EX-4.22





 Exhibit 4.22 

US$52,625,589 
 FACILITY
AGREEMENT 
 Dated 18 July 2017 

for 
 ATHENA MARINE LLC

 APHRODITE MARINE LLC 

ARIS MARINE LLC 

ALEXANDER MARINE LLC 
 as
joint and several Borrowers 
 guaranteed by 

POSEIDON CONTAINERS HOLDINGS LLC 

arranged by 
 DVB BANK SE,
Amsterdam Branch 
 as Arranger 

with 
 DVB BANK SE, Amsterdam
Branch 
 acting as Facility Agent 

and 
 DVB BANK SE, Amsterdam
Branch 
 acting as Security Agent 

and 
 DVB BANK SE 

acting as Account Bank 
 relating
to 
 the refinancing of certain existing indebtedness 

secured on m.vs. “NEWYORKER”, “NIKOLAS”, “MAIRA” and “MARY” 

WATSON FARLEY 
 & 

WILLIAMS 












 Index 
  

							
	Clause	  	Page	 
		
	 Section 1 Interpretation
	  	 	5	 
	 1
	 	Definitions and Interpretation	  	 	5	 
	 Section 2 The Facility
	  	 	29	 
	 2
	 	The Facility	  	 	29	 
	 3
	 	Purpose	  	 	29	 
	 4
	 	Conditions of Drawdown	  	 	29	 
	 Section 3 Drawdown
	  	 	31	 
	 5
	 	Drawdown	  	 	31	 
	 Section 4 Repayment, Prepayment and Cancellation
	  	 	33	 
	 6
	 	Repayment	  	 	33	 
	 7
	 	Prepayment and Cancellation	  	 	34	 
	 Section
	 	5 Costs of Drawdown	  	 	37	 
	 8
	 	Interest	  	 	37	 
	 9
	 	Interest Periods	  	 	38	 
	 10
	 	Changes to the Calculation of Interest	  	 	39	 
	 11
	 	Fees	  	 	41	 
	 Section 6 Additional Payment Obligations
	  	 	42	 
	 12
	 	Tax Gross Up and Indemnities	  	 	42	 
	 13
	 	Increased Costs	  	 	46	 
	 14
	 	Other Indemnities	  	 	47	 
	 15
	 	Costs and Expenses	  	 	50	 
	 Section 7 Guarantee
	  	 	52	 
	 16
	 	Guarantee and Indemnity	  	 	52	 
	 Section
	 	8 Joint and Several Liability of Borrowers	  	 	55	 
	 17
	 	Joint and Several Liability of the Borrowers	  	 	55	 
	 Section
	 	9 Representations, Undertakings and Events of Default	  	 	57	 
	 18
	 	Representations	  	 	57	 
	 19
	 	Information Undertakings	  	 	63	 
	 20
	 	Financial Covenants	  	 	67	 
	 21
	 	General Undertakings	  	 	69	 
	 22
	 	Insurance Undertakings	  	 	75	 
	 23
	 	Post-Delivery Vessel Undertakings	  	 	81	 
	 24
	 	Security Cover	  	 	86	 
	 25
	 	Accounts and Application of Earnings	  	 	88	 
	 26
	 	Events of Default	  	 	90	 
	 Section 10 Changes to Parties
	  	 	95	 
	 27
	 	Changes to the Lenders	  	 	95	 
	 28
	 	Changes to the Transaction Obligors	  	 	99	 
	 Section 11 The Finance Parties
	  	 	100	 
	 29
	 	The Facility Agent, the Arranger and the Reference Banks	  	 	100	 
	 30
	 	The Security Agent	  	 	110	 
	 31
	 	Conduct of Business by the Finance Parties	  	 	124	 
	 32
	 	Sharing among the Finance Parties	  	 	124	 
	 Section 12 Administration
	  	 	126	 
	 33
	 	Payment Mechanics	  	 	126	 
	 34
	 	Set-Off	  	 	129	 
	 35
	 	Bail-In	  	 	129	 
	 36
	 	Notices	  	 	129	 
	 37
	 	Calculations and Certificates	  	 	131	 
	 38
	 	Partial Invalidity	  	 	131	 
	 39
	 	Remedies and Waivers	  	 	132	 














							
	 40
	 	Settlement or Discharge Conditional	  	 	132	 
	 41
	 	Irrevocable Payment	  	 	132	 
	 42
	 	Amendments and Waivers	  	 	132	 
	 43
	 	Confidentiality	  	 	134	 
	 44
	 	Confidentiality of Funding Rates and Reference Bank Quotations	  	 	138	 
	 45
	 	Counterparts	  	 	139	 
	 Section 13 Governing Law and Enforcement
	  	 	140	 
	 46
	 	Governing Law	  	 	140	 
	 47
	 	Enforcement	  	 	140	 

 Schedules 
  

					
	 Schedule 1 The Parties
	  	 	141	 
	 Part A The Obligors
	  	 	141	 
	 Part B The Original Lenders
	  	 	142	 
	 Part C The Servicing Parties
	  	 	143	 
	 Schedule 2 Conditions Precedent and Subsequent
	  	 	145	 
	 Part A Conditions Precedent to Initial Drawdown Request
	  	 	145	 
	 Part B Conditions Precedent to Disbursement of a Tranche
	  	 	147	 
	 Part C Conditions Subsequent
	  	 	149	 
	 Schedule 3 Requests
	  	 	150	 
	 Part A Drawdown Request
	  	 	150	 
	 Part B Selection Notice
	  	 	152	 
	 Schedule 4 Transfer Certificate
	  	 	154	 
	 Schedule 5 Form of Assignment Agreement
	  	 	156	 
	 Schedule 6
	  	 	158	 
	 Part A Compliance Certificate During the Waiver Period
	  	 	158	 
	 Part B Compliance Certificate after the Waiver Period
	  	 	159	 
	 Schedule 7 Timetables
	  	 	161	 
	 Schedule 8 Equity Contribution Dates and Amounts
	  	 	162	 
	 Schedule 9 VMC Surcharge Certificate
	  	 	163	 

 Execution 
  

					
	 Execution Pages
	  	 	165	 













 THIS AGREEMENT is made on 18 July 2017 

PARTIES 
  

	(1)	 ATHENA MARINE LLC, APHRODITE MARINE LLC, ARIS MARINE LLC and ALEXANDER MARINE LLC, each a
limited liability company formed in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as joint and several borrowers (the
“Borrowers” and each a “Borrower”) 


  

	(2)	 POSEIDON CONTAINERS HOLDINGS LLC, a limited liability company formed in the Marshall Islands
whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands, MH96960 (the “Guarantor”) 



 

	(3)	 DVB BANK SE, Amsterdam Branch as arranger (the “Arranger”) 



 

	(4)	 THE FINANCIAL INSTITUTIONS listed in Part B of Schedule 1 (The Parties) as lenders
(the “Original Lenders”) 


  

	(5)	 DVB BANK SE, Amsterdam Branch as agent of the other Finance Parties (the “Facility
Agent”) 


  

	(6)	 DVB BANK SE, Amsterdam Branch as security agent for the Creditor Parties (the “Security
Agent”) 


  

	(7)	 DVB BANK SE, acting through its office at Platz der Republik 6, 60325, Frankfurt/Main, Germany as
account bank (the “Account Bank”) 


 OPERATIVE PROVISIONS 












 SECTION 1 

INTERPRETATION 
  

	1	 DEFINITIONS AND INTERPRETATION 



 

	1.1	 Definitions 



In this Agreement: 

“ABN Facility Agreement” means the loan or credit facility agreement entered or to be entered into by any member
of the Group with, inter alia, ABN Amro Bank N.V. to refinance the Existing ABN Amro Facility Agreement on the relevant Refinancing Date. 

“Account Bank” means DVB Bank SE acting through its office at Platz der Republik 6, 60325, Frankfurt/Main,
Germany. 
 “Accounts” means: 
  

	 	(a)	 the Earnings Accounts; and 



 

	 	(b)	 with the express written consent of the Facility Agent, any other accounts opened by a Borrower with the
Account Bank, the Facility Agent or the Security Agent for the purpose of the Finance Documents. 


 “Account
Security” means a document creating Security over any Account in agreed form. 
 “Advance”
means a borrowing of all or any part of a Tranche under this Agreement. 
 “Affiliate” means, in relation
to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. 

“Approved Broker” means any firm or firms of insurance brokers approved in writing by the Facility Agent, acting
with the authorisation of the Lenders. 
 “Approved Classification” means, in relation to a Vessel, as at the
date of this Agreement, (i) in respect of Vessel A and Vessel B, ± AUT-UMS ICE INWATERSURVEY MON-SHAFT and (ii) in respect of Vessel C, ± AUT-UMS; ICE; INWATERSURVEY; LSF n=0,l%; MON-SHAFT and (iii) in respect of Vessel D, ± AUT-UMS; BWM-E - sequential; INWATERSURVEY; LASHING; MON-SHAFT; ROUTE DEPENDENT LASHING, each with the relevant Approved Classification Society or the equivalent classification with another Approved Classification Society.

 “Approved Classification Society” means, in relation to a Vessel, as at the date of this Agreement, RINA or
any other classification society approved in writing by the Facility Agent acting with the authorisation of the Lenders. 

“Approved Commercial Manager” means, in relation to a Vessel, as at the date of this Agreement, Conchart
Commercial Inc., a corporation incorporated and existing under the laws of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as commercial manager or any
other person approved in writing by the Facility Agent, acting with the authorisation of the Lenders, as the commercial manager of that Vessel. 

“Approved Flag” means, in relation to a Vessel, as at the date of this Agreement, the flag of Liberia, the
Marshall Islands, Panama, Bahamas or Isle of Man or such other flag approved in writing by the Facility Agent acting with the authorisation of the Lenders. 

“Approved Manager” means the Approved Commercial Manager and/or the Approved Technical Manager. 

  
 5 













 “Approved Technical Manager” means, in relation to a Vessel,
as at the date of this Agreement, Technomar Shipping Inc., a corporation incorporated and existing under the laws of the Republic of Liberia, having its registered office at 80 Broad Street, Monrovia, Liberia and each with management office at 3-5 Menandrou Street, Kifissia 145 61, Athens, Greece as technical manager or any other person approved in writing by the Facility Agent, acting with the authorisation of the Lenders, as the technical manager of
that Vessel. 
 “Approved Valuer” means any one of Clarkson Platou, Maritime Strategies International Ltd.
(MSI), Kontiki Marine and Howe Robinson and any other firm or firms of independent sale and purchase shipbrokers approved in writing by the Facility Agent, acting with the authorisation of the Lenders. 

“Arrangement Fee” means the fee set out in Clause 11.1 (Arrangement fee). 

“Assignable Charter” means, in relation to a Vessel, any Charter in respect of that Vessel having a duration of
12 months or more (or capable of exceeding, by virtue of any optional extensions or renewals), a duration of 12 months) on terms approved in writing by the Facility Agent (acting with the authorisation of the Majority Lenders), such approval not to
be unreasonably withheld. 
 “Assignment Agreement” means an agreement substantially in the form set out in
Schedule 5 (Form of Assignment Agreement) or any other form agreed between the relevant assignor and assignee. 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation,
legalisation or registration. 
 “Availability Period” means, in relation to a Tranche, the period from and
including the date of this Agreement to and including the date falling on the earlier of: 
  

	 	(a)	 15 July 2017 (or such later date as the Facility Agent may, acting upon the instructions of the Majority
Lenders (acting in their sole and absolute discretion) agree with the Borrowers); and 


  

	 	(b)	 the date on which that Available Tranche, or any part thereof, is fully borrowed, cancelled or terminated in
accordance with the terms of this Agreement. 


 “Available Commitment” means a Lender’s Commitment
minus: 
  

	 	(a)	 the amount of its participation in the outstanding Loan; and 



 

	 	(b)	 in relation to a proposed Drawdown, the amount of its participation in any Advance that is due to be made on or
before that proposed Drawdown Date. 


 “Available Tranche” means, in relation to a Tranche, the aggregate
for the time being of each Lender’s Available Commitment in respect of that Tranche. 

“Bail-In Action” means the exercise of any Write-down and Conversion Powers. 

“Bail-In Legislation” means: 

 

	 	(a)	 in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of
Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation
Schedule from time to time; and 



  
 6 














	 	(b)	 in relation to any other state, any analogous law or regulation from time to time which requires contractual
recognition of any Write-down and Conversion Powers contained in that law or regulation. 


 “Borrower”
means each of Borrower A, Borrower B, Borrower C and Borrower D and, in the plural, it means all of them. 
 “Borrower A”
means Athena Marine LLC, a limited liability company formed in the Marshall Islands, whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Islands, MH96960, Majuro, Marshall Islands; 

“Borrower B” means Aphrodite Marine LLC, a limited liability company formed in the Marshall Islands, whose registered office
is at Trust Company Complex, Ajeltake Road, Ajeltake Islands, MH96960, Majuro, Marshall Islands; 
 “Borrower C” means Aris
Marine LLC, a limited liability company formed in the Marshall Islands, whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Islands, MH96960, Majuro, Marshall Islands; 

“Borrower D” means Alexander Marine LLC. a limited liability company formed in the Marshall Islands, whose registered office
is at Trust Company Complex, Ajeltake Road, Ajeltake Islands, MH96960, Majuro, Marshall Islands; 
 “Borrowers’ Minimum
Liquidity Amount” shall have the meaning set out in Clause 20.1 (Borrowers’ Minimum liquidity). 

“Break Costs” means the amount (if any) by which: 

(a) 
  

	 	(i)	 the interest which a Lender should have received pursuant to the terms of this Agreement for the period from
the date of receipt of all or any part of its participation in the Loan or an Unpaid Sum to the last day of the current Interest Period in relation to the Loan, the relevant part of the Loan or that Unpaid Sum, had the principal amount or Unpaid Sum
received been paid on the last day of that Interest Period 


 exceeds 

 

	 	(ii)	 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; or 



 

	 	(b)	 where a Lender is providing a fixed interest rate under Clause 8.3 (Fixed rate of
interest) and only for the period for which the fixed rate of interest shall apply, together with any claim, expense, liability or loss incurred by a Lender in terminating, or otherwise in connection with, any interest and/or currency
swap or any other transaction entered into (whether with another legal entity or with another office or department of the Lender concerned) to hedge any exposure in connection with the Lender providing a fixed interest rate under Clause 8.3
(Fixed rate of interest) or that part which the Lender concerned determines is fairly attributable to this Agreement of the amount of the claim, expense, liability or loss incurred by it in terminating, or otherwise in
connection with, a number of transactions for which this Agreement is one. 



  
 7 













 “Business Day” means a day (other than a Saturday or Sunday) on which banks
are open for general business in Amsterdam and Athens and: 
  

	 	(a)	 (in relation only to any date for funding) Frankfurt; 



 

	 	(b)	 (in relation only to any date for payment or purchase of dollars) New York; and 



 

	 	(c)	 (in relation only to any date for the fixing of an interest rate using LIBOR) London. 



“Charter” means, in relation to a Vessel, any charter relating to that Vessel, or other contract for its employment, whether
or not already in existence. 
 “Charterer” means any person who, as charterer, is a party to any Charter and, in the case
of any Assignable Charter, any person approved in writing by the Facility Agent, acting with the authorisation of the Majority Lenders, who as charterer, is a party to that Assignable Charter. 

“Charter Guarantee” means, when applicable, any guarantee, bond, letter of credit or other instrument (whether or not already
issued) supporting a Charter, the form of which shall not be subject to the Facility Agent’s prior approval. 
 “Charterparty
Assignment” means, in relation to any Assignable Charter, the assignment creating Security over the rights of the relevant Borrower under that Assignable Charter and any Charter Guarantee relative thereto in agreed form. 

“Code” means the US Internal Revenue Code of 1986. 

“Commercial Management Agreement” means, in relation to a Vessel, the agreement entered into between the relevant Borrower and
the Approved Commercial Manager regarding the commercial management of that Vessel. 
 “Commitment” means: 

 

	 	(a)	 in relation to an Original Lender, the amount set opposite its name under the heading “Commitment” in
Part B of Schedule 1 (The Parties) and the amount of any other Commitment transferred to it under this Agreement; and 


  

	 	(b)	 in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement,



 to the extent not cancelled, reduced or transferred by it under this Agreement. 

“Compliance Certificate” means a certificate in the form set out in Part A (Compliance Certificate During the Waiver
Period) of Schedule 6 (in respect of the time frame from the date of this Agreement until the end of the Waiver Period) and Part B (Compliance Certificate after the Waiver Period) of Schedule 6 (in respect of the time
from after the end of the Waiver Period and throughout the remainder of the Security Period) of Part A of Schedule 1 (The Parties) or in any other form agreed between the Guarantor, the Borrowers and the Facility Agent.

 “Confidential Information” means all information relating to any Transaction Obligor, the Group, the Finance Documents or
the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance
Documents or the Facility from either: 
  

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



 

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



  
 8 













 in whatever form, and includes information given orally and any document, electronic file or
any other way of representing or recording information which contains or is derived or copied from such information but excludes: 
  

	 	(i)	 information that: 


  

	 	(A)	 is or becomes public information other than as a direct or indirect result of any breach by that Finance Party
of Clause 43 (Confidentiality); or 


  

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


  

	 	(C)	 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; and 


  

	 	(ii)	 any Funding Rate or Reference Bank Quotation. 



“Confidentiality Undertaking” means a confidentiality undertaking in substantially the appropriate form recommended by the LMA
from time to time or in any other form agreed between the Borrowers and the Facility Agent. 
 “Corresponding Debt” means
any amount, other than any Parallel Debt, which an Obligor owes to a Creditor Party under or in connection with the Finance Documents. 

“Creditor Party” means each Finance Party from time to time party to this Agreement, a Receiver or any Delegate. 

“Default” means an Event of Default or a Potential Event of Default. 

“Delegate” means any delegate, agent, attorney or co-trustee appointed by the Security
Agent. 
 “Disruption Event” means either or both of: 

 

	 	(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, if applicable, any Transaction Obligor; or 


  

	 	(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 or, if applicable, any Transaction Obligor preventing that, or any other, Party or, if applicable, any Transaction Obligor: 



 

	 	(i)	 from performing its payment obligations under the Finance Documents; or 



 

	 	(ii)	 from communicating with other Parties or, if applicable, any Transaction Obligor in accordance with the terms
of the Finance Documents, 


 and which (in either such case) is not caused by, and is beyond the control of, the Party or,
if applicable, any Transaction Obligor whose operations are disrupted. 

  
 9 













 “Document of Compliance” has the meaning given to it in the ISM Code. 

“dollars” and “$” mean the lawful currency, for the time being, of the United States of America. 

“Drawdown” means a drawdown of a Tranche or any part thereof. 

“Drawdown Date” means the date of a Drawdown, being the date on which an Advance is to be made. 

“Drawdown Request” means a notice substantially in the form set out in Part A of Schedule 3 (Requests). 

“Earnings” means, in relation to a Vessel, all moneys whatsoever which are now, or later become, payable (actually or
contingently) to a Borrower or the Security Agent and which arise out of or in connection with or relate to the use or operation of that Vessel, including (but not limited to): 

 

	 	(a)	 the following, save to the extent that any of them is, with the prior written consent of the Facility Agent,
(such consent not to be unreasonably withheld) pooled or shared with any other person: 


  

	 	(i)	 all freight, hire and passage moneys including, without limitation, all moneys payable under, arising out of or
in connection with a Charter; 


  

	 	(ii)	 the proceeds of the exercise of any lien on sub-freights;



  

	 	(iii)	 compensation payable to a Borrower or the Security Agent in the event of requisition of that Vessel for hire or
use; 


  

	 	(iv)	 remuneration for salvage and towage services; 



 

	 	(v)	 demurrage and detention moneys; 



 

	 	(vi)	 without prejudice to the generality of sub-paragraph (i) above,
damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of that Vessel; 


  

	 	(vii)	 all monies which are at any time payable to a Borrower in relation to general average contribution; and



  

	 	(b)	 if and whenever that Vessel is employed on terms whereby any moneys falling within sub-paragraphs (i) to (a)(vi) of paragraph (a) 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
that Vessel. 


 “Earnings Account” means: 

 

	 	(a)	 in relation to Borrower A, an account in the name of Borrower A with the Account Bank with account number
2910055604; 


  

	 	(b)	 in relation to Borrower B, an account in the name of Borrower B with the Account Bank with account number
2910055582; 


  

	 	(c)	 in relation to Borrower C, an account in the name of Borrower C with the Account Bank with account number
2910055590; or 



  
 10 














	 	(d)	 in relation to Borrower D, an account in the name of Borrower D with the Account Bank with account number
2910055620, 


 and in the plural, means both of them. 

“EEA Member Country” means any member state of the European Union, Iceland, Liechtenstein and Norway. 

“Environmental Approval” means any present or future permit, ruling, variance or other Authorisation required under
Environmental Laws. 
 “Environmental Claim” means any claim by any governmental, judicial or regulatory authority or any
other person which arises out of an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law and, for this purpose, “claim” includes a claim for damages, compensation, contribution,
injury, fines, losses and penalties or any other payment of any kind, including in relation to clean-up and removal, whether or not similar to the foregoing; an order or direction to take, or not to take,
certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset. 

“Environmental Incident” means: 
  

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


  

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


  

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



“Environmental Law” means any present or future law relating to pollution or protection of human health or the environment, to
conditions in the workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material. 

“Environmentally Sensitive Material” means and includes all contaminants, oil, oil products, toxic substances and any other
substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous. 

“EU Bail-In Legislation Schedule” means the document described as such and published
by the Loan Market Association (or any successor person) from time to time. 
 “Event of Default” means any event or
circumstance specified as such in Clause 26 (Events of Default). 
 “Excess Cash Flow Notice” shall
have the meaning set out Clause 23.23 (Excess Cash Flow). 

  
 11 













 “Existing ABN Amro Facility Agreement” means the facility agreement dated
14 November 2016 entered into by, inter alia, ABN Amro Bank N.V. (as a lender, agent, arranger, swap bank and security trustee) and Zeus One Marine LLC, Ikaros Marine LLC, Tasman Marine LLC, Hudson Marine LLC and Drake Marine LLC (as joint and
several borrowers) as amended and supplemented from time to time. 
 “Existing CACIB Facility Agreement” means the facility
agreement dated 4 May 2011 entered into by, inter alia, Credit Agricole Corporate and Investment Bank (as a lender, agent, security trustee) and Hector Marine LLC, Hephaestus Marine LLC and Pericles Marine LLC (as joint and several borrowers)
as amended and supplemented from time to time. 
 “Existing Lender” means DVB Bank SE (as lender) in the Existing Facility
Agreement. 
 “Existing Facility Agreement” means the $176,000,000 facility agreement dated 2 September 2010 (as
amended and restated on 5 November 2010 by a first supplemental agreement, as amended and restated on 17 October 2011 by a second supplemental agreement and as amended and supplemented on 12 July 2012 by a third supplemental
agreement, on 6 December 2012 by a fourth supplemental agreement, on 26 February 2015 by a fifth supplemental agreement, on 29 June 2015 by a sixth supplemental agreement and on 2 September 2016 by a seventh supplemental
agreement) and entered into between the Borrowers and others as joint and several borrowers and DVB Bank SE (as lender) secured on, inter alia, the Vessels for the purposes stated therein. 

“Existing Fleet Vessel” means any vessel (including the Vessels) wholly owned by the Guarantor (directly or indirectly) at any
point during the Refinancing Period (each an “Existing Fleet Vessel”). 
 “Existing Group Facility
Agreement” means: 
  

	 	(a)	 the Existing ABN Amro Facility Agreement; 



 

	 	(b)	 the Existing CACIB Facility Agreement; and 



 

	 	(c)	 the Existing Unicredit Facility Agreement. 



“Existing Indebtedness” means, at any date, the outstanding Financial Indebtedness of the Borrowers on that date under the
Existing Facility Agreement. 
 “Existing Unicredit Facility Agreement” means the facility agreement dated 16 February
2011 entered into by, inter alia, Unicredit Bank AG (as Arranger, Agent, Security Agent, Bank, Swap Provider and Account Bank) and Achilleas Marine LLC, Leonidas Marine LLC and Hercules Marine LLC (as joint and several borrowers) as amended and
supplemented from time to time. 
 “Facility” means the term loan facility made available under this Agreement as described
in Clause 2 (The Facility). 
 “Facility Office” means the office or offices notified by a Lender to
the Facility Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than 5 Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement.

 “FATCA” means: 
  

	 	(a)	 sections 1471 to 1474 of the Code or any associated regulations; 



 

	 	(b)	 any treaty, law or 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 



  
 12 














	 	(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. 



“FATCA Application Date” means: 
  

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


  

	 	(b)	 in relation to a “withholdable payment” described in section 1473(l)(A)(ii) of the Code (which
relates to “gross proceeds” from the disposition of property of a type that can produce interest from sources within the US), 1 January 2019; or 



 

	 	(c)	 in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within
paragraphs (a) or (b) above, 1 January 2019, 


 or, in each case, such other date from which such payment may
become subject to a deduction or withholding required by FATCA as a result of any change in FATCA after the date of this Agreement. 

“FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA. 

“FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction. 

“Finance Document” means: 
  

	 	(a)	 this Agreement; 


  

	 	(b)	 each Drawdown Request; 



 

	 	(c)	 any Security Document; 



 

	 	(d)	 any Subordination Deed; 



 

	 	(e)	 any other document which is executed for the purpose of establishing any priority or subordination arrangement
in relation to the Secured Liabilities; or 


  

	 	(f)	 any other document designated as such by the Facility Agent and the Borrowers. 



“Finance Party” means the Facility Agent, the Security Agent, the Arranger, the Account Bank or a Lender. 

“Financial Indebtedness” means any indebtedness for or in relation to: 

 

	 	(a)	 moneys borrowed; 


  

	 	(b)	 any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;



  

	 	(c)	 any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock
or any similar instrument; 


  

	 	(d)	 the amount of any liability in relation to any lease or hire purchase contract which would, in accordance with
IFRS, be treated as a balance sheet liability; 



  
 13 














	 	(e)	 receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 


  

	 	(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; 


  

	 	(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 relation to a guarantee, indemnity, bond, standby or documentary letter of
credit or any other instrument issued by a bank or financial institution; and 


  

	 	(i)	 the amount of any liability in relation to any guarantee or indemnity for any of the items referred to in
paragraphs (a) to (f) above. 


 “Funding Rate” means any individual rate notified by a Lender to the
Facility Agent pursuant to sub-paragraph (ii) of paragraph (a) of Clause 10.4 (Cost of funds). 

“General Assignment” means, in relation to a Vessel, the general assignment creating Security in favour of the Security Agent
over: 
  

	 	(a)	 the Earnings, the Insurances and any Requisition Compensation in relation to that Vessel; and



  

	 	(b)	 any Assignable Charter and any Charter Guarantee (if applicable) relevant thereto in relation to that Vessel;



 in agreed form. 

“Group” means the Guarantor and its Subsidiaries (including but not limited to the Borrowers) from time to time during the
Security Period and “member of the Group” shall be construed accordingly. 
 “Group Facility Agreements”
means: 
  

	 	(a)	 the ABN Facility Agreement; and 



 

	 	(b)	 any other loan or credit facility agreement entered or to be entered into by any member of the Group with any
other bank or financial institution or other creditor party refinancing any of the Existing Group Facility Agreements on the relevant Refinancing Date and being secured by, inter alia, any Existing Fleet Vessel. 



“Guarantee” means the guarantee of the Guarantor contained in this Agreement. 

“Guarantor” means Poseidon Containers Holdings LLC, a limited liability company formed in the Marshall Islands whose
registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands, MH96960. 
 “Holding
Company” means, in relation to a person, any other person in relation to which it is a Subsidiary. 
 “IFRS” means
International Financial Reporting Standards promulgated by the International Accounting Standards Board, as amended from time to time, together with its pronouncements thereon from time to time. 

  
 14 













 “Indemnified Person” has the meaning given to it in Clause 14.2
(Other indemnities). 
 “Insurances” means, in relation to a Vessel: 

 

	 	(a)	 all policies and contracts of insurance, including entries of that Vessel in any protection and indemnity or
war risks association, effected for the account of the relevant Borrower in relation to that Borrower’s Vessel, its Earnings (if applicable) or otherwise in relation to that Vessel whether before, on or after the date of this Agreement; and



  

	 	(b)	 all rights and other assets relating to, or derived from, any of such policies, contracts or entries, including
any rights to a return of premium and any rights in relation to any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Agreement. 



“Interest Payment Date” has the meaning given to in paragraph 8.2 (Payment of interest). 

“Interest Period” means, in relation to an Advance, the Loan or any part of the Loan, each period determined in accordance
with Clause 8.3 (Fixed rate of interest), Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.4 (Default interest). 

“Interpolated Screen Rate” means, in relation to an Advance, the Loan or any part of the Loan, the rate (rounded to the same
number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(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 Advance, the Loan or that part of the 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 Advance, the Loan or that part of the Loan, 


 each as of the Specified Time for dollars. 

“IPO” means the initial public offering of part or all of the share capital of the Guarantor and the subsequent listing of
such share capital at a stock exchange acceptable to the Lenders. 
 “ISM Code” means the International Safety Management
Code for the Safe Operation of Ships and for Pollution Prevention (including the guidelines on its implementation), adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time. 

“ISPS Code” means the International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime
Organization’s (IMO) Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time. 

“ISSC” means an International Ship Security Certificate issued under the ISPS Code. 

“K&T Loan Agreement” means the loan facility agreement dated 4 May 2016 (as amended and supplemented from time to
time) between K&T Marine LLC and the Guarantor relating to a loan facility of up to $12,211,552.74 in agreed form. 

“Lender” means: 
  

	 	(a)	 any Original Lender; and 



  
 15 














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


 which in each case has not ceased to be a Party in accordance with
this Agreement. 
 “LIBOR” means, in relation to an Advance, the Loan or any part of the Loan: 

 

	 	(a)	 the applicable Screen Rate as of the Specified Time for dollars and for a period equal in length to the
Interest Period of that Advance, the Loan or that part of the Loan; or 


  

	 	(b)	 as otherwise determined pursuant to Clause 10.1 (Unavailability of Screen Rate),



 and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero. 

“LLC Shares”, in respect of a Borrower, shall be as defined within that Borrower’s limited liability company agreement.

 “LMA” means the Loan Market Association. 

“Loan” means the loan to be made available under the Facility or the aggregate principal amount outstanding for the time being
of the borrowings under the Facility and a “part of the Loan” means an Advance, a Tranche or any other part of the Loan as the context may require. 

“Major Casualty” means, in relation to a Vessel, any casualty to that Vessel in relation to which the claim or the aggregate
of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $500,000 (or the equivalent in any other currency). 

“Majority Lenders” means: 
  

	 	(a)	 if no Advance has yet been made, a Lender or Lenders whose Commitments aggregate more than 662⁄3 per cent. of the Total Commitments; or 



 

	 	(b)	 at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 662⁄3 per cent. of the amount of the Loan then outstanding or, if the Loan has been repaid or prepaid in full, a
Lender or Lenders whose participations in the Loan immediately before repayment or prepayment in full aggregate more than
662⁄3 per cent. of the Loan immediately before such repayment or prepayment. 



“Management Agreement” means the Technical Management Agreement or the Commercial Management Agreement. 

“Manager’s Undertaking” means, in relation to a Vessel, the letter of undertaking from the Approved Technical Manager and
the letter of undertaking from the Approved Commercial Manager subordinating the rights of the Approved Technical Manager and the Approved Commercial Manager respectively against that Vessel and the relevant Borrower to the rights of the Finance
Parties and assigning the rights and interests of the Approved Technical Manager and the Approved Commercial Manager in the Insurances of that Vessel to the Finance Parties in agreed form. 

“Margin” means 2.85 per cent. per annum. 

“Market Value” means, in relation to a Vessel or any other vessel, at any date, the market value of that Vessel or vessel
determined in accordance with Clause 24.7 (Provision of valuations) and prepared: 
  

	 	(a)	 unless otherwise specified, as at a date not more than 30 days (and, in respect of the valuation(s) obtained
for purposes of Drawdown, 45 days) previously; 


  

	 	(b)	 by an Approved Valuer or Approved Valuers; 



  
 16 














	 	(c)	 with or without physical inspection of that Vessel or vessel (as the Facility Agent may require); and



  

	 	(d)	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a
willing seller and a willing buyer, free of any Charter, 


 Provided that for the purpose of determining the
compliance with the financial covenants set out in Clause 20 the market value of a Vessel owned by a member of the Group (other than a Borrower) shall be determined in accordance with the relevant provisions of the credit facility agreement
financing such Vessel. 
 “Material Adverse Effect” means in the reasonable opinion of the Majority Lenders a material
adverse effect on: 
  

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



  

	 	(b)	 the ability of any Obligor to perform its obligations under any Finance Document; or 



 

	 	(c)	 the validity or enforceability of, or the effectiveness or ranking of any Security granted or intended to be
granted pursuant to any of, the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents. 



“Maturity Date” means, in relation to each Tranche, 31 December 2020. 

“Month” means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next
calendar month, except that: 
  

	 	(a)	 (subject to paragraph (c) below) 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; 



 

	 	(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; and 


  

	 	(c)	 if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on
the last Business Day in the calendar month in which that Interest Period is to end. 


 The above rules will only apply to
the last Month of any period. 
 “Mortgage” means, in relation to a Vessel, a first priority or preferred (as the case may
be) ship mortgage on that Vessel (together with, if applicable, the deed of covenants collateral thereto) in agreed form. 

“Mortgaged Vessel” means each Vessel subject to a Mortgage at any relevant time. 

“Obligor” means each Borrower and the Guarantor. 

“Odysseus” means Odysseus Marine LLC, a limited liability company formed in the Marshall Islands whose registered office is at
Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands. 
 “Operating Expenses” in
relation to a Vessel, means the appropriately and properly incurred costs and expenses of operating the Vessel including expenses for crewing, victualling, insuring, maintenance, accrued monthly dry-docking
expenses (initiating one year before the next dry-docking of the relevant Vessel and actual dry-docking costs incurred and paid by any 

  
 17 













 Borrower in relation to its Vessel minus the total accrued monthly drydocking cost for that
Vessel and the total cost of any intermediate or special survey incurred and paid by any Borrower for its Vessel and any repairs necessary for the seaworthiness and safe operation of the relevant Vessel), spares, management, operation and voyage (if
payable by the relevant Borrower) of that Vessel. 
 “Original Financial Statements” means, in relation to the Guarantor,
the audited consolidated financial statements of the Group for its financial year ended on 31 December 2016. 
 “Original
Jurisdiction” means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the date of this Agreement. 

“Overseas Regulations” means the Overseas Companies Regulations 2009 (SI 2009/1801). 

“Parallel Debt” means any amount which an Obligor owes to the Security Agent under Clause 30.2 (Parallel Debt
(Covenant to pay the Security Agent)) or under that Clause as incorporated by reference or in full in any other Finance Document. 

