Clause 27 (Changes to the Obligors); |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (vi) | any provision which expressly requires the consent of all the Lenders; |
|--------|------|------------------------------------------------------------------------|

|   | (vii) | Clause 2.2 (Finance Parties’ rights and obligations), Clause 26 (Changes to the Lenders), Clause 30 (Sharing among the Finance Parties), Clause 40 (Governing Law), Clause 41 (Enforcement) or this Clause 37 (Amendment and waivers); |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (viii) | release of any Security Interest created by the Security Documents unless permitted under the Finance Documents or undertaken by the Agent acting on instruction of the Required Lenders following an Event of Default which is continuing; or |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ix) | any change to the scope of the Guarantee Obligations or the Security Interest granted pursuant to any Security Document; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------|

|   | (a) | An amendment or waiver which relates to the rights or obligations of any Agency Bank or the Arrangers may not be effected without the consent of such Agency Bank or the Arrangers. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Borrowers shall (for their own cost) have the right, in the absence of a Default or Event of Default, to replace any Lender that refuses to consent to certain amendments or waivers under the Finance Documents which expressly require the consent of such Lender and which have been approved by the Required Lenders. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within [ten (10)] Business Days of that request being made; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | any Lender which is not a Defaulting Lender fails to respond to such a request (other than an amendment, waiver or consent referred to in Clause 37.2(ii), 37.2(iii) and 37.2(iv) (All Lender matters)) or such a vote within [fifteen (15)] Business Days of that request being made, |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the Facility when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that request; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | For so long as a Defaulting Lender has any Available Commitment, in ascertaining: |
|--------|-----|-----------------------------------------------------------------------------------|

|   | (i) | the Required Lenders; or |
|--------|-----|--------------------------|

|   | (ii) | whether: |
|--------|------|----------|

----

|   | (A) | any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under the Facility; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the agreement of any specified group of Lenders, |
|--------|-----|--------------------------------------------------|

|   | (b) | For the purposes of this Clause ‎37.5 (Disenfranchisement of Defaulting Lenders), the Agent may assume that the following Lenders are Defaulting Lenders: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | any Lender which has notified the Agent that it has become a Defaulting Lender; |
|--------|-----|---------------------------------------------------------------------------------|

|   | (ii) | any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b), (c) or (d)  of the definition of “Defaulting Lender” has occurred, |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The Borrowers shall have the right, in the absence of a Default or an Event of Default, to replace any Lender that requires prepayment in accordance with Clause 7.1 (Illegality) or charges a material amount in excess of that being charged by the other Lenders with respect to contingencies described in Clause 13 (Tax gross-up and indemnities) and Clause 14 (Increased Costs). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If any Lender becomes a Defaulting Lender, then the Parent may, on 10 Business Days’ prior written notice to the Agent and such Lender, replace such Lender by requiring such Lender (and, to the extent permitted by law, such Lender shall) to transfer its rights and obligations under this Agreement to a replacement lender (a “Replacement Lender”) in accordance with Clause 26.1 (Assignment and transfers by the Lenders), and subject to the following conditions: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Parent shall have no right to replace the Agent; |
|--------|-----|------------------------------------------------------|

|   | (ii) | neither the Agent nor the Defaulting Lender shall have any obligation to the Parent to find a Replacement Lender; |
|--------|------|-------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the transfer must take place no later than 14 days after the notice referred to in this paragraph (b); |
|--------|-------|--------------------------------------------------------------------------------------------------------|

|   | (iv) | in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents; and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (v) | the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to this paragraph (b) once it is satisfied that it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to that transfer to the Replacement Lender. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (b) above and shall notify the Agent and the Parent when it is satisfied that it has complied with those checks. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and representatives such Confidential Information as that Finance Party shall 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 or which succeeds (or which may potentially succeed) it as Agent and, in each case, 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 28.19 (Relationship with the Lenders)); |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iv) | who invests in or otherwise finances (or may potentially invest in or otherwise finance), 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, arbitration, administrative or other investigations, proceedings or disputes; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security Interest (or may do so) pursuant to Clause 26.7 (Security over Lenders’ rights); |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | who is a Party; or |
|--------|--------|--------------------|