“Participating Member State” means any member state of the European Union that has the euro as its lawful currency in
accordance with legislation of the European Union relating to Economic and Monetary Union. 
 “Party” means a party to this
Agreement. 
 “Permitted Charter” means, in relation to a Vessel: 

 

	 	(a)	 a Charter: 


  

	 	(i)	 which is a time, voyage or consecutive voyage charter; 



 

	 	(ii)	 the duration of which does not exceed and is not capable of exceeding, by virtue of any optional extensions, 12
months; 


  

	 	(iii)	 which is entered into on bona fide arm’s length terms at the time at which the Vessel is fixed; and



  

	 	(iv)	 in relation to which not more than two months’ hire is payable in advance; or 



 

	 	(b)	 any other Charter (other than one covered by paragraph (a) above) which is approved in writing by the
Facility Agent acting with the authorisation of the Majority Lenders. 


 “Permitted Financial
Indebtedness” means: 
  

	 	(a)	 any Financial Indebtedness incurred under the Finance Documents; 



 

	 	(b)	 any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance
Documents pursuant to a Subordination Deed or otherwise and which is, in the case of any such Financial Indebtedness of an Obligor, the subject of Subordinated Debt Security. 



“Permitted Security” means: 
  

	 	(a)	 Security created by the Finance Documents; 



 

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



  
 18 














	 	(c)	 liens for unpaid master’s and crew’s wages in accordance with first class ship ownership and
management practice; 


  

	 	(d)	 liens for salvage; 


  

	 	(e)	 liens for master’s disbursements incurred in the ordinary course of trading; and 



 

	 	(f)	 any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or
maintenance of any Vessel and not as a result of any default or omission by any Borrower and subject, in the case of liens for repair or maintenance, to Clause 23.17 (Restrictions on chartering, appointment of managers etc.).



 “Potential Event of Default” means any event or circumstance specified in Clause 26 (Events
of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. 

“Prohibited Person” means any person (whether designated by name or by reason of being included in a class of persons) against
whom Sanctions are imposed. 
 “Protected Party” has the meaning given to it in Clause 12.1
(Definitions). 
 “Quotation Day” means, in relation to any period for which an interest rate is to be
determined, two Business Days before the first day of that period unless market practice differs in the Relevant Interbank Market in which case the Quotation Day will be determined by the Facility Agent in accordance with market practice in the
Relevant Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days). 

“Receiver” means a receiver or receiver and manager or administrative receiver of the whole or any part of the Security
Assets. 
 “Reference Bank Quotation” means any quotation supplied to the Facility Agent by a Reference Bank. 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the
Facility Agent at its request by the Reference Banks: 
  

	 	(a)	 if: 


  

	 	(i)	 the Reference Bank is a contributor to the Screen Rate; and 



 

	 	(ii)	 it consists of a single figure, 



as the rate (applied to the relevant Reference Bank and the relevant currency and period) which contributors to the Screen Rate are asked to
submit to the relevant administrator; or 
  

	 	(b)	 in any other case, as the rate at which the relevant Reference Bank could fund itself in dollars for the
relevant period with reference to the unsecured wholesale funding market. 


 “Reference Banks” means the
principal London offices of any three banks from the ICE LIBOR panel or such other entities as may be appointed by the Facility Agent in consultation with the Borrowers. 

“Refinancing Date” means, in relation to any Existing Group Facility Agreement, the date on which that Existing Group Facility
Agreement is refinanced by the creditor(s) under the relevant Group Facility Agreement. 

  
 19 













 “Refinancing Period” means the period commencing on the date of this
Agreement and ending on the earlier of (i) 31 August 2017 (or such later period agreed by the Facility Agent acting with the authorisation of the Majority Lenders) and (ii) on the occurrence of a Termination Event. 

“Related Fund” in relation to a fund (the “first fund”), means a fund which is managed or advised by the same
investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment
adviser of the first fund. 
 “Relevant Interbank Market” means the London interbank market. 

“Relevant Jurisdiction” means, in relation to a Transaction Obligor: 

 

	 	(a)	 its Original Jurisdiction; 



 

	 	(b)	 any jurisdiction where any asset subject to any of the Transaction Security created, or intended to be created,
by it is situated; 


  

	 	(c)	 any jurisdiction where it conducts its business; and 



 

	 	(d)	 the jurisdiction whose laws govern the perfection of any of the Security Documents entered into by it.



 “Repayment Date” means each date on which a Repayment Instalment is required to be paid under Clause
6.1 (Repayment of Loan). 
 “Repayment Instalment” has the meaning given to it in Clause 6.1
(Repayment of Loan). 
 “Repeating Representation” means each of the representations set out in Clause
18 (Representations) except Clause 18.10 (Insolvency), Clause 18.11 (No filing or stamp taxes), Clause 18.12 (Deduction of Tax), Clause 18.17 (No
proceedings pending or threatened) 18.17 and Clause 18.28 (Financial Indebtedness) and any representation of any Transaction Obligor made in any other Finance Document that is expressed to be a “Repeating
Representation” or is otherwise expressed to be repeated. 
 “Representative” means any delegate, agent, manager,
administrator, nominee, attorney, trustee or custodian. 
 “Requisite Commitment Amount” means the amount of $21,811,423 to
be prepaid by the Borrowers pursuant to Clause 23.23 (Excess Cash Flow). 
 “Requisition” means in
relation to a Vessel: 
  

	 	(a)	 any expropriation, confiscation, requisition (excluding a requisition for hire or use which does not involve a
requisition for title) or acquisition of that Vessel, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected (whether de jure or de
facto) by any government or official authority or by any person or persons claiming to be or to represent a government or official authority unless it is within thirty (30) days redelivered to the full control of the relevant
Borrower (or any other period as the Facility Agent may accept in writing); and 


  

	 	(b)	 any capture or seizure of that Vessel (including any hijacking or theft) by any person whatsoever, unless it is
within thirty (30) days (and, in respect of any hijacking or theft, forty five (45) days) redelivered to the full control of the relevant Borrower (or any other period the Facility Agent may accept in writing). 



  
 20 













 “Requisition Compensation” includes all compensation or other moneys
payable to a Borrower by reason of any Requisition or any arrest or detention of the Vessel owned by it in the exercise or purported exercise of any lien or claim. 

“Resolution Authority” means any body which has authority to exercise any Write-down and Conversion Powers. 

“Safety Management Certificate” has the meaning given to it in the ISM Code. 

“Safety Management System” has the meaning given to it in the ISM Code. 

“Sanctions” means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing
business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing): 
  

	 	(a)	 imposed by law or regulation of the United Kingdom, the Council of the European Union, the United Nations or
its Security Council or the United States of America; or 


  

	 	(b)	 otherwise imposed by any law or regulation. 



“Screen Rate” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other
person which takes over the administration of that rate) for dollars for the relevant period displayed on page LIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of
such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Facility Agent may specify another page or service displaying the relevant rate after
consultation with the Borrowers. 
 “Secured Liabilities” means all present and future obligations and liabilities, (whether
actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of each Transaction Obligor to any Creditor Party under or in connection with each Finance Document. 

“Security” means a mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or
arrangement having the effect of conferring security. 
 “Security Assets” means those assets of the Transaction Obligors
which from time to time are, or are expressed to be, the subject of the Transaction Security. 
 “Security Cover Ratio”
means, at any relevant time, the aggregate of (i) the aggregate Market Value of the Mortgaged Vessels and (ii) the net realisable value of any additional security provided at that time under Clause 24.2 (Provision of additional
security; prepayment), at that time expressed as a percentage of the amount of the Loan. 
 “Security Document”
means: 
  

	 	(a)	 any Shares Security; 



 

	 	(b)	 any Mortgage; 


  

	 	(c)	 any General Assignment; 



 

	 	(d)	 any Charterparty Assignment; 



 

	 	(e)	 any Account Security; 



 

	 	(f)	 any Manager’s Undertaking; 



 

	 	(g)	 any Subordinated Debt Security; 



  
 21 














	 	(h)	 any other document (whether or not it creates Security) which is executed as security for the Secured
Liabilities; or 


  

	 	(i)	 any other document designated as such by the Facility Agent and the Borrowers. 



“Security Period” means the period starting on the date of this Agreement and ending on the date on which the Facility Agent
is satisfied that there is no outstanding Commitment in force and that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full. 

“Security Property” means: 
  

	 	(a)	 the Transaction Security expressed to be granted in favour of the Security Agent as trustee for the Creditor
Parties and all proceeds of that Transaction Security; 


  

	 	(b)	 all obligations expressed to be undertaken by a Transaction Obligor to pay amounts in relation to the Secured
Liabilities to the Security Agent as trustee for the Creditor Parties and secured by the Transaction Security together with all representations and warranties expressed to be given by a Transaction Obligor or any other person in favour of the
Security Agent as trustee for the Creditor Parties; 


  

	 	(c)	 the Security Agent’s interest in any turnover trust created under the Finance Documents;



  

	 	(d)	 any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or
contingent, which the Security Agent is required by the terms of the Finance Documents to hold as trustee on trust for the Creditor Parties, 


  

	 	except:	 


  

	 	(i)	 rights intended for the sole benefit of the Security Agent; and 



 

	 	(ii)	 any moneys or other assets which the Security Agent has transferred to the Facility Agent or (being entitled to
do so) has retained in accordance with the provisions of this Agreement. 


 “Selection Notice” means a
notice substantially in the form set out in Part B of Schedule 3 (Requests) given in accordance with Clause 9 (Interest Periods). 

“Servicing Party” means the Facility Agent or the Security Agent. 

“Shares Security” means, in relation to a Borrower, a document creating Security over the LLC Shares of that Borrower in
agreed form. 
 “Shortfall Amount” means an amount (if any) which when aggregated with the excess Earnings applied towards
prepayment of part of the Loan during the period commencing on 1 January 2019 and ending on 31 December 2019 pursuant to Clause 23.23 (Excess Cash Flow) is equal to $1,000,000; 

“Specified Time” means a day or time determined in accordance with Schedule 7 (Timetables). 

“Subordinated Creditor” means: 
  

	 	(a)	 an Obligor; or 


  

	 	(b)	 K&T Marine LLC; or 



  
 22 














	 	(c)	 any other person who becomes a Subordinated Creditor in accordance with this Agreement. 



“Subordinated Debt Security” means a Security over Subordinated Liabilities granted or to be granted by a Subordinated
Creditor in favour of the Security Agent in an agreed form. 
 “Subordination Deed” means a subordination deed entered into
or to be entered into by each Subordinated Creditor and the Security Agent in agreed form. 
 “Subordinated Finance
Document” means: 
  

	 	(a)	 a Subordinated Loan Agreement; and 



 

	 	(b)	 any other document relating to or evidencing Subordinated Liabilities. 



“Subordinated Liabilities” means all indebtedness owed or expressed to be owed by a Borrower to a Subordinated Creditor
whether under the Subordinated Finance Documents or otherwise. 
 “Subordinated Loan Agreement” means: 

 

	 	(a)	 a loan agreement to be made between (i) a Borrower or the Borrowers and (ii) a Subordinated Creditor;
and 


  

	 	(b)	 the K&T Loan Agreement. 



“Subsidiary” means a subsidiary within the meaning of section 1159 of the Companies Act 2006. 

“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest
payable in connection with any failure to pay or any delay in paying any of the same). 
 “Tax Credit” has the meaning given
to it in Clause 12.1 (Definitions). 
 “Tax Deduction” has the meaning given to it in Clause 12.1
(Definitions). 
 “Tax Payment” has the meaning given to it in Clause 12.1
(Definitions). 
 “Technical Management Agreement” means, in relation to a Vessel, the agreement
entered into between the relevant Borrower and the Approved Technical Manager regarding the technical management of that Vessel. 

“Termination Event” means any of the following events or circumstances: 

 

	 	(a)	 any corporate action, legal proceedings or other procedure or step is taken in relation to:



  

	 	(i)	 winding-up, dissolution, administration or reorganisation (by way of
voluntary arrangement, scheme of arrangement or otherwise) of any borrower or other party providing security under any Existing Group Facility Agreement; or 


  

	 	(ii)	 the enforcement of any security interest over any assets of any borrower or any other party providing security
under any Existing Group Facility Agreement; or 


  

	 	(iii)	 any analogous procedure or step is taken in any jurisdiction; or 



  
 23 














	 	(b)	 any arrest or detention of any Existing Fleet Vessel securing the indebtedness under any Existing Group
Facility Agreement or any exercise or purported exercise of any lien on any such Existing Fleet Vessel or any requisition of any such Existing Fleet Vessel, in each case by any creditor(s) under that Existing Group Facility Agreement.



 “Third Parties Act” has the meaning given to it in Clause 1.5 (Third party
rights). 
 “Total Commitments” means the aggregate of the Tranche A Commitments, Tranche B Commitments, Tranche
C Commitments and Tranche D Commitments, being in aggregate $52,625,589 at the date of this Agreement. 
 “Total Loss”
means, in relation to a Vessel: 
  

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



 

	 	(b)	 any Requisition of that Vessel unless that Vessel is returned to the full control of the relevant Borrower
within 30 days of such Requisition (or such later period agreed by the Facility Agent acting with the authorisation of the Majority Lenders). 



“Total Loss Date” means, in relation to the Total Loss of a Vessel: 

 

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


  

	 	(b)	 in the case of a constructive, compromised, agreed or arranged total loss of that Vessel, the earlier of:



  

	 	(i)	 the date on which a notice of abandonment is given to the insurers; and 



 

	 	(ii)	 the date of any compromise, arrangement or agreement made by or on behalf of the relevant Borrower with that
Vessel’s insurers in which the insurers agree to treat that Vessel as a total loss; and 


  

	 	(c)	 in the case of any other type of total loss, the date (or the most likely date) on which it appears to the
Facility Agent that the event constituting the total loss occurred. 


 “Tranche” means Tranche A, Tranche
B, Tranche C or Tranche D and, in the plural, means both of them. 
 “Tranche A” means that part of the Loan made or to be
made available to the Borrowers to finance in part the Existing Indebtedness in a principal amount of $5,495,554. 
 “Tranche
B” means that part of the Loan made or to be made available to the Borrowers to finance in part the Existing Indebtedness in a principal amount of $5,495,554. 

“Tranche C” means that part of the Loan made or to be made available to the Borrowers to finance in part the Existing
Indebtedness in a principal amount of $5,800,905. 
 “Tranche D” means that part of the Loan made or to be made available to
the Borrowers to finance in part the Existing Indebtedness in a principal amount of $35,833,576. 
 “Transaction Document”
means: 
  

	 	(a)	 a Finance Document; 


  


	 	(b)	 any other document designated as such by the Facility Agent and the Borrowers. 



  
 24 













 “Transaction Obligor” means an Obligor, Odysseus, an Approved Manager or
any other party who executes a Transaction Document (other than any Charterer, K&T Marine LLC and any Affiliate of the Guarantor which is a Subordinated Creditor). 

“Transaction Security” means the Security created or evidenced or expressed to be created or evidenced under the Security
Documents. 
 “Transfer Certificate” means a certificate in the form set out in Schedule 4 (Transfer
Certificate) or any other form agreed between the Facility Agent and the Borrowers. 
 “Transfer Date” means, in
relation to an assignment or a transfer, the later of: 
  

	 	(a)	 the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and



  

	 	(b)	 the date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate.



 “UK Establishment” means a UK establishment as defined in the Overseas Regulations. 

“Unpaid Sum” means any sum due and payable but unpaid by a Transaction Obligor under the Finance Documents. 

“US” means the United States of America. 

“US Tax Obligor” means: 
  

	 	(a)	 a Borrower which is resident for tax purposes in the US; or 



 

	 	(b)	 a person some or all of whose payments under the Finance Documents are from sources within the US for US
federal income tax purposes. 


 “VAT” means: 

 

	 	(a)	 any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value
added tax (EC Directive 2006/112); and 


  

	 	(b)	 any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for,
or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere. 


 “VAT
Group” means two or more companies or limited liability partnerships which register as a single taxable entity for VAT purposes. 

“Vessel” means Vessel A, Vessel B, Vessel C or Vessel D and, in plural, means all of them. 

“Vessel A” means the 2001-built sub-panamax container vessel of 2,506 TEU currently
registered in the ownership of Borrower A with IMO No. 9209104 under the Panamanian flag with the name “NEWYORKER”. 

“Vessel B” means the 2000-built sub-panamax container vessel of 2,506 TEU currently
registered in the ownership of Borrower B with IMO No. 9203526 under the Panamanian flag with the name “NIKOLAS”. 

“Vessel C” means the 2000-built sub-panamax container vessel of 2,506 TEU currently
registered in the ownership of Borrower C with IMO No. 9203502 under the Panamanian flag with the name “MAIRA”. 

  
 25 













 “Vessel D” means the 2013-built post-panamax container vessel of 6,700 TEU
currently registered in the ownership of Borrower D with IMO No. 9635664 under the Marshall Islands flag with the name “MARY”. 

“VMC Surcharge” shall have the meaning set out in Clause 24.8 (VMC Surcharge). 

“VMC Surcharge Certificate” means the certificate in the form set out in Schedule 9 (VMC Surcharge
Certificate). 
 “Waiver Period” means the period commencing on the Drawdown Date and ending on (inclusive)
31 December 2019. 
 “Write-down and Conversion Powers” means: 

 

	 	(a)	 in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In
Legislation Schedule; and 


  

	 	(b)	 in relation to any other applicable Bail-In Legislation:



  

	 	(i)	 any powers under that Bail-In Legislation to cancel, transfer or dilute
shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any
contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a
right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and



  

	 	(ii)	 any similar or analogous powers under that Bail-In Legislation.



  

	1.2	 Construction 


  


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



 

	 	(i)	 the “Account Bank”, the “Arranger”, the “Facility Agent”,
any “Finance Party”, any “Lender”, any “Obligor”, any “Party”, any “Creditor Party”, the “Security Agent”, any “Transaction
Obligor” or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents; 



 

	 	(ii)	 “assets” includes present and future properties, revenues and rights of every description;



  

	 	(iii)	 a liability which is “contingent” means a liability which is not certain to arise and/or the
amount of which remains unascertained; 


  

	 	(iv)	 “document” includes a deed and also a letter, fax or telex; 



 

	 	(v)	 “expense” means any kind of cost, charge or expense (including all legal costs, charges and
expenses) and any applicable Tax including VAT; 


  

	 	(vi)	 a “Finance Document”, a “Security Document” or “Transaction
Document” or any other agreement or instrument is a reference to that Finance Document, Security Document or Transaction Document or other agreement or instrument as amended or novated; 



  
 26 














	 	(vii)	 “indebtedness” includes any obligation (whether incurred as principal or as surety) for the
payment or repayment of money, whether present or future, actual or contingent; 


  

	 	(viii)	 “law” includes any order or decree, any form of delegated legislation, any treaty or
international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 



 

	 	(ix)	 “proceedings” means, in relation to any enforcement provision of a Finance Document,
proceedings of any kind, including an application for a provisional or protective measure; 


  

	 	(x)	 a “person” includes any individual, firm, company, corporation, government, state or agency of
a state or any association, trust, joint venture, consortium or partnership or other entity (whether or not having separate legal personality); 


  

	 	(xi)	 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 regulatory, self-regulatory or other authority or organisation; 



 

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


  

	 	(xiii)	 a time of day is a reference to Amsterdam time; 



 

	 	(xiv)	 any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status,
court, official or any legal concept or thing shall, in respect of a jurisdiction other than England, be deemed to include that which most nearly approximates in that jurisdiction to the English legal term; 



 

	 	(xv)	 words denoting the singular number shall include the plural and vice versa; and 



 

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


  

	(b)	 The determination of the extent to which a rate is “for a period equal in length” to an
Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement. 


  


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


  

	(d)	 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. 


  

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


  

	1.3	 Construction of insurance terms 



In this Agreement: 

“approved” means, for the purposes of Clause 22 (Insurance Undertakings), approved in writing by the
Facility Agent. 
 “excess risks” means the proportion of claims for general average, salvage and salvage charges not
recoverable under the hull and machinery policies in respect of a Vessel in consequence of its insured value being less than the value at which that Vessel is assessed for the purpose of such claims. 

  
 27 













 “obligatory insurances” means all insurances effected, or which each
Borrower is obliged to effect, under Clause 22 (Insurance Undertakings) or any other provision of this Agreement or of another Finance Document. 

“policy” includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its
terms. 
 “protection and indemnity risks” means the usual risks covered by a protection and indemnity association managed
in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause
6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls) (l/10/83)(l/ll/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision. 

“war risks” includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or
1/11/03), clause 24 of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls)(l/10/83). 
  

	1.4	 Agreed forms of Finance Documents 



References in Clause 1.1 (Definitions) to any Finance Document being in “agreed form” are to that Finance
Document: 
  

	(a)	 in a form attached to a certificate dated the same date as this Agreement (and signed by the Borrowers and the
Facility Agent); or 


  

	(b)	 in any other form agreed in writing between the Borrowers and the Facility Agent acting with the authorisation
of the Majority Lenders or, where Clause 42.2 (All Lender matters) applies, all the Lenders. 


  

	1.5	 Third party rights 



 

	(a)	 Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right under
the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to enforce or to enjoy the benefit of any term of this Agreement. 


  


	(b)	 Subject to Clause 42.3 (Other exceptions) but otherwise notwithstanding any term of any
Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time. 


  

	(c)	 Any Receiver, Delegate, Affiliate or any other person described in paragraph (d) of Clause 14.2
(Other indemnities), paragraph (b) of Clause 29.11 (Exclusion of liability), Clause 29.22 (Role of Reference Banks), Clause 29.23 (Third Party Reference Banks)
or paragraph (b) of Clause 30.11 (Exclusion of liability) may, subject to this Clause 1.5 (Third party rights) and the Third Parties Act, rely on any Clause of this Agreement which expressly confers
rights on it. 



  
 28 













 SECTION 2 

THE FACILITY 
  

	2	 THE FACILITY 


  


	2.1	 The Facility 



Subject to the terms of this Agreement, the Lenders agree to make available to the Borrowers in four Tranches a dollar term loan facility in an
aggregate amount not exceeding $52,625,589. 
  

	2.2	 Finance Parties’ rights and obligations 



 

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



  

	(b)	 The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from a Transaction Obligor is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph
(c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of the Loan or any other amount owed by a Transaction Obligor which relates to a
Finance Party’s participation in the Facility or its role under a Finance Document (including any such amount payable to the Facility Agent on its behalf) is a debt owing to that Finance Party by that Transaction Obligor. 



 

	(c)	 A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights
under or in connection with the Finance Documents. 


  

	3	 PURPOSE 


  

	3.1	 Purpose 



The Borrowers shall apply all amounts borrowed by them under the Facility only for the purpose of refinancing the Existing Indebtedness. 

 

	3.2	 Monitoring 



No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 

 

	4	 CONDITIONS OF DRAWDOWN 



 

	4.1	 Conditions precedent to delivery of a Drawdown Request 



The Borrowers may not deliver a Drawdown Request unless the Facility Agent has received all of the documents and other evidence listed in Part
A of Schedule 2 (Conditions Precedent and Subsequent) in form and substance satisfactory to the Facility Agent. 

  
 29 














	4.2	 Conditions precedent to release of an Advance 



The Facility Agent shall only be obliged to release an Advance to the Existing Lender if: 

 

	(a)	 on that Drawdown Date and before that Advance is released: 



 

	 	(i)	 no Default (excluding, up through the relevant Refinancing Date, any Default having occurred and being
continuing in connection with and under any of the Existing Group Facility Agreements) is continuing or would result from the proposed release; 


  

	 	(ii)	 the Repeating Representations to be made by each Transaction Obligor are true; 



 

	(b)	 on that Drawdown Date, the Facility Agent has received all of the documents and other evidence listed in Part B
of Schedule 2 (Conditions Precedent and Subsequent) in form and substance satisfactory to the Facility Agent (acting on the instructions of all the Lenders). 



 

	4.3	 Conditions subsequent 



The Borrowers undertake to deliver or cause to be delivered to the Facility Agent within five Business Days after the Drawdown Date (or such
later period agreed to by the Facility Agent), the additional documents and other evidence listed in Part C of Schedule 2 (Conditions Precedent and Subsequent) in form and substance satisfactory to the Facility Agent. 

 

	4.4	 Notification of satisfaction of conditions precedent 



 

	(a)	 The Facility Agent shall notify the Borrowers and the Lenders promptly upon being satisfied as to the
satisfaction of the conditions precedent and subsequent referred to in Clause 4.1 (Conditions precedent to delivery of a Drawdown Request), Clause 4.2 (Conditions precedent to release of an Advance) and
Clause 4.3 (Conditions subsequent). 


  

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


  

	4.5	 Waiver of conditions precedent 



If the Lenders, at their discretion, permit an Advance to be released before any of the conditions precedent referred to in Clause 4
(Conditions of Drawdown) or Clause 4.2 (Conditions precedent to release of an Advance) has been satisfied, the Borrowers shall ensure that that condition is satisfied within five Business Days after the
relevant Drawdown Date or such later date as the Facility Agent, acting with the authorisation of the Lenders, may agree in writing with the Borrowers. 

  
 30 













 SECTION 3 

DRAWDOWN 
  

	5	 DRAWDOWN 


  

	5.1	 Delivery of a Drawdown Request 



The Borrowers may utilise the Facility by delivery to the Facility Agent of a duly completed Drawdown Request not later than the Specified
Time. 
  

	5.2	 Completion of a Drawdown Request 



 

	(a)	 Each Drawdown Request is irrevocable and will not be regarded as having been duly completed unless:



  

	 	(i)	 it identifies the Tranche to be utilised; 



 

	 	(ii)	 all four Tranches must be advanced simultaneously; 



 

	 	(iii)	 the proposed Drawdown Date is a Business Day within the relevant Availability Period; 



 

	 	(iv)	 the currency and amount of a Drawdown comply with Clause 5.3 (Currency and amount); and



  

	 	(v)	 the proposed Interest Period complies with Clause 9 (Interest Periods).



  

	(b)	 Only up to four Drawdown Requests may be delivered, one in respect of each Tranche. 



 

	5.3	 Currency and amount 



 

	(a)	 The currency specified in a Drawdown Request must be dollars. 



 

	(b)	 Each Tranche shall be advanced in a single Advance and the amount of the Advance under each Tranche shall not
exceed the following maximum amount of such Tranche: 


  

	 	(i)	 in respect of Tranche A, $5,495,554; 



 

	 	(ii)	 in respect of Tranche B, $5,495,554; 



 

	 	(iii)	 in respect of Tranche C, $5,800,905; and 



 

	 	(iv)	 in respect of Tranche D, $35,833,576. 



 

	5.4	 Lenders’ participation 



 

	(a)	 If the conditions set out in this Agreement have been met or, as the case may be, waived, each Lender shall
make its participation in each Advance available by the relevant Drawdown Date through its Facility Office. 


  

	(b)	 The amount of each Lender’s participation in each Advance will be equal to the proportion borne by its
Commitment to the Total Commitments immediately before making that Advance. 


  

	(c)	 The Facility Agent shall notify each Lender of the amount of each Advance and the amount of its participation
in that Advance by the Specified Time. 



  
 31 














	5.5	 Cancellation of Commitments 



The Commitments in respect of any Tranche which are unutilised at the end of the Availability Period for such Tranche shall then be cancelled.


  
 32 













 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 

 

	6	 REPAYMENT 


  

	6.1	 Repayment of Loan 



 

	(a)	 The Borrowers shall repay the Loan as follows: 



 

	 	(i)	 Tranche A shall be repaid by 4 consecutive quarterly instalments each in an amount of $266,667 and a balloon
payment in the amount of $4,428,886 payable together with the 4th and final instalment; 


  

	 	(ii)	 Tranche B shall be repaid by 4 consecutive quarterly instalments each in an amount of $266,667 and a balloon
payment in the amount of $4,428,886 payable together with the 4th and final instalment; 


  

	 	(iii)	 Tranche C shall be repaid by 4 consecutive quarterly instalments each in an amount of $266,667 and a balloon
payment in the amount of $4,734,237 payable together with the 4th and final instalment; 


  

	 	(iv)	 Tranche D shall be repaid by 4 consecutive quarterly instalments each in an amount of $1,083,316 and a balloon
payment in the amount of $31,500,312 payable together with the 4th and final instalment, 



and each such instalment (including any balloon payments) shall be a “Repayment Instalment”, 

Provided that, if the amount advanced under a Tranche is less than the maximum amount of such Tranche, the amount of the Repayment
Instalments relating to that Tranche shall be reduced proportionately. 
  

	(b)	 The first Repayment Instalment in respect of each Tranche shall be repaid on 7 March 2020, each subsequent
Repayment Instalment (including the last Repayment Instalment) in respect of each Tranche shall be payable at quarterly intervals thereafter with the last Repayment Instalment in respect of a Tranche being repaid no later than the Maturity Date.



  

	6.2	 Effect of cancellation and prepayment on scheduled repayments 



 

	(a)	 If the Available Commitment in respect of any Tranche of any Lender is cancelled under Clause 7.1
(Illegality) then the Repayment Instalments in respect of that Tranche falling after that cancellation will be reduced pro rata by the amount of the Available Commitments in respect of that Tranche so cancelled.



  

	(b)	 If the whole or any part of any Available Commitment in respect of a Tranche is cancelled in accordance with
Clause 7.2 (Voluntary and automatic cancellation) or if the whole or part of any Commitment in respect of a Tranche is cancelled pursuant to Clause 5.5 (Cancellation of Commitments), the Repayment
Instalments in respect of that Tranche falling after that cancellation will be reduced pro rata by the amount of the Commitments so cancelled. 


  

	(c)	 If any part of a Tranche is repaid or prepaid in accordance with Clause 7.1 (Illegality)
then the Repayment Instalments in respect of that Tranche for each Repayment Date falling after that repayment or prepayment will be reduced pro rata by the amount of the Tranche repaid or prepaid. 



 

	(d)	 If any part of a Tranche is prepaid in accordance with Clause 7.3 (Voluntary prepayment of
Loan) then the amount of the Repayment Instalments in respect of that Tranche for each Repayment Date falling after that repayment or prepayment will be reduced in inverse chronological order by the amount of the Tranche repaid or
prepaid. 



  
 33 














	6.3	 Maturity Date 



On the last Repayment Date (being no later than the Maturity Date), the Borrowers shall additionally pay to the Facility Agent for the account
of the Finance Parties all other sums then accrued and owing under the Finance Documents including, without limitation, the VMC Surcharge calculated pursuant to Clause 24.8. 
  

	6.4	 Reborrowing 



Neither Borrower may reborrow any part of the Facility which is repaid. 

 

	7	 PREPAYMENT AND CANCELLATION 



 

	7.1	 Illegality 



If it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to
fund or maintain its participation in an Advance or the Loan or it becomes unlawful for that Lender to do so: 
  

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



 

	(b)	 upon the Facility Agent notifying the Borrowers, the Available Commitment of that Lender will be immediately
cancelled; and 


  

	(c)	 the Borrowers shall prepay that Lender’s participation in the Loan on the last day of the Interest Period
for the Loan occurring after the Facility Agent has notified the Borrowers or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by
law) and that Lender’s corresponding Commitment shall be cancelled or terminated in the amount of the participation prepaid. 


  

	7.2	 Voluntary and automatic cancellation 



 

	(a)	 The Borrowers may, if they give the Facility Agent not less than 5 Business Days’ (or such shorter period
as the Majority Lenders may agree) prior notice, cancel the whole or any part of an Available Tranche. Any cancellation under this Clause 7.2 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders
rateably under that Tranche. 


  

	(b)	 The unutilised Commitment (if any) of each Lender in respect of a Tranche shall be automatically cancelled at
close of business on the date on which that Tranche is made available. 


  

	7.3	 Voluntary prepayment of Loan 



 

	(a)	 Subject to paragraph (b) below, the Borrowers may, if they give the Facility Agent not less than five
Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of the Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of $1,000,000 or a
multiple of that amount). 


  

	(b)	 The Loan may only be prepaid after the last day of the Availability Period (or, if earlier, the day on which
all Available Tranches are zero). 


  

	(c)	 Paragraph (a) of this Clause 7.3 (Voluntary prepayment of Loan) shall not apply in
any prepayments made pursuant to Clause 23.23 (Excess Cash Flow). 



  
 34 














	7.4	 Mandatory prepayment on sale or Total Loss 



If a Vessel is sold or becomes a Total Loss, the Borrowers shall prepay the Tranche applicable to that Vessel. Any surplus proceeds from that
sale or insurance proceeds of that Vessel having become a Total Loss after the prepayment of that Tranche shall be credited to the Earnings Account in respect of that Vessel and shall constitute part of the Earnings for purposes of the Excess Cash
Flow calculation under Clause 23.23 (Excess Cash Flow). Such prepayment and, if applicable, payment of any surplus proceeds into the Earnings Account in respect of that Vessel, shall be made: 

 

	(a)	 in the case of a sale of that Vessel, on or before the date on which the sale is completed by delivery of that
Vessel to the buyer; or 


  

	(b)	 in the case of any other Total Loss, on the earlier of (i) the date falling 90 days after the Total Loss
Date and (ii) the date of receipt by the Security Agent of the proceeds of insurance relating to such Total Loss. 


  

	7.5	 Restrictions 


  


	(a)	 Any notice of cancellation or prepayment given by any Party under this Clause 7 (Prepayment and
Cancellation) shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or
prepayment. 


  

	(b)	 Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and all
other amounts accrued under the Finance Documents and, subject to the fee provided for in Clause 11.2 (Prepayment fee) and any Break Costs, without premium or penalty. 



 

	(c)	 Neither Borrower may reborrow any part of the Facility which is prepaid. 



 

	(d)	 Neither Borrower shall repay or prepay all or any part of the Loan or cancel all or any part of the Commitments
except at the times and in the manner expressly provided for in this Agreement. 


  

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



  

	(f)	 If the Facility Agent receives a notice under this Clause 7 (Prepayment and Cancellation)
it shall promptly forward a copy of that notice to either the Borrowers or the affected Lender, as appropriate. 


  

	(g)	 If all or part of any Lender’s participation in the Loan is repaid or prepaid, an amount of that
Lender’s Commitment (equal to the amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment. 



 

	7.6	 Application of prepayments 



Any prepayment of any part of the Loan (other than a prepayment pursuant to Clause 7.1 (Illegality) shall be applied in
inverse order of maturity to each Lender’s participation in that part of the Loan. 
  

	7.7	 Additional mandatory prepayment event 



If the aggregate of the excess Earnings applied in prepayment of the Loan pursuant to Clause 23.23 (Excess Cash Flow) is
less than $1,000,000 for the duration of the period commencing from 1 January 2019 until the Cash Sweep Period ending on 31 December 2019, the Guarantor shall procure that part of the shareholders’ equity (as provided in Clause 21.15
(Guarantor’s Equity Contribution)) is injected to the Borrowers, and the Borrowers shall be obliged to utilise 

  
 35 













 
such part of the equity to prepay the Shortfall Amount to the Lenders on the next Interest Payment Date falling due after receipt of the Excess Cash Flow Notice relevant to that Cash Sweep Period
ending on 31 December 2019. Such Shortfall Amount shall be applied in or towards prepayment of the then outstanding Requisite Commitment Amount and then subsequently towards the Repayment Instalments and balloon payments in inverse order of
maturity. 