|   | (ix) | with the consent of the Parent; |
|--------|------|---------------------------------|

|   | (A) | has either entered into a Confidentiality Undertaking; or |
|--------|-----|-----------------------------------------------------------|

|   | (B) | is a professional adviser subject to professional obligations to maintain the confidentiality of the Confidential Information; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (C) | is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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 into a Confidentiality Undertaking or such other form of confidentiality undertaking agreed between the Parent and the relevant Finance Party; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more Obligors the following information: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | names of Obligors; |
|--------|-----|--------------------|

|   | (ii) | country of domicile of Obligors; |
|--------|------|----------------------------------|

|   | (iii) | place of incorporation of Obligors; |
|--------|-------|-------------------------------------|

|   | (iv) | date of this Agreement; |
|--------|------|-------------------------|

|   | (v) | Clause 40 (Governing law); |
|--------|-----|----------------------------|

|   | (vi) | the names of the Agent and the Arrangers; |
|--------|------|-------------------------------------------|

|   | (vii) | date of each amendment and restatement of this Agreement; |
|--------|-------|-----------------------------------------------------------|

|   | (viii) | amounts of any Tranches of and the Total Commitments of the Facility; |
|--------|--------|-----------------------------------------------------------------------|

|   | (ix) | currency of the Facility; |
|--------|------|---------------------------|

|   | (x) | type of Facility; |
|--------|-----|-------------------|

|   | (xi) | ranking of the Facility; |
|--------|------|--------------------------|

|   | (xii) | Maturity Date; |
|--------|-------|----------------|

|   | (xiii) | changes to any of the information previously supplied pursuant to paragraphs (i) to (xii) above; and |
|--------|--------|------------------------------------------------------------------------------------------------------|

|   | (xiv) | such other information agreed between such Finance Party and the Parent, |
|--------|-------|--------------------------------------------------------------------------|

|   | (b) | The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each Obligor represents that none of the information set out in paragraphs (i) to (xiv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | The courts of Oslo, Norway, have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement) (a “Dispute”), and each of the Obligors accordingly submits to the non-exclusive jurisdiction of the Oslo District Court (Oslo tingrett). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | This Clause 41.1 (Jurisdiction) is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Without prejudice to any other procedure for service of process under any relevant law, each Obligor hereby: |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (i) | irrevocably appoints DHT Management AS, Norway as its process agent for service of process in relation to any proceedings before the Norwegian courts in connection with any Finance Document; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | agrees that a failure by the process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------|

----

| The Borrowers:                                                                                                                                 |   |                   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|
|                                                                                                                                           |   |                   |
| Samco Epsilon Ltd.,                                                                                                                       |   | Samco Delta Ltd.  |
| By:                                                                                                                                            |   |                   |   | By: |   |   |
| Name:                                                                                                                                          |   | Name:                  |
| Title:                                                                                                                                         |   | Title:                 |
|                                                                                                                                           |   |                   |
| Samco Eta Ltd.                                                                                                                                 |   | Samco Kappa Ltd.  |
| By:                                                                                                                                            |   |                   |   | By: |   |   |
| Name:                                                                                                                                          |   | Name:                  |
| Title:                                                                                                                                         |   | Title:                 |
|                                                                                                                                           |   |                   |
| Samco Theta Ltd.                                                                                                                          |   | Samco Iota Ltd.        |
| By:                                                                                                                                            |   |                   |   | By: |   |   |
| Name:                                                                                                                                          |   | Name:                  |
| Title:                                                                                                                                         |   | Title:                 |
|                                                                                                                                           |   |                   |
| DHT Condor Limited                                                                                                                        |   |                   |
|                                                                                                                                           |   |                   |
| SIGNED FOR AND ON BEHALF OFDHT CONDOR LIMITEDacting by its attorney,  in the presence of: Name of witness:Signature of witness: |   |                   |
|   The Parent:                                                                                                                        |   |                   |
|                                                                                                                                           |   |                   |
| DHT Holdings INC.                                                                                                                    |   |                   |
| By:                                                                                                                                            |   |                   |   |   |
| Name:                                                                                                                                          |   |                   |
| Title:                                                                                                                                         |   |                   |