  
 36 













 SECTION 5 

COSTS OF DRAWDOWN 
  

	8	 INTEREST 


  

	8.1	 Calculation of interest 



The rate of interest on the Loan or any part of the Loan for each Interest Period is the percentage rate per annum which is the aggregate of:

  

	(a)	 the Margin; and 


  

	(b)	 LIBOR. 


  

	8.2	 Payment of interest 



 

	(a)	 The Borrowers shall pay accrued interest on the Loan or any part of the Loan on the last day of each Interest
Period (each an “Interest Payment Date”). 


  

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


  

	8.3	 Fixed rate of interest 



 

	(a)	 The Borrowers may, by giving not less than five Business Days’ notice in writing, request that a fixed
rate of interest shall apply on the whole of the Loan or a Tranche for a period of 12 months or more by giving to the Facility Agent a notice which shall specify the period for which the fixed rate of interest shall apply and shall be given at least
five Business Days before the end of the then current Interest Period of the Loan or that Tranche (as applicable). The Facility Agent shall notify the Borrowers of the fixed rate of interest to apply (which shall be determined at the level of the
actual refinancing rates available to the Lenders (as certified by them) for the relevant period to which such fixed rate is to apply plus the Margin) and the Borrowers shall either accept or refuse the offer promptly in writing and in any event
within one Business Day. Such offer and acceptance shall be in a form that shall constitute a Finance Document. Once accepted, the Borrowers may not revoke their acceptance and the relevant fixed rate of interest shall apply to the Loan or a Tranche
from the first day of the next Interest Period of the Loan or that Tranche (as applicable). If the Borrowers refuse the offer or fail to accept it within the time permitted for acceptance, the other provisions of this Clause 8
(Interest) shall continue to apply. 


  

	(b)	 The Borrowers acknowledge and agree that in fixing the interest rate under this Clause 8.3 (Fixed
rate of interest), a Lender may enter into internal or external interest rate swaps and that any claim, expense, liability or loss arising as a result of the early termination of such internal or external rate swap shall be for the
account of the Borrowers. 


  

	8.4	 Default interest 



 

	(a)	 If a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date,
interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is 2 per cent. per annum higher than the rate which would have
been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility
Agent. Any interest accruing under this Clause 8.4 (Default interest) shall be immediately payable by the Obligors on demand by the Facility Agent. 



  
 37 














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


  

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


  

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


  

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


  

	8.5	 Notification of rates of interest 



 

	(a)	 The Facility Agent shall promptly notify the Lenders and the Borrowers of the determination of a rate of
interest under this Agreement. 


  

	(b)	 The Facility Agent shall promptly notify the Borrowers of each Funding Rate relating to the Loan, any part of
the Loan or any Unpaid Sum. 


  

	9	 INTEREST PERIODS 



 

	9.1	 Selection of Interest Periods 



 

	(a)	 The Borrowers may select the Interest Period for a Tranche as specified in the relevant Drawdown Request for
that Tranche. 


  

	(b)	 Subject to paragraph (g) below, the Borrowers may select each subsequent Interest Period in respect of
that Tranche in a Selection Notice. 


  

	(c)	 Each Selection Notice is irrevocable and must be delivered to the Facility Agent by the Borrowers not later
than the Specified Time. 


  

	(d)	 If the Borrowers fail to deliver a Selection Notice to the Facility Agent in accordance with paragraphs
(b) and (c) above, the relevant Interest Period will, subject to Clause 9.2 (Changes to Interest Periods) and paragraph (g) below, be three Months. 



 

	(e)	 Subject to this Clause 9 (Interest Periods), the Borrowers may select an Interest Period
of three Months or any other longer period agreed between the Borrowers and the Facility Agent (acting on the instructions of all the Lenders in their absolute discretion). 



 

	(f)	 An Interest Period in respect of a Tranche shall not extend beyond the Maturity Date. 



 

	(g)	 In respect of a Repayment Instalment, the Borrowers may request in the relevant Selection Notice that an
Interest Period for a part of a Tranche equal to such Repayment Instalment shall end on the Repayment Date relating to it and, subject to paragraph (e) above, select a longer Interest Period for the remaining part of that Tranche.



  

	(h)	 Subject to paragraph (i) below, the first Interest Period for a Tranche shall start on the Drawdown Date
relevant to that Tranche and each subsequent Interest Period shall start on the last day of the preceding Interest Period. 


  

	(i)	 Except for the purposes of paragraph (g) above and Clause 9.2 (Changes to Interest Periods)
below, each Tranche shall have one Interest Period only at any time and all Tranches shall have the same Interest Period. 



  
 38 














	9.2	 Changes to Interest Periods 



 

	(a)	 In respect of a Repayment Instalment related to a Tranche, prior to determining the interest rate for a
Tranche, the Facility Agent may establish an Interest Period for part of a Tranche equal to such Repayment Instalment to end on the Repayment Date relating to it and the remaining part of that Tranche shall have the Interest Period selected in the
relevant Selection Notice, subject to Clause 9.1(e) (Selection of Interest Periods). 


  

	(b)	 If after the Borrowers have selected and the Lenders have agreed an Interest Period longer than three Months,
any Lender notifies the Facility Agent within two Business Days after the Specified Time relating to the relevant Drawdown Request or Selection Notice that it is not satisfied that deposits in dollars for a period equal to the Interest Period will
be available to it in the Relevant Interbank Market when the Interest Period commences, the Facility Agent shall shorten the Interest Period to three Months. 


  


	(c)	 If the Facility Agent makes any change to an Interest Period referred to in this Clause 9.2 (Changes to
Interest Periods), it shall promptly notify the Borrowers and the Lenders. 


  

	9.3	 Non-Business Days 



If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day
in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	10	 CHANGES TO THE CALCULATION OF INTEREST 



 

	10.1	 Unavailability of Screen Rate 



 

	(a)	 Interpolated Screen Rate: If no Screen Rate is available for LIBOR for the Interest Period of the
Loan or any part of the Loan, the applicable LIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of the Loan or that part of the Loan. 



 

	(b)	 Reference Bank Rate: If no Screen Rate is available for LIBOR for: 



 

	 	(i)	 dollars; or 


  

	 	(ii)	 the Interest Period of the Loan or any part of the Loan and it is not possible to calculate the Interpolated
Screen Rate, 


 the applicable LIBOR shall be the Reference Bank Rate as of the Specified Time and for a period equal in
length to the Interest Period of the Loan or that part of the Loan. 
  

	(c)	 Cost of funds: If paragraph (b) above applies but no Reference Bank Rate is available for
dollars or the relevant Interest Period there shall be no LIBOR for the Loan or that part of the Loan (as applicable) and Clause 10.4 (Cost of funds) shall apply to the Loan or that part of the Loan for that Interest Period.



  

	10.2	 Calculation of Reference Bank Rate 



 

	(a)	 Subject to paragraph (b) below, if LIBOR is to be determined on the basis of a Reference Bank Rate but a
Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks. 



 

	(b)	 If at or about noon on the Quotation Day none or only one of the Reference Banks supplies a quotation, there
shall be no Reference Bank Rate for the relevant Interest Period. 



  
 39 














	10.3	 Market disruption 



If before close of business in London on the Quotation Day for the relevant Interest Period the Facility Agent receives notification from a
Lender or Lenders (whose participations in the Loan or the relevant part of the Loan exceed 10 per cent. of the Loan or the relevant part of the Loan as appropriate) (the “Relevant Lender”) that the cost to it of funding its
participation in the Loan or that part of the Loan from whatever source it may reasonably select would be in excess of LIBOR then Clause 10.4 (Cost of funds) shall apply to the Loan or that part of the Loan (as applicable) for the relevant
Interest Period. 
  

	10.4	 Cost of funds 



 

	(a)	 If this Clause 10.4 (Cost of funds) applies, the rate of interest on each Lender’s share of the
Loan or the relevant part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of: 


  

	 	(i)	 the Margin; and 


  

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


  

	(b)	 If this Clause 10.4 (Cost of funds) applies and the Facility Agent or the Borrowers so require, the
Facility Agent and the Borrowers shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.



  

	(c)	 Subject to Clause 42.4 (Replacement of Screen Rate), any substitute or alternative basis agreed pursuant
to paragraph (b) above shall, with the prior consent of all the Lenders and the Borrowers, be binding on all Parties. 


  

	(d)	 If paragraph (e) below does not apply and any rate notified to the Facility Agent under sub-paragraph
(ii) of paragraph (a) above is less than zero, the relevant rate shall be deemed to be zero. 


  

	(e)	 If this Clause 10.4 (Cost of funds) applies pursuant to Clause 10.3 (Market disruption) and:



  

	 	(i)	 a Lender’s Funding Rate is less than LIBOR; or 



 

	 	(ii)	 a Lender does not supply a quotation by the time specified in
sub-paragraph (ii) of paragraph (a) above, 


 the cost to that Lender of
funding its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be LIBOR. 
  

	10.5	 Notification to Borrowers 



If Clause 10.4 (Cost of funds) applies the Facility Agent shall, as soon as is practicable, notify the Borrowers. 

 

	10.6	 Break Costs 


  

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



  
 40 














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


  

	11	 FEES 


  

	11.1	 Arrangement fee 



The Borrowers shall pay to the Arranger an irrevocable arrangement fee in the amount of $150,000 ($50,000 of which shall be due and payable on
the date of this Agreement and the remaining $100,000 of which shall be due and payable on the earlier of (a) the Maturity Date and (b) the date on which the Requisite Commitment Amount has been prepaid pursuant to Clause 23.23 (Excess
Cash Flow)). In the event that the Loan is not advanced, the arrangement fee shall be due and payable on at the end of the Availability Period. 
  

	11.2	 Prepayment fee 



 

	(a)	 Subject to paragraph (b) below, the Borrowers must pay to the Facility Agent for each Lender
proportionately in accordance with each Lender’s participation on the Loan a prepayment fee on the date of prepayment of all or any part of the Loan. 


  

	(b)	 The amount of the prepayment fee is: 



 

	 	(i)	 if the prepayment occurs on or before the second anniversary of the Drawdown Date, two per cent. of the amount
prepaid; and 


  

	 	(ii)	 if the prepayment occurs after the second anniversary of the Drawdown Date, one per cent. of the amount
prepaid. 


  

	(c)	 No prepayment fee shall be payable under this Clause if the prepayment is made under Clause 7.1
(Illegality), 7.4 (Mandatory prepayment on sale or Total Loss), 23.23 (Excess Cash Flow) or due to a refinancing with any Affiliate of a Lender. 



  
 41 













 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

	12	 TAX GROSS UP AND INDEMNITIES 



 

	12.1	 Definitions 


  

	(a)	 In this Agreement: 



“Protected Party” means a Finance Party which is or will be subject to any liability, or required to make any payment, for or
on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. 

“Tax Credit” means a credit against, relief or remission for, or repayment of any Tax. 

“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than
a FATCA Deduction. 
 “Tax Payment” means either the increase in a payment made by an Obligor to a Finance Party under
Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax indemnity). 
  

	(b)	 Unless a contrary indication appears, in this Clause 12 (Tax Gross Up and Indemnities) reference to
“determines” or “determined” means a determination made in the absolute discretion of the person making the determination. 


  


	12.2	 Tax gross-up 



 

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


  

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


  

	(c)	 If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor
shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 



 

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


  

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


  

	12.3	 Tax indemnity 



 

	(a)	 The Obligors shall (within three Business Days of demand by the Facility Agent) pay to a Protected Party an
amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 



  
 42 














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



 

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



 

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


  

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


 if that Tax is imposed on or calculated by reference to the net
income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or 
  

	 	(ii)	 to the extent a loss, liability or cost: 



 

	 	(A)	 is compensated for by an increased payment under Clause 12.2 (Tax gross- up); or 



 

	 	(B)	 relates to a FATCA Deduction required to be made by a Party. 



 

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


  

	(d)	 A Protected Party shall, on receiving a payment from an Obligor under this Clause 12.3 (Tax indemnity),
notify the Facility Agent. 


  

	12.4	 Tax Credit 



If an Obligor makes a Tax Payment and the relevant Finance Party determines that: 

 

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


  

	(b)	 that Finance Party has obtained and utilised that Tax Credit, 



the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor. 
  

	12.5	 Stamp taxes 



The Obligors shall pay and, within three Business Days of demand, indemnify each Creditor Party against any cost, loss or liability which that
Creditor Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 
  

	12.6	 VAT 


  

	(a)	 All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or
in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made
by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other
consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party). 



  
 43 














	(b)	 If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to
any other Finance Party (the “Recipient”) under a Finance Document, and any Party other than the Recipient (the “Relevant Party”) is required by the terms of any Finance Document to pay an amount equal to the
consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration): 


  

	 	(i)	 (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant
Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this sub-paragraph (i) applies) promptly pay to
the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and 



 

	 	(ii)	 (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant
Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from
the relevant tax authority in respect of that VAT. 


  

	(c)	 Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense,
that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part of it as represents VAT, save to the extent that such Finance Party reasonably determines that it is
entitled to credit or repayment in respect of such VAT from the relevant tax authority. 


  

	(d)	 Any reference in this Clause 12.6 (VAT) to any Party shall, at any time when that Party is treated as a
member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the
supply, under the grouping rules (provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) so that a reference to a Party shall be construed as a reference to that Party or
the relevant group or unity (or fiscal unity) of which that Party is a member for VAT purposes at the relevant time or the relevant representative member (or representative or head) of that group or unity at the relevant time (as the case may be).



  

	(e)	 In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably
requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party’s VAT registration and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting
requirements in relation to such supply. 


  

	12.7	 FATCA Information 



 

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


  

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



 

	 	(A)	 a FATCA Exempt Party; or 



 

	 	(B)	 not a FATCA Exempt Party; and 



  
 44 














	 	(ii)	 supply to that other Party such forms, documentation and other information relating to its status under FATCA
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 sub-paragraph
(i) of paragraph (a) 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
sub-paragraph (iii) of paragraph (a) 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 sub-paragraphs (i) or (ii) of paragraph (a) 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 (and payments under them) 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.



  

	(e)	 If the Borrower is a US Tax Obligor, or the Facility Agent reasonably believes that its obligations under FATCA
or any other applicable law or regulation require it, each Lender shall, within 10 Business Days of: 


  

	 	(i)	 where the Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date of this
Agreement; 


  

	 	(ii)	 where the Borrower is a US Tax Obligor on a Transfer Date and the relevant Lender is a New Lender, the relevant
Transfer Date; or 


  

	 	(iii)	 the date of a request from the Facility Agent, 



supply to the Facility Agent: 
  

	 	(i)	 a withholding certificate on Form W-8, Form W-9 or any other relevant form; or 


  

	 	(ii)	 any withholding statement or other document, authorisation or waiver as the Facility Agent may require to
certify or establish the status of such Lender under FATCA or that other law or regulation. 


  

	(f)	 The Facility Agent shall provide any withholding certificate, withholding statement, document, authorisation or
waiver it receives from a Lender pursuant to paragraph (e) above to the Borrower. 


  

	(g)	 If any withholding certificate, withholding statement, document, authorisation or waiver provided to the
Facility Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation
or waiver to the Facility Agent unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Facility Agent). The Facility Agent shall provide any such updated withholding certificate, withholding statement,
document, authorisation or waiver to the Borrower. 



  
 45 














	(h)	 The Facility Agent may rely on any withholding certificate, withholding statement, document, authorisation or
waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Facility Agent shall not be liable for any action taken by it under or in connection with paragraphs (e), (f) or (g) above.



  

	12.8	 FATCA Deduction 



 

	(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 each Obligor and the Facility Agent and the Facility Agent shall notify the other Finance Parties.



  

	13	 INCREASED COSTS 



 

	13.1	 Increased costs 



 

	(a)	 Subject to Clause 13.3 (Exceptions), the Borrowers shall, within three Business Days of a demand by the
Facility 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, 



in each case after the date of this Agreement; or 
  

	 	(iii)	 the implementation, application of or compliance with Basel III or CRD IV or any law or regulation that
implements or applies Basel III or CRD IV. 


  

	(b)	 In this Agreement: 


  

	 	(i)	 “Basel III” means: 



 

	 	(A)	 the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III:
A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the
countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated; 


  

	 	(B)	 the rules for global systemically important banks contained in “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, as amended, supplemented or restated; and 



 

	 	(C)	 any further guidance or standards published by the Basel Committee on Banking Supervision relating to
“Basel III”. 



  
 46 














	 	(ii)	 “CRD IV” means: 



 

	 	(A)	 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012; 


  

	 	(B)	 Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the
activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC; and 



 

	 	(C)	 any other law or regulation which implements Basel III. 



 

	 	(iii)	 “Increased Costs” means: 



 

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


  

	 	(B)	 an additional or increased cost; or 



 

	 	(C)	 a reduction of any amount due and payable under any Finance Document, 



which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having
entered into its Commitment or funding or performing its obligations under any Finance Document. 
  

	13.2	 Increased cost claims 



 

	(a)	 A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the
Facility Agent of the event giving rise to the claim, following which the Facility Agent shall promptly notify the Borrowers. 


  

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


  

	13.3	 Exceptions 



Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is: 

 

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



 

	(b)	 attributable to a FATCA Deduction required to be made by a Party; 



 

	(c)	 compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under Clause 12.3
(Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 12.3 (Tax indemnity) applied); 


  

	(d)	 compensated for by any payment made pursuant to Clause 14.3 (Mandatory Cost); or 



 

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



  

	14	 OTHER INDEMNITIES 



 

	14.1	 Currency indemnity 



 

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



  

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



  
 47 














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



 that Obligor shall, as an independent obligation, on demand, indemnify each Creditor Party to which that Sum is due
against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or
rates of exchange available to that person at the time of its receipt of that Sum. 
  

	(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. 


  

	14.2	 Other indemnities 



 

	(a)	 Each Obligor shall, on demand, indemnify each Creditor Party against any cost, loss or liability incurred by it
as a result of: 


  

	 	(i)	 the occurrence of any Event of Default; 



 

	 	(ii)	 a failure by a Transaction 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 32 (Sharing among the Finance Parties); 


  

	 	(iii)	 funding, or making arrangements to fund, its participation in an Advance or the Loan requested by the Borrowers
in a Drawdown 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 Creditor Party alone); or 



 

	 	(iv)	 the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the
Borrowers. 


  

	(b)	 Each Obligor shall, on demand, indemnify each Finance Party, each Affiliate of a Finance Party and each officer
or employee of a Finance Party or its Affiliate (each such person for the purposes of this Clause 14.2 (Other indemnities) an “Indemnified Person”), against any cost, loss or liability incurred by that Indemnified Person
pursuant to or in connection with any litigation, arbitration or administrative proceedings or regulatory enquiry, in connection with or arising out of the entry into and the transactions contemplated by the Finance Documents, having the benefit of
any Security constituted by the Finance Documents or which relates to the condition or operation of, or any incident occurring in relation to, any Vessel unless such cost, loss or liability is caused by the gross negligence or wilful misconduct of
that Indemnified Person. 


  

	(c)	 Without limiting, but subject to any limitations set out in paragraph (b) above, the indemnity in
paragraph (b) above shall cover any cost, loss or liability incurred by each Indemnified Person in any jurisdiction: 


  

	 	(i)	 arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any
Environmental Law or any Sanctions; or 


  

	 	(ii)	 in connection with any Environmental Claim. 



  
 48 














	(d)	 Any Affiliate or any officer or employee of a Finance Party or of any of its Affiliates may rely on this Clause
14.2 (Other indemnities) subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act. 


  

	14.3	 Mandatory Cost 



Each Borrower shall, on demand by the Facility Agent, pay to the Facility Agent for the account of the relevant Lender, such amount which any
Lender certifies in a notice to the Facility Agent to be its good faith determination of the amount necessary to compensate it for complying with: 
  

	(a)	 in the case of a Lender lending from a Facility Office in a Participating Member State, the minimum reserve
requirements (or other requirements having the same or similar purpose) of the European Central Bank or any other authority or agency which replaces all or any of its functions) in respect of loans made from that Facility Office; and



  

	(b)	 in the case of any Lender lending from a Facility Office in the United Kingdom, any reserve asset, special
deposit or liquidity requirements (or other requirements having the same or similar purpose) of the Bank of England (or any other governmental authority or agency) and/or paying any fees to the Financial Conduct Authority and/or the Prudential
Regulation Authority (or any other governmental authority or agency which replaces all or any of their functions), 



which, in each case, is referable to that Lender’s participation in the Loan. 

 

	14.4	 Indemnity to the Facility Agent 



Each Obligor shall, on demand, indemnify the Facility Agent against: 
  

	(a)	 any cost, loss or liability incurred by the Facility Agent (acting reasonably) as a result of:



  

	 	(i)	 investigating any event which it reasonably believes is a Default; or 



 

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


  

	 	(iii)	 instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under the Finance Documents; and 


  

	(b)	 any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility
Agent’s gross negligence or wilful misconduct) or, in the case of any cost, loss or liability pursuant to Clause 33.11 (Disruption to Payment Systems etc.) notwithstanding the Facility Agent’s negligence, gross negligence or any
other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent in acting as Facility Agent under the Finance Documents. 



 

	14.5	 Indemnity to the Security Agent 



 

	(a)	 Each Obligor shall, on demand, indemnify the Security Agent and every Receiver and Delegate against any cost,
loss or liability incurred by any of them: 


  

	 	(i)	 in relation to or as a result of: 



 

	 	(A)	 any failure by a Borrower to comply with its obligations under Clause 15 (Costs and Expenses);



  

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



  
 49 














	 	(C)	 the taking, holding, protection or enforcement of the Finance Documents and the Transaction Security;



  

	 	(D)	 the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent
and each Receiver and Delegate by the Finance Documents or by law; 


  

	 	(E)	 any default by any Transaction Obligor in the performance of any of the obligations expressed to be assumed by
it in the Finance Documents; 


  

	 	(F)	 any action by any Transaction Obligor which vitiates, reduces the value of, or is otherwise prejudicial to, the
Transaction Security; and 


  

	 	(G)	 instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under the Finance Documents. 


  

	 	(ii)	 acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of
the Security Property or the performance of the terms of this Agreement or the other Finance Documents (otherwise, in each case, than by reason of the relevant Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful
misconduct). 


  

	(b)	 The Security Agent and every Receiver and Delegate may, in priority to any payment to the Creditor Parties,
indemnify itself out of the Security Assets in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 14.5 (Indemnity to the Security Agent) and shall have a lien on the Transaction
Security and the proceeds of the enforcement of the Transaction Security for all monies payable to it. 


  

	15	 COSTS AND EXPENSES 



 

	15.1	 Transaction expenses 



The Obligors shall, on demand, pay the Facility Agent, the Security Agent and the Arranger the amount of all costs and expenses (including
legal fees) reasonably incurred by any Creditor Party in connection with the negotiation, preparation, printing, execution, syndication and perfection of: 
  

	(a)	 this Agreement and any other documents referred to in this Agreement or in a Security Document; and



  

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



 

	15.2	 Amendment costs 



If: 
  

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



 

	(b)	 an amendment is required pursuant to Clause 33.9 (Change of currency); or



  

	(c)	 a Transaction Obligor requests, and the Security Agent agrees to, the release of all or any part of the
Security Assets from the Transaction Security, 


 the Obligors shall, on demand, reimburse each of the Facility Agent and
the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by each Creditor Party in responding to, evaluating, negotiating or complying with that request or requirement. 

  
 50 














	15.3	 Enforcement and preservation costs 



The Obligors shall, on demand, pay to each Creditor Party the amount of all costs and expenses (including legal fees) incurred by that Creditor
Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document or the Transaction Security and with any proceedings instituted by or against that Creditor Party as a consequence of it entering into a
Finance Document, taking or holding the Transaction Security, or enforcing those rights. 

  
 51 













 SECTION 7 

GUARANTEE 
  

	16	 GUARANTEE AND INDEMNITY 



 

	16.1	 Guarantee and indemnity 



The Guarantor irrevocably and unconditionally: 
  

	(a)	 guarantees to each Finance Party punctual performance by each Transaction Obligor other than the Guarantor of
all such other Transaction Obligor’s obligations under the Finance Documents; 


  

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



 

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


  

	16.2	 Continuing guarantee 



This Guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Transaction Obligor under the Finance
Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	16.3	 Reinstatement 



If any discharge, release or arrangement (whether in respect of the obligations of any Transaction Obligor or any security for those
obligations or otherwise) is made by a Creditor Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation,
then the liability of the Guarantor under this Clause 16 (Guarantee and Indemnity) will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	16.4	 Waiver of defences 



The obligations of the Guarantor under this Clause 16 (Guarantee and Indemnity) and in respect of any Transaction Security will not be
affected or discharged by an act, omission, matter or thing which, but for this Clause 16.4 (Waiver of defences) would reduce, release or prejudice any of its obligations under this Clause 16 (Guarantee and Indemnity) or in respect of
any Transaction Security (without limitation and whether or not known to it or any Creditor Party) including: 
  

	(a)	 anytime, waiver or consent granted to, or composition with, any Transaction Obligor or other person;



  

	(b)	 the release of any other Transaction Obligor or any other person under the terms of any composition or
arrangement with any creditor of any member of the Group; 



  
 52 














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



 

	(d)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of a Transaction Obligor or any other person; 


  

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


  

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


  

	(g)	 any insolvency or similar proceedings. 



 

	16.5	 Immediate recourse 



The Guarantor waives any right it may have of first requiring any Creditor Party (or any trustee or agent on its behalf) to proceed against or
enforce any other rights or security or claim payment from any person (including without limitation to commence any proceedings under any Finance Document or to enforce any Transaction Security) before claiming or commencing proceedings under this
Clause 16 (Guarantee and Indemnity). This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 
  

	16.6	 Appropriations 



Until all amounts which may be or become payable by the Transaction Obligors under or in connection with the Finance Documents have been
irrevocably paid in full, each Creditor Party (or any trustee or agent on its behalf) may: 
  

	(a)	 refrain from applying or enforcing any other moneys, security or rights held or received by that Creditor Party
(or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the
same; and 


  

	(b)	 hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the
Guarantor’s liability under this Clause 16 (Guarantee and Indemnity). 


  

	16.7	 Deferral of Guarantor’s rights 



All rights which the Guarantor at any time has (whether in respect of this Guarantee, a mortgage or any other transaction) against the
Borrower, any other Transaction Obligor or their respective assets shall be fully subordinated to the rights of the Creditor Parties under the Finance Documents and until the end of the Security Period and unless the Facility Agent otherwise
directs, the Guarantor will not exercise any rights which it may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by it of its obligations under the Finance Documents or by
reason of any amount being payable, or liability arising, under this Clause 16 (Guarantee and Indemnity): 
  

	(a)	 to be indemnified by a Transaction Obligor; 



 

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



  
 53 














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



 

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


  


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


  

	(f)	 to claim or prove as a creditor of any Transaction Obligor in competition with any Creditor Party.



 If the Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit,
payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Creditor Parties by the Transaction Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Creditor
Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 33 (Payment Mechanics). 

 

	16.8	 Additional security 



This Guarantee and any other Security given by the Guarantor is in addition to and is not in any way prejudiced by, and shall not prejudice,
any other guarantee or Security or any other right of recourse now or subsequently held by any Creditor Party or any right of set-off or netting or right to combine accounts in connection with the Finance
Documents. 
  

	16.9	 Applicability of provisions of Guarantee to other Security 



Clauses 16.2 (Continuing guarantee), 16.3 (Reinstatement), 16.4 (Waiver of defences), 16.5 (Immediate
recourse)16.5, 16.6 (Appropriations), 16.7 (Deferral of Guarantor’s rights) and 16.8 (Additional security) shall apply, with any necessary modifications, to any Security which the Guarantor creates (whether at the time
at which it signs this Agreement or at any later time) to secure the Secured Liabilities or any part of them. 

  
 54 













 SECTION 8 

JOINT AND SEVERAL LIABILITY OF BORROWERS 
  

	17	 JOINT AND SEVERAL LIABILITY OF THE BORROWERS 



 

	17.1	 Joint and several liability 



All liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to be so or not, be joint and several. 

 

	17.2	 Waiver of defences 



The liabilities and obligations of a Borrower shall not be impaired by: 

 

	(a)	 this Agreement being or later becoming void, unenforceable or illegal as regards any other Borrower;



  

	(b)	 any Lender or the Security Agent entering into any rescheduling, refinancing or other arrangement of any kind
with the other Borrower; 


  

	(c)	 any Lender or the Security Agent releasing the other Borrower or any Security created by a Finance Document; or



  

	(d)	 any time, waiver or consent granted to, or composition with the other Borrower or other person;



  

	(e)	 the release of the other Borrower or any other person under the terms of any composition or arrangement with
any creditor of any member of the Group; 


  

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


  

	(g)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of the other Borrower or any other person; 


  

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


  

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


  

	(j)	 any insolvency or similar proceedings. 



 

	17.3	 Principal Debtor 



Each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this
Agreement and the Finance Documents and no Borrower shall, in any circumstances, be construed to be a surety for the obligations of the other Borrower under this Agreement. 

  
 55 














	17.4	 Borrower restrictions 



 

	(a)	 Subject to paragraph (b) below, during the Security Period no Borrower shall: 



 

	 	(i)	 claim any amount which may be due to it from the other Borrower whether in respect of a payment made under, or
matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this Agreement or any Finance Document; or 


  

	 	(ii)	 take or enforce any form of security from the other Borrower for such an amount, or in any way seek to have
recourse in respect of such an amount against any asset of the other Borrower; or 


  

	 	(iii)	 set off such an amount against any sum due from it to the other Borrower; or 



 

	 	(iv)	 prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure
involving the other Borrower; or 


  

	 	(v)	 exercise or assert any combination of the foregoing. 



 

	(b)	 If during the Security Period, the Facility Agent, by notice to a Borrower, requires it to take any action
referred to in paragraph (a) above in relation to the other Borrower, that Borrower shall take that action as soon as practicable after receiving the Facility Agent’s notice. 



 

	17.5	 Deferral of Borrowers’ rights 



Until all amounts which may be or become payable by the Borrowers under or in connection with the Finance Documents have been irrevocably paid
in full and unless the Facility Agent otherwise directs, no Borrower will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents: 

 

	(a)	 to be indemnified by the other Borrower; or 



 

	(b)	 to claim any contribution from the other Borrower in relation to any payment made by it under the Finance
Documents. 



  
 56 













 SECTION 9 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	18	 REPRESENTATIONS 



 

	18.1	 General 



Each Obligor makes the representations and warranties set out in this Clause 18 (Representations) to each Finance Party on the date of
this Agreement. 
  

	18.2	 Status 


  

	(a)	 It is a limited liability company duly formed and validly existing in good standing under the law of its
Original Jurisdiction. 


  

	(b)	 It and each Transaction Obligor has the power to own its assets and carry on its business as it is being
conducted. 


  

	18.3	 LLC Shares and ownership 



 

	(a)	 In the case of each Borrower, its limited liability company interest is unitized into a maximum of 500 LLC
Shares, all of which have been issued to the Guarantor, other than in respect of Borrower D, in which case all 500 authorized LLC Shares have been issued to Odysseus. 



 

	(b)	 In the case of the Guarantor, its limited liability company interest is unitized and no limitation on the
number of units is established within its limited liability company agreement. The legal title to and beneficial interest in the limited liability company interests in each Borrower is held free of any Security other than Permitted Security or any
other claim by (other than in respect of Borrower D) the Guarantor and, in respect of Borrower D, Odysseus. 


  

	(c)	 Its ultimate beneficial ownership and control is maintained by those person(s) advised to the Facility Agent in
writing on or about the date of this Agreement. 


  

	(d)	 None of the LLC Shares in a Borrower is subject to any option to purchase,
pre-emption rights or similar rights. 


  

	18.4	 Binding obligations 



The obligations expressed to be assumed by it in each Transaction Document to which it is a party are legal, valid, binding and enforceable
obligations. 
  

	18.5	 Validity, effectiveness and ranking of Security 



 

	(a)	 Each Finance Document to which it is a party does now or, as the case may be, will upon execution and delivery
create the Security it purports to create over any assets to which such Security, by its terms, relates, and such Security will, when created or intended to be created, be valid and effective. 



 

	(b)	 No third party has or will have any Security (except for Permitted Security) over any assets that are the
subject of any Transaction Security granted by it. 


  

	(c)	 The Transaction Security granted by it to the Security Agent or any other Creditor Party has or will when
created or intended to be created have first ranking priority or such other priority it is expressed to have in the Finance Documents and is not subject to any prior ranking or pari passu ranking security. 



 

	(d)	 No concurrence, consent or authorisation of any person is required for the creation of or otherwise in
connection with any Transaction Security. 



  
 57 














	18.6	 Non-conflict with other obligations 



The entry into and performance by it of, and the transactions contemplated by, each Transaction Document to which it is a party do not and will
not conflict with: 
  

	(a)	 any law or regulation applicable to it; 



 

	(b)	 the constitutional documents of any member of any Obligor; or 



 

	(c)	 any agreement or instrument binding upon it or any other Obligor or any other Obligor’s assets or
constitute a default or termination event (however described) under any such agreement or instrument. 


  

	18.7	 Power and authority 



 

	(a)	 It has the power to enter into, perform and deliver, and has taken all necessary action to authorise:



  

	 	(i)	 its entry into, performance and delivery of, each Transaction Document to which it is or will be a party and
the transactions contemplated by those Transaction Documents; and 


  

	 	(ii)	 in the case of a Borrower, the registration of its Vessel under an Approved Flag. 



 

	(b)	 No limit on its powers will be exceeded as a result of the borrowing, granting of security or giving of
guarantees or indemnities contemplated by the Transaction Documents to which it is a party. 


  

	18.8	 Validity and admissibility in evidence 



All Authorisations required or desirable: 
  

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


  

	(b)	 to make the Transaction Documents to which it is a party admissible in evidence in its Relevant Jurisdictions,



 have been obtained or effected and are in full force and effect. 

 

	18.9	 Governing law and enforcement 



 

	(a)	 The choice of governing law of each Transaction Document to which it is a party will be recognised and enforced
in its Relevant Jurisdictions. 


  

	(b)	 Any judgment obtained in relation to a Transaction Document to which it is a party in the jurisdiction of the
governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions. 


  

	18.10	 Insolvency 



No: 
  

	(a)	 corporate action, legal proceeding or other procedure or step described in paragraph (a) of Clause 26.8
(Insolvency proceedings); or 


  

	(b)	 creditors’ process described in Clause 26.9 (Creditors’process), 



  
 58 














	 	has been taken or, to its knowledge, threatened in relation to a Transaction Obligor (other than an Approved Manager); and none of the circumstances described in Clause 26.7 (Insolvency) applies to a Transaction
Obligor. 