----

| The Bookrunners and Underwriters:             |   |                       |
|-----------------------------------------------|--------|----------------------------|
|                                          |   |                       |
| DNB Bank ASA                             |   | Nordea Bank Norge ASA      |
| By:                                           |   |                       |   | By: |   |   |
| Name:                                         |   | Name:                      |
| Title:                                        |   | Title:                     |
|                                          |   |                       |
| Mandated Lead Arrangers:                      |   |                       |
|                                          |   |                       |
| DNB Bank ASA                             |   | DVB Bank SE, London Branch |
| By:                                           |   |                       |   | By: |   |   |
| Name:                                         |   | Name:                      |
| Title:                                        |   | Title:                     |
|                                          |   |                       |
| Nordea Bank Norge ASA                    |   |                       |
| By:                                           |   |                       |   |   |
| Name:                                         |   |                       |
| Title:                                        |   |                       |
|                                          |   |                       |
| Original Lenders:                             |   |                       |
|                                          |   |                       |
| DNB Bank ASA                             |   | Nordea Bank Norge ASA      |
| By:                                           |   |                       |   | By: |   |   |
| Name:                                         |   | Name:                      |
| Title:                                        |   | Title:                     |
|                                          |   |                       |
| DVB Bank SE, London Branch               |   |                       |
| By:                                           |   |                       |   |   |
| Name:                                         |   |                       |
| Title:                                        |   |                       |
|                                          |   |                       |
| As Hedge Counterparty:                        |   |                       |
|                                          |   |                       |
| Nordea Bank Finland plc., London Branch  |   |                       |
| By:                                           |   |                       |   |   |
| Name:                                         |   |                       |
| Title:                                        |   |                       |

----

| DNB Bank ASA             |   | DVB Bank SE, London Branch |
|-------------------------------|--------|----------------------------|
| By:                           |   |                       |   | By: |   |   |
| Name:                         |   | Name:                      |
| Title:                        |   | Title:                     |
|                          |   |                       |
|                          |   |                       |
|                          |   |                       |
| The Agent and Security Agent: |   |                       |
|                          |   |                       |
| Nordea Bank Norge AS     |   |                       |
| By:                           |   |                       |   |   |
| Name:                         |   |                       |
| Title:                        |   |                       |

----

| Name and contact details of each Original Lender:  | Commitment in USD:  |
|---------------------------------------------------------|--------------------------|
| DNB Bank ASA                                  | 113,500,0000        |
| Nordea Bank Norge ASA                         | 113,500,000         |
| DVB Bank SE, London Branch                    | 75,000,000          |
| Total:                                             | USD 302,000,000     |