  

	18.11	 No filing or stamp taxes 



Under the laws of its Relevant Jurisdictions it is not necessary that the Finance Documents to which it is a party be registered, filed,
recorded, notarised or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Finance Documents to which it is a party or the transactions
contemplated by those Finance Documents, except registration of each Mortgage at the Ships Registry where title to each Vessel is registered in the ownership of the relevant Borrower, which registration and fees will be made and paid promptly after
the date of the relevant Mortgage. 
  

	18.12	 Deduction of Tax 



It is not required to make any Tax Deduction from any payment it may make under any Finance Document to which it is a party. 

 

	18.13	 No default 


  

	(a)	 No Event of Default and, on the date of this Agreement and on the Drawdown Date, no Default is continuing or
might reasonably be expected to result from the making of any Drawdown or the entry into, the performance of, or any transaction contemplated by, any Transaction Document. 



 

	(b)	 No other event or circumstance is outstanding which constitutes a default or a termination event (however
described) under any other agreement or instrument which is binding on it or to which its assets are subject. 


  

	18.14	 No misleading information 



 

	(a)	 Any factual information provided by Transaction Obligor for the purposes of this Agreement was 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 such information have been prepared on the basis of recent
historical information and on the basis of reasonable assumptions. 


  

	(c)	 Nothing has occurred or been omitted from any such information and no information has been given or withheld
that results in any such information being untrue or misleading in any material respect. 


  

	18.15	 Financial Statements 



 

	(a)	 The Original Financial Statements were prepared in accordance with IFRS consistently applied.



  

	(b)	 The Original Financial Statements fairly present the Guarantor’s consolidated financial condition as at
the end of the relevant financial year and results of operations during the relevant financial year. 


  

	(c)	 There has been no material adverse change in its assets, business or financial condition (or the assets,
business or consolidated financial condition of the Group), since the date of the Original Financial Statements. 


  

	(d)	 Each Obligor’s most recent financial statements delivered pursuant to Clause 19.2 (Financial
statements): 



  
 59 














	 	(i)	 have been prepared in accordance with Clause 19.4 (Requirements as to financial statements); and



  

	 	(ii)	 fairly represent its financial condition as at the end of the relevant financial year and operations during the
relevant financial year (consolidated in the case of the Guarantor). 


  

	(e)	 Since the date of the most recent financial statements delivered pursuant to Clause 19.2 (Financial
statements) there has been no material adverse change in an Obligor’s business, assets or financial condition (or the business or consolidated financial condition of the Group, in the case of the Guarantor). 



 

	18.16	 Pari passu ranking 



Its payment obligations under the Finance Documents to which it is a party rank at least pari passu with the claims of all its other
unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 
  

	18.17	 No proceedings pending or threatened 



 

	(a)	 No litigation, arbitration or administrative proceedings or investigations (including proceedings or
investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the
best of its knowledge and belief (having made due and careful enquiry)) been started or threatened against it or any other Transaction Obligor. 


  

	(b)	 No judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any
governmental or other regulatory body which might reasonably be expected to have a Material Adverse Effect has (to the best of its knowledge and belief (having made due and careful enquiry)) been made against it or any other Transaction Obligor.



  

	18.18	 Validity and completeness of the Transaction Documents 



 

	(a)	 Each of the Transaction Documents to which any Charterer and each Transaction Obligor is a party constitutes
legal, valid, binding and enforceable obligations of that Charterer and each Transaction Obligor. 


  

	(b)	 The copies of the Transaction Documents delivered to the Facility Agent before the date of this Agreement are
true and complete copies. 


  

	(c)	 No amendments or additions to the Transaction Documents have been agreed nor has any Charterer or any
Transaction Obligor waived any of its respective rights under the Transaction Documents. 


  

	18.19	 No rebates etc. 



There is no agreement or understanding to allow or pay any rebate, premium, inducement, commission, discount or other benefit or payment
(however described) to a Borrower or any other member of the Group or a third party in connection with the purchase by that Borrower of the relevant Vessel, other than as disclosed to the Facility Agent in writing on or before the date of this
Agreement. 
  

	18.20	 Valuations 


  

	(a)	 All information supplied by it or on its behalf to an Approved Valuer for the purposes of a valuation delivered
to the Facility Agent in accordance with this Agreement was true and accurate as at the date it was supplied or (if appropriate) as at the date (if any) at which it is stated to be given. 



  
 60 














	(b)	 It has not omitted to supply any information to an Approved Valuer which, if disclosed, would adversely affect
any valuation prepared by such Approved Valuer. 


  

	(c)	 There has been no change to the factual information provided pursuant to paragraph (a) above in relation
to any valuation between the date such information was provided and the date of that valuation which, in either case, renders that information untrue or misleading in any material respect. 



 

	18.21	 No breach of laws 



It has not breached any law or regulation which breach has a Material Adverse Effect. 

 

	18.22	 No Charter 



No Vessel is subject to any Charter other than a Permitted Charter. 
  

	18.23	 Compliance with Environmental Laws 



All Environmental Laws relating to the ownership, operation and management of each Vessel (as now conducted and as reasonably anticipated to be
conducted in the future) and the terms of all Environmental Approvals have been complied with. 
  

	18.24	 No Environmental Claim 



No Environmental Claim has been made or threatened against any Transaction Obligor or any Vessel. 

 

	18.25	 No Environmental Incident 



No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred. 

 

	18.26	 ISM and ISPS Code compliance 



All requirements of the ISM Code and the ISPS Code as they relate to each Borrower, each Approved Manager and each Vessel have been complied
with. 
  

	18.27	 Taxes paid 


  

	(a)	 It is not materially overdue in the filing of any Tax returns and it is not overdue in the payment of any
amount in respect of Tax. 


  

	(b)	 No claims or investigations are being, or are reasonably likely to be, made or conducted against it with
respect to Taxes. 


  

	18.28	 Financial Indebtedness 



 

	(a)	 The Borrower has no Financial Indebtedness outstanding other than Permitted Financial Indebtedness incurred in
the ordinary course of its business of trading, chartering and operating the Vessel owned by it. 


  

	(b)	 The Guarantor has no Financial Indebtedness outstanding other than Permitted Financial Indebtedness and any
Financial Indebtedness incurred in the ordinary course of its business (including, without limitation, any guarantees the Guarantor has issued securing the obligations of any of its present or future Subsidiaries and any other guarantee having been
previously granted by the Guarantor as at the date of this Agreement and disclosed to the Facility Agent). 


  

	(c)	 No Borrower has acquired or invested in any additional assets and/or investments other than its Vessels.




  
 61 














	18.29	 Overseas companies 



No Transaction Obligor has delivered particulars, whether in its name stated in the Finance Documents or any other name, of any UK
Establishment to the Registrar of Companies as required under the Overseas Regulations or, if it has so registered, it has provided to the Facility Agent sufficient details to enable an accurate search against it to be undertaken by the Lenders at
the Companies Registry. 
  

	18.30	 Good title to assets 



It has good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to
carry on its business as presently conducted. 
  

	18.31	 Ownership 


  

	(a)	 Each Borrower is the sole legal and beneficial owner of all rights and interests which any Charter creates in
favour of that Borrower. 


  

	(b)	 Each Borrower is the sole legal and beneficial owner of the relevant Vessel, her Earnings and her Insurances.



  

	(c)	 With effect on and from the date of its creation or intended creation, each Transaction Obligor will be the
sole legal and beneficial owner of any asset that is the subject of any Transaction Security created or intended to be created by such Transaction Obligor. 


  

	(d)	 The constitutional documents of each Transaction Obligor do not and could not restrict or inhibit any transfer
of the limited liability interests of a Borrower on creation or enforcement of the security conferred by the Security Documents. 


  

	18.32	 Centre of main interests and establishments 



For the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the
“Regulation”), its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in Greece (other than the Guarantor) and it has no “establishment” (as that term is used in Article 2(h) of
the Regulation) in any other jurisdiction. 
  

	18.33	 Place of business 



No Transaction Obligor has a place of business in any countries other than Greece or, in respect of the Guarantor the United States of America.

  

	18.34	 No employee or pension arrangements 



No Transaction Obligor (other than the Approved Manager) has any employees or any liabilities under any pension scheme. 

 

	18.35	 Sanctions 


  

	(a)	 No Transaction Obligor: 



 

	 	(i)	 and no director or officer, or to the best of its knowledge employee, of a Transaction Obligor, is a Prohibited
Person; 


  

	 	(ii)	 is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited
Person; or 


  

	 	(iii)	 owns or controls a Prohibited Person. 



  
 62 














	(b)	 No proceeds of the Loan shall be made available, directly or indirectly, to or for the benefit of a Prohibited
Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions. 


  

	18.36	 US Tax Obligor 



No Transaction Obligor is a US Tax Obligor. 
  

	18.37	 Repetition 



The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of
each Drawdown Request and the first day of each Interest Period. 
  

	19	 INFORMATION UNDERTAKINGS 



 

	19.1	 General 



The undertakings in this Clause 19 (Information Undertakings) remain in force throughout the Security Period unless the Facility Agent,
acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders), may otherwise permit. 
  

	19.2	 Financial statements 



 

	(a)	 Each Borrower shall supply to the Facility Agent in sufficient copies for all the Lenders:



  

	 	(i)	 as soon as they become available, but in any event within 180 days after the end of each of its respective
financial years, its unaudited financial statements for that financial year (such annual financial statements to be supplemented to include updated details of all off-balance sheet and employment commitments);
and 


  

	 	(ii)	 as soon as the same become available, but in any event within 45 days after the end of each 3-month period (ending on 30 September, 31 March and 30 June) of each of its financial years, its unaudited financial statements for that financial quarter (commencing with the financial statements for the
3-month period ending on 30 June 2017) together with the Excess Cash Flow Notice and the VMC Surcharge Certificate. 



 

	(b)	 The Borrowers shall supply to the Facility Agent in sufficient copies for all the Lenders:



  

	 	(i)	 as soon as they become available, but in any event within 180 days after the end of each of the respective
financial years of the Guarantor, the audited consolidated financial statements of the Guarantor for that financial year (such annual consolidated financial statements to be supplemented to include updated details of all off-balance sheet and employment commitments); 


  

	 	(ii)	 as soon as the same become available, but in any event within 45 days after the end of each 3-month period (ending on 30 September, 31 March and 30 June) of each of the Guarantor’s financial years, the unaudited consolidated financial statements of the Guarantor for that financial quarter,
(commencing with the financial statements for the 3-month period ending on 30 June 2017); and 


  

	 	(iii)	 as soon as possible, but in no event later than 90 days after the end of each financial year, a cash flow
forecast of the Guarantor for the respective financial year (commencing with the financial year ending on 31 December 2018), 



Provided that in the case of the unaudited financial statements to be provided under
sub-paragraph (b)(ii) above, such unaudited financial statements shall not be required in relation to a quarter ending at the financial year-end in addition to the
audited financial statements to be provided under paragraph (b)(i) above. 

  
 63 














	19.3	 Compliance Certificate 



 

	(a)	 Each Obligor shall supply to the Facility Agent, with each set of financial statements delivered pursuant to
Clause 19.2 (Financial statements), and in the case of the Guarantor a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 20 (Financial Covenants)
substantially in the form attached in Schedule 6 to this Agreement as at the date as at which those financial statements were drawn up. 


  

	(b)	 Each Compliance Certificate shall be signed by the chief financial officer or the Guarantor.



  

	19.4	 Requirements as to financial statements 



 

	(a)	 Each set of financial statements delivered by a Borrower pursuant to Clause 19.2 (Financial
statements) shall be certified by a senior officer of the Borrower or chief financial officer of the company as fairly presenting its financial condition and operations as at the date as at which those financial statements were drawn up.



  

	(b)	 The Borrowers shall procure that each set of financial statements delivered pursuant to Clause 19.2
(Financial statements) is prepared using IFRS accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor unless, in relation to any
set of financial statements, it notifies the Facility Agent that there has been a change in IFRS, the accounting practices or reference periods and its auditors (or, if appropriate, the auditors of that Obligor) deliver to the Facility Agent:



  

	 	(i)	 a description of any change necessary for those financial statements to reflect the IFRS, accounting practices
and reference periods upon which that Obligor’s Original Financial Statements were prepared; and 


  

	 	(ii)	 sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable
the Lenders to determine whether Clause 20 (Financial Covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and that Obligor’s Original
Financial Statements. 


 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. 
  

	19.5	 Information: miscellaneous 



Each Obligor shall and shall procure that each other Obligor shall supply to the Facility Agent (in sufficient copies for all the Lenders, if
the Facility Agent so requests): 
  

	(a)	 Immediately upon the Facility Agent’s request, all documents dispatched by it to its shareholders (or any
class of them) or its creditors generally at the same time as they are dispatched; 


  

	(b)	 promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
or investigations (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) which are current, threatened or pending against it, and which might, if adversely determined, have a Material
Adverse Effect; 


  

	(c)	 promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral tribunal or
other tribunal or any order or sanction of any governmental or other regulatory body which is made against it and which might have a Material Adverse Effect; 



  
 64 














	(d)	 promptly, its constitutional documents where these have been amended or varied; 



 

	(e)	 promptly, such further information and/or documents regarding: 



 

	 	(i)	 each Vessel, goods transported on each Vessel, its Earnings or its Insurances; 



 

	 	(ii)	 the Security Assets; 



 

	 	(iii)	 compliance of the Transaction Obligors with the terms of the Finance Documents; 



 

	 	(iv)	 the financial condition, business and operations of any Obligor, 



as any Finance Party (through the Facility Agent) may reasonably request; and 

 

	(f)	 promptly, such further information and/or documents as any Finance Party (through the Facility Agent) may
reasonably request so as to enable such Finance Party to comply with any laws applicable to it or as may be required by any regulatory authority. 


  

	19.6	 Notification of Default 



 

	(a)	 Each Obligor shall, and shall procure that each other Transaction Obligor shall, notify the Facility Agent
(i) 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); and (ii) promptly upon
becoming aware of the same, of any breach of any Sanctions applicable to any Vessel, any Transaction Obligor or any party to any Transaction Document or any Assignable Charter. 



 

	(b)	 Promptly upon a request by the Facility Agent, each Borrower shall supply to the Facility Agent a certificate
signed by a senior officer 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). 



 

	19.7	 Use of websites 



 

	(a)	 Each Obligor may satisfy its obligation under the Finance Documents to which it is a party to deliver any
information in relation to those Lenders (the “Website Lenders”) which accept this method of communication by posting this information onto an electronic website designated by the Borrowers and the Facility Agent (the
“Designated Website”) if: 


  

	 	(i)	 the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will accept
communication of the information by this method; 


  

	 	(ii)	 both the relevant Obligor and the Facility Agent are aware of the address of and any relevant password
specifications for the Designated Website; and 


  

	 	(iii)	 the information is in a format previously agreed between the relevant Obligor and the Facility Agent.



 If any Lender (a “Paper Form Lender”) does not agree to the delivery of information electronically then
the Facility Agent shall notify the Obligors accordingly and each Obligor shall supply the information to the Facility Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event each Obligor shall supply the Facility Agent
with at least one copy in paper form of any information required to be provided by it. 
  

	(b)	 The Facility Agent shall supply each Website Lender with the address of and any relevant password
specifications for the Designated Website following designation of that website by the Obligors or any of them and the Facility Agent. 



  
 65 














	(c)	 An Obligor shall promptly upon becoming aware of its occurrence notify the Facility Agent if:



  

	 	(i)	 the Designated Website cannot be accessed due to technical failure; 



 

	 	(ii)	 the password specifications for the Designated Website change; 



 

	 	(iii)	 any new information which is required to be provided under this Agreement is posted onto the Designated
Website; 


  

	 	(iv)	 any existing information which has been provided under this Agreement and posted onto the Designated Website is
amended; or 


  

	 	(v)	 if that Obligor becomes aware that the Designated Website or any information posted onto the Designated Website
is or has been infected by any electronic virus or similar software. 


 If an Obligor notifies the Facility Agent under sub-paragraph (i) or (v) of paragraph (c) above, all information to be provided by the Obligors under this Agreement after the date of that notice shall be supplied in paper form unless and until the
Facility Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing. 
  

	(d)	 Any Website Lender may request, through the Facility Agent, one paper copy of any information required to be
provided under this Agreement which is posted onto the Designated Website. The Obligors shall comply with any such request within 10 Business Days. 


  

	19.8	 “Know your customer” checks 



 

	(a)	 If: 


  

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


  

	 	(ii)	 any change in the status of a Transaction Obligor (or of a Holding Company of a Transaction Obligor)
(including, without limitation, a change of ownership of a Transaction Obligor) after the date of this Agreement; or 


  

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


 obliges a Finance Party (or, in the case of sub-paragraph (iii) above, any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already
available to it, each Obligor shall promptly upon the request of any Finance Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by a Servicing Party (for itself or on behalf of any other Finance
Party) or any Lender (for itself or, in the case of the event described in sub-paragraph (iii) above, on behalf of any prospective new Lender) in order for such Finance Party or, in the case of the event
described in sub-paragraph (iii) above, any prospective new Lender 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. 
  

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



  
 66 














	20	 FINANCIAL COVENANTS 



 

	20.1	 Borrowers’ Minimum liquidity 



The Borrowers will ensure that, commencing from the Drawdown Date and at all times thereafter during the Security Period, they shall maintain
Cash in an amount of not less than $1,250,000 in aggregate in the Earnings Accounts (and in particular $300,000 in respect of Vessel A, Vessel B and Vessel C in the Earnings Account of Borrower A, Borrower B and Borrower C respectively and $350,000
in respect of Vessel D the Earning Account of Borrower D) which shall be pledged pursuant to the relevant Account Security and which shall remain blocked and may not be withdrawn (the “Borrowers’ Minimum Liquidity Amount”).

  

	20.2	 Guarantor’s financial covenants 



The Guarantor shall maintain from the Drawdown Date and at all times during the Security Period (and, in respect of paragraphs (a) and (b)
below, as of 1 January 2020 and at all times thereafter during the Security Period): 
  

	(a)	 the Value Adjusted Leverage Ratio shall not exceed 75 per cent.; 



 

	(b)	 the minimum Net Worth shall not be less than $50,000,000; 



 

	(c)	 the Book Leverage Ratio shall not exceed during the period commencing on: 



 

	 	(i)	 the Drawdown Date and ending on 31 December 2018 (inclusive), 85 per cent.; and



  

	 	(ii)	 1 January 2019 and at all times thereafter, 75 per cent.; and 



 

	(d)	 Liquidity in an amount of not less than $350,000 per Fleet Vessel (for the avoidance of doubt, such Liquidity
shall be covered under Clause 20.1 (Borrowers’ Minimum liquidity) in respect of the Vessels and no additional Liquidity shall be required in respect of the Vessels under this Clause); 



The expressions used in this Clause shall be construed in accordance with IFRS, and for purposes of this Agreement: 

“Book Leverage Ratio” means the ratio of Total Consolidated Long Term Debt to Total Assets, as shown in the applicable
Financial Statements of the Guarantor for any accounting period and determined in accordance with IFRS. 
 “Cash” means cash
in hand which is not subject to any charge back or other Security and to which the Borrowers have free, immediate and direct access including (i) any cash standing to the credit of the earnings account and/or the retention accounts or any other
accounts in the name of any other member of the Group (whether subject to Security or not) and (ii) any minimum liquidity amounts required to be maintained by the lenders financing the vessels owned by any such other members of the Group in any
earnings accounts or retention accounts of such other members of the Group (whether subject to Security or not). 
 “Financial
Statements” means the Financial Statements of the Guarantor and the Borrowers provided in accordance with Clause 19.2 (Financial statements). 

“Fleet Vessels” means any vessel (including the Vessels) from time to time wholly owned by the Guarantor (directly or
indirectly) (each a “Fleet Vessel”). 
 “Fleet Market Value” means in relation to a Fleet Vessel, the
Market Value of such Fleet Vessel. 

  
 67 













 “Liquidity” means, in respect of each period during which Financial
Statements are delivered by the Guarantor, Cash, as shown in the applicable Financial Statements of the Guarantor, for such accounting period and determined in accordance with IFRS. 

“Net Worth” means equity payments already advanced in respect of the Fleet Vessel less accumulated dividends plus retained
earnings of the Fleet Vessels, as each such term is defined in the applicable Financial Statements for the Guarantor determined in accordance with IFRS. 

“Total Assets” means, in respect of the Guarantor, the amount of total assets of the Guarantor at any time on a consolidated
basis which would be included in the applicable Financial Statements for the Guarantor as total assets determined in accordance with IFRS. 

“Total Consolidated Long Term Debt” means, in respect of the Guarantor, the amount of total liabilities of the Guarantor (as
such term is defined in the applicable Financial Statements of the Guarantor) at any time on a consolidated basis which would be included in the applicable Financial Statements of the Guarantor as total long term debt in accordance with IFRS
including the current portion of long term debt (as such term is defined in the applicable Financial Statements for the Guarantor). 

“Value Adjusted Leverage Ratio” means the ratio of Total Consolidated Long Term Debt to Value Adjusted Total Assets, as shown
in the applicable Financial Statement of the Guarantor for any accounting period and determined in accordance with IFRS. 
 “Value
Adjusted Total Assets” means the Total Assets of the Guarantor adjusted in each case for the difference of the book value of the Fleet Vessels (as evidenced in the most recent Financial Statements) and the Fleet Market Value. 

 

	20.3	 Most favoured nation 



Each Borrower and the Guarantor undertake to procure that, (i) during the Waiver Period in respect of items listed in sub-paragraphs (b), (d) and (f) and (ii) throughout the duration of the Security Period in respect of items listed in sub-paragraphs (a), (c) and (e), the Creditor
Parties shall receive no less favourable treatment under this Agreement than that provided or to be provided under any Group Facility Agreement (by way of amendment or supplement to, or refinancing of, that Group facility Agreement) in relation to:

  

	(a)	 any amendment to a maturity date under any such Group Facility Agreement as a result of which the maturity date
will fall before 31 December 2020 (save for the part of the loan made available under the ABN Facility Agreement which expires in June 2018); 


  

	(b)	 the existence of any amortization principal payment profile/schedule until 31 December 2019 (inclusive);



  

	(c)	 the provisions relevant to the calculation of the Excess Cash Flow and generally the cash sweep mechanism;



  

	(d)	 the waiver of the security cover ratio at the Borrowers’ level; 



 

	(e)	 the financial covenants relevant to the Value Adjusted Leverage Ratio, Book Leverage Ratio and minimum Net
Worth of the Guarantor; and 


  

	(f)	 any increase to the aggregate of any amounts to be paid in respect of interest solely related to margin
(howsoever defined) for the duration of the Waiver Period (calculated as at the date of that Group Facility Agreement). 



Accordingly, should any member of the Group or the Guarantor provide to any other creditor more favourable treatment in relation to (a) to
(f) above (and, in relation to subparagraphs (b), (d) and (f) for the duration of the Waiver Period) than those which the Creditor Parties 

  
 68 













 
have been provided with under this Agreement or any other Finance Document, each Borrower and the Guarantor shall promptly advise the Facility Agent of those arrangements and covenants and shall,
upon the Facility Agent’s request, enter into such documentation supplemental to the Finance Documents as the Lenders may require in order to achieve parity with the creditors under such relevant Group Facility Agreement. 

 

	20.4	 Group Facility Agreement security cover ratios 



Each Borrower and the Guarantor undertake to procure that, after the termination of the Waiver Period and throughout the remainder of the
Security Period, in the event that the exiting security cover ratio at the end of the Waiver Period in respect of any Group Facility Agreement, is amended pursuant to any supplemental agreement, refinancing arrangements or otherwise, to be more
favourable to the creditors under that Group Facility Agreement(s) than to the Finance Parties under this Agreement, the Borrowers and the Guarantor shall provide prior written notice to the Facility Agent of those arrangements and shall, upon the
Facility Agent’s request, enter into such documentation supplemental to the Finance Documents as the Lenders may require in order to achieve parity in connection with the security cover ratio with the creditors under such Group Facility
Agreement. 
  

	21	 GENERAL UNDERTAKINGS 



 

	21.1	 General 



The undertakings in this Clause 21 (General Undertakings) remain in force throughout the Security Period except as the Facility Agent,
acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit (and in the case of Clause 21.11 (Disposals), 21.14 (Financial Indebtedness), 21.20(b)(ii) (Other transactions)
and 21.25 (Constitutional documents) such permission not to be unreasonably withheld). 
  

	21.2	 Authorisations 



Each Obligor shall, and shall procure that each other Transaction Obligor will (where applicable), promptly: 

 

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



  

	(b)	 supply certified copies to the Facility Agent of, 



any Authorisation required under any law or regulation of a Relevant Jurisdiction and the state of the applicable Approved Flag at any time of
each Vessel to enable it to: 
  

	 	(i)	 perform its obligations under the Transaction Documents to which it is a party; 



 

	 	(ii)	 ensure the legality, validity, enforceability or admissibility in evidence in any Relevant Jurisdiction or in
the state of the Approved Flag at any time of each Vessel or any Transaction Document to which it is a party; and 


  

	 	(iii)	 own and operate the relevant Vessel (in the case of a Borrower). 



 

	21.3	 Compliance with laws 



Each Obligor shall comply in all respects with all laws and regulations to which it may be subject, if failure so to comply has or is
reasonably likely to have a Material Adverse Effect. 

  
 69 














	21.4	 Environmental compliance 



Each Obligor shall, and shall procure that each Approved Manager will: 

 

	(a)	 comply with all Environmental Laws; 



 

	(b)	 obtain, maintain and ensure compliance with all requisite Environmental Approvals; 



 

	(c)	 implement procedures to monitor compliance with and to prevent liability under any Environmental Law,



 where failure to do so has or is reasonably likely to have a Material Adverse Effect. 

 

	21.5	 Environmental claims 



Each Obligor shall, and shall procure that each Approved Manager will, promptly upon becoming aware of the same, inform the Facility Agent in
writing of: 
  

	(a)	 any Environmental Claim against any Transaction Obligor which is current, pending or threatened; and



  

	(b)	 any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or
threatened against any Transaction Obligor, 


 where the claim, if determined against that Transaction Obligor, has a
Material Adverse Effect. 
  

	21.6	 Taxation 


  

	(a)	 Each Obligor shall, and shall procure that each other Transaction Obligor will, pay and discharge all Taxes
imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that: 


  

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



 

	 	(ii)	 adequate reserves are maintained for those Taxes and the costs required to contest them have been disclosed in
its latest financial statements delivered to the Facility Agent under Clause 19.2 (Financial statements); and 


  

	 	(iii)	 such payment can be lawfully withheld and failure to pay those Taxes does not have a Material Adverse Effect.



  

	(b)	 The Obligors shall procure that no other Transaction Obligor will, change its residence for Tax purposes.



  

	21.7	 Overseas companies 



Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly inform the Facility Agent if it delivers to the
Registrar particulars required under the Overseas Regulations of any UK Establishment and it shall comply with any directions given to it by the Facility Agent regarding the recording of any Transaction Security on the register which it is required
to maintain under The Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009. 
  

	21.8	 Pari passu ranking 



Each Obligor shall, and shall procure that each other Transaction Obligor will, ensure that at all times any unsecured and unsubordinated
claims of a Finance Party against it under the Finance Documents to which such Obligor or Transaction Obligor is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors
whose claims are mandatorily preferred by laws of general application to companies. 

  
 70 














	21.9	 Title 



Each Borrower shall hold the legal title to, and own the entire beneficial interest in: 

 

	(a)	 the Vessel owned by it, its Earnings and its Insurances; and 



 

	(b)	 with effect on and from its creation or intended creation, any other assets which are the subject of any
Transaction Security created or intended to be created by that Borrower. 


  

	21.10	 Negative pledge 



 

					
	(a)  	  	(i)	  	    No Borrower shall create any form of Security over any of its assets or revenues other than Permitted Security; and

  

	 	(ii)	 The Guarantor shall not create any form of Security over any of its assets or revenues other than Permitted
Security unless it is reasonably incurred in the normal course of its business of acquiring and financing vessels to be owned by the Guarantor or any of its present or future Subsidiaries. 



 

	(b)	 No Obligor shall: 


  

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


  

	 	(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, 



in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing
the acquisition of an asset. 
  

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



 

	21.11	 Disposals 



Subject to Clause 23.17 (Restrictions on chartering, appointment of managers etc.), no Borrower shall enter into a single
transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset (including without limitation each Vessel, its Earnings or its Insurances). 

 

	21.12	 Merger 



No Obligor shall, enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction (save for an IPO). 

 

	21.13	 Change of business 



 

	(a)	 Each Obligor shall procure that no substantial change is made to the general nature of the business of that
Obligor from that carried on at the date of this Agreement. 


  

	(b)	 No Borrower shall engage in any business other than the ownership and operation of its Vessel.




  
 71 














	21.14	 Financial Indebtedness 



 

	(a)	 No Obligor shall: 


  

	 	(i)	 in the case of a Borrower, incur or permit to be outstanding any Financial Indebtedness except
(A) Financial Indebtedness incurred in the normal course of its business of trading, chartering and operating the Vessel owned by it and (B) Permitted Financial Indebtedness; and 



 

	 	(ii)	 in the case of the Guarantor, incur or permit to be outstanding Financial Indebtedness except for
(A) Financial Indebtedness incurred in the ordinary course of its business (including, without limitation, the issuance of guarantees securing the obligations of any of its future or present Subsidiaries and any guarantee previously granted by
the Guarantor as at the date of this Agreement and disclosed to the Facility Agent, (B) Permitted Financial Indebtedness and (C) Financial Indebtedness incurred under the K&T Loan Agreement. 



 

	(b)	 No Borrower shall acquire or invest in any additional assets and/or investments other than its Vessel.



  

	21.15	 Guarantor’s Equity Contribution 



 

	(a)	 The Guarantor shall procure that an equity contribution of $8,000,000 is paid in to the Group utilising funds
to be advanced to the Guarantor pursuant to the K&T Loan Agreement. 


  

	(b)	 The contribution shall be effected through quarterly payments commencing as of 31 August 2017, each in an
amount being the lesser of (i) such amount set out in Schedule 8 (Equity Contribution Dates and Amounts) and (ii) the maximum amount the Guarantor would be entitled to request in its utilisation request under the
K&T Loan Agreement at the relevant time if all conditions precedent thereunder were satisfied, on such dates as set out in Schedule 8 (Equity Contribution Dates and Amounts) (or as otherwise requested by the Borrowers and
agreed by the Facility Agent from time to time). 


  

	(c)	 In the event that the equity contribution is less than $8,000,000 on 31 December 2019, then the Guarantor
will contribute the difference between the actual capital contribution and $8,000,000 in the form of equity injection by 31 December 2019. 


  

	(d)	 The Guarantor shall procure that such contribution of $8,000,000 (in addition to the $5,000,000 contribution
injected as a condition precedent under Part A of Schedule 2 (Conditions Precedent and Subsequent) shall be utilised in or towards payment of the Shortfall Amount and, as the case may, any cash flow shortfall in connection with
the Existing Fleet Vessels, including, but not limited to, any operating expenses or any other cash flow shortfall in connection with their operation, trading and financing under this Agreement or, as the case may be, under any Group Facility
Agreement entered into during the Refinancing Period (as necessary). 


  

	21.16	 Expenditure 



No Borrower shall incur any expenditure, except for expenditure reasonably incurred in the ordinary course of owning, operating, maintaining
and repairing its Vessel. 
  

	21.17	 Share capital 



No Borrower shall: 
  

	(a)	 purchase, cancel or redeem any of its LLC Shares; 



 

	(b)	 increase or reduce its LLC Shares; and 



 

	(c)	 issue any further LLC Shares except to the Guarantor (and, in respect of Borrower D, Odysseus), as members of
the respective Borrowers, and provided such new LLC Shares are made subject to the terms of the relevant Shares Security immediately upon the issue of such new LLC Shares in a manner satisfactory to the Facility Agent and the terms of the relevant
Shares Security are complied with. 



  
 72 














	21.18	 Dividends 


  

	(a)	 No Borrower shall make or pay any dividend or other distribution (in cash or in kind) in respect of its LLC
Shares following the occurrence of an Event of Default which is continuing or where the making or payment of such dividend or distribution would result in the occurrence of an Event of Default or at any time when any part of the Requisite Commitment
Amount or the Arrangement Fee remains outstanding. 


  

	(b)	 The Guarantor shall not make or pay any dividend or other distribution (in cash or in kind) in respect of its
LLC Shares following the occurrence of an Event of Default which is continuing or where the making or payment of such dividend or distribution would result in the occurrence of an Event of Default. 



 

	21.19	 Accounts 



No Borrower shall open or maintain any account with any bank or financial institution except its Accounts. 

 

	21.20	 Other transactions 



No Borrower shall: 
  

	(a)	 be the creditor in respect of any loan or any form of credit to any person other than another Transaction
Obligor and where such loan or form of credit creates Permitted Financial Indebtedness; 


  

	(b)	 give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person in respect of
any obligation of any other person or enter into any document under which that Borrower assumes any liability of any other person other than (i) any guarantee or indemnity given under the Finance Documents or (ii) any guarantee and
indemnity issued in the ordinary course of its business of trading, chartering and operating the Vessel owned by it having an aggregate maximum value of $1,000,000 in respect of each Borrower or such higher value as may be requested by the relevant
Borrower and approved in writing by the Facility Agent; 


  

	(c)	 enter into any material agreement other than: 



 

	 	(i)	 the Transaction Documents; 



 

	 	(ii)	 any other agreement expressly allowed under any other term of this Agreement or in the ordinary course of the
Borrower’s business of trading, operating and chartering the vessel owned by it; and 


  

	(d)	 without the prior written consent of the Facility Agent, such consent not to be unreasonably withheld or
delayed, enter into any transaction on terms which are, in any respect, less favourable to that Borrower than those which it could obtain in a bargain made at arms’ length provided always that such consent in writing of the Facility Agent shall
not be required unless an Event of Default has occurred and is continuing; or 


  

	(e)	 acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit issued by
major North American or European banks. 


  

	21.21	 Unlawfulness, invalidity and ranking; Security imperilled 



No Obligor shall, and the Obligors shall procure that no other Transaction Obligor will, do (or fail to do) or cause or permit another person
to do (or omit to do) anything which is likely to: 
  

	(a)	 make it unlawful for a Transaction Obligor to perform any of its obligations under the Transaction Documents;




  
 73 














	(b)	 cause any obligation of a Transaction Obligor under the Transaction Documents to cease to be legal, valid,
binding or enforceable; 


  

	(c)	 cause any Transaction Document to cease to be in full force and effect; 



 

	(d)	 cause any Transaction Security to rank after, or lose its priority to, any other Security; and



  

	(e)	 imperil or jeopardise the Transaction Security. 



 

	21.22	 Separate corporate existence 



Each Borrower shall maintain separate corporate existence and identity, shall keep separate records, books and accounts and shall not co-mingle its assets nor become a member of a VAT Group. 
  

	21.23	 Accounting reference date 



No Obligor shall change its year end accounting reference date. 
  

	21.24	 Securitisation 



Each Obligor shall, and the Obligors shall procure that each other Transaction Obligor will, assist the Facility Agent and/or any Lender in
achieving a successful securitisation (or similar transaction) in respect of the Facility and the Finance Documents to which such other Transaction Obligor is a party and such Transaction Obligor’s reasonable costs for providing such assistance
shall be met by the relevant Lender. 
  

	21.25	 Constitutional documents 



Without prejudice to Clause 21.17 (Share capital) and the terms of any Shares Security, no Obligor shall allow any
amendment or variation to its constitutional documents unless such amendment or variation would clearly be immaterial to this Agreement and the other Finance Documents. 
  

	21.26	 Group Facility Agreement 



The Guarantor undertakes to ensure that (i) each Group Facility Agreement secured on the Existing Fleet Vessels is duly executed by the
parties to it and (ii) the loan made or to be made available under each Group Facility Agreement is drawn by the relevant borrower in each case on or before the last day of the Refinancing Period, unless the relevant creditor(s) under the
relevant Existing Group Facility Agreement have given their written consent to an extension of drawdown under the relevant Group Facility Agreement past the last day of the Refinancing Period Provided that the Facility Agent (acting with the
authorisation of the Majority Lenders) has also given its prior written consent to such corresponding extension of the Refinancing Period. 
  

	21.27	 Further assurance 



 

	(a)	 Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly, and in any event
within the time period specified by the Security Agent do all such acts (including procuring or arranging any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such documents (including
assignments, transfers, mortgages, charges, notices, instructions, acknowledgments, proxies and powers of attorney), as the Security Agent may specify (and in such form as the Security Agent may require in favour of the Security Agent or its
nominee(s)): 


  

	 	(i)	 to create, perfect, vest in favour of the Security Agent or protect the priority of the Security or any right
of any kind created or intended to be created under or evidenced by the Finance Documents to which such Transaction Obligor is a party (which may 



  
 74 














	 	
include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the
exercise of any rights, powers and remedies of any of the Creditor Parties provided by or pursuant to the Finance Documents or by law; 

  

	 	(ii)	 to confer on the Security Agent or confer on the Creditor Parties Security over any property and assets of that
Transaction Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant to the Finance Documents; 


  

	 	(iii)	 to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant of, any
interest in or right relating to the assets which are, or are intended to be, the subject of the Transaction Security or to exercise any power specified in any Finance Document in respect of which the Security has become enforceable; and/or



  

	 	(iv)	 to enable or assist the Security Agent to enter into any transaction to commence, defend or conduct any
proceedings and/or to take any other action relating to any item of the Security Property. 


  

	(b)	 Each Obligor shall, and shall procure that each other Transaction Obligor (as and if applicable) will take all
such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent
or the Creditor Parties by or pursuant to the Finance Documents. 


  

	(c)	 At the same time as an Obligor delivers to the Security Agent any document executed by itself or another
Transaction Obligor pursuant to this Clause 21.27 (Further assurance), that Obligor shall deliver, or shall procure that such other Transaction Obligor will deliver, to the Security Agent a certificate signed by an officer of
that Obligor or that Transaction Obligor which shall: 


  

	 	(i)	 set out the text of a resolution of that Obligor’s or Transaction Obligor’s directors specifically
authorising the execution of the document specified by the Security Agent; and 


  

	 	(ii)	 state that either the resolution was duly passed at a meeting of the directors validly convened and held,
throughout which a quorum of directors entitled to vote on the resolution was present, or that the resolution has been signed by all the directors or officers and is valid under that Obligor’s or Transaction Obligor’s articles of
association or other constitutional documents. 


  

	22	 INSURANCE UNDERTAKINGS 



 

	22.1	 General 



The undertakings in this Clause 22 (Insurance Undertakings) remain in force on and from the Drawdown Date and throughout
the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit. 

 

	22.2	 Maintenance of obligatory insurances 



Each Borrower shall keep the Vessel owned by it insured at its expense against: 

 

	(a)	 hull and machinery plus freight interest and hull interest and/or increased value and any other usual marine
risks (including excess risks); 


  

	(b)	 war risks (including the London Blocking and Trapping addendum or its equivalent); 



  
 75 














	(c)	 protection and indemnity risks (including liability for oil pollution for an amount of no less than
$1,000,000,000 and excess war risk P&l cover) on standard Club Rules, covered by a Protection and Indemnity association which is a member of the International Group of Protection and Indemnity Associations (or, if the International Group ceases
to exist, any other leading protection and indemnity association or other leading provider of protection and indemnity insurance) (including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the
hull cover); 


  

	(d)	 freight, demurrage and defence; 



 

	(e)	 any other risks against which the Facility Agent acting on the instructions of the Majority Lenders considers,
having regard to practices and other circumstances prevailing at the relevant time, it would be reasonable for that Borrower to insure and which are specified by the Facility Agent by notice to the Borrowers. 



 

	22.3	 Terms of obligatory insurances 



Each Borrower shall effect such insurances: 
  

	(a)	 in dollars; 


  

	(b)	 in the case of hull and machinery and war risks, in an amount on an agreed value basis at least the greater of:



  

	 	(i)	 120 per cent, of the Tranche relating to that Vessel; and 



 

	 	(ii)	 the Market Value of that Vessel; 



 

	(c)	 in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from
time to time available under basic protection and indemnity club entry and in the international marine insurance market (such amount currently being $1,000,000,000); 



 

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



  

	(e)	 in the case of the hull and machinery insurance, on the basis that the deductible is not higher than the Major
Casualty figure; 


  

	(f)	 if applicable, in the case where a Vessel is insured on a fleet policy, on the basis that each vessel insured
on that fleet policy is deemed to be insured on an individual basis; 


  

	(g)	 on approved terms; and 



 

	(h)	 through Approved Brokers and with approved insurance companies and/or underwriters or, in the case of war risks
and protection and indemnity risks, in approved war risks and protection and indemnity risks associations. 


  

	22.4	 Further protections for the Finance Parties 



In addition to the terms set out in Clause 22.3 (Terms of obligatory insurances), each Borrower shall procure that the
obligatory insurances shall: 
  

	(a)	 subject always to paragraph (b), name that Borrower as the sole named insured unless the interest of every
other named insured (including the Approved Manager as co-assured) is limited: 


  

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



 

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



  
 76 














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


  

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


 and
every other named insured has undertaken in writing to the Security Agent (in such form as it requires) that any deductible shall be apportioned between that Borrower and every other named insured in proportion to the gross claims made or paid by
each of them and that it shall do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances; 

 

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


  

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



  

	(d)	 provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Agent
shall be made without set off, counterclaim or deductions or condition whatsoever; 


  

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


  

	(f)	 provide that the Security Agent may make proof of loss if that Borrower fails to do so. 



 

	22.5	 Renewal of obligatory insurances 



Each Borrower shall: 
  

	(a)	 at least 10 days before the expiry of any obligatory insurance: 



 

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


  

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


  

	(b)	 at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance
with the Facility Agent’s approval pursuant to paragraph (a) above; and 


  

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



  
 77 














	22.6	 Copies of policies; letters of undertaking 



Each Borrower shall ensure that the Approved Brokers provide the Security Agent with: 

 

	(a)	 proforma copies of all policies relating to the obligatory insurances which they are to effect or renew
(to be provided annually, upon the renewal of such policies and at any time upon reasonable request by the Facility Agent); and 


  

	(b)	 a letter or letters or undertaking in a form required by the Facility Agent (to be provided upon reasonable
request by the Facility Agent) and including undertakings by the Approved Brokers that: 


  

	 	(i)	 they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of
assignment complying with the provisions of Clause 22.4 (Further protections for the Finance Parties); 


  

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


  

	 	(iii)	 they will advise the Security Agent immediately of any material change to the terms of the obligatory
insurances; 


  

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


  

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


  

	 	(vi)	 they will not set off against any sum recoverable in respect of a claim relating to the Vessel owned by that
Borrower under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Vessel or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in
respect of such premiums or other amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts; and 



 

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


  

	22.7	 Copies of certificates of entry 



Each Borrower shall ensure that any protection and indemnity and/or war risks associations in which the Vessel owned by it is entered provide
the Security Agent with: 
  

	(a)	 a certified copy of the certificate of entry for that Vessel; 



 

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


  

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


  

	22.8	 Deposit of original policies 



Each Borrower shall ensure that all policies relating to obligatory insurances are deposited with the Approved Brokers through which the
insurances are effected or renewed. 

  
 78 














	22.9	 Payment of premiums 



Each Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory insurances and produce all relevant receipts
when so required by the Facility Agent or the Security Agent. 
  

	22.10	 Guarantees 



Each Borrower shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain
in full force and effect. 
  

	22.11	 Compliance with terms of insurances 



 

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



 

	(b)	 Without limiting paragraph (a) above, each Borrower shall: 



 

	 	(i)	 take all necessary action and comply with all requirements which may from time to time be applicable to the
obligatory insurances, and (without limiting the obligation contained in sub-paragraph (iii) of paragraph (b) of Clause 22.6 (Copies of policies; letters of undertaking)) ensure
that the obligatory insurances are not made subject to any exclusions or qualifications to which the Facility Agent has not given its prior approval; 


  

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


  

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


  

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



 

	22.12	 Alteration to terms of insurances 



Neither Borrower shall make or agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory
insurance. 
  

	22.13	 Settlement of claims 



Each Borrower shall: 
  

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


  

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



  
 79 














	22.14	 Provision of copies of communications 



Each Borrower shall provide the Security Agent, immediately upon the Facility Agent’s request, with copies of all written communications
between that Borrower and: 
  

	(a)	 the Approved Brokers; 



 

	(b)	 the approved protection and indemnity and/or war risks associations; and 



 

	(c)	 the approved insurance companies and/or underwriters, 



which relate directly or indirectly to: 
  

	 	(i)	 that Borrower’s obligations relating to the obligatory insurances including, without limitation, all
requisite declarations and payments of additional premiums or calls; and 


  

	 	(ii)	 any credit arrangements made between that Borrower and any of the persons referred to in paragraphs (a) or
(b) above relating wholly or partly to the effecting or maintenance of the obligatory insurances. 


  

	22.15	 Provision of information 



Each Borrower shall promptly provide the Facility Agent (or any persons which it may designate) with any information which the Facility Agent
(or any such designated person) requests for the purpose of: 
  

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


  

	(b)	 effecting, maintaining or renewing any such insurances as are referred to in Clause 22.16
(Mortgagee’s interest, additional perils and mortgagee’s rights insurances) or dealing with or considering any matters relating to any such insurances, 



and the Borrowers shall, forthwith upon demand, indemnify the Facility Agent in respect of all fees and other expenses incurred by or for the
account of the Facility Agent in connection with any such report as is referred to in paragraph (a) above. 
  

	22.16	 Mortgagee’s interest, additional perils and mortgagee’s rights insurances



 The Security Agent shall be entitled from time to time to effect, maintain and renew: 

 

	(a)	 a mortgagee’s interest insurance in an amount equal to 120 per cent. of the Loan;



  

	(b)	 a mortgagee’s interest additional perils insurance in an amount equal to 120 per cent. of the Loan;



  

	(c)	 a mortgagee’s rights insurance in an amount equal to 110 per cent. of the Loan,



 and the Borrowers shall upon demand fully indemnify the Finance Parties in respect of all premiums and other expenses
which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance. 

  
 80 














	23	 POST-DELIVERY VESSEL UNDERTAKINGS 



 

	23.1	 General 



The undertakings in this Clause 23 (Post-Delivery Vessel Undertakings) remain in force on and from the Drawdown Date and
throughout the rest of the Security Period except as the Facility 
 Agent, acting with the authorisation of the Majority Lenders (or, where
specified, all the Lenders) may otherwise permit in writing (and in the case of Clauses 23.3, 23.4, 23.5 and 23.17 such permission not to be unreasonably withheld). 
  

	23.2	 Vessel’s names and registration 



Each Borrower shall, in respect of the Vessel owned by it: 
  

	(a)	 keep that Vessel registered in its name under the relevant Approved Flag from time to time at its port of
registration; 


  

	(b)	 not do or allow to be done anything as a result of which such registration might be suspended, cancelled or
imperilled; and 


  

	(c)	 not change the name of that Vessel. 



 

	23.3	 Repair and classification 



Each Borrower shall keep the Vessel owned by it in a good and safe condition and state of repair: 

 

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



 

	(b)	 so as to maintain its Approved Classification free of overdue recommendations and conditions.



  

	23.4	 Modifications 



Neither Borrower shall make any modification or repairs to, or replacement of, any Vessel or equipment installed on it which would or might
materially and adversely alter the structure, type or performance characteristics of that Vessel or materially reduce its value. 
  

	23.5	 Removal and installation of parts 



 

	(a)	 Subject to paragraph (b) below, neither Borrower shall remove any material part of the Vessel owned by it,
or any item of equipment installed on that Vessel unless: 


  

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


  

	 	(ii)	 the replacement part or item is free from any Security in favour of any person other than the Security Agent;
and 


  

	 	(iii)	 the replacement part or item becomes, on installation on that Vessel, the property of that Borrower and subject
to the security constituted by the Mortgage on that Vessel. 


  

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


  

	23.6	 Surveys 



Each Borrower shall submit the Vessel owned by it regularly to all periodic or other surveys which may be required for classification purposes
and, if so required by the Facility Agent, provide the Facility Agent, with copies of all survey reports. 
  

	23.7	 Inspection 


  

	(a)	 Each Borrower shall permit the Security Agent (acting through surveyors or other persons appointed by it for
that purpose) to board the Vessel owned by it at all reasonable times, without interfering with the Vessel’s trading schedule, to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper
facilities for such inspections. 



  
 81 














	(b)	 The cost of all inspections under this Clause 23.7 (Inspection) shall be for the account
of the Borrowers once annually and at any time for as long as an Event of Default has occurred and is continuing. 


  

	23.8	 Prevention of and release from arrest 



 

	(a)	 Each Borrower shall, in respect of the Vessel owned by it, promptly discharge: 



 

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


  

	 	(ii)	 all Taxes, dues and other amounts charged in respect of that Vessel, its Earnings or its Insurances; and



  

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



  

	(b)	 Each Borrower shall as soon as reasonably practicable upon receiving notice of the arrest of the Vessel owned
by it or of its detention in exercise or purported exercise of any lien or claim, take all steps necessary to procure its release by providing bail or otherwise as the circumstances may require. 



 

	23.9	 Compliance with laws etc. 



Each Borrower shall: 
  

	(a)	 comply, or procure compliance with all laws or regulations: 



 

	 	(i)	 relating to its business generally; and 



 

	 	(ii)	 relating to the Vessel owned by it, its ownership, employment, operation, management and registration,



  

	 	 including, but not limited to, the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions and the laws
of the relevant Approved Flag; 


  

	(b)	 obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental
Approvals; 


  

	(c)	 without limiting paragraph (a) above, not employ the Vessel owned by it nor allow its employment,
operation or management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all Environmental Laws and all Sanctions; and 



 

	(d)	 not appoint any manager or agent to manage the Vessel owned by it (other than an Approved Manager) unless such
party undertakes to procure that any agreement entered into relating to the management, employment or operation of that Vessel contains a clause in which the counterparty undertakes to comply with all Sanctions. 



 

	23.10	 ISPS Code 



Without limiting paragraph (a) of Clause 23.9 (Compliance with laws etc.), each Borrower shall: 

 

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


  

	(b)	 maintain an ISSC and an IAPPC for that Vessel; and 



  
 82 














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


  

	23.11	 Green scrapping 



 

	(a)	 Each Borrower shall use reasonable endeavours (including the implementation of internal policies) to ensure
that any scrapping of the Vessel owned by it is carried out in accordance with the IMO Convention for the Safe and Environmentally Sound Recycling of Ships. 


  

	(b)	 Each Borrower shall use reasonable endeavours to obtain (in its first survey) and to maintain (in subsequent
surveys) a green passport notification (based on the inventory of hazardous materials) for the Vessel owned by it from the Approved Classification Society. 


  

	23.12	 Sanctions and Vessel trading 



Without limiting Clause 23.9 (Compliance with laws etc.), each Borrower shall procure: 

 

	(a)	 that the Vessel owned by it shall not be used by or for the benefit of a Prohibited Person;



  

	(b)	 that the Vessel owned by it shall not be used in trading in any manner contrary to Sanctions (or which could be
contrary to Sanctions if Sanctions were binding on each Transaction Obligor); and 


  

	(c)	 that the Vessel owned by it shall not be traded in any manner which would trigger the operation of any
sanctions limitation or exclusion clause (or similar) in its Insurances. 


  

	23.13	 Trading in war zones 



In the event of hostilities in any part of the world (whether war is declared or not including, without limitation, any civil war), each
Borrower shall not cause or permit the Vessel owned by it to be employed in carrying any goods which may be declared to be contraband of war or which may render the Vessel liable to confiscation, seizure, detention or destruction, nor shall any
Borrower permit its Vessel to enter any area which is declared a war zone by any governmental authority or by that Vessel’s insurers unless that employment or voyage is either (a) consented to in advance and in writing by the underwriters
of that Vessel’s war risks insurances and fully covered by those insurances or (b) (to the extent not covered by those insurances) covered by additional insurance taken out by the relevant Borrower at the Borrower’s expense, which
additional insurance shall be deemed to be part of the Insurances assigned under the relevant General Assignment. 
  

	23.14	 Monitoring 


  

	(a)	 Each Borrower shall (or shall procure that any Charterer and the Approved Technical Manager shall) allow the
Security Agent (or its agents), at any time and from time to time, to access all information pertaining to the Vessel owned by it (including the movement of that Vessel) using any and all available means. 



 

	(b)	 All costs incurred by the Security Agent (and any of its agents) under paragraph (a) of Clause 23.14
(Monitoring) above shall be for the account of the Lenders. 


  

	23.15	 Provision of information 



Without prejudice to Clause 19.5 (Information: miscellaneous) each Borrower shall in respect of the Vessel owned by it promptly provide
the Facility Agent with any information which it requests regarding: 
  

	(a)	 that Vessel, its employment, position and engagements; 



 

	(b)	 its Earnings and payments and amounts due to its master and crew; 



  
 83 














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


  

	(d)	 any towages and salvages; and 



 

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


 and, upon the Facility Agent’s request, that Borrower shall promptly provide copies of class
records, any inspection reports obtained for that Vessel, any current Charter relating to that Vessel, any current guarantee of any such Charter, that Vessel’s Safety Management Certificate and any relevant Document of Compliance. 

 

	23.16	 Notification of certain events 



Each Borrower shall, in respect of the Vessel owned by it, immediately notify the Facility Agent by fax, confirmed forthwith by letter, of:

  

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



 

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


  

	(c)	 any requisition of that Vessel for hire; 



 

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


  

	(e)	 any arrest or detention of that Vessel, any exercise or purported exercise of any lien on that Vessel or the
Earnings; 


  

	(f)	 any intended dry docking of that Vessel; 



 

	(g)	 any Environmental Claim made against that Borrower or in connection with that Vessel, or any Environmental
Incident; 


  

	(h)	 any claim for breach of the ISM Code or the ISPS Code being made against that Borrower, the Approved Manager or
otherwise in connection with that Vessel; or 


  

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


 and that Borrower shall keep the Facility Agent advised in writing on a
regular basis and in such detail as the Facility Agent shall require as to that Borrower’s, any such Approved Manager’s or any other person’s response to any of those events or matters. 

 

	23.17	 Restrictions on chartering, appointment of managers etc. 



No Borrower shall, in relation to the Vessel owned by it: 
  

	(a)	 let that Vessel on demise charter for any period; 



 

	(b)	 enter into any time, voyage or consecutive voyage charter in respect of that Vessel other than a Permitted
Charter; 


  

	(c)	 change, cancel or terminate any Assignable Charter unless that Borrower undertakes in writing to the Facility
Agent that that Assignable Charter will be replaced within 30 days after its cancellation or termination with a charter subject to terms acceptable to the Facility Agent; 



  
 84 














	(d)	 change, cancel or terminate a Management Agreement; 



 

	(e)	 appoint a manager of that Vessel other than an Approved Manager or agree to any alteration to the terms of an
Approved Manager’s appointment; 


  

	(f)	 de activate or lay up that Vessel; or 



 

	(g)	 put that Vessel into the possession of any person for the purpose of work being done upon it in an amount
exceeding or likely to exceed US$1,000,000 (or the equivalent in any other currency) unless that person has first given to the Security Agent and in terms satisfactory to it a written undertaking not to exercise any lien on that Vessel or its
Earnings for the cost of such work or for any other reason. 


  

	23.18	 Notice of Mortgage 



Each Borrower shall keep the relevant Mortgage registered against the Vessel owned by it as a valid first priority or preferred (as the case
may be) mortgage, carry on board that Vessel a certified copy of the relevant Mortgage and place and maintain in a conspicuous place in the navigation room and the master’s cabin of that Vessel a framed printed notice stating that that Vessel
is mortgaged by that Borrower to the Security Agent. 
  

	23.19	 Sharing of Earnings 



No Borrower shall enter into any agreement or arrangement for the sharing of any Earnings. 

 

	23.20	 Notification of compliance 



Each Borrower shall promptly provide the Facility Agent from time to time with evidence (in such form as the Facility Agent requires) that it
is complying with this Clause 23 (Post-Delivery Vessel Undertakings). 
  

	23.21	 Nuclear materials 



No Borrower shall permit the Vessel owned by it to carry any nuclear material or any nuclear waste. 

 

	23.22	 Operating Expenses 



The actual daily Operating Expenses of each Vessel shall not exceed $6,200 per day in respect of Vessel A, Vessel B and Vessel C and $7,500 per
day in respect of Vessel D (as each such amount may be increased by up to 3 per cent, per annum (the first such increase taking effect from 1 January 2018 onwards)) or otherwise, an aggregate amount of $26,100 per day in respect of all the
Vessels (as such aggregate amount may be respectively increased pursuant to this Clause). 
  

	23.23	 Excess Cash Flow 



If on an Excess Cash Flow Date, the aggregate of the daily Earnings (for the avoidance of doubt, (i) not inclusive of the required aggregate
Borrowers’ Minimum Liquidity Amount being held in the Borrower’s Earnings Accounts in respect of all Mortgaged Vessels or any commission or brokerage fees not otherwise included in the Operating Expenses and (ii) inclusive of any
surplus sale or insurance proceeds from any sale or Total Loss of a Vessel after the prepayment of the relevant Tranche under Clause 7.4 (Mandatory prepayment on sale or Total Loss)) of the Mortgaged Vessels for the preceding Cash Sweep
Period exceeds the aggregate of: 
  

	(a)	 the aggregate of the Operating Expenses in respect of the Mortgaged Vessels, for such Cash Sweep Period; and




  
 85 














	(b)	 the sums incurred by the Borrowers in respect of the payment of principal of, and accrued interest on, the Loan
and any accrued costs and expenses pursuant to this Agreement, during such three-month period ending on the last day of the preceding Cash Sweep Period, 



the Borrowers shall pay such excess amount (the “Excess Cash Flow”), as evidenced in the relevant Excess Cash Flow Notice, to
the Facility Agent, on the next Interest Payment Date falling due after receipt of such relevant Excess Cash Flow Notice, such Excess Cash Flow to be applied in prepayment of the then outstanding Repayment Instalments (including any balloon
payments) in inverse order of maturity. 
 This Clause shall only be applicable for the duration of the Excess Cash Flow Period. 

In this Clause 23.23 (Excess Cash Flow): 

“Cash Sweep Period” means, in relation to each Vessel, each three-month period commencing on 1 January, 1 April,
1 July and 1 October in each financial year of the Borrowers. 
 “Excess Cash Flow Date” means the last day of
each Cash Sweep Period; and 
 “Excess Cash Flow Notice” means a certificate to be provided by the Borrowers to the Facility
Agent pursuant to Clause 19.2 (Financial statements) within 45 days from each Excess Cash Flow Date evidencing the Excess Cash Flow available on such date. 

“Excess Cash Flow Period” means the period commencing on the Drawdown Date and at all times thereafter up until both
(a) the Requisite Commitment Amount and (b) the amount of $100,000 representing part of the Arrangement Fee have each been paid in full by the Borrowers. 
  

	24	 SECURITY COVER 



 

	24.1	 Minimum required security cover 



Clause 24.2 (Provision of additional security; prepayment) applies if, at any time commencing on 1 January 2020 and throughout the
remainder of the Security Period, the Facility Agent notifies the Borrowers that: 
  

	(a)	 the aggregate Market Value of the Vessels (as determined in accordance with Clause 24.7 (Provision of
valuations)); plus 


  

	(b)	 the net realisable value of additional Security previously provided under this Clause 24.1 (Minimum required
security cover), 


 is below 133 per cent, of the Loan. 

 

	24.2	 Provision of additional security; prepayment 



 

	(a)	 If the Facility Agent serves a notice on the Borrowers under Clause 24.1 (Minimum required security
cover), the Borrowers shall, on or before the date falling one Month after the date on which the Facility Agent’s notice is served (the “Prepayment Date”), prepay such part of the Loan as shall eliminate the shortfall.



  

	(b)	 The Borrowers may, instead of making a prepayment as described in paragraph (a) above, provide, or ensure
that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders: 


  

	(c)	 has a net realisable value at least equal to the shortfall; and 



 

	(d)	 is documented in such terms as the Facility Agent may approve or require, before the Prepayment Date; and
conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation. 



  
 86 














	24.3	 Value of additional vessel security 



The net realisable value of any additional security which is provided under Clause 24.2 (Provision of additional security; prepayment)
and which consists of Security over a vessel shall be the Market Value of the vessel concerned. 
  

	24.4	 Valuations binding 



Any valuation under this Clause 24 (Security Cover) shall be binding and conclusive as regards each Borrower. 

 

	24.5	 Provision of information 



 

	(a)	 Each Borrower shall promptly provide the Facility Agent and any Approved Valuer acting under this Clause 24
(Security Cover) with any information which the Facility Agent or the Approved Valuer may request for the purposes of the valuation. 


  

	(b)	 If a Borrower fails to provide the information referred to in paragraph (a) above by the date specified in
the request, the valuation may be made on any basis and assumptions which the Approved Valuer or the Facility Agent considers prudent. 


  

	24.6	 Prepayment mechanism 



Any prepayment pursuant to Clause 24.2 (Provision of additional security; prepayment) shall be made in accordance with the relevant
provisions of Clause 7 (Prepayment and Cancellation) and shall be treated as a voluntary prepayment pursuant to Clause 7.3 (Voluntary prepayment of Loan). 
  

	24.7	 Provision of valuations 



 

	(a)	 Commencing as of the Drawdown Date, the Facility Agent shall be entitled to test the security requirements
under Clause 24.1 (Minimum required security cover) by reference to valuations in respect of the Vessels from the required number of Approved Valuers quarterly and in the case of any sale of a Vessel pursuant to Clause 7.4 (Mandatory
prepayment on sale or Total Loss) (each at the cost of the Borrowers) and on dates to be selected by the Facility Agent. 


  

	(b)	 The Facility Agent shall at the request of all the Lenders additionally be entitled to test the security cover
requirement under Clause 24.1 (Minimum required security cover) by reference to a valuation in respect of each Vessel from the required number of Approved Valuers at any time and each such valuation shall be at the expense of the Lenders
except where the Borrowers are by means of such valuation(s) shown to be in breach of Clause 24.1 (Minimum required security cover). 


  

	(c)	 Subject to paragraph (d) below, the Market Value of any Vessel shall be determined by reference to one
valuation of that Vessel as given by an Approved Valuer selected and appointed by the Facility Agent and such valuation shall be addressed to the Facility Agent. 



 

	(d)	 If requested by the Borrowers in relation to paragraph (c) above, a second Approved Valuer shall be
selected by the Borrowers, appointed by the Facility Agent and such valuation shall be addressed to the Facility Agent, and the Market Value of any Vessel shall be the arithmetic average of the two valuations. 



 

	(e)	 If one such valuation in respect of a Vessel obtained pursuant to paragraphs (c) and (d) above differs by
at least 10 per cent. from the other valuation, then a third valuation for that Vessel shall be obtained from an Approved Valuer, selected by the Borrowers and appointed by the Facility Agent and such valuation shall be addressed to the
Facility Agent and the Market Value of that Vessel shall be the arithmetic average of all three such valuations. 



  
 87 














	(f)	 The Facility Agent may at any time after a Default has occurred and is continuing obtain valuations of any
Vessel and any other vessel over which additional security has been created in accordance with Clause 24.2 (Provision of additional security; prepayment) from Approved Valuers to enable the Facility Agent to determine the Market Value of that
Vessel and any other vessel. 


  

	(g)	 All valuations referred to in paragraph (a), (b), (c), (d), (e) and (f) above and the valuations required
to determine the Fleet Market Value at all required times (starting from the Drawdown Date) pursuant to Clause 20.2 (Guarantor’s financial covenants), shall be obtained at the cost and expense of the Borrowers quarterly throughout the
Security Period (in addition to any set of valuations required in respect of the Vessels for purposes of Drawdown and in the case of any sale or Total Loss of a Vessel pursuant to Clause 7.4 (Mandatory prepayment on sale or Total Loss) and
the Borrowers shall within three Business Days of demand by the Facility Agent pay to the Facility Agent all costs and expenses incurred by it in obtaining any such valuation(s). 



 

	24.8	 VMC Surcharge 



If at any time the Security Cover Ratio does not exceed 100 per cent, of the Loan, then a surcharge of one per cent, shall accrue on a
quarterly basis on the shortfall amount from the date on which the Facility Agent receives the valuation(s) evidencing the shortfall in the Security Cover Ratio until the date on which the shortfall is remedied (the “VMC
Surcharge”). The Borrowers shall provide a VMC Surcharge Certificate to the Facility Agent evidencing the VMC Surcharge at the relevant time together with the quarterly financial statements provided pursuant to Clause 19.2
(Financial statements) on a quarterly basis. Such VMC Surcharge shall be due and payable by the Borrowers pursuant to Clause 6.3 (Maturity Date) on the Maturity Date. 

 

	25	 ACCOUNTS AND APPLICATION OF EARNINGS 



 

	25.1	 Account bank 



Subject to Clause 25.7 (Location of Earnings Accounts), each Earnings Account must be held with the Account Bank. 

 

	25.2	 Accounts 


  

	(a)	 Each Borrower must operate each Account in accordance with this Clause 25 (Accounts and Application of
Earnings) and the provisions of the relevant Account Security. 


  

	(b)	 Account Security must be provided in respect of any Account opened after the date of this Agreement.



  

	25.3	 Payment of Earnings 



Each Borrower shall ensure that, subject only to the provisions of the relevant General Assignment, all the Earnings in respect of the Vessel
owned by it are paid in to the relevant Earnings Account. 
  

	25.4	 Application of Earnings 



The Borrowers shall transfer from the Earnings Accounts to the Facility Agent: 

 

	(a)	 on each Repayment Date, the amount of the Repayment Instalment then due on the Repayment Date; and




  
 88 














	(b)	 on the last day of each Interest Period, the amount of interest then due on that date; and



  

	(c)	 on any day on which an amount is otherwise due from any Borrower under a Finance Document, an amount necessary
to meet that due amount, 


 and each Borrower irrevocably authorizes and instructs: 

 

	 	(i)	 the Account Bank to make those transfers in accordance with the instructions of the Facility Agent (copied to
the Security Agent, who, as security taker under the Account Security, agrees for itself and on behalf of the other pledgees that such transfers may be made); 



 

	 	(ii)	 the Facility Agent to apply the transferred amounts in payment of the relevant Repayment Instalment, interest
amount or other amount due, 


 and any balance on each Earnings Account thereafter shall be available to the Borrowers,
unless there is an Event of Default which is continuing. 
  

	25.5	 Shortfall in Earnings 



 

	(a)	 If the credit balance on the Earnings Accounts is insufficient for the required amount to be transferred under
Clause 25.4 (Application of Earnings), the Borrowers shall make up the amount of the insufficiency. 


  

	(b)	 The Borrowers may not make up all or any part of the insufficiency by utilising the Borrowers’ Minimum
Liquidity Amount in any Earnings Account. 


  

	25.6	 Application of funds 



Until an Event of Default occurs, the Facility Agent shall on each Repayment Date and on each Interest Payment Date distribute to the Finance
Parties in accordance with Clause 33.2 (Distributions by the Facility Agent) so much of the then balance on the Earnings Accounts as equals: 
  

	(a)	 the Repayment Instalment due on that Repayment Date; and 



 

	(b)	 the amount of interest payable on that Interest Payment Date, 



in discharge of the Borrowers’ liability for that Repayment Instalment or that interest. 

 

	25.7	 Location of Earnings Accounts 



Each Borrower shall promptly: 
  

	(a)	 comply with any requirement of the Facility Agent as to the location or relocation of its Accounts (or any of
them); and 


  

	(b)	 execute any documents which the Facility Agent specifies to create or maintain in favour of the Security Agent
Security over (and/or rights of set-off, consolidation or other rights in relation to) the each Account. 


  

	25.8	 Miscellaneous Accounts provisions 



No Finance Party is responsible or liable to any Obligor for: 
  

	(a)	 any non-payment of any liability of an Obligor which could be paid out
of moneys standing to the credit of an Earnings Account; or 



  
 89 














	(b)	 any withdrawal wrongly made, if made in good faith. 



 

	26	 EVENTS OF DEFAULT 



 

	26.1	 General 



Each of the events or circumstances set out in this Clause 26 (Events of Default) is an Event of Default except for Clause
26.19 (Acceleration) and Clause 26.20 (Enforcement of security). 
  

	26.2	 Non-payment 



An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is
expressed to be payable unless payment is made within two Business Days of its due date. 
  

	26.3	 Specific obligations 



A breach occurs of Clause 4.5 (Waiver of conditions precedent), Clause 20 (Financial Covenants),
Clause 21.9 (Title), Clause 21.10 (Negative pledge), Clause 21.21 (Unlawfulness, invalidity and ranking; Security imperilled), Clause 22.2 (Maintenance of obligatory
insurances), Clause 22.3 (Terms of obligatory insurances), Clause 22.5 (Renewal of obligatory insurances), Clause 23.8 (Prevention of and release from arrest), Clause 23.9
(Compliance with laws etc.) in relation to Sanctions or Clause 24 (Security Cover). 
  

	26.4	 Other obligations 



 

	(a)	 A Transaction Obligor does not comply with any provision of the Finance Documents to which it is a party (other
than those referred to in Clause 26.2 (Non-payment) and Clause 26.3 (Specific obligations)). 



 

	(b)	 No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and
is remedied within 10 Business Days of the Facility Agent giving notice to the Borrowers or (if earlier) any relevant Transaction Obligor becoming aware of the failure to comply. 



 

	26.5	 Misrepresentation 



Any representation or statement made or deemed to be made by a Transaction Obligor in the Finance Documents or any other document delivered by
or on behalf of any Transaction Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading when made or deemed to be made or repeated and is not remedied within five Business Days of the Facility Agent
giving notice to the Borrowers. 
  

	26.6	 Cross default 



 

	(a)	 Any Financial Indebtedness of any Transaction Obligor (other than an Approved Manager) is not paid when due nor
within any originally applicable grace period. 