----

| Borrower:                                                                                           | Vessel and Flag State:                                                                                     | Tranche amount:  |
|----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|-----------------------|
| Samco Epsilon Ltd., incorporated under the laws of Cayman Islands with organisation number 132064]  | Samco China, delivered in May 2007 with IMO number 9315161 and flying the flag of Marshall Islands(*).     | USD 36,672,406   |
| Samco Delta Ltd., incorporated under the laws of Cayman Islands with organisation number 132067     | Samco Europe, delivered in April 2007 with IMO number 9315159 and flying the flag of Marshall Islands.     | USD 36,672,406   |
| Samco Eta Ltd., incorporated under the laws of Cayman Islands with organisation number 213929       | Samco Amazon, delivered in Aug. 2011 with IMO number 9528794 and flying the flag of Marshall Islands(*).   | USD 48,645,673   |
| Samco Kappa Ltd., incorporated under the laws of Cayman Islands with organisation number 213860     | Samco Redwood, delivered in Oct. 2011 with IMO number 9528940 and flying the flag of Marshall Islands(*).  | USD 48,645,673   |
| Samco Theta Ltd., incorporated under the laws of Cayman Islands with organisation number 239259     | Samco Sundarbans, delivered in May 2012 with IMO number 9590876 and flying the flag of Marshall Islands.   | USD 51,314,001   |
| Samco Iota Ltd., incorporated under the laws of Cayman Islands with organisation number 239276      | Samco Taiga, delivered in Sept. 2012 with IMO number 9590888 and flying the flag of Marshall Islands.      | USD 51,314,001   |
| DHT Condor Limited incorporated under the laws of Hong Kong with organisation number 2091451        | DHT Condor, delivered in Nov. 2004 with IMO number 9289477 and flying the flag of Hong Kong.               | USD 28,735,841   |
| Total:                                                                                              |                                                                                                            | USD 302,000,000  |

----

|   | (a) | Certificate of Incorporation (or similar); |
|--------|-----|--------------------------------------------|

|   | (b) | Articles of Association, Memorandum of Association and/or By-laws (to the extent applicable in the relevant jurisdiction); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Updated Good Standing Certificate (or similar, to the extent applicable in the relevant jurisdiction) and a Marshall Islands certificate of Good Standing showing good standing as a Foreign Maritime Entity (to the extent applicable); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Resolutions passed at a board meeting of the relevant Obligor evidencing: |
|--------|-----|---------------------------------------------------------------------------|

|   | (i) | the approval of the terms of, and the transactions contemplated by, the Finance Documents to which it is a party; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the authorisation of its appropriate officer or officers or other representatives to execute the Finance Documents and any other documents necessary for the transactions contemplated by the Finance Documents on its behalf; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | in respect of each company subject to a Share Charge, and to the extent applicable or desirable; approval of the transfer of shares pursuant to the Share Charge, instructions of the updating of the share register, register of member or similar; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | To the extent applicable or desirable in any jurisdiction, shareholders resolution from or related to Obligors for the purpose of approving the terms of and entering into of the Finance Documents; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Power of Attorney (notarised and legalised if requested by the Agent); |
|--------|-----|------------------------------------------------------------------------|

|   | (g) | Certified true copies of valid proof of identity in respect of the persons signing on behalf of the relevant Obligor; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Director’ or Secretary’s Certificate for each Obligor evidencing the true copy of the corporate documents set out above. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Mortgages (including any deeds of covenants); |
|--------|-----|---------------------------------------------------|

|   | (ii) | the Assignments of Insurances; |
|--------|------|--------------------------------|

|   | (iii) | the Share Charges; |
|--------|-------|--------------------|

|   | (iv) | the Account Charges; |
|--------|------|----------------------|

----

|   | (v) | the Assignments of Intra-Group Loan; |
|--------|-----|--------------------------------------|

|   | (vi) | the General Assignments; |
|--------|------|--------------------------|

|   | (vii) | the Assignments of Charterparties; |
|--------|-------|------------------------------------|

|   | (viii) | the Assignments of Hedging Agreements; and |
|--------|--------|--------------------------------------------|

|   | (ix) | the Managers’ Undertakings. |
|--------|------|-----------------------------------|

|   | (a) | Any Fee Letter and evidence that all fees, costs and expenses referred to in Finance Documents as payable on or prior to the date of this Agreement, have or will be paid on its due date; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | an effective interest letter; |
|--------|-----|-------------------------------|

|   | (c) | evidence that the Transaction has been carried out in accordance with its terms. |
|--------|-----|----------------------------------------------------------------------------------|

|   | (d) | the Original Financial Statements; |
|--------|-----|------------------------------------|

|   | (e) | the financial model for the Group for 2014-2017; |
|--------|-----|--------------------------------------------------|

|   | (f) | a Compliance Certificate confirming that the Parent is in compliance with the financial covenants as set out in Clause 22 (Financial Covenants) and that no Default is continuing or will occur following the relevant Utilisation; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | a confirmation from the Borrowers that (a) since 31 December 2013, nothing shall have occurred (and neither the Agent nor any of the other Finance Parties shall have become aware of any condition or circumstance not previously known to it or them) which any of the Finance Parties shall determine has had, or could reasonably be expected to have, a Material Adverse Effect, and (b) there is currently not, and will not be, any conflict between the Finance Documents and any material agreement of the Borrowers; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | any “know your customer” documents as reasonably required by the Lenders; |
|--------|-----|---------------------------------------------------------------------------------------|

|   | (i) | any letters for appointment of process agent in any relevant jurisdiction pursuant to any Finance Document; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (j) | any other documents as reasonably requested by the Agent. |
|--------|-----|-----------------------------------------------------------|

----

|   | (i) | Norwegian law from Advokatfirmaet BAHR DA; |
|--------|-----|--------------------------------------------|

|   | (ii) | English law from Watson, Farley & Williams LLP, London; |
|--------|------|-------------------------------------------------------------|

|   | (iii) | Cayman Islands law from Maples and Calder; |
|--------|-------|--------------------------------------------|

|   | (iv) | Marshall Islands law from Watson Farley & Williams LLP, New York; |
|--------|------|-----------------------------------------------------------------------|

|   | (v) | Hong Kong law from Watson, Farley & Williams LLP, Hong Kong; |
|--------|-----|------------------------------------------------------------------|

|   | (vi) | Singapore law from Watson, Farley & Williams LLP, Singapore; |
|--------|------|------------------------------------------------------------------|

|   | (vii) | French law from Watson, Farley & Williams LLP, Paris; |
|--------|-------|-----------------------------------------------------------|

|   | (viii) | New York law from Watson, Farley & Williams LLP, New York; and |
|--------|--------|--------------------------------------------------------------------|

|   | (ix) | Such other favourable legal opinions as requested by the Agent. |
|--------|------|-----------------------------------------------------------------|

----

|   | (a) | the Security Documents listed in Part I of this Schedule 3; |
|--------|-----|-------------------------------------------------------------|

|   | (b) | any consents, notices of assignment and acknowledgements of those notices and any other ancillary documents as required by any of the Security Documents listed in Part I of this Schedule 3 (it being understood that the Borrowers shall use commercially reasonable efforts to obtain acknowledgements in relation to a Charterparty in such form as agreed with the Agent); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | any other Finance Document related to that Utilisation. |
|--------|-----|---------------------------------------------------------|

|   | (a) | Appraisal reports on the Market Value of the Vessel not being older than 30 days before the Utilisation Date evidencing compliance with Clause 22.4 (Minimum Market Value); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Certificate of ownership and encumbrances from the appropriate authorities showing the registered ownership of the Vessel; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (c) | An updated class certificate related to the Vessel from the relevant classification society, confirming that the Vessel is classed with the highest class in accordance with Clause 24.4 (Classification and repairs), free of material conditions of class; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Results of maritime registry searches with respect to the Vessel, which results shall be acceptable to the Agent; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (e) | Documents evidencing compliance with the ISM Code and ISPS Code; |
|--------|-----|------------------------------------------------------------------|

|   | (f) | Certificates from insurance brokers evidencing that the relevant Borrower has taken out insurances in accordance with Clause 24.2 (Insurances), including standard letters of undertaking from the insurers confirming the loss payable clauses; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The Insurance Report. |
|--------|-----|-----------------------|

|   | (a) | The Utilisation Request at least three (3) Business Days prior to the relevant Utilisation Date. |
|--------|-----|--------------------------------------------------------------------------------------------------|