  

	(b)	 Any Financial Indebtedness of any Transaction Obligor (other than an Approved Manager) 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) Provided that in the case of any Financial Indebtedness created under (i) any guarantee and indemnity of the
Guarantor, a demand is made by the relevant creditor(s) under such guarantee and indemnity or (ii) any guarantee and indemnity of the Guarantor securing the obligations of any Subsidiary, the Financial Indebtedness of that Subsidiary is
declared to be or otherwise becomes due and payable prior to its specified maturity as a result of that Subsidiary’s payment default and always provided that the relevant creditor has exercised any of its enforcement rights (the
“Action”) in connection with that payment default and, in the reasonable opinion of the Facility Agent, that Action may adversely affect the ability of the Guarantor to comply with its obligations under Clause
16 (Guarantee and Indemnity). 



  
 90 














	(c)	 Any commitment for any Financial Indebtedness of any Transaction Obligor (other than an Approved Manager) is
cancelled or suspended by a creditor of any Transaction Obligor (other than an Approved Manager) as a result of an event of default (however described). 


  

	(d)	 Any creditor of any Transaction Obligor (other than an Approved Manager) becomes entitled to declare any
Financial Indebtedness of any Transaction Obligor (other than an Approved Manager) due and payable prior to its specified maturity as a result of an event of default (however described) Provided that in the case of any Financial Indebtedness
created under any guarantee and indemnity of the Guarantor and a demand is made by the relevant creditor(s) under such guarantee and indemnity. 


  

	(e)	 No Event of Default will occur under this Clause 26.6 (Cross default) in respect of any
Borrower if the failure to comply is capable of remedy and is remedied within five Business Days of the Facility Agent giving notice to the Borrowers or the Borrowers becoming aware of the failure to comply with this Clause 26.6 (Cross
default). In relation to a cross-default for the Guarantor, no Event of Default will occur under this Clause if failure to comply is capable of remedy and is remedied within two weeks of the Facility Agent giving notice to the Borrowers
or the Borrowers becoming aware of the failure to comply with this Clause 26.6 (Cross default). 


  

	26.7	 Insolvency 


  

	(a)	 A Transaction Obligor (other than an Approved Manager): 



 

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



 

	 	(ii)	 is declared to be unable to pay its debts under applicable law; 



 

	 	(iii)	 suspends or threatens to suspend making payments on any of its debts; or 



 

	 	(iv)	 obtains or receives a deferral or suspension of payments, a rescheduling or
re-organisation of debt (or certain debt) or an arrangement with all or a substantial proportion (by number or value) of creditors or of any class of them in respect of such deferral, suspension, rescheduling
or re-organisation, strictly by court order or by the filing of documents with a court; or 


  

	(b)	 A moratorium is officially declared (and, if applicable, registered with appropriate authorities) in respect of
any indebtedness of any Transaction Obligor, 


 Provided however that should a Transaction Obligor, by any reason,
including without limitation, any actual or anticipated financial difficulties, commences, with prior written notice to the Facility Agent, negotiations with one or more of its creditors (including any Finance Party in its capacity as such) with a
view to rescheduling, deferring, re-organising or suspending, any of its indebtedness, the existence of such negotiations or the entering, as a result of such negotiations, into any agreement or contract with
one or more of its creditors (including any Finance Party in its capacity as such) setting the terms of any rescheduling, deferral, re-organisation or suspension of its indebtedness, shall not in itself
constitute an Event of Default. 
  

	26.8	 Insolvency proceedings 



 

	(a)	 Any corporate action, legal proceedings or other similar legal procedure or similar legal step is taken in
relation to: 


  

	 	(i)	 the suspension of payments, a moratorium of any indebtedness,
winding-up, dissolution, administration or reorganisation of any Transaction Obligor (other than an Approved Manager); 



 

	 	(ii)	 a composition, compromise or assignment or arrangement with any creditor of any Transaction Obligor (other than
an Approved Manager); 



  
 91 














	 	(iii)	 the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager or other
similar officer in respect of any Transaction Obligor (other than an Approved Manager) or any of that Transaction Obligor’s assets (other than an Approved Manager); or 



 

	 	(iv)	 enforcement of any Security over any assets of any Transaction Obligor (other than an Approved Manager),



 or any analogous similar legal procedure or similar legal step is taken in any jurisdiction. 

 

	(b)	 Paragraph (a) above shall not apply to any winding-up petition
which is frivolous or vexatious and is discharged, stayed or dismissed within 30 days of commencement. 


  

	26.9	 Creditors’ process or Vessel arrest 



Any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets of
an Obligor and is not discharged within 21 days (or such later period agreed by the Facility Agent acting with the authorisation of the Majority Lenders in their absolute discretion) unless (i) the Borrowers provide evidence acceptable to the
Facility Agent that that expropriation, attachment, sequestration, distress or execution or any analogous process is being contested in good faith on substantial grounds and (ii) the Facility Agent, in its reasonable opinion, considers that the
relevant Obligor has adequate reserves or the financial ability to satisfy any such claims and, in the case of an arrest or detention of a Vessel, that Vessel is not redelivered to the full control of the relevant Borrower, on or before the date
falling 21 days (or such later period agreed by the Facility Agent acting with the authorisation of the Majority Lenders in their absolute discretion) after the date of the arrest or detention. 

 

	26.10	 Ownership of the Obligors 



There is any change in the ultimate beneficial ownership or control of an Obligor from that advised to the Facility Agent at the date of this
Agreement or there is any change in the direct legal or beneficial ownership or control of a Borrower from the Guarantor owning the LLC Shares of each Borrower and the voting rights attaching to those LLC Shares on the date of this Agreement. 

 

	26.11	 Unlawfulness, invalidity and ranking 



 

	(a)	 It is or becomes unlawful for a Transaction Obligor to perform any of its obligations under the Finance
Documents. 


  

	(b)	 Any obligation of a Transaction Obligor under the Finance Documents is not or ceases to be legal, valid,
binding or enforceable. 


  

	(c)	 Any Finance Document ceases to be in full force and effect or to be continuing or is or purports to be
determined or any Transaction Security is alleged by a party to it (other than a Finance Party) to be ineffective. 


  

	(d)	 Any Transaction Security proves to have ranked after, or loses its priority to, any other Security.



  

	26.12	 Security imperilled; flag instability 



 

	(a)	 Any Security created or intended to be created by a Finance Document is in any way imperilled or in jeopardy.



  

	(b)	 The state of the Approved Flag of any Vessel is or becomes involved in hostilities or civil war or there is a
seizure of power in such state by unconstitutional means, or any other event 



  
 92 














	 	
occurs in relation to that Vessel, the relevant Mortgage or its Approved Flag and in the reasonable opinion of the Facility Agent such event is likely to have a Material Adverse Effect unless the
relevant Borrower, within 14 days of the occurrence of such event (or such longer period as may be agreed by the Facility Agent acting with the authorisation of the Lenders) re-registers that Vessel on an alternative flag approved pursuant to Clause
23.2 (Vessel’s names and registration) and subject to: 

  

	 	(i)	 that Vessel remaining subject to security securing the Security created by a first priority or preferred ship
mortgage on that Vessel and, if appropriate, a first or second (as the case may be) priority deed of covenant collateral to that mortgage (or equivalent first priority security) on substantially the same terms as the relevant Mortgage and on such
other terms and in such other form as the Facility Agent, acting with the authorisation of the Lenders, shall reasonably approve or require; and 


  

	 	(ii)	 the execution of such other documentation amending and supplementing the Finance Documents, as the Facility
Agent, acting with the authorisation of the Lenders, shall reasonably approve or require. 


  

	26.13	 Cessation of business 



Any Transaction Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business.

  

	26.14	 Expropriation 



The authority or ability of any Transaction 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 or other person in relation to any member of the Group or any of its assets other than any Requisition. 

 

	26.15	 Repudiation and rescission of agreements 



A Transaction Obligor (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Transaction
Document (other than an Assignable Charter) or any of the Transaction Security or evidences an intention to rescind or repudiate a Transaction Document (other than an Assignable Charter) or any Transaction Security. 

 

	26.16	 Litigation 



Any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or
threatened, or any judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body is made, in relation to any of the Transaction Documents or the transactions contemplated in
any of the Transaction Documents or against any member of the Group or its assets which has a Material Adverse Effect. 
  

	26.17	 Material adverse change 



Any event or circumstance occurs which has a Material Adverse Effect. 

 

	26.18	 Termination of Assignable Charter 



Any Assignable Charter is terminated, cancelled or rescinded other than by effluxion of time unless such Assignable Charter is substituted
within 30 days of termination, cancellation or rescission by another charter subject to terms acceptable to the Facility Agent. 

  
 93 














	26.19	 Acceleration 



On and at any time after the occurrence of an Event of Default which is continuing the Facility Agent may, and shall if so directed by the
Majority Lenders, by notice to the Borrowers: 
  

	(a)	 cancel the Total Commitments, whereupon they shall immediately be cancelled; 



 

	(b)	 declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, whereupon it shall become immediately due and payable; and/or 


  

	(c)	 declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable on
demand by the Facility Agent acting on the instructions of the Majority Lenders, 


 and the Facility Agent may serve
notices under paragraphs (a), (b) and (c) above simultaneously or on different dates and the Security Agent may take any action referred to in Clause 26.20 (Enforcement of security) if no such notice is served or
simultaneously with or at any time after the service of any of such notice. 
  

	26.20	 Enforcement of security 



On and at any time after the occurrence of an Event of Default which is continuing the Security Agent may, and shall if so directed by the
Majority Lenders, take any action which, as a result of the Event of Default or any notice served under Clause 26.19 (Acceleration), the Security Agent is entitled to take under any Finance Document or any applicable law or
regulation. 

  
 94 













 SECTION 10 

CHANGES TO PARTIES 
  

	27	 CHANGES TO THE LENDERS 



 

	27.1	 Assignments and transfers by the Lenders 



Subject to this Clause 27 (Changes to the Lenders), a Lender (the “Existing Lender”)
may: 
  

	(a)	 assign any of its rights; or 



 

	(b)	 transfer by novation any of its rights and obligations, 



under the Finance Documents to another person other than an individual or to another bank or financial institution or to a trust, fund or other
entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the “New Lender”). 

 

	27.2	 Conditions of assignment or transfer 



 

	(a)	 The consent of the Borrowers (or any other Transaction Obligor) is required for an assignment or transfer by an
Existing Lender, such consent not to be unreasonably withheld. The consent of the Facility Agent is required for an assignment or transfer by an Existing Lender, such consent not to be unreasonably withheld. 



 

	(b)	 An assignment will only be effective on: 



 

	 	(i)	 receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation from
the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations to the other Creditor Parties as it would have been under if it were an Original Lender; and 



 

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



 

	(c)	 A transfer will only be effective if the procedure set out in Clause 27.5 (Procedure for
transfer) is complied with. 


  

	(d)	 If: 


  

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


  

	 	(ii)	 as a result of circumstances existing at the date the assignment, transfer or change occurs, a Transaction
Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax Gross Up and Indemnities) or under that Clause as incorporated by reference or in full in any
other Finance Document or Clause 13 (Increased Costs), 


 then the New Lender or Lender acting through
its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.
This paragraph (d) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facility. 

  
 95 














	(e)	 Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the
avoidance of doubt, that: 


  

	 	(i)	 the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or
on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent
as the Existing Lender would have been had it remained a Lender; and 


  

	 	(ii)	 it has received a copy of each of the Security Documents which are governed by German law and which are account
pledges, is aware of the contents of such account pledges and expressly consents to the declarations of the Security Agent made on behalf of the New Lender (as future pledgee) in such account pledges. 



 

	27.3	 Assignment or transfer fee 



The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of
$10,000. 
  

	27.4	 Limitation of responsibility of Existing Lenders 



 

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


  

	 	(i)	 the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents, the Transaction
Security or any other documents; 


  

	 	(ii)	 the financial condition of any Transaction Obligor; 



 

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


  

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


 and any representations or warranties implied by law are excluded. 

 

	(b)	 Each New Lender confirms to the Existing Lender and the other Finance Parties and the Creditor 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 Transaction Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in
connection with any Transaction Document or the Transaction Security; and 


  

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


  

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



 

	 	(i)	 accept a re-transfer or
re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 27 (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 Transaction Obligor of its obligations under the Transaction Documents or otherwise. 



  
 96 














	27.5	 Procedure for transfer 



 

	(a)	 Subject to the conditions set out in Clause 27.2 (Conditions of assignment or transfer), a
transfer is effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to
paragraph (b) below as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with this Agreement and delivered in accordance with this Agreement, execute that Transfer
Certificate. Upon execution by the Facility Agent, the Security Agent shall also execute the Transfer Certificate. 


  

	(b)	 The Facility 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 it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 



 

	(c)	 Subject to Clause 27.9 (Pro rata interest settlement), 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 Transaction Security, each of the Transaction Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of
the Transaction Security and their respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled (being the “Discharged Rights and Obligations”);



  

	 	(ii)	 each of the Transaction 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 that Transaction Obligor and the New Lender have assumed and/or acquired the same in place of that Transaction Obligor and the Existing Lender;



  

	 	(iii)	 the Facility Agent, the Security Agent, the Arranger, the New Lender and other Lenders shall acquire the same
rights and assume the same obligations between themselves and in respect of the Transaction Security 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 Facility Agent, the Security Agent, the Arranger and the Existing Lenders 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”. 



 

	27.6	 Procedure for assignment 



 

	(a)	 Subject to the conditions set out in Clause 27.2 (Conditions of assignment or transfer) an
assignment may be effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to
paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement,
execute that Assignment Agreement. Upon execution by the Facility Agent, the Security Agent shall also execute the Assignment Agreement. 


  

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




  
 97 














	(c)	 Subject to Clause 27.9 (Pro rata interest settlement), on the Transfer Date:



  

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


  

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



 

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


  

	(d)	 Lenders may utilise procedures other than those set out in this Clause 27.6 (Procedure for
assignment) to assign their rights under the Finance Documents (but not, without the consent of the relevant Transaction Obligor or unless in accordance with Clause 27.5 (Procedure for transfer), to obtain a release
by that Transaction Obligor from the obligations owed to that Transaction Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in Clause 27.2
(Conditions of assignment or transfer). 


  

	27.7	 Copy of Transfer Certificate or Assignment Agreement to Borrowers 



The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to
the Borrowers a copy of that Transfer Certificate or Assignment Agreement. 
  

	27.8	 Security over Lenders’ rights 



In addition to the other rights provided to Lenders under this Clause 27 (Changes to the Lenders), each Lender may without
consulting with or obtaining consent from any Transaction Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure
obligations of that Lender including, without limitation: 
  

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



  

	(b)	 any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of
obligations owed, or securities issued, by that Lender as security for those obligations or securities, 


 except that no
such charge, assignment or Security shall: 
  

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


  

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


  

	27.9	 Pro rata interest settlement 



If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a “pro rata
basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 27.5 (Procedure for transfer) or any assignment pursuant to Clause 27.6 

  
 98 













 (Procedure for assignment) the Transfer Date of which, in each case, is
after the date of such notification and is not on the last day of an Interest Period): 
  

	(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 Months, on the next of the dates which falls at six 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 to 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 27.9 (Pro rata interest settlement), have been payable to it on that date, but after deduction of the Accrued Amounts. 


  

	(c)	 In this Clause 27.9 (Pro rata interest settlement) references to “Interest
Period” shall be construed to include a reference to any other period for accrual of fees. 


  

	28	 CHANGES TO THE TRANSACTION OBLIGORS 



 

	28.1	 Assignment or transfer by Transaction Obligors 



No Transaction Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 

 

	28.2	 Release of security 



 

	(a)	 If a disposal of any asset subject to security created by a Security Document is made in the following
circumstances: 


  

	 	(i)	 the disposal is permitted by the terms of any Finance Document; 



 

	 	(ii)	 all the Lenders agree to the disposal; 



 

	 	(iii)	 the disposal is being made at the request of the Security Agent in circumstances where any security created by
the Security Documents has become enforceable; or 


  

	 	(iv)	 the disposal is being effected by enforcement of a Security Document, 



the Security Agent may release the asset(s) being disposed of from any security over those assets created by a Security Document. However, the
proceeds of any disposal (or an amount corresponding to them) must be applied in accordance with the requirements of the Finance Documents (if any). 
  

	(b)	 If the Security Agent is satisfied that a release is allowed under this Clause 28.2 (Release of
security) (at the request and expense of the Borrowers) each Finance Party must enter into any document and do all such other things which are reasonably required to achieve that release. Each other Finance Party irrevocably authorises
the Security Agent to enter into any such document. Any release will not affect the obligations of any other Transaction Obligor under the Finance Documents. 



  
 99 













 SECTION 11 

THE FINANCE PARTIES 
  

	29	 THE FACILITY AGENT, THE ARRANGER AND THE REFERENCE BANKS 



 

	29.1	 Appointment of the Facility Agent 



 

	(a)	 Each of the Arranger and the Lenders appoints the Facility Agent to act as its agent under and in connection
with the Finance Documents. 


  

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


  

	29.2	 Instructions 


  


	(a)	 The Facility 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 Facility 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 Majority Lenders; and 



 

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph (i) above (or, if this Agreement stipulates the matter is a decision for any other Finance Party or group of Finance Parties, in accordance with instructions given to it by that Finance Party or
group of Finance Parties). 


  

	(b)	 The Facility Agent shall be entitled to request instructions, or clarification of any instruction, from the
Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should
exercise or refrain from exercising any right, power, authority or discretion and the Facility 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 Finance Party or group of Finance Parties
under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Facility Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will
be binding on all Finance Parties. 


  

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



 

	 	(i)	 where a contrary indication appears in a Finance Document; 



 

	 	(ii)	 where a Finance Document requires the Facility Agent to act in a specified manner or to take a specified
action; 


  

	 	(iii)	 in respect of any provision which protects the Facility Agent’s own position in its personal capacity as
opposed to its role of Facility Agent for the relevant Finance Parties. 



  
 100 














	(e)	 If giving effect to instructions given by the Majority Lenders would in the Facility Agent’s opinion have
an effect equivalent to an amendment or waiver referred to in Clause 42 (Amendments and Waivers), the Facility Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party
(other than the Facility Agent) whose consent would have been required in respect of that amendment or waiver. 


  

	(f)	 In exercising any discretion to exercise a right, power or authority under the Finance Documents where it has
not received any instructions as to the exercise of that discretion the Facility Agent shall do so having regard to the interests of all the Finance Parties. 


  


	(g)	 The Facility Agent may refrain from acting in accordance with any instructions of any Finance Party or group of
Finance Parties 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 (together with any applicable VAT) which it may incur in complying with those instructions. 


  

	(h)	 Without prejudice to the remainder of this Clause 29.2 (Instructions) in the absence of
instructions, the Facility Agent shall not be obliged to take any action (or refrain from taking action) even if it considers acting or not acting to be in the best interests of the Finance Parties. The Facility Agent may act (or refrain from
acting) as it considers to be in the best interest of the Finance Parties. 


  

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


  

	29.3	 Duties of the Facility Agent 



 

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


  

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


  

	(c)	 Without prejudice to Clause 27.7 (Copy of Transfer Certificate or Assignment Agreement to
Borrowers), paragraph (b) above shall not apply to any Transfer Certificate or any Assignment Agreement. 


  

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


  

	(e)	 If the Facility Agent receives notice from a Party referring to any Finance Document, describing a Default and
stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties. 


  

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



 

	(g)	 The Facility Agent shall have only 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). 



  
 101 














	29.4	 Role of the Arranger 



Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection
with any Finance Document. 
  

	29.5	 No fiduciary duties 



 

	(a)	 Nothing in any Finance Document constitutes the Facility Agent or the Arranger as a trustee or fiduciary of any
other person. 


  

	(b)	 Neither the Facility Agent nor the Arranger shall be bound to account to other Finance Party for any sum or the
profit element of any sum received by it for its own account. 


  

	29.6	 Application of receipts 



Except as expressly stated to the contrary in any Finance Document, any moneys which the Facility Agent receives or recovers in its capacity as
Facility Agent shall be applied by the Facility Agent in accordance with Clause 33.5 (Application of receipts; partial payments). 
  

	29.7	 Business with the Group 



The Facility Agent and the Arranger may accept deposits from, lend money to, and generally engage in any kind of banking or other business
with, any member of the Group. 
  

	29.8	 Rights and discretions 



 

	(a)	 The Facility Agent may: 



 

	 	(i)	 rely on 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 Majority Lenders, any Finance Parties or any group of Finance Parties
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,



 as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and
accuracy of that certificate. 
  

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


  

	 	(i)	 no Default has occurred (unless it has actual knowledge of a Default arising under Clause 26.2 (Non-payment)); 


  

	 	(ii)	 any right, power, authority or discretion vested in any Party or any group of Finance Parties has not been
exercised; and 



  
 102 














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


  

	(c)	 The Facility Agent 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 Facility Agent
may at any time engage and pay for the services of any lawyers to act as independent counsel to the Facility Agent (and so separate from any lawyers instructed by the Lenders) if the Facility Agent in its reasonable opinion deems this to be
desirable. 


  

	(e)	 The Facility Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or
other professional advisers or experts (whether obtained by the Facility Agent 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
its so relying. 


  

	(f)	 The Facility Agent may act in relation to the Finance Documents and the Security Property through its officers,
employees and agents and shall not: 


  

	 	(i)	 be liable for any error of judgment made by any such person; or 



 

	 	(ii)	 be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or
default on the part of any such person, 


 unless such error or such loss was directly caused by the Facility Agent’s
gross negligence or wilful misconduct. 
  

	(g)	 Unless a Finance Document expressly provides otherwise the Facility Agent may disclose to any other Party any
information it reasonably believes it has received as agent under the Finance Documents. 


  

	(h)	 Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the
Arranger 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 a fiduciary duty or duty of confidentiality. 



 

	(i)	 Notwithstanding any provision of any Finance Document to the contrary, the Facility Agent is not 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 the repayment of
such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 


  

	29.9	 Responsibility for documentation 



Neither the Facility Agent nor the Arranger is responsible or liable for: 

 

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


  

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



  
 103 














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



 

	29.10	 No duty to monitor 



The Facility Agent shall not be bound to enquire: 
  

	(a)	 whether or not any Default has occurred; 



 

	(b)	 as to the performance, default or any breach by any Transaction Obligor of its obligations under any
Transaction Document; or 


  

	(c)	 whether any other event specified in any Transaction Document has occurred. 



 

	29.11	 Exclusion of liability 



 

	(a)	 Without limiting paragraph (b) below (and without prejudice to paragraph (e) of Clause 33.11
(Disruption to Payment Systems etc.) or any other provision of any Finance Document excluding or limiting the liability of the Facility Agent), the Facility Agent 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 Transaction Document or the Security Property, 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 Transaction Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or



  

	 	(iii)	 any shortfall which arises on the enforcement or realisation of the Security Property; or



  

	 	(iv)	 without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs or losses to any
person, any diminution in value or any liability whatsoever 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, 



including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of
nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption
Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

 

	(b)	 No Party other than the Facility Agent may take any proceedings against any officer, employee or agent of the
Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Transaction Document or any Security Property and any officer,
employee or agent of the Facility Agent may rely on this Clause subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act. 



  
 104 














	(c)	 The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with
an amount required under the Finance Documents to be paid by the Facility Agent if the Facility Agent 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 Facility Agent for that purpose. 


  

	(d)	 Nothing in this Agreement shall oblige the Facility Agent or the Arranger to carry out: 



 

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



 

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


 on behalf of any Finance Party and each Finance Party confirms to the Facility Agent and the Arranger
that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent or the Arranger. 

 

	(e)	 Without prejudice to any provision of any Finance Document excluding or limiting the Facility Agent’s
liability, any liability of the Facility Agent arising under or in connection with any Transaction Document or the Security Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as
determined by reference to the date of default of the Facility Agent 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 Facility Agent at any
time which increase the amount of that loss. In no event shall the Facility Agent 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 Facility Agent has been advised of the possibility of such loss or damages. 


  

	29.12	 Lenders’ indemnity to the Facility Agent 



 

	(a)	 Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then
zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Facility Agent, within three Business Days of demand, against any cost, loss or liability incurred by the Facility Agent (otherwise than by
reason of the Facility Agent’s gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 33.11 (Disruption to Payment Systems etc.) notwithstanding the Facility Agent’s
negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed
by a Transaction Obligor pursuant to a Finance Document). 


  

	(b)	 Subject to paragraph (c) below, the Borrowers shall immediately on demand reimburse any Lender for any
payment that Lender makes to the Facility Agent pursuant to paragraph (a) above. 


  

	(c)	 Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the
Lender claims reimbursement relates to a liability of the Facility Agent to an Obligor. 


  

	29.13	 Resignation of the Facility Agent 



 

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


  

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



  
 105 














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


  

	(d)	 If the Facility Agent wishes to resign because (acting reasonably) it has concluded that it is no longer
appropriate for it to remain as agent and the Facility Agent is entitled to appoint a successor Facility Agent under paragraph (c) above, the Facility Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to
persuade the proposed successor Facility Agent to become a party to this Agreement as Facility Agent) agree with the proposed successor Facility Agent amendments to this Clause 29 (The Facility Agent, the Arranger and the Reference
Banks) and any other term of this Agreement dealing with the rights or obligations of the Facility Agent consistent with then current market practice for the appointment and protection of corporate trustees together with any reasonable
amendments to the agency fee payable under this Agreement which are consistent with the successor Facility Agent’s normal fee rates and those amendments will bind the Parties. 



 

	(e)	 The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent such
documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the Finance Documents. The Borrowers shall, within three Business Days of
demand, reimburse the retiring Facility 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)	 The Facility Agent’s resignation notice shall only take effect upon the appointment of a successor.



  

	(g)	 Upon the appointment of a successor, the retiring Facility Agent 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 14.4 (Indemnity to the Facility Agent) and this Clause 29
(The Facility Agent, the Arranger and the Reference Banks) and any other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Facility Agent. Any fees for the
account of the retiring Facility Agent 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)	 The Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph
(b) above. In this event, the Facility Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (e) above shall be for the account of the Borrowers. 



 

	(i)	 The consent of the Borrowers (or any other Transaction Obligor) is not required for an assignment or transfer
of rights and/or obligations by the Facility Agent. 


  

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


  

	 	(i)	 the Facility Agent fails to respond to a request under Clause 12.7 (FATCA Information) and
a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 


  

	 	(ii)	 the information supplied by the Facility Agent pursuant to Clause 12.7 (FATCA Information)
indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or 



  
 106 














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


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

 

	29.14	 Confidentiality 



 

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


  

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


  

	(c)	 Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the
Arranger is obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a
fiduciary duty. 


  

	29.15	 Relationship with the other Finance Parties 



 

	(a)	 Subject to Clause 27.9 (Pro rata interest settlement), the Facility Agent may treat the
person shown in its records as Lender at the opening of business (in the place of the Facility Agent’s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office:



  

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



 

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


 unless it has received not less than five
Business Days’ prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 
  

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


  

	(c)	 Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices,
communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under
Clause 36.5 (Electronic communication) electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose
attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 36.2
(Addresses) and sub-paragraph (ii) of paragraph (a) of Clause 36.5 (Electronic communication) and the Facility Agent shall be entitled to treat such person
as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender. 



  
 107 














	29.16	 Credit appraisal by the Finance Parties 



Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any
Transaction Document, each Finance Party confirms to the Facility Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in
connection with, any Transaction Document including but not limited to: 
  

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



 

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



 

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


  

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


  

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


  

	29.17	 Facility Agent’s management time 



Any amount payable to the Facility Agent under Clause 14.4 (Indemnity to the Facility Agent), Clause 15
(Costs and Expenses) and Clause 29.12 (Lenders’ indemnity to the Facility Agent) shall include the cost of utilising the Facility Agent’s management time or other resources and will be calculated
on the basis of such reasonable daily or hourly rates as the Facility Agent may notify to the Borrowers and the other Finance Parties, and is in addition to any fee paid or payable to the Facility Agent under Clause 11 (Fees).

  

	29.18	 Deduction from amounts payable by the Facility Agent 



If any Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party,
deduct an amount not exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the
purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 
  

	29.19	 Reliance and engagement letters 



Each Creditor Party confirms that each of the Arranger and the Facility Agent has authority to accept on its behalf (and ratifies the
acceptance on its behalf of any letters or reports already accepted by the Arranger or the Facility Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due
diligence 

  
 108 













 
reports in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its
behalf and further confirms that it accepts the terms and qualifications set out in such letters. 
  

	29.20	 Full freedom to enter into transactions 



Without prejudice to Clause 29.7 (Business with the Group) or any other provision of a Finance Document and notwithstanding any rule of
law or equity to the contrary, the Facility Agent shall be absolutely entitled: 
  

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



 

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



 

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



 

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



 

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


 and, in particular, the Facility Agent shall be absolutely entitled, in proposing, evaluating,
negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever
acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived
from the dealings transactions or other matters. 
  

	29.21	 Capital Markets 



 

	(a)	 For the period between the date of this Facility Agreement and until the Maturity Date should any member of the
Group initiate, engage in, or otherwise enter into any public offering or private placement of any equity or debt securities or a combination thereof, or alternatively should a member of the Group pursue a structured financing not limited to asset
backed securities, (collectively the “Covered Transactions”), then the Facility Agent or any of its affiliates shall have the right, but not the obligation, to be retained by the member of the Group as a lead underwriter, co-manager, placement agent, or similar role as the case may be, in connection with such Covered Transactions. 


  

	(b)	 The role of the Facility Agent (or its affiliate as applicable) in such Covered Transactions will be subject to
an appropriate underwriting or placement agreement based on market terms and conditions mutually agreeable to the Facility Agent (or its affiliate as applicable) and the member of the Group, and the Facility Agent (or its affiliate as applicable)
shall be entitled to obtain customary fees in connection with such role. 



  
 109 














	29.22	 Role of Reference Banks 



 

	 	(a)	 No Reference Bank is under any obligation to provide a quotation or any other information to the Facility
Agent. 


  

	 	(b)	 No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document,
or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct. 


  

	 	(c)	 No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or
agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank
Quotation, and any officer, employee or agent of each Reference Bank may rely on this Clause 29.22 (Role of Reference Banks) subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act. 



 

	29.23	 Third Party Reference Banks 



A Reference Bank which is not a Party may rely on Clause 29.22 (Role of Reference Banks), Clause 42.3 (Other exceptions) and
Clause 44 (Confidentiality of Funding Rates and Reference Bank Quotations) subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act. 

 

	30	 THE SECURITY AGENT 



 

	30.1	 Trust 


  

	(a)	 The Security Agent declares that it holds the Security Property on trust for the Creditor Parties on the terms
contained in this Agreement and shall deal with the Security Property in accordance with this Clause 30 (The Security Agent) and the other provisions of the Finance Documents. 



 

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



  

	30.2	 Parallel Debt (Covenant to pay the Security Agent) 



 

	(a)	 Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel Debt which
shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt. 


  

	(b)	 The Parallel Debt of an Obligor: 



 

	 	(i)	 shall become due and payable at the same time as its Corresponding Debt; 



 

	 	(ii)	 is independent and separate from, and without prejudice to, its Corresponding Debt. 



 

	(c)	 For purposes of this Clause 30.2 (Parallel Debt (Covenant to pay the Security Agent), the Security
Agent: 


  

	 	(i)	 is the independent and separate creditor of each Parallel Debt; 



 

	 	(ii)	 acts in its own name and not as agent, representative or trustee of the Finance Parties and its claims in
respect of each Parallel Debt shall not be held on trust; and 


  

	 	(iii)	 shall have the independent and separate right to demand payment of each Parallel Debt in its own name
(including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in any kind of insolvency proceeding). 



  
 110 














	(d)	 The Parallel Debt of an Obligor shall be: 



 

	 	(i)	 decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or
discharged; and 


  

	 	(ii)	 increased to the extent that its Corresponding Debt has increased, and the Corresponding Debt of an Obligor
shall be: 


  

	 	(A)	 decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged; and



  

	 	(B)	 increased to the extent that its Parallel Debt has increased, 



in each case provided that the Parallel Debt of an Obligor shall never exceed its Corresponding Debt. 

 

	(e)	 All amounts received or recovered by the Security Agent in connection with this Clause 30.2 (Parallel Debt
(Covenant to pay the Security Agent)) to the extent permitted by applicable law, shall be applied in accordance with Clause 33.5 (Application of receipts; partial payments). 



 

	(f)	 This Clause 30.2 (Parallel Debt (Covenant to pay the Security Agent)) shall apply, with any necessary
modifications, to each Finance Document. 


  

	30.3	 Enforcement through Security Agent only 



The Creditor Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any
right, power, authority or discretion arising under the Security Documents except through the Security Agent. 
  

	30.4	 Instructions 


  


	(a)	 The Security 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 Security Agent in accordance with any instructions given to it by: 


  

	 	(A)	 all Lenders (or the Facility Agent on their behalf) if the relevant Finance Document stipulates the matter is
an all Lender decision; and 


  

	 	(B)	 in all other cases, the Majority Lenders (or the Facility Agent on their behalf); and 



 

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph (i) above (or if this Agreement stipulates the matter is a decision for any other Finance Party or group of Finance Parties, in accordance with instructions given to it by that Finance Party or
group of Finance Parties). 


  

	(b)	 The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the
Majority Lenders (or the Facility Agent on their behalf) (or, if the relevant Finance Document stipulates the matter is a decision for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to
whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security 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 Finance Party or group of Finance Parties
under the relevant Finance Document and unless a contrary indication appears 



  
 111 














	 	
in a Finance Document, any instructions given to the Security Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all
Finance Parties. 

  

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



 

	 	(i)	 where a contrary indication appears in a Finance Document; 



 

	 	(ii)	 where a Finance Document requires the Security Agent to act in a specified manner or to take a specified
action; 


  

	 	(iii)	 in respect of any provision which protects the Security Agent’s own position in its personal capacity as
opposed to its role of Security Agent for the relevant Creditor Parties. 


  

	 	(iv)	 in respect of the exercise of the Security Agent’s discretion to exercise a right, power or authority
under any of: 


  

	 	(A)	 Clause 30.28 (Application of receipts upon enforcement); 



 

	 	(B)	 Clause 30.29 (Permitted Deductions); and 



 

	 	(C)	 Clause 30.30 (Prospective liabilities). 



 

	(e)	 If giving effect to instructions given by the Majority Lenders would in the Security Agent’s opinion have
an effect equivalent to an amendment or waiver referred to in Clause 42 (Amendments and Waivers), the Security Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than
the Security Agent) whose consent would have been required in respect of that amendment or waiver. 


  

	(f)	 In exercising any discretion to exercise a right, power or authority under the Finance Documents where either:



  

	 	(i)	 it has not received any instructions as to the exercise of that discretion; or 



 

	 	(ii)	 the exercise of that discretion is subject to sub-paragraph
(iv) of paragraph (a) above, 


 the Security Agent shall do so having regard to the interests of all the Creditor
Parties. 
  

	(g)	 The Security Agent may refrain from acting in accordance with any instructions of any Finance Party or group of
Finance Parties 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 (together with any applicable VAT) which it may incur in complying with those instructions. 