----

|   | (b) | evidence that all fees, costs and expenses referred to in Finance Documents as payable prior to the relevant Utilisation Date, have or will be paid on its due date. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The prepayment notice for the relevant Existing Loan and an irrevocable payment instruction securing direct prepayment of such Existing Loan. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Executed legal opinions in form and substance satisfactory to the Agent (on behalf of all the Lenders) from lawyers appointed by the Agent on matters concerning all relevant jurisdictions as the Agent may require. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Any other documents as reasonably requested by the Agent. |
|--------|-----|-----------------------------------------------------------|

----

| From:  | [Borrower]  |
|--------|------------------|
| To:    | [Agent]     |
| Dated: |             |

| 1.     | We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.                                                                                                                                                                                                                          |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| 2.     | We wish to borrow a Loan on the following terms:                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
|   | Name of Borrower and Vessel:                                                                                                                                                                                                                                                                                                                                                                                                 | [●]/[●] |
|   | Proposed Utilisation Date:                                                                                                                                                                                                                                                                                                                                                                                                        | [●] (or, if that is not a Business Day, the next Business Day)  |
|   | Amount:                                                                                                                                                                                                                                                                                                                                                                                                                      | [●] or, if less, the Available Facility |
|   | Interest Period:                                                                                                                                                                                                                                                                                                                                                                                                                  | [●] |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| 3.     | We confirm that (i) each condition specified in Clause 4.2 (Conditions precedent for each Utilisation) is satisfied on the date of this Utilisation Request, (ii) each of the representations and warranties set out in Clause 20 (Representations) of the Agreement is true and correct; and (iii) no event or circumstances has occurred and is continuing which constitute or may constitute a Default or an Event of Default. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| 4.     | The proceeds of this Loan should be credited to [account].                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| 5.     | This Utilisation Request is irrevocable.                                                                                                                                                                                                                                                                                                                                                                                          |

|   | By:          |   |
|--------|--------------|--------|
|   | Name:   |
|   | Title:  |
|   | Company:     |

----

| From:  | [Borrower]  |
|-------------|------------------|
| To:    | [Agent]     |
| Dated:      |             |

| 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 refer to the Loan[s] with an Interest Period ending on [●]. |
|----|----------------------------------------------------------------------|

| 3. | We request that the next Interest Period for the above Loan[s] is [●]. |
|----|------------------------------------------------------------------------------|

| 4. | This Selection Notice is irrevocable. |
|----|---------------------------------------|

|   | By:                                  |   |
|--------|--------------------------------------|--------|
|   | Name:                           |
|   | Title:                          |
|   | Company: [Name of relevant Borrower] |

----

| To:          | Nordea Bank Norge ASA as Agent                                                                                 |
|--------------|---------------------------------------------------------------------------------------------------------------------|
| From:        | [The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New Lender”)  |
| Dated:  |                                                                                                                |

| 1. | We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We refer to Clause 26 (Changes to the Lenders): |
|----|-------------------------------------------------|

|   | (a) | The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender’s Commitment, rights and obligations referred to in the Schedule in accordance with Clause 26 (Changes to the Lenders). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The proposed Transfer Date is [●]. |
|--------|-----|------------------------------------------|

|   | (c) | The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 33.2 (Addresses) are set out in the Schedule. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in Clause 26.4 (Limitation of responsibility of Existing Lenders). |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | This Transfer Certificate 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 Transfer Certificate. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | This Transfer Certificate is governed by Norwegian law. |
|----|---------------------------------------------------------|