  

	(h)	 Without prejudice to the remainder of this Clause 30.4 (Instructions), in the absence of instructions,
the Security Agent may (but shall not be obliged to) take such action in the exercise of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate. 



 

	(i)	 The Security Agent is not authorised to act on behalf of a Finance Party (without first obtaining that Finance
Party’s consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the
Security Documents or enforcement of the Transaction Security or Security Documents. 



  
 112 














	30.5	 Duties of the Security Agent 



 

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


  

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


  

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


  

	(d)	 If the Security Agent receives notice from a Party referring to any Finance Document, describing a Default and
stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties. 


  

	(e)	 The Security Agent shall have only 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). 


  

	30.6	 No fiduciary duties 



 

	(a)	 Nothing in any Finance Document constitutes the Security Agent as an agent, trustee or fiduciary of any
Transaction Obligor. 


  

	(b)	 The Security Agent shall not be bound to account to any other Party for any sum or the profit element of any
sum received by it for its own account. 


  

	30.7	 Business with the Group 



The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of
the Group. 
  

	30.8	 Rights and discretions 



 

	(a)	 The Security Agent may: 



 

	 	(i)	 rely on 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 Majority Lenders, any Finance Parties or any group of Finance Parties
are duly given in accordance with the terms of the Finance Documents; 


  

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



  

	 	(C)	 if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions
under the Finance Documents for so acting have been satisfied; 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 



  
 113 














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



 as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and
accuracy of that certificate. 
  

	(b)	 The Security Agent shall be entitled to carry out all dealings with the other Finance Parties through the
Facility Agent and may give to the Facility Agent any notice or other communication required to be given by the Security Agent to any Finance Party. 


  

	(c)	 The Security Agent may assume (unless it has received notice to the contrary in its capacity as security agent
for the Creditor Parties) that: 


  

	 	(i)	 no Default has occurred; 



 

	 	(ii)	 any right, power, authority or discretion vested in any Party or any group of Finance Parties has not been
exercised; and 


  

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


  

	(d)	 The Security Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts. 


  

	(e)	 Without prejudice to the generality of paragraph (d) above or paragraph (f) below, the Security Agent
may at any time engage and pay for the services of any lawyers to act as independent counsel to the Security Agent (and so separate from any lawyers instructed by the Facility Agent or the Lenders) if the Security Agent in its reasonable opinion
deems this to be desirable. 


  

	(f)	 The Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or
other professional advisers or experts (whether obtained by the Security Agent 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
its so relying. 


  

	(g)	 The Security Agent may act in relation to the Finance Documents and the Security Property through its officers,
employees and agents and shall not: 


  

	 	(i)	 be liable for any error of judgment made by any such person; or 



 

	 	(ii)	 be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or
default on the part of any such person, 


 unless such error or such loss was directly caused by the Security Agent’s
gross negligence or wilful misconduct. 
  

	(h)	 Unless a Finance Document expressly provides otherwise the Security Agent may disclose to any other Party any
information it reasonably believes it has received as security agent under the Finance Documents. 


  

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



 

	(j)	 Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not 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, 



  
 114 














	 	authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 


 

	30.9	 Responsibility for documentation 



None of the Security Agent, any Receiver or Delegate is responsible or liable for: 

 

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


  

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



 

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



 

	30.10	 No duty to monitor 



The Security Agent shall not be bound to enquire: 
  

	(a)	 whether or not any Default has occurred; 



 

	(b)	 as to the performance, default or any breach by any Transaction Obligor of its obligations under any
Transaction Document; or 


  

	(c)	 whether any other event specified in any Transaction Document has occurred. 



 

	30.11	 Exclusion of liability 



 

	(a)	 Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document
excluding or limiting the liability of the Security Agent or any Receiver or Delegate), none of the Security Agent nor any Receiver or Delegate will 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 Transaction Document or the Security Property, 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 Transaction Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or



  

	 	(iii)	 any shortfall which arises on the enforcement or realisation of the Security Property; or



  

	 	(iv)	 without prejudice to the generality of sub-paragraphs (i) to (iii)
above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of: 


  

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



  
 115 














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



including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of
nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption
Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

 

	(b)	 No Party other than the Security Agent, that Receiver or that Delegate (as applicable) may take any proceedings
against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer,
employee or agent in relation to any Transaction Document or any Security Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.5 (Third party rights) and the
provisions of the Third Parties Act. 


  

	(c)	 The Security Agent will not be liable for any delay (or any related consequences) in crediting an account with
an amount required under the Finance Documents to be paid by the Security Agent if the Security Agent 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 Security Agent for that purpose. 


  

	(d)	 Nothing in this Agreement shall oblige the Security Agent to carry out: 



 

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



 

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


 on behalf of any Finance Party and each Finance Party confirms to the Security Agent that it is solely
responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent. 
  

	(e)	 Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Security
Agent, any Receiver or Delegate, any liability of the Security Agent, any Receiver or Delegate arising under or in connection with any Transaction Document or the Security Property shall be limited to the amount of actual loss which has been finally
judicially determined to have been suffered (as determined by reference to the date of default of the Security Agent, Receiver or Delegate 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 Security Agent, any Receiver or Delegate at any time which increase the amount of that loss. In no event shall the Security Agent, any Receiver or Delegate 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 Security Agent, the Receiver or Delegate has been advised of the possibility of such loss or damages.



  

	30.12	 Lenders’ indemnity to the Security Agent 



 

	(a)	 Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then
zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Agent and every Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability incurred by any
of them (otherwise than by reason of the Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under the Finance Documents (unless the Security Agent,
Receiver or Delegate has been reimbursed by a Transaction Obligor pursuant to a Finance Document). 



  
 116 














	(b)	 Subject to paragraph (c) below, the Borrowers shall immediately on demand reimburse any Lender for any
payment that Lender makes to the Security Agent pursuant to paragraph (a) above. 


  

	(c)	 Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the
Lender claims reimbursement relates to a liability of the Security Agent to an Obligor. 


  

	30.13	 Resignation of the Security Agent 



 

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


  

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


  

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


  

	(d)	 The retiring Security Agent shall make available to the successor Security Agent such documents and records and
provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents. The Borrowers shall, within three Business Days of demand, reimburse the
retiring Security 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. 



 

	(e)	 The Security Agent’s resignation notice shall only take effect upon: 



 

	 	(i)	 the appointment of a successor; and 



 

	 	(ii)	 the transfer, by way of a document expressed as a deed, of all the Security Property to that successor.



  

	(f)	 Upon the appointment of a successor, the retiring Security Agent shall be discharged, by way of a document
executed as a deed, from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) of Clause 30.25 (Winding up of trust) and paragraph (d) above) but shall remain entitled to the
benefit of Clause 14.5 (Indemnity to the Security Agent) and this Clause 30 (The Security Agent) and any other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as
Security Agent. Any fees for the account of the retiring Security Agent 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. 


  

	(g)	 The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph
(b) above. In this event, the Security Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Borrowers. 



 

	(h)	 The consent of the Borrowers (or any other Transaction Obligor) is not required for an assignment or transfer
of rights and/or obligations by the Security Agent. 



  
 117 














	30.14	 Confidentiality 



 

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


  

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


  

	(c)	 Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged
to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.



  

	30.15	 Credit appraisal by the Finance Parties 



Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any
Transaction Document, each Finance Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any
Transaction Document including but not limited to: 
  

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



 

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



 

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


  

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


  

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


  

	30.16	 Security Agent’s management time 



 

	(a)	 Any amount payable to the Security Agent under Clause 14.5 (Indemnity to the Security Agent), Clause 15
(Costs and Expenses) and Clause 30.12 (Lenders’ indemnity to the Security Agent) shall include the cost of utilising the Security Agent’s management time or other resources and will be calculated on the basis of such
reasonable daily or hourly rates as the Security Agent may notify to the Borrowers and the other Finance Parties, and is in addition to any fee paid or payable to the Security Agent under Clause 11 (Fees). 



 

	(b)	 Without prejudice to paragraph (a) above, in the event of: 



 

	 	(i)	 a Default; 



  
 118 














	 	(ii)	 the Security Agent being requested by a Transaction Obligor the Majority Lenders to undertake duties which the
Security Agent and the Borrowers agree to be of an exceptional nature or outside the scope of the normal duties of the Security Agent under the Finance Documents; or 



 

	 	(iii)	 the Security Agent and the Borrowers agreeing that it is otherwise appropriate in the circumstances,



 the Borrowers shall pay to the Security Agent any additional remuneration (together with any applicable VAT) that may be
agreed between them or determined pursuant to paragraph (c) below. 
  

	(c)	 If the Security Agent and the Borrowers fail to agree upon the nature of the duties, or upon the additional
remuneration referred to in paragraph (b) above or whether additional remuneration is appropriate in the circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the
Security Agent and approved by the Borrowers or, failing approval, nominated (on the application of the Security Agent) by the President for the time being of the Law Society of England and Wales (the costs of the nomination and of the investment
bank being payable by the Borrowers) and the determination of any investment bank shall be final and binding upon the Parties. 


  

	30.17	 Reliance and engagement letters 



Each Creditor Party confirms that the Security Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any
letters or reports already accepted by the Security Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance
Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such
letters. 
  

	30.18	 No responsibility to perfect Transaction Security 



The Security Agent shall not be liable for any failure to: 
  

	(a)	 require the deposit with it of any deed or document certifying, representing or constituting the title of any
Transaction Obligor to any of the Security Assets; 


  

	(b)	 obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability
or admissibility in evidence of any Finance Document or the Transaction Security; 


  

	(c)	 register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the
Transaction Security) under any law or regulation or to give notice to any person of the execution of any Finance Document or of the Transaction Security; 


  

	(d)	 take, or to require any Transaction Obligor to take, any step to perfect its title to any of the Security
Assets or to render the Transaction Security effective or to secure the creation of any ancillary Security under any law or regulation; or 


  

	(e)	 require any further assurance in relation to any Security Document. 



 

	30.19	 Insurance by Security Agent 



 

	(a)	 The Security Agent shall not be obliged: 



 

	 	(i)	 to insure any of the Security Assets; 



  
 119 














	 	(ii)	 to require any other person to maintain any insurance; or 



 

	 	(iii)	 to verify any obligation to arrange or maintain insurance contained in any Finance Document,



 and the Security Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or
inadequacy of, any such insurance. 
  

	(b)	 Where the Security Agent is named on any insurance policy as an insured party, it shall not be liable for any
damages, costs or losses to any person as a result of its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Majority Lenders request it to do so in
writing and the Security Agent fails to do so within 14 days after receipt of that request. 


  

	30.20	 Custodians and nominees 



The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the
Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability,
expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person. 

 

	30.21	 Delegation by the Security Agent 



 

	(a)	 Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or
otherwise to any person for any period, all or any right, power, authority or discretion vested in it in its capacity as such. 


  

	(b)	 That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject to
any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in the interests of the Creditor Parties. 



 

	(c)	 No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for any
damages, costs or losses incurred by reason of any misconduct, omission or default on the part of any such delegate or sub delegate. 


  

	30.22	 Additional Security Agents 



 

	(a)	 The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or
as a co-trustee jointly with it: 


  

	 	(i)	 if it considers that appointment to be in the interests of the Creditor Parties; or 



 

	 	(ii)	 for the purposes of conforming to any legal requirement, restriction or condition which the Security Agent
deems to be relevant; or 


  

	 	(iii)	 for obtaining or enforcing any judgment in any jurisdiction, 



and the Security Agent shall give prior notice to the Borrowers and the Finance Parties of that appointment. 

 

	(b)	 Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those given
to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and responsibilities that are given or imposed by the instrument of appointment. 



  
 120 














	(c)	 The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any
applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent. 



 

	30.23	 Acceptance of title 



The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any
Transaction Obligor may have to any of the Security Assets and shall not be liable for or bound to require any Transaction Obligor to remedy any defect in its right or title. 
  


	30.24	 Releases 



Upon a disposal of any of the Security Assets pursuant to the enforcement of the Transaction Security by a Receiver, a Delegate or the Security
Agent, the Security Agent is irrevocably authorised (at the cost of the Obligors and without any consent, sanction, authority or further confirmation from any other Creditor Party) to release, without recourse or warranty, that property from the
Transaction Security and to execute any release of the Transaction Security or other claim over that asset and to issue any certificates of non-crystallisation of floating charges that may be required or
desirable. 
  

	30.25	 Winding up of trust 



If the Security Agent, with the approval of the Facility Agent determines that: 

 

	(a)	 all of the Secured Liabilities and all other obligations secured by the Security Documents have been fully and
finally discharged; and 


  

	(b)	 no Creditor Party is under any commitment, obligation or liability (actual or contingent) to make advances or
provide other financial accommodation to any Transaction Obligor pursuant to the Finance Documents, 


 then 

 

	 	(i)	 the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse
or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Security Documents; and 


  

	 	(ii)	 any Security Agent which has resigned pursuant to Clause 30.13 (Resignation of the Security Agent) shall
release, without recourse or warranty, all of its rights under each Security Document. 


  

	30.26	 Powers supplemental to Trustee Acts 



The rights, powers, authorities and discretions given to the Security Agent under or in connection with the Finance Documents shall be
supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by law or regulation or otherwise. 
  

	30.27	 Disapplication of Trustee Acts 



Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this
Agreement and the other Finance Documents. Where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the provisions of this Agreement and any other Finance Document, the provisions of this Agreement and any
other Finance Document shall, to the extent permitted by law and regulation, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement and any other Finance Document shall constitute a restriction or
exclusion for the purposes of the Trustee Act 2000. 

  
 121 














	30.28	 Application of receipts upon enforcement 



All amounts from time to time received or recovered by the Security Agent pursuant to the terms of any Finance Document, under Clause 30.2
(Parallel Debt (Covenant to pay the Security Agent)) or in connection with the realisation or enforcement of all or any part of the Security Property (for the purposes of this Clause 30 (The
Security Agent), the “Recoveries”) shall be held by the Security Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law (and
subject to the remaining provisions of this Clause 30 (The Security Agent), in the following order of priority: 
  

	(a)	 in discharging any sums owing to the Security Agent (in its capacity as such) other than pursuant to Clause
30.2 (Parallel Debt (Covenant to pay the Security Agent)) or any Receiver or Delegate; 


  

	(b)	 in payment or distribution to the Facility Agent, on its behalf and on behalf of the other Creditor Parties,
for application towards the discharge of all sums due and payable by any Transaction Obligor under any of the Finance Documents in accordance with Clause 33.5 (Application of receipts; partial payments); 



 

	(c)	 if none of the Transaction Obligors is under any further actual or contingent liability under any Finance
Document, in payment or distribution to any person to whom the Security Agent is obliged to pay or distribute in priority to any Transaction Obligor; and 


  

	(d)	 the balance, if any, in payment or distribution to the relevant Transaction Obligor. 



 

	30.29	 Permitted Deductions 



 

	(a)	 The Security Agent may, in its discretion: 



 

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



 

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



 

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



 

	30.30	 Prospective liabilities 



Following acceleration, the Security Agent may, in its discretion, or at the request of the Facility Agent, hold any Recoveries in an interest
bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) for later
payment to the Facility Agent for application in accordance with Clause 33.5 (Application of receipts; partial payments) in respect of: 
  

	(a)	 any sum to the Security Agent, any Receiver or any Delegate; and 



 

	(b)	 any part of the Secured Liabilities, 



  
 122 













 that the Security Agent or, in the case of paragraph (b) only, the Facility Agent,
reasonably considers, in each case, might become due or owing at any time in the future. 
  

	30.31	 Investment of proceeds 



Prior to the payment of the proceeds of the Recoveries to the Facility Agent for application in accordance with Clause 33.5
(Application of receipts; partial payments) the Security Agent may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such
financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the payment from time to time of those moneys in the Security Agent’s discretion in
accordance with the provisions of this Clause 30.31 (Investment of proceeds). 
  

	30.32	 Currency conversion 



 

	(a)	 For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Agent may convert
any moneys received or recovered by the Security Agent from one currency to another, at a market rate of exchange. 


  

	(b)	 The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent of
the amount of the due currency purchased after deducting the costs of conversion. 


  

	30.33	 Good discharge 



 

	(a)	 Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made to the Facility
Agent on behalf of the Creditor Parties and any payment made in that way shall be a good discharge, to the extent of that payment, by the Security Agent. 


  

	(b)	 The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph
(a) above in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated. 


  

	30.34	 Amounts received by Obligors 



If any of the Obligors receives or recovers any amount which, under the terms of any of the Finance Documents, should have been paid to the
Security Agent, that Obligor will hold the amount received or recovered on trust for the Security Agent and promptly pay that amount to the Security Agent for application in accordance with the terms of this Agreement. 

 

	30.35	 Application and consideration 



In consideration for the covenants given to the Security Agent by each Obligor in relation to Clause 30.2 (Parallel Debt
(Covenant to pay the Security Agent)) the Security Agent agrees with each Obligor to apply all moneys from time to time paid by such Obligor to the Security Agent in accordance with the foregoing provisions of this
Clause 30 (The Security Agent). 
  

	30.36	 Full freedom to enter into transactions 



Without prejudice to Clause 30.7 (Business with the Group) or any other provision of a Finance Document and
notwithstanding any rule of law or equity to the contrary, the Security Agent shall be absolutely entitled: 
  

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



  
 123 














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



 

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



 

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



 

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


 and, in particular, the Security Agent shall be absolutely entitled, in proposing, evaluating,
negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever
acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived
from the dealings transactions or other matters. 
  

	31	 CONDUCT OF BUSINESS BY THE FINANCE PARTIES 



No provision of this Agreement will: 
  

	(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. 


  

	32	 SHARING AMONG THE FINANCE PARTIES 



 

	32.1	 Payments to Finance Parties 



If a Finance Party (a “Recovering Finance Party”) receives or recovers any amount from a Transaction Obligor other than in
accordance with Clause 33 (Payment Mechanics) (a “Recovered Amount”) and applies that amount to a payment due to it under the Finance Documents then: 
  

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


  

	(b)	 the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering
Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in accordance with Clause 33 (Payment Mechanics), without taking account of any Tax which would be imposed on the
Facility Agent in relation to the receipt, recovery or distribution; and 


  

	(c)	 the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the
Facility Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in
accordance with Clause 33.5 (Application of receipts; partial payments). 



  
 124 














	32.2	 Redistribution of payments 



The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Transaction Obligor and distribute it among the
Finance Parties (other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 33.5 (Application of receipts; partial payments) towards the obligations of that Transaction
Obligor to the Sharing Finance Parties. 
  

	32.3	 Recovering Finance Party’s rights 



On a distribution by the Facility Agent under Clause 32.2 (Redistribution of payments) of a payment received by a Recovering Finance
Party from a Transaction Obligor, as between the relevant Transaction Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Transaction Obligor. 

 

	32.4	 Reversal of redistribution 



If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering
Finance Party, then: 
  

	(a)	 each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account
of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing
Payment which that Recovering Finance Party is required to pay) (the “Redistributed Amount”); and 


  

	(b)	 as between the relevant Transaction Obligor and each relevant Sharing Finance Party, an amount equal to the
relevant Redistributed Amount will be treated as not having been paid by that Transaction Obligor. 


  

	32.5	 Exceptions 


  

	(a)	 This Clause 32 (Sharing among the Finance Parties) shall not apply to the extent that the
Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Transaction 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. 



  
 125 













 SECTION 12 

ADMINISTRATION 
  

	33	 PAYMENT MECHANICS 



 

	33.1	 Payments to the Facility Agent 



 

	(a)	 On each date on which a Transaction Obligor or a Lender is required to make a payment under a Finance Document,
that Transaction Obligor or Lender shall make an amount equal to such payment available to the Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the
Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. 


  

	(b)	 Payment shall be made to such account in the principal financial centre of the country of that currency (or, in
relation to euro, in a principal financial centre in such Participating Member State or London, as specified by the Facility Agent) and with such bank as the Facility Agent, in each case, specifies. 



 

	33.2	 Distributions by the Facility Agent 



Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 33.3
(Distributions to a Transaction Obligor) and Clause 33.4 (Clawback and pre-funding) be made available by the Facility Agent as soon as practicable after receipt to the
Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business Days’ notice
with a bank specified by that Party in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London), as specified by that Party or, in the case
of an Advance, to such account of such person as may be specified by the Borrowers in a Drawdown Request. 
  

	33.3	 Distributions to a Transaction Obligor 



The Facility Agent may (with the consent of the Transaction Obligor or in accordance with Clause 34
(Set-Off)) apply any amount received by it for that Transaction Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Transaction
Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 
  

	33.4	 Clawback and pre-funding 



 

	(a)	 Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility
Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 



 

	(b)	 Unless paragraph (c) below applies, if the Facility Agent pays an amount to another Party and it proves to
be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent
together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds. 



  
 126 














	(c)	 If the Facility Agent has notified the Lenders that it is willing to make available amounts for the account of
the Borrowers before receiving funds from the Lenders then if and to the extent that the Facility 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 the Borrowers:



  

	 	(i)	 the Facility Agent shall notify the Borrowers of the Lender’s identity and the Borrowers shall on demand
refund it to the Facility Agent; and 


  

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


  

	33.5	 Application of receipts; partial payments 



 

	(a)	 If the Facility Agent or the Security Agent (as applicable) receives a payment that is insufficient to
discharge all the amounts then due and payable by a Transaction Obligor under the Finance Documents, the Facility Agent or the Security Agent (as applicable) shall apply that payment towards the obligations of that Transaction Obligor under the
Finance Documents in the following order: 


  

	 	(i)	 first, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts
owing to, the Facility Agent, the Security Agent, any Receiver or any Delegate under the Finance Documents; 


  

	 	(ii)	 secondly, in or towards payment pro rata of any accrued interest and fees due but unpaid to the Lenders
under this Agreement; 


  

	 	(iii)	 thirdly, in or towards payment pro rata of any principal due but unpaid to the Lenders under this
Agreement; and 


  

	 	(iv)	 fourthly, in or towards payment pro rata of any other sum due to any Finance Party but unpaid under the
Finance Documents. 


  

	(b)	 The Facility Agent shall, if so directed by the Majority Lenders, vary, or instruct the Security Agent to vary
(as applicable) the order set out in sub-paragraphs (ii) to (iv) of paragraph (a) above. 


  

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



  

	33.6	 No set-off by Transaction Obligors 



All payments to be made by a Transaction Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any
deduction for) set-off or counterclaim. 
  

	33.7	 Business Days 



 

	(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 an Unpaid Sum under this Agreement
interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 


  

	33.8	 Currency of account 



 

	(a)	 Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum due
from a Transaction Obligor under any Finance Document. 



  
 127 














	(b)	 Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses
or Taxes are incurred. 


  

	(c)	 Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.



  

	33.9	 Change of currency 



 

	(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 Facility Agent (after consultation with the Borrowers); 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 Facility Agent (acting reasonably). 



 

	(b)	 If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting
reasonably and after consultation with the Borrowers) 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.



  

	33.10	 Currency Conversion 



 

	(a)	 For the purpose of, or pending any payment to be made by any Servicing Party under any Finance Document, such
Servicing Party may convert any moneys received or recovered by it from one currency to another, at a market rate of exchange. 


  

	(b)	 The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent of
the amount of the due currency purchased after deducting the costs of conversion. 


  

	33.11	 Disruption to Payment Systems etc. 



If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by the
Borrowers that a Disruption Event has occurred: 
  

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



 

	(b)	 the Facility Agent shall not be obliged to consult with the Borrowers 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 Facility 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 Facility Agent and the Borrowers shall (whether or not it is finally
determined that a Disruption Event has occurred) be binding upon the Parties and any Transaction Obligors as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 42
(Amendments and Waivers); 



  
 128 














	(e)	 the Facility 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 Facility Agent) arising as a result of its taking, or
failing to take, any actions pursuant to or in connection with this Clause 33.11 (Disruption to Payment Systems etc.); and 


  

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



  

	34	 SET-OFF 



A Finance Party may set off any matured obligation due from a Transaction Obligor under the Finance Documents (to the extent beneficially owned
by that Finance Party) against any matured obligation owed by that Finance Party to that Transaction Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the
Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

 

	35	 BAIL-IN 



Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance
Document, each Party acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution
Authority and acknowledges and accepts to be bound by the effect of: 
  

	(a)	 any Bail-In Action in relation to any such liability, including
(without limitation): 


  

	 	(i)	 a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but
unpaid interest) in respect of any such liability; 


  

	 	(ii)	 a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be
issued to, or conferred on, it; and 


  

	 	(iii)	 a cancellation of any such liability; and 



 

	(b)	 a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability. 


  

	36	 NOTICES 


  

	36.1	 Communications in writing 



Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be
made by fax or letter. 
  

	36.2	 Addresses 



The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any
communication or document to be made or delivered under or in connection with the Finance Documents are: 
  

	(a)	 in the case of the Borrowers, that specified in Schedule 1 (The Parties);



  

	(b)	 in the case of each Lender or any other Obligor, that specified in Schedule 1 (The Parties) or, if it
becomes a Party after the date of this Agreement, that notified in writing to the Facility Agent on or before the date on which it becomes a Party; 



  
 129 














	(c)	 in the case of the Facility Agent, that specified in Schedule 1 (The Parties); and



  

	(d)	 in the case of the Security Agent, that specified in Schedule 1 (The Parties),



 or any substitute address, fax number or department or officer as the Party may notify to the Facility Agent (or the
Facility Agent may notify to the other Parties, if a change is made by the Facility Agent) by not less than five Business Days’ notice. 
  

	36.3	 Delivery 


  

	(a)	 Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will only be effective: 


  

	 	(i)	 if by way of fax, when received in legible form; or 



 

	 	(ii)	 if by way of letter, when it has been left at the relevant address or five Business Days after being deposited
in the post postage prepaid in an envelope addressed to it at that address, 


 and, if a particular department or officer
is specified as part of its address details provided under Clause 36.2 (Addresses), if addressed to that department or officer. 
  

	(b)	 Any communication or document to be made or delivered to a Servicing Party will be effective only when actually
received by that Servicing Party and then only if it is expressly marked for the attention of the department or officer of that Servicing Party specified in Schedule 1 (The Parties) (or any substitute department or officer as
that Servicing Party shall specify for this purpose). 


  

	(c)	 All notices from or to a Transaction Obligor shall be sent through the Facility Agent unless otherwise
specified in any Finance Document. 


  

	(d)	 Any communication or document made or delivered to the Borrowers in accordance with this Clause will be deemed
to have been made or delivered to each of the Transaction Obligors. 


  

	(e)	 Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above,
after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day. 


  

	36.4	 Notification of address and fax number 



Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 36.2
(Addresses) or changing its own address or fax number, the Facility Agent shall notify the other Parties. 
  

	36.5	 Electronic communication 



 

	(a)	 Any communication to be made between any two Parties under or in connection with the Finance Documents may be
made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) if those two Parties: 


  

	 	(i)	 notify each other in writing of their electronic mail address and/or any other information required to enable
the transmission of information by that means; and 


  

	 	(ii)	 notify each other of any change to their address or any other such information supplied by them by not less
than five Business Days’ notice. 


  

	(b)	 Any such electronic communication as specified in paragraph (a) above to be made between an Obligor and a
Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication. 



  
 130 














	(c)	 Any such electronic communication as specified in paragraph (a) above made between any two Parties will be
effective only when actually received (or made available) in readable form and in the case of any electronic communication made by a Party to the Facility Agent or the Security Agent only if it is addressed in such a manner as the Facility Agent or
the Security Agent shall specify for this purpose. 


  

	(d)	 Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5.00
p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day. 



 

	(e)	 Any reference in a Finance Document to a communication being sent or received shall be construed to include
that communication being made available in accordance with this Clause 36.5 (Electronic communication). 


  

	36.6	 English language 



 

	(a)	 Any notice given under or in connection with any Finance Document must be in English. 



 

	(b)	 All other documents provided under or in connection with any Finance Document must be: 



 

	 	(i)	 in English; or 


  

	 	(ii)	 if not in English, and if so required by the Facility Agent, accompanied by a certified English translation
prepared by a translator approved by the Facility Agent and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document. 



 

	37	 CALCULATIONS AND CERTIFICATES 



 

	37.1	 Accounts 



In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts
maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	37.2	 Certificates and determinations 



Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error,
conclusive evidence of the matters to which it relates. 
  

	37.3	 Day count convention 



Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual
number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice. 
  

	38	 PARTIAL INVALIDITY 



If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any
jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be
affected or impaired. 

  
 131 














	39	 REMEDIES AND WAIVERS 



No failure to exercise, nor any delay in exercising, on the part of any Creditor Party, any right or remedy under a Finance Document shall
operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the part of a Creditor Party shall be effective unless it is in writing. No single or partial
exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided
by law. 
  

	40	 SETTLEMENT OR DISCHARGE CONDITIONAL 



Any settlement or discharge under any Finance Document between any Finance Party and any Transaction Obligor shall be conditional upon no
security or payment to any Finance Party by any Transaction Obligor or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or otherwise. 

 

	41	 IRREVOCABLE PAYMENT 



If the Facility Agent considers that an amount paid or discharged by, or on behalf of, a Transaction Obligor or by any other person in
purported payment or discharge of an obligation of that Transaction Obligor to a Creditor Party under the Finance Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Transaction Obligor or
otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Finance Documents. 
  

	42	 AMENDMENTS AND WAIVERS 



 

	42.1	 Required consents 



 

	(a)	 Subject to Clause 42.2 (All Lender matters) and Clause 42.3 (Other
exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and, in the case of an amendment, the Obligors and any such amendment or waiver will be binding on all Parties.



  

	(b)	 The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause
42 (Amendments and Waivers). 


  

	(c)	 Without prejudice to the generality of Clause 29.8 (Rights and discretions), the Facility
Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under this Agreement. 



 

	42.2	 All Lender matters 



Subject to Clause 42.4 (Replacement of Screen Rate), an amendment of or waiver or consent in relation to any term of any
Finance Document that has the effect of changing or which relates to: 
  

	(a)	 the definition of “Majority Lenders” in Clause 1.1 (Definitions);



  

	(b)	 a postponement to or extension of the date of payment of any amount under the Finance Documents;



  

	(c)	 a reduction in the Margin or the amount of any payment of principal, interest, fees or commission payable;



  

	(d)	 a change in currency of payment of any amount under the Finance Documents; 



  
 132 














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


  

	(f)	 a change to any Transaction Obligor; 



 

	(g)	 any provision which expressly requires the consent of all the Lenders; 



 

	(h)	 this Clause 42 (Amendments and Waivers); 



 

	(i)	 any change to Clause 2 (The Facility), Clause 3 (Purpose), Clause 5
(Drawdown), Clause 6.2 (Effect of cancellation and prepayment on scheduled repayments), Clause 7.4 (Mandatory prepayment on sale or Total Loss), Clause 8 (Interest),
paragraph (a) of Clause 24.7 (Provision of valuations), Clause 25 (Accounts and Application of Earnings), Clause 27 (Changes to the Lenders), Clause 32 (Sharing
among the Finance Parties), Clause 46 (Governing Law) or Clause 47 (Enforcement); 


  

	(j)	 any release of, or material variation to, any Transaction Security, guarantee, indemnity or subordination
arrangement set out in a Finance Document (except in the case of a release of Transaction Security as it relates to the disposal of an asset which is the subject of the Transaction Security and where such disposal is expressly permitted by the
Majority Lenders or otherwise under a Finance Document); 


  

	(k)	 (other than as expressly permitted by the provisions of any Finance Document) the nature or scope of:



  

	 	(i)	 the guarantee and indemnity granted under Clause 16 (Guarantee and Indemnity);



  

	 	(ii)	 the Security Assets; or 



 

	 	(iii)	 the manner in which the proceeds of enforcement of the Transaction Security are distributed,



 (except in the case of sub-paragraphs (i), (iii) and (iii) above, insofar
as it relates to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document); 

 

	(l)	 the release of the guarantee and indemnity granted under Clause 16 (Guarantee and
Indemnity) any Transaction Security unless permitted under this Agreement or any other Finance Document or relating to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is
expressly permitted under this Agreement or any other Finance Document, 


 shall not be made, or given, without the prior
consent of all the Lenders. 
  

	42.3	 Other exceptions 



An amendment or waiver which relates to the rights or obligations of a Servicing Party or the Arranger or a Reference Bank (each in their
capacity as such) may not be effected without the consent of that Servicing Party, the Arranger or that Reference Bank, as the case may be. 
  

	42.4	 Replacement of Screen Rate 



 

	(a)	 Subject to Clause 42.3 (Other exceptions), if the Screen Rate is not available for
dollars, any amendment or waiver which relates to providing for another benchmark rate to apply in relation to dollars, in place of that Screen Rate (or which relates to aligning any provision of a Finance Document to the use of that benchmark rate)
may be made with the consent of the Majority Lenders and the Obligors. 



  
 133 














	(b)	 If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above within
5 Business Days (unless the Borrowers and the Facility Agent agree to a longer time period in relation to any request) of that request being made: 


  

	 	(i)	 its Commitment shall not be included for the purpose of calculating the Total Commitments when ascertaining
whether any relevant percentage 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. 


  

	42.5	 Obligor Intent 



Without prejudice to the generality of Clauses 1.2 (Construction) and 17.2 (Waiver of defences) each
Obligor expressly confirms that it intends that any guarantee contained in this Agreement or any other Finance Document and any Security created by any Finance Document shall extend from time to time to any (however fundamental) variation, increase,
extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature;
increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension
of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing. 
  

	43	 CONFIDENTIALITY 



 

	43.1	 Confidential Information 



Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by
Clause 43.2 (Disclosure of Confidential Information) and Clause 43.3 (Disclosure to numbering service providers) and to ensure that all Confidential Information is protected with security measures and a
degree of care that would apply to its own confidential information. 
  

	43.2	 Disclosure of Confidential Information 



Any Finance Party may disclose: 
  

	(a)	 to any of its Affiliates and Related Funds 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 Facility Agent or Security Agent and, in each case, to any of that person’s Affiliates, Related Funds, Representatives and
professional advisers; 



  
 134 














	 	(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 including a securitisation under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Transaction
Obligors and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 


  

	 	(iii)	 appointed by any Finance Party or by a person to whom sub-paragraph
(i) or (ii) of paragraph (b) 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
(b) of Clause 29.15 (Relationship with the other Finance Parties); 


  

	 	(iv)	 who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in sub-paragraph (i) or (ii) of paragraph (b) 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 including any applicable data protection laws; 



 

	 	(vi)	 to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitrations, administrative or other investigations, proceedings or disputes; 


  

	 	(vii)	 to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so)
pursuant to Clause 27.8 (Security over Lenders’ rights); 


  

	 	(viii)	 who is a Party, a member of the Group or any related entity of a Transaction Obligor; 



 

	 	(ix)	 as a result of the registration of any Finance Document as contemplated by any Finance Document or any legal
opinion obtained in connection with any Finance Document; or 


  

	 	(x)	 with the written consent of the Borrowers; 



in each case, such Confidential Information as that Finance Party shall consider appropriate if: 

 

	 	(A)	 in relation to sub-paragraphs (i), (ii) and (iii) of paragraph
(b) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and
is subject to professional obligations to maintain the confidentiality of the Confidential Information; 


  

	 	(B)	 in relation to sub-paragraph (iv) of paragraph (b) above, the
person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or 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; 


  

	 	(C)	 in relation to sub-paragraphs (v), (vi) and (vii) of paragraph
(b) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement
to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances; 



  
 135 














	(c)	 to any person appointed by that Finance Party or by a person to whom
sub-paragraph (i) or (ii) of paragraph (b) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation
to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the
service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or
such other form of confidentiality undertaking agreed between the Borrowers 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 Transaction Obligors if the rating agency to whom the Confidential Information is to be given is informed of its
confidential nature and that some or all of such Confidential Information may be price-sensitive information. 


  

	43.3	 Disclosure to numbering service providers 



 

	(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 Transaction Obligors the following information: 



 

	 	(i)	 names of Transaction Obligors; 



 

	 	(ii)	 country of domicile of Transaction Obligors; 



 

	 	(iii)	 place of incorporation of Transaction Obligors; 



 

	 	(iv)	 date of this Agreement; 



 

	 	(v)	 Clause 46 (Governing Law); 



 

	 	(vi)	 the names of the Facility Agent and the Arranger; 



 

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



 

	 	(viii)	 amount of Total Commitments; 



 

	 	(ix)	 currency of the Facility; 



 

	 	(x)	 type of Facility; 


  

	 	(xi)	 ranking of Facility; 



 

	 	(xii)	 Maturity Date for Facility; 



 

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


  

	 	(xiv)	 such other information agreed between such Finance Party and the Borrowers, 



to enable such numbering service provider to provide its usual syndicated loan numbering identification services. 

 

	(b)	 The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility
and/or one or more Transaction 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. 



  
 136 














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



 

	(d)	 The Facility Agent shall notify the Guarantor and the other Finance Parties of: 



 

	 	(i)	 the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement, the
Facility and/or one or more Transaction Obligors; and 


  

	 	(ii)	 the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more
Transaction Obligors by such numbering service provider. 


  

	43.4	 Entire agreement 



This Clause 43 (Confidentiality) constitutes the entire agreement between the Parties in relation to the obligations of the Finance
Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 
  

	43.5	 Inside information 



Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the
use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any
unlawful purpose. 
  

	43.6	 Notification of disclosure 



Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers: 

 

	(a)	 of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (v) of
paragraph (b) of Clause 43.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and



  

	(b)	 upon becoming aware that Confidential Information has been disclosed in breach of this Clause 43
(Confidentiality). 


  

	43.7	 Continuing obligations 



The obligations in this Clause 43 (Confidentiality) are continuing and, in particular, shall survive and remain binding on each Finance
Party for a period of 12 months from the earlier of: 
  

	(a)	 the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid
in full and all Commitments have been cancelled or otherwise cease to be available; and 


  

	(b)	 the date on which such Finance Party otherwise ceases to be a Finance Party. 



  
 137 














	44	 CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS 



 

	44.1	 Confidentiality and disclosure 



 

	(a)	 The Facility Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Facility Agent,
each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (c) and (d) below. 


  

	(b)	 The Facility Agent may disclose: 



 

	 	(i)	 any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the Borrowers pursuant
to Clause 8.5 (Notification of rates of interest); and 


  

	 	(ii)	 any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration
services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality
agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Facility Agent and the relevant Lender or
Reference Bank, as the case may be. 


  

	(c)	 The Facility Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose
any Funding Rate, to: 


  

	 	(i)	 any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors,
partners and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this sub-paragraph (i) is informed in writing of its confidential nature and
that it 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 that Funding Rate or Reference Bank Quotation or is
otherwise bound by requirements of confidentiality in relation to it; 


  

	 	(ii)	 any person 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 if the person to whom that Funding Rate or Reference Bank Quotation is to
be given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it
is not practicable to do so in the circumstances; 


  

	 	(iii)	 any person 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 if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price
sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and 



 

	 	(iv)	 any person with the consent of the relevant Lender or Reference Bank, as the case may be.



  

	(d)	 The Facility Agent’s obligations in this Clause 44 (Confidentiality of Funding Rates and
Reference Bank Quotations) relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause 8.5 (Notification of rates of interest) provided that (other than
pursuant to sub-paragraph (i) of paragraph (b) above) the Facility Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification.




  
 138 














	44.2	 Related obligations 



 

	(a)	 The Facility Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Facility Agent,
each Reference Bank Quotation) is or may be price sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Facility Agent and each
Obligor undertake not to use any Funding Rate or, in the case of the Facility Agent, any Reference Bank Quotation for any unlawful purpose. 


  

	(b)	 The Facility Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the
relevant Lender or Reference Bank, as the case may be: 


  

	 	(i)	 of the circumstances of any disclosure made pursuant to sub-paragraph
(ii) of paragraph (c) of Clause 44.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory
function; and 


  

	 	(ii)	 upon becoming aware that any information has been disclosed in breach of this Clause 44
(Confidentiality of Funding Rates and Reference Bank Quotations). 


  

	44.3	 No Event of Default 



No Event of Default will occur under Clause 26.4 (Other obligations) by reason only of an Obligor’s failure to comply
with this Clause 44 (Confidentiality of Funding Rates and Reference Bank Quotations). 
  

	45	 COUNTERPARTS 



Each Finance Document 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 the Finance Document. 

  
 139 













 SECTION 13 

GOVERNING LAW AND ENFORCEMENT 
  

	46	 GOVERNING LAW 



This Agreement and any non-contractual obligations arising out of or in connection with it are governed
by English law. 
  

	47	 ENFORCEMENT 


  

	47.1	 Jurisdiction 


  


	(a)	 The courts of England 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 or any non-contractual obligation arising out of or in connection with this Agreement) (a
“Dispute”). 


  

	(b)	 The Obligors accept that the courts of England are the most appropriate and convenient courts to settle
Disputes and accordingly no Obligor will argue to the contrary. 


  

	(c)	 This Clause 47.1 (Jurisdiction) is for the benefit of the Creditor Parties only. As a
result, no Creditor Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Creditor Parties may take concurrent proceedings in any number of jurisdictions.



  

	47.2	 Service of process 



 

	(a)	 Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an
Obligor incorporated in England and Wales): 


  

	 	(i)	 irrevocably appoints Saville & Co. at its registered office for the time being, presently at One Carey
Lane, London EC2V 8AE, England as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and 



 

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


  

	(b)	 If any person appointed as an agent for service of process is unable for any reason to act as agent for service
of process, the Borrowers (on behalf of all the Obligors) must immediately (and in any event within 5 days of such event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint
another agent for this purpose. 


 This Agreement has been entered into on the date stated at the beginning of this Agreement. 


  
 140 













 SCHEDULE 1 

THE PARTIES 
 PART A

 THE OBLIGORS 
  

							
	Name of Borrowers	  	 Place of

Incorporation
	  	 Registration

number

(or equivalent, if

any)
	  	Address for Communication
				
	ATHENA MARINE LLC	  	Marshall Islands	  	961764	  	c/o Approved Technical
		  		  		  	Manager
	APHRODITE MARINE LLC	  	Marshall Islands	  	961769	  	3-5 Menandrou Street
		  		  		  	145 61 Kifissia
	ARIS MARINE LLC	  	Marshall Islands	  	961770	  	Greece
				
	ALEXANDER MARINE LLC	  	Marshall Islands	  	961945	  	(fax no: +30 210 80 84 224)

 THE GUARANTOR 
  

							
	Name of Guarantor	  	 Place of

Incorporation
	  	 Registration
number
(or equivalent, if

any)
	  	Address for Communication
				
	POSEIDON CONTAINERS	  	Marshall Islands	  	961853	  	c/o Approved Technical
	HOLDINGS LLC	  		  		  	Manager
		  		  		  	3-5 Menandrou Street
		  		  		  	145 61 Kifissia
		  		  		  	Greece
				
		  		  		  	(fax no: +30 210 80 84 224)


  
 141 













 PART B 

THE ORIGINAL LENDERS 
  

					
	Name of Original Lender	  	Commitment	  	Address for Communication
			
	DVB Bank SE, Amsterdam Branch	  	$52,625,589	  	WTC Schiphol Tower F
		  		  	6th Floor
		  		  	Attn: Transaction Management
		  		  	Schiphol Boulevard 255
		  		  	1118 BH Schiphol
		  		  	The Netherlands
			
		  		  	Fax: +31 88 399 8178
		  		  	Email:TLS.TM.Amsterdam@dvbbank.com
			
		  		  	with copy to DVB Bank SE
		  		  	3, Moraitini Street &
		  		  	1, Palea Leof. Posidonos,
		  		  	Bldg. K4
		  		  	Delta Paleo Faliro
		  		  	175 61 Athens
			
		  		  	Email: D-Shipping Athens@dvbbank.com


  
 142 













 PART C 

THE SERVICING PARTIES 
  

			
	Name of Facility Agent	  	Address for Communication
		
	DVB Bank SE, Amsterdam Branch	  	 WTC Schiphol Tower F
 6th Floor
 Attn: Transaction Management

Schiphol Boulevard 255
 1118 BH Schiphol

The Netherlands
  

Fax: +31 88 399 8178
 Email: TLS.TM.Amsterdam@dvbbank.com

 
 with copies to:

 
 DVB Bank SE, Athens Branch

3, Moraitini Street &
 1, Palea Leof. Posidonos, Bldg. K4

Delta Paleo Faliro
 175 61 Athens

 
 Email: D-Shipping Athens@dvbbank.com

 
 and
  

DVB Bank SE, London Branch
 Park House

16-18 Finsbury Circus

London EC2M 7EB
  

only in relation to loan administration
 Email:
TLS.LA.LONDON@DVBBANK.COM

		
	Name of Security Agent	  	Address for Communication
		
	DVB Bank SE, Amsterdam Branch	  	 WTC Schiphol Tower F
 6th Floor
 Attn: Transaction Management

Schiphol Boulevard 255
 1118 BH Schiphol

The Netherlands
  

Fax: +31 88 399 8178
 Email: TLS.TM.Amsterdam@dvbbank.com

 
 with copies to:

 
 DVB Bank SE, Athens Branch

3, Moraitini Street &
 1, Palea Leof. Posidonos, Bldg. K4

Delta Paleo Faliro
 175 61 Athens

 
 Email: D-Shipping
Athens@dvbbank.com



  
 143 














			
		  	and
		
		  	DVB Bank SE, London Branch
		  	 Park House

16-18 Finsbury Circus

		  	 London EC2M 7EB
 only in relation to loan
administration

		  	Email: TLS.LA.LONDON@DVBBANK.COM


  
 144 













 SCHEDULE 2 

CONDITIONS PRECEDENT AND SUBSEQUENT 

PART A 
 CONDITIONS
PRECEDENT TO INITIAL DRAWDOWN REQUEST 
  

	1	 Transaction Obligors 



 

	1.1	 A copy of the constitutional documents of each Transaction Obligor. 



 

	1.2	 A copy of a resolution of the board of directors or members (as appropriate) of each Transaction Obligor:



  

	(a)	 approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and
resolving that it execute the Finance Documents to which it is a party; 


  

	(b)	 authorising a specified person or persons to execute the Finance Documents to which it is a party on its
behalf; and 


  

	(c)	 authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, a Drawdown Request and each Selection Notice) to be signed and/or despatched by it under, or in connection with, the Finance Documents to which it is a party. 



 

	1.3	 An original of the power of attorney of any Transaction Obligor authorising a specified person or persons to
execute the Finance Documents to which it is a party. 


  

	1.4	 A specimen of the signature of each person authorised by the resolution referred to in paragraph 1.2 above.



  

	1.5	 A copy of a resolution signed by the Guarantor and, in respect of Borrower D, Odysseus, as the holder of the
LLC Shares in the relevant Borrower(s), approving the terms of, and the transactions contemplated by, the Finance Documents to which the Borrowers are parties. 



 

	1.6	 A certificate of each Transaction Obligor that is incorporated outside the UK (signed by a director) certifying
either that (i) it has not delivered particulars of any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or (ii) it has a UK Establishment and specifying the name and registered number under which
it is registered with the Registrar of Companies. 


  

	1.7	 A certificate of an authorised signatory of the relevant Transaction Obligor certifying that each copy document
relating to it specified in this Part A of Schedule 2 (Conditions Precedent and Subsequent) is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement. 



 

	1.8	 Evidence of satisfactory capital/shareholding structure of the Obligors. 



 

	2	 Finance Documents and Other Transaction Documents 



 

	2.1	 A duly executed original of the Subordination Deed and copies of each Subordinated Finance Document.



  

	2.2	 A duly executed original of any Finance Document not otherwise referred to in this Schedule 2 (Conditions
Precedent and Subsequent). 



  
 145 














	2.3	 A duly executed original of any other document required to be delivered by each Finance Document if not
otherwise referred to in this Schedule 2 (Conditions Precedent and Subsequent). 


  

	3	 Security Documents 



 

	3.1	 A duly executed original of the Account Security and the Shares Security in respect of each Borrower (and of
each document to be delivered under each of them) including confirmation of the appointment of any process agent under the relevant Account Security. 


  

	3.2	 A duly executed original of the Subordinated Debt Security. 



 

	4	 Legal opinions 



 

	4.1	 A legal opinion of Watson, Farley & Williams, legal advisers to the Arranger, the Facility Agent and
the Security Agent in England, substantially in the form distributed to the Original Lenders before signing this Agreement. 


  

	4.2	 If a Transaction Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion of the
legal advisers to the Arranger, the Facility Agent and the Security Agent in the relevant jurisdiction, substantially in the form distributed to the Original Lenders before signing this Agreement. 



 

	5	 Other documents and evidence 



 

	5.1	 A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to
be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by any Transaction Document or for the validity and enforceability of any Transaction
Document. 


  

	5.2	 The Original Financial Statements of each Borrower and the Guarantor. 



 

	5.3	 The original of any mandates or other documents required in connection with the opening or operation of each
Earnings Account. 


  

	5.4	 Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their
“know your customer” or similar identification procedures in relation to the transactions contemplated by the Finance Documents (including, without limitation, identification of the ultimate beneficial owners holding 25 per cent. or
more of the LLC Shares of any Borrower). 


  

	5.5	 Evidence satisfactory to the Facility Agent that the shareholders’ equity of $5,000,000 has been paid in
to the Guarantor. 



  
 146 













 PART B 

CONDITIONS PRECEDENT TO DISBURSEMENT OF A TRANCHE 
  

	1	 Transaction Obligors 



A certificate of an authorised signatory of the relevant Transaction Obligor certifying that each corporate and copy document provided by it
under Part A of Schedule 2 (Conditions Precedent and Subsequent) remains correct, complete and in full force and effect as at the Drawdown Date. 
  

	2	 Borrowers 



A certificate of an authorised signatory of each Borrower certifying that each copy document which it is required to provide under this Part B
of Schedule 2 (Conditions Precedent and Subsequent) is correct, complete and in full force and effect as at the Drawdown Date. 
  

	3	 Other funds 



Evidence that all sums then due (if any) to the Existing Lender, other than the sums to be financed on the Drawdown Date of each Tranche, have
been paid to the Existing Lender and that all existing Securities securing the Existing Indebtedness have been, or shall be discharged, on the Drawdown Date. 
  

	4	 Vessel and other security 



 

	4.1	 A duly executed and dated original of the Mortgage and the General Assignment in respect of each Vessel and of
each document to be delivered under or pursuant to each of them. 


  

	4.2	 Documentary evidence that the Mortgage in respect of each Vessel has been duly registered or recorded (as the
case may be) as a valid first preferred or priority (as the case may be) ship mortgage in accordance with the laws of the jurisdiction of the relevant Approved Flag. 



 

	4.3	 Documentary evidence that each Vessel: 



 

	(a)	 is definitively and permanently registered in the name of the relevant Borrower under the relevant Approved
Flag. 


  

	(b)	 is in the absolute and unencumbered ownership of the relevant Borrower save as contemplated by the Finance
Documents; 


  

	(c)	 maintains the Approved Classification with the Approved Classification Society free of all overdue
recommendations and conditions of the Approved Classification Society; and 


  

	4.4	 is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in
respect of insurances have been complied with together with, if required by the Facility Agent, a insurance report satisfactory to the Lenders from an independent insurance consultant acceptable to the Facility Agent. 



 

	4.5	 Copies of each Vessel’s Safety Management Certificate (together with any other details of the applicable
Safety Management System which the Facility Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to each Vessel including without limitation an ISSC. 



  
 147 














	4.6	 The Commercial Management Agreement and the Technical Management Agreement in respect of each Vessel, both on
terms acceptable to the Facility Agent acting with the authorisation of all of the Lenders, together with: 


  

	(a)	 a Manager’s Undertaking in respect of each Vessel for each of the Approved Technical Manager and the
Approved Commercial Manager; and 


  

	(b)	 copies of the Approved Technical Manager’s Document of Compliance. 



 

	4.7	 Valuation(s) of each Vessel obtained from Approved Valuers showing the Market Value of each Vessel and dated
not more than 45 days prior to the Drawdown Date. 


  

	5	 Legal opinions 



Draft agreed form legal opinions of the legal advisers to the Arranger, the Facility Agent and the Security Agent in the jurisdiction of the
Approved Flag of each Vessel and such other relevant jurisdictions as the Facility Agent may require. 
  

	6	 Other documents and evidence 



 

	6.1	 Evidence that any process agent referred to in Clause 47.2 (Service of process), if not an Obligor, has
accepted its appointment. 


  

	6.2	 Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause 11 (Fees) and
Clause 15 (Costs and Expenses) have been paid or will be paid by the Drawdown Date. 


  

	6.3	 Evidence of the Borrowers’ Minimum Liquidity Amount required under Clause 20.1 (Borrowers’ Minimum
liquidity) having been credited in the relevant Earnings Account. 



  
 148 













 PART C 

CONDITIONS SUBSEQUENT 
  

	1	 Legal opinions 



Executed legal opinions in agreed form of the legal advisers to the Arranger, the Facility Agent and the Security Agent in the jurisdiction of
the Approved Flag of the relevant Vessel, England and such other relevant jurisdictions as the Facility Agent may require. 
  

	2	 Vessel and other security 



 

	(a)	 Evidence that the Security Documents have been duly registered or recorded in such jurisdictions as the
Facility Agent may require and that all notices of assignment required under or in connection with the relevant Security Documents have been served. 


  

	(b)	 A duly executed original of a Letter of Undertaking from the Approved Brokers in a form acceptable to the
Facility Agent. 


  

	(c)	 A duly executed original of a Letter of Undertaking from any protection and indemnity club or war risks
association through or with whom any obligatory insurances are placed or effected in a form acceptable to the Facility Agent. 


  

	3	 Miscellaneous 



Evidence that all legal fees have been paid within 30 days of the relevant Drawdown Date. 

  
 149 













 SCHEDULE 3 

REQUESTS 
 PART A

 DRAWDOWN REQUEST 
  

			
	From:	  	Athena Marine LLC
		  	Aphrodite Marine LLC
		  	Aris Marine LLC
		  	Alexander Marine LLC
		
	To:	  	DVB BANK SE

 Dated: [●] 2017 

Dear Sirs 
 Athena Marine LLC, Aphrodite Marine LLC, Aris
Marine LLC and Alexander Marine LLC - $52,625,589 Facility Agreement dated [●] 2017 (the “Agreement”) 
  

	1	 We refer to the Agreement. This is a Drawdown Request. Terms defined in the Agreement have the same meaning in
this Drawdown Request unless given a different meaning in this Drawdown Request. 


  

	2	 We wish to borrow an Advance under Tranche [A][B][C][D] on the following terms: 



 

			
	Proposed Drawdown Date:	  	[●] 2017 (or, if that is not a Business Day, the next Business Day)
		
	Amount:	  	$[●]or, if less, the Available Tranche
		
	Interest Period:	  	3 Months

  

	3	 We confirm that each condition specified in Clause 4.1 (Conditions precedent) of this
Agreement as they relate to the Advance to which this Drawdown Request refers is satisfied on the date of this Drawdown Request (or waived if applicable). 


  

	4	 The proceeds of the relevant Advance should be credited to: [●] 



[account number: [●] 
 name
and SWIFT of account bank: [●] 
 name and SWIFT of US correspondent bank: [●]] 

 

	5	 This Drawdown Request is irrevocable. 



 

	
	Yours faithfully
	
	  

	authorised signatory for
	ATHENA MARINE LLC


  
 150 














	
	
	  

	 authorised signatory for
 APHRODITE MARINE
LLC

	
	  

	 authorised signatory for
 ARIS MARINE
LLC

	
	  

	 authorised signatory for
 ALEXANDER MARINE
LLC



  
 151 













 PART B 

SELECTION NOTICE 
  

	From:	      Athena Marine LLC 



Aphrodite Marine LLC 
 Aris Marine
LLC 
 Alexander Marine LLC 
  

	To:	      DVB BANK SE 



Dated: [●] 
 Dear Sirs 

Athena Marine LLC, Aphrodite Marine LLC, Aris Marine LLC and Alexander Marine LLC - $52,625,589 Facility Agreement dated [●] 2017 (the
“Agreement”) 
  

	1	 We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in
this Selection Notice unless given a different meaning in this Selection Notice. 


  

	2	 We request that, subject to paragraph (g) of Clause 9.1 (Selection of Interest
Periods) of the Agreement, the next Interest Period for the Loan be [●]. 


  

	3	 This Selection Notice is irrevocable. 



Yours faithfully 
  

	
	  

	 authorised signatory for
 ATHENA MARINE
LLC

	
	  

	 authorised signatory for
 APHRODITE MARINE
LLC

	
	  

	 authorised signatory for
 ARIS MARINE
LLC



  
 152 














	
	
	  

	authorised signatory for
	ALEXANDER MARINE LLC


  
 153 













 SCHEDULE 4 

TRANSFER CERTIFICATE 
  

	To:	     DVB BANK SE as Facility Agent and DVB BANK SE as Security Agent 



 

	From:	     [The Existing Lender] (the “Existing Lender”) and [The New Lender]
(the “New Lender”) 


 Dated:[●] 

Dear Sirs 
 Athena Marine LLC, Aphrodite Marine LLC, Aris
Marine LLC and Alexander Marine LLC - $52,625,589 Facility Agreement dated [●] 2017 (the “Agreement”) 
  

	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 27.5 (Procedure for transfer) of the Agreement: 



 

	(a)	 the Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation
all of the Existing Lender’s rights and obligations under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender’s Commitment and participation in the Loan under the Agreement as specified in the
Schedule in accordance with Clause 27.5 (Procedure for transfer) of the Agreement; 


  

	(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 36.2 (Addresses) of the Agreement are set out in the Schedule. 


  

	3	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in
paragraph (c) of Clause 27.4 (Limitation of responsibility of Existing Lenders) of the Agreement. 


  

	4	 The New Lender hereby confirms that it has received a copy of each of the Security Documents which are governed
by German law and which are account pledges, is aware of the contents of such account pledges and expressly consents to the declarations of the Security Agent made on behalf of the New Lender (as future pledgee) in such account pledges.



  

	5	 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. 


  

	6	 This Transfer Certificate and any non-contractual obligations arising
out of or in connection with it are governed by English law. 


  

	7	 This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer
Certificate. 


 Note: The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender’s
interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender’s
Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities. 

  
 154 













 THE SCHEDULE 

Commitment/rights and obligations to be transferred 

[insert relevant details] 

[Facility Office address, fax number and attention details 

for notices and account details for payments.] 
  

					
	[Existing Lender]	  	[New Lender]	  	
			
	By: [●]	  	By: [●]	  	

 This Transfer Certificate is accepted by the Facility Agent and the Security Agent and the Transfer Date is confirmed as
[●]. 
 [Facility Agent] 
 By: [●] 

[Security Agent] 
 By: [●] 

  
 155 













 SCHEDULE 5 

FORM OF ASSIGNMENT AGREEMENT 
  

	To:	 DVB Bank SE as Facility Agent, DVB Bank SE as Security Agent and Athena Marine LLC, Aphrodite Marine LLC, Aris
Marine LLC and Alexander Marine LLC as Borrowers, for and on behalf of each Transaction Obligor 


  

	From:	 [the Existing Lender] (the “Existing Lender”) and [the New Lender] (the “New
Lender”) 


 Dated: [●] 

Dear Sirs 
 Athena Marine LLC, Aphrodite Marine LLC, Aris
Marine LLC and Alexander Marine LLC - $52,625,589 Facility Agreement dated [●] 2017 (the “Agreement”) 
  

	1	 We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same
meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement. 


  

	2	 We refer to Clause 27.6 (Procedure for assignment): 



 

	(a)	 the Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the
Agreement, the other Finance Documents and in respect of the Transaction Security which correspond to that portion of the Existing Lender’s Commitment and participations in the Loan under the Agreement as specified in the Schedule;



  

	(b)	 the Existing Lender is released from all the obligations of the Existing Lender which correspond to that
portion of the Existing Lender’s Commitments and participations in the Loan under the Agreement specified in the Schedule; and 


  

	(c)	 the New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the
Existing Lender is released under paragraph (b) above. 


  

	3	 The proposed Transfer Date is [●]. 



 

	4	 On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender. 



 

	5	 The Facility Office and address, fax, number and attention details for notices of the New Lender for the
purposes of Clause 36.2 (Addresses) are set out in the Schedule. 


  

	6	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in
paragraph (c) of Clause 27.4 (Limitation of responsibility of Existing Lenders). 


  

	7	 The New Lender hereby confirms that it has received a copy of each of the Security Documents which are governed
by German law and which are account pledges, is aware of the contents of such account pledges and expressly consents to the declarations of the Security Agent made on behalf of the New Lender (as future pledgee) in such account pledges.



  

	8	 This Assignment Agreement acts as notice to the Facility Agent (on behalf of each Finance Party) and, upon
delivery in accordance with Clause 27.7 (Copy of Transfer Certificate or Assignment Agreement to Borrowers), to the Borrowers (on behalf of each Transaction Obligor) of the assignment referred to in this Assignment Agreement.




  
 156 














	9	 This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the
signatures on the counterparts were on a single copy of this Assignment Agreement. 


  

	10	 This Assignment Agreement and any non-contractual obligations arising
out of or in connection with it are governed by English law. 


  

	11	 This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment
Agreement. 


 Note: The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender’s
interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender’s
Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities. 

THE SCHEDULE 

Commitment rights and obligations to be transferred by assignment, release and accession 

[insert relevant details] 

[Facility office address, fax number and attention details for notices 

and account details for payments] 
  

					
	[Existing Lender]	  	[New Lender]	  	
			
	By:	  	By:	  	

 This Assignment Agreement is accepted by the Facility Agent and the Security Agent and the Transfer Date is confirmed as
[●]. 
 Signature of this Assignment Agreement by the Facility Agent constitutes confirmation by the Facility Agent of receipt of notice of the
assignment referred to herein, which notice the Facility Agent receives on behalf of each Finance Party. 
 [Facility Agent] 

By: 
 [Security Agent] 

By:] 

  
 157 













 SCHEDULE 6 

PART A 
 COMPLIANCE
CERTIFICATE DURING THE WAIVER PERIOD 
  

	To:	 DVB Bank SE as Facility Agent 



 

	From:	 Poseidon Containers Holdings LLC 



Dated: [●] 
 Dear Sirs 

[Athena Marine LLC, Aphrodite Marine LLC, Aris Marine LLC and Alexander Marine LLC - $52,625,589 Facility Agreement dated [●] 2017 (the
“Agreement”)] 
  

	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: 


  

	(a)	 an amount of $[●] remains credited to each Earnings Account; 



 

	(b)	 as at the 3-month period ending on [●] to which the financial
statements referred to below were prepared, the Guarantor is in compliance with the following covenants under Clause 20.2 (Guarantor’s financial covenants): 



 

	 	(i)	 the Book Leverage Ratio is [●] per cent.; and 



 

	 	(ii)	 the Liquidity is [●]. 



To evidence such compliance, we attach a copy of the latest [annual][quarterly] consolidated financial statements of the Group together with
calculations and evidence setting out in reasonable detail the data and calculations made above. 
  

	3	 We confirm that no Default is continuing. 



 

	4	 We further attach the VMC Surcharge Certificate and the Excess Cash Flow Notice. 



 

			
	Signed:	 	  

		 	 Chief Financial Officer
 of

		 	POSEIDON CONTAINERS HOLDINGS LLC


  
 158 













 PART B 

COMPLIANCE CERTIFICATE AFTER THE WAIVER PERIOD 
  

	To:	 DVB Bank SE as Facility Agent 



 

	From:	 Poseidon Containers Holdings LLC 



Dated: [●] 
 Dear Sirs 

Athena Marine LLC, Aphrodite Marine LLC, Aris Marine LLC and Alexander Marine LLC - $52,625,589 Facility Agreement dated [●] 2017 (the
“Agreement”) 
  

	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: 


  

	(a)	 an amount of $[●] remains credited to each Earnings Account; 



 

	(b)	 the aggregate Market Value of the Vessels plus any net realisable value of additional security previously
provided under Clause 24.1 (Minimum required security cover) is equal to [●] per cent. of the Loan. 


  

	(c)	 as at the 3-month period ending on [●] to which the financial
statements referred to below were prepared, the Guarantor is in compliance with the following covenants under Clause 20.2 (Guarantor’s financial covenants): 



 

	 	(i)	 the Value Adjusted Leverage Ratio is [●] per cent.; 



 

	 	(ii)	 the minimum Net Worth is $[●]; 



 

	 	(iii)	 the Liquidity is [●]; 



 

	 	(iv)	 the Book Leverage Ratio is [●]. 



To evidence such compliance, we attach a copy of the latest [annual][quarterly] consolidated financial statements of the Group together with
calculations and evidence setting out in reasonable detail the data and calculations made above (including valuations in a form acceptable to the Facility Agent evidencing the Market Value of each Fleet Vessel which were used to calculate the Value
Adjusted Total Assets of the Group as at [●]). 
  

	3	 We confirm that no Default is continuing. 



  
 159 














	4	 We further attach the VMC Surcharge Certificate and the Excess Cash Flow Notice. 



 

			
	Signed:	 	  

		 	Chief Financial Officer
		 	of
		 	POSEIDON CONTAINERS HOLDINGS LLC


  
 160 













 SCHEDULE 7 

TIMETABLES 
  

			
	 Delivery of a duly completed Drawdown
 Request
(Clause 5.1 (Delivery of a Drawdown Request)) or a Selection Notice (Clause 9.1 (Selection of Interest Periods))
	  	Three Business Days before the intended Drawdown Date (Clause 5.1 (Delivery of a Drawdown Request)) or the expiry of the preceding Interest Period (Clause 9.1 (Selection of Interest Periods))
		
	Facility Agent notifies the Lenders of an Advance in accordance with Clause 5.4 (Lenders’ participation)	  	Three Business Days before the intended Drawdown Date.
		
	LIBOR is fixed	  	Quotation Day as of 11:00 am London time
		
	Reference Bank Rate calculated by reference to available quotations in accordance with Clause 10.2 (Calculation of Reference Bank Rate)	  	Noon on the Quotation Day


  
 161 













 SCHEDULE 8 

EQUITY CONTRIBUTION DATES AND AMOUNTS 
  

					
	 Date
	  	Amount	 
	 31 August 2017
	  	 	1,200,000	 
	 30 November 2017
	  	 	610,000	 
	 28 February 2018
	  	 	750,000	 
	 31 May 2018
	  	 	750,000	 
	 31 August 2018
	  	 	750,000	 
	 30 November2018
	  	 	750,000	 
	 28 February 2019
	  	 	800,000	 
	 31 May 2019
	  	 	800,000	 
	 31 August 2019
	  	 	800,000	 
	 30 November 2019
	  	 	800,000	 
		  	  
	  
	 
		  	 	8,000,000	 
		  	  
	  
	 


  
 162 













 SCHEDULE 9 

VMC SURCHARGE CERTIFICATE 
  

	To:	 DVB Bank SE as Facility Agent 



 

	From:	 Poseidon Containers Holdings LLC 



Dated: [●] 
 Dear Sirs 

Athena Marine LLC, Aphrodite Marine LLC, Aris Marine LLC and Alexander Marine LLC - $52,625,589 Facility Agreement dated [●] 2017 (the
“Agreement”) 
  

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


  

	2	 We confirm that: 


  

	(a)	 Based on valuations obtained under Clause 24.7 (Provision of valuations), the aggregate Market Value of
the Vessels plus any net realisable value of additional security previously provided under Clause 24.1 (Minimum required security cover) is equal to [●] per cent, of the Loan (Security Cover Ratio); 



 

	(b)	 the shortfall amount between the Security Cover Ratio and 100% is $[●]; 



 

	(c)	 the VMC Surcharge amount is $[●], calculated in accordance with Clause 24.8 (VMC Surcharge) of the
Agreement. 


  

			
		
	Signed:	 	  

		 	Officer
		 	of
		 	ATHENA MARINE LLC
		
	Signed:	 	  

		 	Officer
		 	of
		 	APHRODITE MARINE LLC


  
 163 














			
	Signed:	 	  

		 	Officer
		 	of
		 	ARIS MARINE LLC
		
	Signed:	 	  

		 	Officer
		 	of
		 	ALEXANDER MARINE LLC
		
	Signed:	 	  

		 	Officer
		 	of
		 	POSEIDON CONTAINERS HOLDINGS LLC


  
 164 













 EXECUTION PAGES 

 
 



 

  
 165 













 



 

  
 166 













 



 

  
 167 













 WATSON FARLEY 

& 
 WILLIAMS 

THIS IS INTENDED TO BE A BLANK PAGE 












 DRAWDOWN REQUEST 

 

	From:	 Athena Marine LLC 



Aphrodite Marine LLC 
 Aris Marine
LLC 
 Alexander Marine LLC 
  

	To:	 DVB BANK SE 



Dated: 19 July 2017 
 Dear Sirs 

Athena Marine LLC, Aphrodite Marine LLC, Aris Marine LLC and Alexander Marine LLC - $52,625,589 Facility Agreement dated 18 July 2017 (the
“Agreement”) 
  

	1	 We refer to the Agreement. This is a Drawdown Request. Terms defined in the Agreement have the same meaning in
this Drawdown Request unless given a different meaning in this Drawdown Request. 


  

	2	 We wish to borrow an Advance under Tranche A, B, C and D on the following terms: 



 

			
	 Proposed Drawdown Date:
 Day,
	  	21st July, 2017 (or, if that is not a Business the next Business Day)
		
	Total Amount of all Tranches:	  	$52,625,589 or, if less, the Available Tranche
		
	Interest Period:	  	3 Months

  

	3	 We confirm that each condition specified in Clause 4.1 of this Agreement as they relate to the Advance to which
this Drawdown Request refers is satisfied on the date of this Drawdown Request (or waived if applicable). 


  

	4	 The proceeds of the relevant Advance will refinance in full existing principal indebtedness with DVB Bank SE
Reference FP 3038352. 


  

	5	 This Drawdown Request is irrevocable. 



Yours faithfully 
  

 
 



 












 APHRODITE MARINE LLC