----

| I    | Existing Lender:                                                                  | [     ]  |          |
|-----------|----------------------------------------------------------------------------------------|----------------------------------------|--------------------|
| II   | New Lender:                                                                       | [     ]  |     |
| III  | Total Commitments of Existing Lender:  USD [     ]  |                              |
| IV   | Aggregate amount transferred:  USD [     ]          |                              |
| V    | Total Commitments of New Lender:  USD [     ]       |                              |
| VI   | Transfer Date:  [     ]                             |                              |

| Att:              | [               ]                           |
|-------------------|------------------------------------------------------------------------------------------------------------------------|
| Telefax no:  | + [                  ]  |

| Existing Lender:  |   | New Lender:  |
|------------------------|--------|-------------------|
| [●]         |   | [●]    |
| By:               |   |              | By: |   |
|                   |   |              |
| Name:             |   | Name:        |
| Title:            |   | Title:       |

| Agent:                       |        |
|-----------------------------------|-------------|
|                              |        |
| Nordea Bank Norge ASA   |        |
|                              |        |   |
| By:                               |        |   |
|                              | Name   |   |
|                              | Title  |   |
|                              |        |   |

----

| Name of Vessel:   | Quarterly instalment applicable when all Vessels are owned by the Borrowers:  | Quarterly instalment if 1 Group A Collateral Vessel is disposed of:  | Quarterly instalment if 2 Group A Collateral Vessels are disposed of:  | Quarterly instalment if 3 Group A Collateral Vessels are disposed of:  | Quarterly instalment if 4 Group A Collateral Vessels are disposed of:  |
|------------------------|------------------------------------------------------------------------------------|---------------------------------------------------------------------------|-----------------------------------------------------------------------------|-----------------------------------------------------------------------------|-----------------------------------------------------------------------------|
| Samco China       | 733 448                                                                       | 797 226                                                              | 873 153                                                                | 965 063                                                                | 1 078 600                                                              |
| Samco Europe      | 738 371                                                                       | 803 045                                                              | 880 138                                                                | 973 604                                                                | 1 089 279                                                              |
| Samco Amazon      | 726 055                                                                       |                                                                      |                                                                        |                                                                        |                                                                        |
| Samco Redwood     | 718 902                                                                       |                                                                      |                                                                        |                                                                        |                                                                        |
| Samco Sundarbans  | 733 057                                                                       |                                                                      |                                                                        |                                                                        |                                                                        |
| Samco Taiga       | 719 355                                                                       |                                                                      |                                                                        |                                                                        |                                                                        |
| DHT Condor        | 743 168                                                                       | 828 918                                                              | 937 038                                                                | 1 077 594                                                              | 1 267 758                                                              |
|                   | 5,112,356                                                                     |                                                                      |                                                                        |                                                                        |                                                                        |

----

| To:    | Nordea Bank Norge ASA as Agent |
|--------|--------------------------------|
|   |                           |
| From:  | [Parent]                       |
|   |                           |
| Dated: |                           |

| 1. | We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We confirm that the Parent is in compliance with the Financial Covenants set out in Clause 22.2 (Financial condition of the Parent) as follows: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Equity Ratio |
|--------|-----|--------------|

|   | (b) | Net Worth |
|--------|-----|-----------|

|   | (d) | Minimum Liquidity |
|--------|-----|-------------------|

|   | (i) | 6 % of the Funded Debt which at the relevant date was USD [               ], hence 6 % of the Funded Debt equals USD [               ]; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | USD 20,000,000. |
|--------|------|-----------------|

| 3. | We confirm that each Borrower is in compliance with the requirement set out in Clause 22.3 (Financial condition of each Borrower) to always maintain a Working Capital greater than zero as follows: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Name of Borrower:   | Working Capital in USD  |
|--------------------------|------------------------------|
| Samco Epsilon Ltd.  |                         |
| Samco Delta Ltd.    |                         |
| Samco Eta Ltd.      |                         |
| Samco Kappa Ltd.    |                         |
| Samco Theta Ltd.    |                         |
| Samco Iota Ltd.     |                         |
| DHT Condor Limited  |                         |

| 4. | We confirm that no Default is continuing and that the Repeating Representations are true and correct in all material respects as of the date hereof. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Enclosed are the relevant supporting documentation and calculations to ensure compliance with Clause 22 (Financial Covenants). |
|----|--------------------------------------------------------------------------------------------------------------------------------|

|   | Yours sincerely, |
|--------|------------------|

|   | For and on behalf of the Obligors: |
|--------|------------------------------------|

|   | By:                         |   |
|--------|-----------------------------|--------|
|   | Name:                  |
|   | Title:  CFO       |
|   | Company: DHT Holdings, Inc. |

----

| To:    | Nordea Bank Norge ASA as Agent |
|--------|--------------------------------|
|   |                           |
| From:  | [Parent]                       |
|   |                           |
| Dated: |                           |

| 1. | We refer to the Agreement. This is a Valuation Certificate. Terms defined in the Agreement have the same meaning when used in this Valuation Certificate. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We confirm that the aggregate Market Value of the Vessels which are subject to Security Interest under the Security Documents is [    ] % and is thereby in compliance with Clause 22.4 (Minimum Market Value) which sets out that the Minimum Market Value (if applicable taken together with additional security provided pursuant to Clause 7.6 (Collateral Maintenance Test) shall not fall below 135 %.  The Market Value for each Vessel is as follows: |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name of Vessel:   | Valuation from [Approved Broker]  | Valuation from [Approved Broker]  | Average Market Value:  |
|------------------------|----------------------------------------|----------------------------------------|-----------------------------|
| Samco China       |                                   |                                   |                        |
| Samco Europe      |                                   |                                   |                        |
| Samco Amazon      |                                   |                                   |                        |
| Samco Redwood     |                                   |                                   |                        |
| Samco Sundarbans  |                                   |                                   |                        |
| Samco Taiga       |                                   |                                   |                        |
| DHT Condor        |                                   |                                   |                        |

| 3. | Please see attached hereto relevant supporting documentation and calculations to ensure compliance with Clause 22.4 (Minimum Market Value). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | By:                        |   |
|--------|----------------------------|--------|
|   | Name:                 |
|   | Title: CFO            |
|   | Company: DHT Holdings Inc. |

----

----

| To:    | Nordea Bank Norge ASA as Agent and DHT Holdings Inc. as Parent |
|--------|----------------------------------------------------------------|
|   |                                                           |
| From:  | [the Increase Lender] (the “Increase Lender”)      |
|   |                                                           |
| Dated: |                                                           |

| 1. | We refer to the Agreement. This increase confirmation (the “Confirmation”) shall take effect as an “Increase Confirmation” for the purpose of the Agreement. Terms defined in the Agreement have the same meaning in this Confirmation unless given a different meaning in this Confirmation. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | We refer to Clause 2.3 (Increase) of the Agreement. |
|----|-----------------------------------------------------|

| 3. | The Increase Lender agrees to assume and will assume all of the obligations corresponding to the Commitment specified in the Appendix hereto (the “Relevant Commitment”) as if it was an Original Lender under the Agreement. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment is to take effect (the “Increase Date”) is [●]. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | On the Increase Date, the Increase Lender becomes party to the relevant Finance Documents as a Lender. |
|----|--------------------------------------------------------------------------------------------------------|

| 6. | The address, fax number and attention details for notices to the Increase Lender are set out in the Appendix. |
|----|---------------------------------------------------------------------------------------------------------------|

| 7.  | The Increase Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in paragraph (f) of Clause ‎2.3 (Increase). |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | This Confirmation 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 Confirmation. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | This Confirmation is governed by Norwegian law and subject to the jurisdiction of the Norwegian courts. |
|----|---------------------------------------------------------------------------------------------------------|

----

| [Increase Lender]  |
|-------------------------|
| By:                     |

| The Agent                  |
|--------------------------------------|
| By:                                  |   |   |
| Name:                                |
|                                 |
| Title:                          |
| Company: Nordea Bank Norge ASA  |

----

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